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<TITLE>Yukon Gold Corporation, Inc.: Form S-1 - Prepared by TNT Filings Inc. </TITLE>

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<font size="2">AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON</font></B></P>
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<font size="2">February __, 2008</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>&nbsp;</P>
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<font size="2">REGISTRATION NO. 333-___________</font></B></P>
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<font size="5">SECURITIES AND EXCHANGE COMMISSION</font></B></P>
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<font size="2">WASHINGTON, D.C. 20549</font></B></P>
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<font size="5">FORM S-1</font></B></P>
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<font size="2">REGISTRATION STATEMENT</font></B></P>
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<font size="2">UNDER THE</font></B></P>
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<font size="2">SECURITIES ACT OF 1933</font></B></P>
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<font size="5">YUKON GOLD CORPORATION, INC.</font></B></P>
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<font size="2">(name of small business issuer in its charter)</font></P>
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  <font size="2">DELAWARE</font></B></P>
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<font size="2">(State of incorporation)</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">1000</font></B></P>
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<font size="2">(Primary Standard Industrial
<br>
Classification Code Number)</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="33%"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center><B>52-2243048</B></P>
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<font size="2">(I.R.S. Employer</font></P>
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<font size="2">Identification No.)</font></P>
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<b><font size="2">YUKON GOLD CORPORATION, INC.</font></b></P>
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<b><font size="2">55 York Street</font></b></P>
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<b><font size="2">Suite 401</font></b></P>
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<b><font size="2">Toronto, ON M5J 1R7</font></b></P>
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<b><font size="2">Telephone: 416-865-9790</font></b></P>
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<b><font size="2">Facsimile: 416-865-1250</font></b></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">(Name, address, including zip code, and</font></P>
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<font size="2">telephone number, including</font></P>
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<font size="2">area code, of agent for service)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>&nbsp;</P>
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<font size="2">Copies of communications to:</font></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<b><font size="2">Jonathan H. Gardner</font></b></P>
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<b><font size="2">Kavinoky Cook LLP</font></b></P>
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<b><font size="2">726 Exchange Street; Suite 800</font></b></P>
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<b><font size="2">Buffalo, New York 14210</font></b></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>Approximate date of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement. &nbsp;</P>
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If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box. <font face="Wingdings 2" size="4">Q</font></P>
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If this Form is filed to register additional securities pursuant to Rule 462(b)
under the Securities Act, please check the following box and list the Securities
Act Registration Statement number of the earlier effective Registration
Statement for the same offering. &nbsp;<font face="Wingdings 2" size="4">&#163;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000">&nbsp;</P>
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- 1 -</P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center">&nbsp;</P>
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If &nbsp;this &nbsp;Form is a post-effective amendment filed pursuant to Rule 462(c) under
the &nbsp;Securities Act, check the following box &nbsp;and &nbsp;list the Securities Act
Registration Statement &nbsp;number of the earlier effective Registration Statement
for the &nbsp;same offering. &nbsp;<font face="Wingdings 2" size="4">&#163;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
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If &nbsp;this &nbsp;Form is a post-effective amendment filed pursuant to Rule 462(d) under
the &nbsp;Securities Act, check the following &nbsp;box and list the Securities Act
Registration Statement number of the earlier effective Registration Statement
for the same offering. &nbsp;<font face="Wingdings 2" size="4">&#163;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. &nbsp;See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act (Check one):</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=620><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Large accelerated filer</P>
<P style="margin:0pt; padding:0pt; text-indent:108pt; line-height:14pt; color:#000000">
<font face="Wingdings 2" size="4">&#163;</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=621><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Accelerated filer</P>
<P style="margin:0pt; padding:0pt; text-indent:144pt; line-height:14pt; color:#000000">
<font face="Wingdings 2" size="4">&#163;</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=620><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Non-accelerated filer</P>
<P style="margin:0pt; padding:0pt; text-indent:108pt; line-height:14pt; color:#000000">
<font face="Wingdings 2" size="4">&#163;</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=621><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-12pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Smaller reporting company</P>
<P style="margin:0pt; padding:0pt; text-indent:144pt; line-height:14pt; color:#000000">
<font face="Wingdings 2" size="4">Q</font></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<p align="center" style="margin-bottom: 0"><font size="2">
<BR>
- 2 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">CALCULATION OF REGISTRATION FEE</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:-9pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Title Of Each Class Of Securities To Be Registered*</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Amount to be registered</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Proposed maximum offering price per share (9)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">
  <P style="margin:0pt; padding-left:-3pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Proposed maximum aggregate offering price (9)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">
  <P style="margin:0pt; padding-left:1.5pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Amount of registration fee</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="15%">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock (1)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">5,970,939</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:-3pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$1,492,735</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:1.5pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$58.66</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock, issuable upon exercise of Flow-through Warrants of the Company (2)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">&nbsp;&nbsp;&nbsp;807,692</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.70</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding-left:-3pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;565,384</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding-left:1.5pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$22.22</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock issuable upon exercise of Unit Warrants of the Company (3)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">2,177,775</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.60</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:-3pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$1,306,665</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:1.5pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$51.35</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock issuable upon exercise of Flow-through Compensation Options (4)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">&nbsp;&nbsp;&nbsp;129,230</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.52</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;67,200</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$2.64</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock issuable upon exercise of Unit Compensation Options (5)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">&nbsp;&nbsp;&nbsp;348,444</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.45</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;156,800</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$6.16</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock issuable upon exercise of Unit Compensation Warrants (6)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">&nbsp;&nbsp;&nbsp;174,221</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.60</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;104,533</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$4.11</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock issuable upon exercise of Flow-through Compensation Warrants (6)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,614</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.70</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;&nbsp;45,230</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$1.78</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Common Stock issuable upon exercise of Warrants (7)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">&nbsp;&nbsp;&nbsp;500,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$0.24</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;120,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
<P style="margin:0pt; padding-left:1.5pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">$4.72</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%" bgcolor="#F0EFDB">
<P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Common Stock issuable upon exercise of Stock Options &nbsp;(8)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">2,000,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">$0.35</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">$ &nbsp;700,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%" bgcolor="#F0EFDB">
  <font size="2">$27.51</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=bottom width="40%">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:12.6pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Total</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">12,172,915</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding-left:-3pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$4,558,547</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=bottom width="15%">
  <P style="margin:0pt; padding-left:1.5pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$179.15</font></P>
</TD></TR>
</TABLE>
<p align="center" style="margin-bottom: 0"><font size="2">
- 3 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:-9pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">*This registration statement also includes an indeterminate amount of securities which may be issued in the event of a stock split, stock dividend or other recapitalization of the Company&#146;s capital stock.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">(1) &nbsp;Represents shares of common stock issued by the Company on August 16, 2007 and November 16, 2007 as part of its Flow Through Units and Units placed with investors.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(2) &nbsp;Represents shares of common stock issuable by the Company upon exercise of Flow-through Warrants. &nbsp;Each Flow-through Warrant has a two-year term that ends on August 16, 2009 or November 16, 2009, as the case may be, and is exercisable at a price of $0.70 (CDN$0.70) per share.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(3) &nbsp;Represents shares of common stock issuable by the Company upon exercise of Unit Warrants. &nbsp;Each Unit Warrant has a two-year term that ends on August 16, 2009 or November 16, 2009, as the case may be, and is exercisable at a price of $0.60 (CDN$0.60) per share. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(4) &nbsp;Represents shares of common stock underlying Flow-through Compensation Options issued to the placement agent for private placements completed on August 16, 2007 and November 16, 2007. &nbsp;Each Flow-through Compensation Option is exercisable for a two-year period at a price of $0.52 (CDN$0.52) per share. &nbsp;In the case of the Flow-through Compensation Options, exercise of the option entitles the placement agent to one share of  common stock and one-half of one common share purchase warrant exercisable at $0.70 (CDN$0.70) per whole share. &nbsp;The shares listed in this row represent shares that are issuable upon exercise of the Flow-through Compensation Options.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(5) &nbsp;Represents shares of common stock underlying Unit Compensation Options issued to the placement agent for private placements completed on August 16, 2007 and November 16, 2007. &nbsp;Each Unit Compensation Option is exercisable at a price of $0.45 (CDN$0.45) per share. &nbsp;The options are exercisable for a two-year period, beginning on the closing dates of the respective private placements. &nbsp;In the case of the Unit Compensation Options, exercise of the option entitles the placement agent to one share of common stock and one-half of one common share purchase warrant exercisable at $0.60 (CDN$0.60) per whole share. &nbsp;The shares listed in this row represent shares that are issuable upon exercise of the Unit Compensation Options.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(6) &nbsp;The placement agent for the private placements completed on August 16, 2007 and November 16, 2007 received Unit Compensation Options exercisable at $0.45 (CDN$0.45) per option and Flow-through Compensation Options exercisable at $0.52 (CDN$0.52) per option. &nbsp;In both cases, the options are exercisable for a two-year period, beginning on the closing dates of the respective private placements. &nbsp;In the case of the Unit Compensation Options, exercise of the option entitles the placement agent to one share of common stock and one half-share purchase warrant exercisable at $0.60 (CDN$0.60) per whole share. &nbsp;In the case of the Flow-though Compensation Options, exercise of the option entitles the placement agent to one share of  common stock and one-half
of one common share purchase warrant exercisable at $0.70 (CDN$0.70) per whole share. &nbsp;The shares listed in these rows represent shares that are issuable upon exercise of the underlying Unit Compensation Warrants and the underlying Flow-through Compensation Warrants. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(7) &nbsp;Represents shares of common stock underlying warrants of the Company. &nbsp;Each warrant is exercisable at $0.24 (CDN$0.24) per share until December 17, 2012.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(8) &nbsp;Represents shares underlying stock options issued pursuant to the 2006 Stock Option Plan. &nbsp;The maximum price shown in the table is the average of the exercise prices for such stock options.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(9) &nbsp;The offering price has been estimated for the purpose of calculating the registration fee pursuant to Rule 457(c) based upon: (i) in the case of common stock, the closing sale price of the Company&#146;s common stock on the OTC Bulletin Board&#174; as of February 12, 2008 and (ii) in the case of convertible securities, the price paid by investors in private placements by the Company completed on August 16, 2007 and November 16, 2007. &nbsp;In the case of shares to be issued upon exercise of warrants, the offering price is based upon the exercise price of the warrants. &nbsp;U.S. dollar amounts reflected above are based upon the conversion ratio of CDN$1.00 equals US$1.00 as of January 31, 2008.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
<p align="center" style="margin-bottom: 0"><font size="2">
- 4 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may &nbsp;determine.
</font> </B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:-9pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:-9pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<p align="center" style="margin-bottom: 0"><font size="2">
- 5 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
&nbsp;<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">PRELIMINARY PROSPECTUS</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">SUBJECT TO COMPLETION</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The information in this prospectus is not complete and may be changed. &nbsp;This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:16pt; color:#000000" align=center>
<font size="5">YUKON GOLD CORPORATION, INC.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">12,172,915 SHARES </font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">BY SELLING SHAREHOLDERS</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000; line-height:13pt" align=justify>
<font size="2">The selling shareholders of Yukon Gold Corporation, Inc., a Delaware corporation (&#147;Yukon Gold&#148; or the &#147;Company&#148;) named in this prospectus are offering up to 12,172,915 shares of Yukon Gold&#146;s common stock, par value $0.0001 per share (&#147;Shares&#148;). &nbsp;Our Shares are traded on the &nbsp;OTC Bulletin Board&#174; &nbsp;(the &#147;OTC&#148;) under the symbol &#147;YGDC.&#148; &nbsp;In addition, our Shares are traded on the Toronto Stock Exchange (the &#147;TSX&#148;) under the symbol &#147;YK&#148; and on the Frankfurt Stock Exchange under the symbol &#147;W8Y.&#148; &nbsp;The Company will not receive any of the proceeds of the sale of our Shares by the selling shareholders. &nbsp;We will pay all of the costs associated with this registration statement and prospectus. &nbsp;See &#147;PLAN OF DISTRIBUTION.&#148; &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On February 12, 2008, the closing price of our shares on the OTC was US$0.25 and the closing price of our shares on the TSX was CDN$0.275.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Before buying the shares of common stock, carefully read this prospectus, especially the section entitled &#147;Risk Factors.&#148; &nbsp;The purchase of our securities involves a high degree of risk.</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. &nbsp;Any representation to the contrary is a criminal offense.</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The information in this prospectus is not complete and may be changed. &nbsp;The Selling Shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. &nbsp;This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">The date of this prospectus is &nbsp;____, 2008.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>&nbsp;</P>
<p align="center" style="margin-bottom: 0"><font size="2">
- 6 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <font size="2">
  </font>
<TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1199 colspan="2">
<P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">TABLE OF CONTENTS </font> </B></P>
</TD>
  </TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=89>
  <p align="right"><B>
  <font size="2">Page</font></B></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Prospectus Summary</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=89 bgcolor="#F0EFDB">
  <p align="right" style="margin-top: 0; margin-bottom: 0"><font size="2">9</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Summary Financial Data</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">10</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Risk Factors</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">10</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Determination of Offering Price</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">12</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Dilution</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">12</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Description of Business</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">12</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Regulations Governing Mining in Canada</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">21</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Copper Price Volatility</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">24</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Fiscal Year</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">24</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Transfer Agent</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">24</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Employees</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">25</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Stock Option Plan</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">25</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Competition</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">30</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Management's Discussion and Analysis or Plan of Operation</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">31</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Controls and Procedures</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">36</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Market for Common Equity and Related Stockholder Matters</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">36</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Directors, Executive Officers, Promoters, Control Persons</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">49</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Executive Compensation</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">54</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Security Ownership of Certain Beneficial Owners and Management</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">57</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Certain Relationships and Related Transactions</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">58</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Organization Within the Last Five Years</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">59</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Description of Securities</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">60</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Use of Proceeds</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">60</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Determination of Offering Price</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">60</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Selling Shareholders and Plan of Distribution</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89 bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">60</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Legal Proceedings</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=89>
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000" align=right>
  <font size="2">66</font></P>
</TD></TR>
</TABLE>
<p align="center" style="margin-bottom: 0"><font size="2">
- 7 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111" height="163">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15" bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Legal Matters</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15" bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000" align=right>
  <font size="2">66</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Experts</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">66</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="13" bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Change In Auditors</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="13" bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">66</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Disclosure of Commission Position on Indemnification for
  Securities Act Liabilities</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">67</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15" bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">How To Get More Information</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15" bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">67</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Glossary</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">67</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15" bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">List of Mount Hinton Claims </font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15" bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">73</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Index to Financial Statements</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">80</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15" bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Financial Statements for the six-month period ended October 31, 2007 (unaudited)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15" bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">81</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Financial Statements for the three- month period ended July 31, 2007 (unaudited)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">103</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1110 height="15" bgcolor="#F0EFDB">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">Financial Statements for the year ended April 30, 2007 (audited)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width=88 height="15" bgcolor="#F0EFDB">
  <p style="margin-top: 0; margin-bottom: 0"><font size="2">121</font></TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Until ______________, 2008, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. &nbsp;This is in addition to the dealer&#146;s obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</font></P>
<p align="center" style="margin-bottom: 0"><font size="2">
<BR>
- 8 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">PROSPECTUS SUMMARY</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">History and Business.</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:108pt; line-height:13pt; font-size:11pt; color:#000000" align=justify>
<font size="2">Our name is<B> </B>Yukon Gold Corporation, Inc. and we sometimes refer to ourselves in this prospectus as &#147;Yukon Gold&#148; or as &#147;we,&#148; &#147;our,&#148; or &#147;us.&#148; &nbsp;We are an exploration stage mining company. &nbsp;Our objective is to exploit our interest in the mineral claims in Yukon, Canada which we hold directly and through our wholly-owned subsidiary named &#147;Yukon Gold Corp.&#148; &nbsp;Our wholly-owned subsidiary is referred to in this prospectus as &#147;YGC.&#148; &nbsp;We were incorporated in the state of Delaware on May 31, 2000 under the name &#147;RealDarts International, Inc.&#148; &nbsp;Our executive offices are at 55 York Street, Suite 401, Toronto, Ontario Canada M5J 1R7. &nbsp;Our telephone number is 416-865-9790 and our fax number is 416-865-1250. &nbsp;Our wholly owned subsidiary, YGC, was incorporated on May 16, 2002 in the Province of Ontario, Canada and is licensed to do business in the Province of Yukon, Canada. &nbsp;All of our business activities are undertaken through YGC. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Risk Factors.</font></B><font size="2"> &nbsp;You should read the &#147;RISK FACTORS&#148; section as well as the other cautionary statements throughout this prospectus so that you understand the risks associated with an investment in our securities. &nbsp;Any investment in our securities should be considered a high-risk investment because of the nature of mineral exploration and development. &nbsp;Only investors who can afford to lose their entire investment should invest in these securities.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Currency.</font></B><font size="2"> &nbsp;&nbsp;References to dollars are to United States dollars (US$) unless otherwise indicated as being Canadian dollars (CDN$). &nbsp;As of February 12, 2008, the currency exchange rate was approximately US$1.00 equals CDN$1.00 based upon information available at <U>http://www.bankofcanada.ca</U>. &nbsp;As of the Company&#146;s quarter ended October 31, 2007, the date of our most recent quarterly financial statements, the currency exchange rate was approximately US$1.00 equals CDN$1.12 based upon information available at <U>http://www.bankofcanada.ca.</U> &nbsp;As many of our expenses are in Canadian dollars, the amounts at October 31, 2007 have been converted to US dollar equivalents based on the October 31, 2007 conversion rate for amounts to be paid in the future. &nbsp;Where the US dollar amounts for expenses for the quarter ended October 31, 2007 are expressed in the financial statements, the three month average conversion rates were used to convert to US dollar equivalents.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Expenses of Offering.</font></B><font size="2"> &nbsp;We are paying all of the expenses relating to the registration of the selling shareholders&#146; shares. &nbsp;We will not pay any commissions or actual expenses of the sale of the shares by the selling shareholders.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2"><BR>&nbsp;</font></P>
<p align="center" style="margin-bottom: 0"><font size="2">
- 9 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
&nbsp;<P style="margin-left:0pt; margin-top:4.6pt; margin-bottom:4.6pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">SUMMARY FINANCIAL DATA</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The following summary financial data should be read in conjunction with MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION and the unaudited CONSOLIDATED FINANCIAL STATEMENTS OF YUKON GOLD for the six months ended October 31, 2007 and October 31, 2006, together with the audited CONSOLIDATED FINANCIAL STATEMENTS OF YUKON GOLD for the years ended April 30, 2007 and April 30, 2006, including the notes thereto contained elsewhere in this Prospectus.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:14pt; color:#000000" align=justify><B><U>
<font size="2">SELECTED INFORMATION</font></U></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right"><font SIZE="2">Three months ended</font></td>
    <td WIDTH="34%" align="right"><font SIZE="2">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right"><font SIZE="2"><u>October 31, 2007</u></font></td>
    <td WIDTH="34%" align="right"><font SIZE="2"><u>October 31, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#F0EFDB"><font SIZE="2">Revenues</font></td>
    <td WIDTH="33%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
    <td WIDTH="34%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">Net Loss</font></td>
    <td WIDTH="33%" align="right"><font SIZE="2">$2,419,329</font></td>
    <td WIDTH="34%" align="right"><font SIZE="2">$1,436,458</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#F0EFDB"><font SIZE="2">Loss per share-basic and diluted</font></td>
    <td WIDTH="33%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ (0.09)</font></td>
    <td WIDTH="34%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ (0.08)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right"><font SIZE="2">Six months ended</font></td>
    <td WIDTH="34%" align="right"><font SIZE="2">Six months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right"><font SIZE="2"><u>October 31, 2007</u></font></td>
    <td WIDTH="34%" align="right"><font SIZE="2"><u>October 31, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#F0EFDB"><font SIZE="2">Revenues</font></td>
    <td WIDTH="33%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
    <td WIDTH="34%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">Net Loss</font></td>
    <td WIDTH="33%" align="right"><font SIZE="2">$3,471,873</font></td>
    <td WIDTH="34%" align="right"><font SIZE="2">$2,865,185</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#F0EFDB"><font SIZE="2">Loss per share-basic and diluted</font></td>
    <td WIDTH="33%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$(0.14)</font></td>
    <td WIDTH="34%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ (0.17)</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right"><font SIZE="2">As at</font></td>
    <td WIDTH="34%" align="right"><font SIZE="2">As at</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right"><font SIZE="2"><u>October 31, 2007</u></font></td>
    <td WIDTH="34%" align="right"><font SIZE="2"><u>April 30, 2007</u></font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#F0EFDB"><font SIZE="2">Total Assets</font></td>
    <td WIDTH="33%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$2,240,365</font></td>
    <td WIDTH="34%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$4,225,107</font></td>
  </tr>
  <tr>
    <td WIDTH="33%"><font SIZE="2">Total Liabilities</font></td>
    <td WIDTH="33%" align="right"><font SIZE="2">$238,594</font></td>
    <td WIDTH="34%" align="right"><font SIZE="2">$272,083</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" bgcolor="#F0EFDB"><font SIZE="2">Cash dividends declared per share</font></td>
    <td WIDTH="33%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
    <td WIDTH="34%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="right">&nbsp;</td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">RISK FACTORS</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">1.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">WE DO NOT HAVE AN OPERATING BUSINESS.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Company has rights in certain mineral claims located in the Yukon Province. &nbsp;To date we have done limited exploration of the property covered by our mineral claims. &nbsp;We do not have a mine or a mining business of any kind. &nbsp;There is no assurance that we will develop an operating business in the future.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">2.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">WE HAVE NO SOURCE OF OPERATING REVENUE AND EXPECT TO INCUR SIGNIFICANT EXPENSES BEFORE ESTABLISHING AN OPERATING COMPANY, IF WE ARE ABLE TO ESTABLISH AN OPERATING COMPANY AT ALL.<br>
&nbsp;</font></P>
<p align="center" style="margin-bottom: 0"><font size="2">
- 10 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Currently, we have no source of revenue, we do not have sufficient working capital to complete our exploration programs (including feasibility studies) and we do not have any commitments to obtain additional financing. &nbsp;Further, we do not have enough working capital to meet all of our contractual commitments to acquire our mineral properties. &nbsp;We have no operating history upon which an evaluation of our future success or failure can be made. &nbsp;Our ability to achieve and maintain profitability and positive cash flow is dependent upon:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-12pt; padding-left:45pt; padding-top:0pt; padding-right:-0.95pt; padding-bottom:0pt; text-indent:-18pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>&#8226;</P>
<P style="margin:0pt; padding-left:45pt; padding-top:0pt; padding-right:-0.95pt; padding-bottom:0pt; text-indent:-9pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>further exploration of the Mount Hinton Property and the results of that exploration;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-12pt; padding-left:45pt; padding-top:0pt; padding-right:-0.95pt; padding-bottom:0pt; text-indent:-18pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>&#8226;</P>
<P style="margin:0pt; padding-left:45pt; padding-top:0pt; padding-right:-0.95pt; padding-bottom:0pt; text-indent:-9pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>our ability to raise the capital necessary to conduct this exploration and preserve our interest in these mineral claims; and</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:-12pt; padding-left:45pt; padding-top:0pt; padding-right:-0.95pt; padding-bottom:0pt; text-indent:-18pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>&#8226;</P>
<P style="margin:0pt; padding-left:45pt; padding-top:0pt; padding-right:-0.95pt; padding-bottom:0pt; text-indent:-9pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>our ability to raise capital to explore the Marg Property.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Because we have no operating revenue, we expect to incur operating losses in future periods as we continue to expend funds to explore and develop the Mount Hinton and Marg Properties. &nbsp;Failure to raise the necessary capital to continue exploration and development could cause us to go out of business.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">3.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">OUR STOCK PRICE WILL BE HEAVILY INFLUENCED BY THE RESULTS OF DRILLING TESTS.</font></P>
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&nbsp;</P>
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<font size="2">We cannot predict the results of the drilling tests as exploration of our properties proceeds. &nbsp;The results of these tests will heavily influence our decisions on further exploration at the Marg Property and the Mount Hinton Property and are likely to affect the trading price of our stock.</font></P>
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&nbsp;</P>
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<font size="2">4.</font></P>
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<font size="2">WE MUST MAKE REGULAR ONGOING INVESTMENTS IN ORDER TO MAINTAIN OUR MINERAL CLAIMS.</font></P>
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&nbsp;</P>
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<font size="2">We have an option agreement with a private syndicate, known as the Hinton Syndicate, to acquire an interest in the mineral claims described in this report as the &quot;Mount Hinton Property&quot;. &nbsp;Our agreement with the Hinton Syndicate requires us to make regular ongoing investments. &nbsp;If we fail to make these investments, we will not earn an interest in these mineral claims and we may lose all of our rights in the Mount Hinton Property. &nbsp;The Marg Acquisition Agreement also requires the Company to make material deferred payments. If we are unable to raise sufficient capital to make these payments we may lose all of our rights in the Marg Property.</font></P>
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&nbsp;</P>
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<font size="2">5.</font></P>
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<font size="2">WEATHER INTERRUPTIONS MAY DELAY OUR PROPOSED EXPLORATION OPERATIONS.</font></P>
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&nbsp;</P>
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<font size="2">Weather factors will significantly affect our exploration efforts. &nbsp;Currently, we can only work above ground at the Mount Hinton and Marg Properties from late May until early October of each year, depending upon how early snowfall occurs. &nbsp;</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">6.</font></P>
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<font size="2">WE COULD ENCOUNTER REGULATORY AND PERMITTING DELAYS.</font></P>
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&nbsp;</P>
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<font size="2">We could face delays in obtaining permits to operate on the Mount Hinton and Marg Properties. &nbsp;Such delays could jeopardize financing, if any is available, in which case we would have to delay or abandon work on one or both of the properties. &nbsp;</font></P>
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&nbsp;</P>
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<font size="2">7.</font></P>
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<font size="2">GOING CONCERN QUALIFICATION </font> </P>
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&nbsp;</P>
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<font size="2">The Company has included a &#147;going concern&#148; qualification in the Consolidated Interim Financial Statements to the effect that we are an exploration stage company and have no established sources of revenue. &nbsp;In the event that we are unable to raise additional capital and/or locate mineral resources, as to which in each case there can be no assurance, we may not be able to continue our operations. &nbsp;In addition, the existence of the &#147;going concern&#148; qualification in our auditor&#146;s report may make it more difficult for us to obtain additional financing. &nbsp;If we are unable to obtain additional financing, you may lose all or part of your investment.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
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<font size="2">- 11 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
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&nbsp;</P>
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<font size="2">8.</font></P>
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<font size="2">THERE ARE PENNY STOCK SECURITIES LAW CONSIDERATIONS THAT COULD LIMIT YOUR ABILITY TO SELL YOUR SHARES.</font></P>
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&nbsp;</P>
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<font size="2">Our common stock is considered a &quot;penny stock&quot; and the sale of our stock by you will be subject to the &quot;penny stock rules&quot; of the Securities and Exchange Commission. &nbsp;The penny stock rules require broker-dealers to take steps before making any penny stock trades in customer accounts. &nbsp;As a result, our shares could be illiquid and there could be delays in the trading of our stock which would negatively affect your ability to sell your shares and could negatively affect the trading price of your shares.
</font> </P>
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&nbsp;</P>
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<font size="2">9.</font></P>
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<font size="2">OUR BUSINESS IS AFFECTED BY CHANGES IN COMMODITY PRICES.</font></P>
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&nbsp;</P>
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<font size="2">Our ability to develop our mineral properties and the future profitability of the Company is directly related to the market price of certain minerals. &nbsp;The sharp rise in commodity prices over the past year has resulted in increased investor interest in mineral exploration companies. &nbsp;The Company has benefited from this trend, but like other companies in this sector, the Company would be negatively affected if commodity prices were to fall.</font></P>
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&nbsp;</P>
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<font size="2">10.</font></P>
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<font size="2">OUR BUSINESS IS SUBJECT TO CURRENCY RISKS.</font></P>
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&nbsp;</P>
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<font size="2">The Company conducts the majority of its business activities in Canadian dollars. &nbsp;Consequently, the Company is subject to gains or losses due to fluctuations in Canadian currency relative to the U.S. dollar.</font></P>
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&nbsp;</P>
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<font size="2">DETERMINATION OF OFFERING PRICE</font></B></P>
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&nbsp;</P>
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<font size="2">The offering price has been estimated solely for the purpose of calculating the registration fee payable to the Securities and Exchange Commission in connection with this prospectus. &nbsp;</font></P>
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&nbsp;</P>
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<font size="2">DILUTION</font></B></P>
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&nbsp;</P>
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<font size="2">We will likely be required to issue more common stock from treasury in order to raise additional capital. &nbsp;If common stock is issued to raise additional capital or from the exercise of warrants it will result in the dilution of the existing shareholders.</font></P>
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&nbsp;</P>
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<font size="2">DESCRIPTION OF BUSINESS</font></B></P>
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&nbsp;</P>
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<font size="2">Yukon Gold explores and, if warranted and feasible, develops mining properties that are in areas with rich histories of past production and whose future potential requires a committed focus for a full realization of value. &nbsp;Yukon Gold is committed to moving projects diligently and efficiently towards production. &nbsp;We are an exploration stage company. &nbsp;The Company has mineral claims located in the Mayo Mining District of the Yukon, Canada which we refer to herein as (i) the &#147;Marg Property&#148;, or &#147;Marg Deposit,&#148; an advanced stage copper/zinc/lead/silver/gold deposit and &nbsp;(ii) the &#147;Mount Hinton Property,&#148;
both of which we hold through our wholly owned subsidiary, YGC. &nbsp;The Company is actively seeking and reviewing other mining properties elsewhere in Canada and other parts of the world. &nbsp;All of our exploration activities are undertaken through YGC. &nbsp;As of the date of this prospectus, we have no mineral reserves. &nbsp;There is no assurance that commercially viable mineral deposits exist on any of our mineral claims and further exploration will be required before a final evaluation as to economic and legal feasibility is determined.</font></P>
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<font size="2"><BR>- 12 -</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B><I>
<font size="2">Description of Property</font></I></B></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">The Marg Property</font></B></P>
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&nbsp;</P>
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<font size="2">The Marg Property consists of 402 contiguous mineral claims covering approximately 20,000 acres. &nbsp;Access to the claim group is possible either by helicopter, based in Mayo, Yukon, Canada, located approximately 80 km to the southwest or by small aircraft to a small airstrip located near the Marg deposit. &nbsp;A 50 kilometer winter road from Keno City to the property boundary was completed in 1997. &nbsp;The camp site and some equipment remain intact at the site.</font></P>
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<font size="2"><BR><img border="0" src="yukons1.jpg" width="327" height="435"></font></P>
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<font size="2"><BR>- 13 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>&nbsp;<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The claims, held in the name of our wholly owned subsidiary YGC are registered in the Mining Recorders Office in the Mayo Mining District of the Province of Yukon and give us the right to explore and mine minerals from the property covered by the claims. &nbsp;These claims are tabulated below.</font></P>
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&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR><A NAME="RANGE!A1:D16">
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Marg Property Claims</font></B></P>
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  <font size="2">held by</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Yukon Gold Corp.</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD></TR>
<TR>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Claim Name</font></B></P>
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  <font size="2">Claim Number</font></B></P>
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  <font size="2">Grant Number</font></B></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Expiry Date</font></B></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Tudl</font></P>
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  <font size="2">1 to 32</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YA76768-YA76799</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2016</font></P>
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  <font size="2">&nbsp;Marg</font></P>
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  <font size="2">1 to 86</font></P>
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  <font size="2">&nbsp;YB02385-YB02470</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2015</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Marg</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">87 to 116</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;YB02471-YB02500</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2011</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Marg</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">117 to 144</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;YB02501-YB02528</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2011</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Marg</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">145 to 158</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;YB02529-YB02593</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2011</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Marg</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">159 to 178</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;YB02594-YB02613</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2011</font></P>
</TD></TR>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Marg</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">179 to 190</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;YB02944-YB02955</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2015</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Marg</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">191 to 290</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;YB03107-YB03206</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2015</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Marg</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">291 to 370</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;YB03606-YB03685 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">January 14, 2015 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<img border="0" src="yukons2.jpg" width="706" height="446"></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2"><BR>- 14 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">Marg Acquisition Agreement</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In March of 2005, our wholly owned Canadian subsidiary, YGC, acquired from Medallion Capital Corp. (&#147;Medallion&#148;) all of Medallion&#146;s rights to purchase and develop the Marg Property which consists of 402 contiguous mineral claims covering approximately 20,000 acres located in the central area of Yukon, Canada. &nbsp;The price paid by the Company was Medallion&#146;s cost to acquire the interest. &nbsp;Medallion is owned and controlled by a former director of the Company, Stafford Kelley. &nbsp;The rights acquired by YGC arise under a Property Purchase Agreement between Medallion and Atna Resources Ltd. (&#147;Atna&#148;), hereinafter referred to as the &#147;Marg Acquisition Agreement.&#148; &nbsp;Under the terms of the Marg Acquisition Agreement the Company paid $119,189 (CDN$150,000) cash and 133,333 common shares as a down payment. &nbsp;The Company made payments under the Marg Acquisition Agreement of $50,000 (CDN$50,000) cash and an additional 133,333 common shares of the Company on December 12, 2005; $100,000 (CDN$100,000) cash and an additional 133,334 common shares of the Company on December 12, 2006 and $100,000 (CDN$100,000) in cash on December 12, 2007. &nbsp;The Company has agreed to make subsequent payments under the Marg Acquisition Agreement of $200,000 (CDN$200,000) in cash and/or common shares of the Company (or some combination thereof to be determined) on or before December 12, 2008. &nbsp;Upon the commencement of commercial production at the Marg Property (if possible), the Company will pay to Atna $1,000,000 (CDN$1,000,000) in cash and/or common shares of the Company, or some combination thereof to be determined.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Our expenditures for exploration on the Marg Property are as follows: &nbsp;On May 16, 2006 the Company accepted a proposed work program, budget and cash call schedule for the Marg Property totaling $1,674,866 (CDN$1,872,500) for the 2006 Work Program. On May 15, 2006 the Company paid $199,016 (CDN$222,500) to the contractor, on June 1, 2006 the Company paid $536,673 (CDN$600,000) to the contractor, and on July 20, 2006 the Company paid $357,782 (CDN$400,000) to the contractor. &nbsp;The fourth payment of $357,782 (CDN$400,000) was paid on August 20, 2006 and the fifth payment of $223,613 (CDN$250,000) paid on September 20, 2006. &nbsp;On April 2, 2007 the Company accepted a proposed work program, budget and cash call schedule for the Marg project totaling $3,026,916 (CDN$3,180,000) for the 2007 Work Program. The Company had approximately $515,561(CDN $550,000) on deposit left over from the 2006 cash call schedule. On May 15, 2007 the Company paid $703,037 (CDN$750,000), on June 15, 2007 the Company paid $703,037 (CDN$750,000), and on July 15, 2007 the Company paid $703,037 (CDN$750,000) being three of the four cash call payments. &nbsp;The fourth and final payment of $402,244 (CDN$380,000) was paid on August 15, 2007. &nbsp;On August 31, 2007 the Company re-allocated $537,864 (CDN$508,120) being the balance of the third cash call payment for the Mount Hinton 2007 Work Program from cash call funds previously allocated to the Marg Project. These re-allocated funds were not needed for the Marg Project.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Exploration at Marg Property</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Yukon Gold started its exploration efforts in 2006. &nbsp;The program was managed by Archer Cathro &amp; Associates (1981) and completed 2,986m of diamond drilling in nine holes. This work was designed to test the &#147;down-dip&#148; extent of the mineralization.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">A &#147;Canadian National Instrument 43-101&#148; compliant estimate on the Marg mineralization prepared &nbsp;by G. Giroux and R. Carne (July, 2007) used a block model method. &nbsp;The mineralization is contained in four zones with strike lengths from 650 metres to 1,200 metres. &nbsp;Results of this estimate, reported as an indicated resource, are tabulated below:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 15 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="58%" COLSPAN="2" align="right"><font SIZE="2">
    <p align="center"><u>Giroux/Carne</u></font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">Cut-Off</font></td>
    <td WIDTH="29%" align="right"><font SIZE="2"><u>0.5% Cu</u></font></td>
    <td WIDTH="29%" align="right"><font SIZE="2"><u>1.00% Cu</u></font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#F0EFDB"><font SIZE="2">Mineralized Material Tonnes</font></td>
    <td WIDTH="29%" align="right" bgcolor="#F0EFDB"><font SIZE="2">1,930,000</font></td>
    <td WIDTH="29%" align="right" bgcolor="#F0EFDB"><font SIZE="2">1,720,000</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">% Copper</font></td>
    <td WIDTH="29%" align="right"><font SIZE="2">1.84</font></td>
    <td WIDTH="29%" align="right"><font SIZE="2">1.97</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#F0EFDB"><font SIZE="2">% Zinc</font></td>
    <td WIDTH="29%" align="right" bgcolor="#F0EFDB"><font SIZE="2">4.34</font></td>
    <td WIDTH="29%" align="right" bgcolor="#F0EFDB"><font SIZE="2">4.59</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">% Lead</font></td>
    <td WIDTH="29%" align="right"><font SIZE="2">2.28</font></td>
    <td WIDTH="29%" align="right"><font SIZE="2">2.40</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#F0EFDB"><font SIZE="2">Silver (g/t)</font></td>
    <td WIDTH="29%" align="right" bgcolor="#F0EFDB"><font SIZE="2">56.66</font></td>
    <td WIDTH="29%" align="right" bgcolor="#F0EFDB"><font SIZE="2">59.72</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font SIZE="2">Gold (g/t)</font></td>
    <td WIDTH="29%" align="right"><font SIZE="2">0.90</font></td>
    <td WIDTH="29%" align="right"><font SIZE="2">0.95</font></td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:9pt; padding-top:0pt; padding-right:18pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The reader is cautioned that the terms &#147;resource,&#148; &#147;indicated&#148; and &#147;inferred&#148; are not terms recognized by the Securities and Exchange Commission&#146;s (the &#147;SEC&#148;) guidelines for disclosure of mineral properties, however, they are recognized defined terms under Canadian disclosure guidelines. &nbsp;Generally, &#147;indicated&#148; and &#147;inferred&#148; estimates do not rise to the level of certainty required by SEC guidelines. &nbsp;The mineralized material described in the report is not considered a &#147;reserve&#148; as that term is used in the mining industry and in SEC disclosure guidelines. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:0pt; padding-top:0pt; padding-right:18pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">During the summer of 2006, we undertook an exploration program at the Marg Property to extend the currently known mineralization toward a target of 9 to 10 million tons, which we believe to be the required threshold to proceed with the next stage which includes a definitive feasibility study. &nbsp;The drilling results of the nine holes drilled at the Marg Property in the summer of 2006 are generally consistent with the previous results from prior drilling programs reflected in the Company&#146;s mineral report. We continue to hit mineralization to the west of known resources.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In, December of 2007, Yukon Gold, announced the results of the 2007 diamond drill program. &nbsp;With a skid mounted rig, 2,395 metres were drilled in 7 holes to test the extension of the known mineralization. &nbsp;Highlights of the drill results are outlined below:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
  <font size="2">Hole</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
  <font size="2">Sulphide Horizon</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top colspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Depth</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Interval</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top colspan=5>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Weighted Average Assay Results</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">from</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">To</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=center valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">metres</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Cu (%)</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Zn (%)</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Pb (%)</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Ag (g/t)</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Au (g/t)</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">M07-097</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">D2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">346.6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">347.0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">2.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">5.8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">67.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.47</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">D1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">349.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">356.5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">7.3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">2.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">4.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">2.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">60.3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.88</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">A1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">422.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">423.0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">3.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">56.6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.22</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">M07-100</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">B5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">355.9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">359.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">3.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">2.9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">30.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.36</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">B4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">376.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">379.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">2.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">4.3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">34.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.80</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">M07-101</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">D1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">338.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">339.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">3.0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">5.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">44.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.39</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">B4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">415.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">415.8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.6</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.5</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.4</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">14.9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.06</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">B3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">426.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">426.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">8.5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.04</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">B1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">437.8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">439.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">3.9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">54.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.31</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%">&nbsp;</TD>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">M07-107</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">D2'</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">345.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">346.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">2.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">7.9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">3.8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">63.8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.72</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">D2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">347.9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">348.5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">23.4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.52</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="10%" bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">D1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">356.3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">357.5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">3.1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">1.0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">31.2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">0.15</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 16 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">This drill program continued to expand the limits of the Marg mineralization down dip and along strike, which is very encouraging. &nbsp;</font></P>
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&nbsp;</P>
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<font size="2">An additional 603m was drilled with a heli-portable rig to test outlying targets defined by soil geochemical sampling and the VTEM survey which was flown over the property last year. &nbsp;Two of these holes were lost in deep overburden.  A third hole, offset from the Jane Zone, intersected a carbonate rich exhalative horizon. &nbsp;Such exhalative horizons are often associated with mineralized sulphide horizons and this is encouraging. &nbsp;The last hole intersected strata with thin lamellae of pyrite and pyrrhotite but with no copper or zinc values. &nbsp;There still are 17 other VTEM anomalies identified on the property that are associated with soil geochemical anomalies which have to be drill tested.</font></P>
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&nbsp;</P>
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<font size="2">In February 2008, Yukon Gold announced the results of an internal review of the 100% owned Marg Deposit dated February 1, 2008.</font></P>
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&nbsp;</P>
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<font size="2">The internal review postulates that a positive production decision might be feasible based on a 2700 tonne per day mining and processing operation over a minimum mine life of seven (7) years. &nbsp;The internal review, amongst other items, recommends metallurgical test work and further exploration to expand the resource base which will provide additional mine life.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Yukon Gold stated in a Press Release that it will retain an independent &#147;Qualified Person&#148; (as that term is used in Canada) to prepare a formal scoping study in accordance with the requirements for a preliminary assessment pursuant to Canadian National Instrument &nbsp;43-101.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The foregoing internal review was based on the 43-101 Technical Report by Archer Cathro/Giroux, July 2007, with &#147;indicated&#148; resources of 1.72M tons of 1.97% Copper, 2.40% Lead, 4.59% Zinc, 59.72g/t Silver, 0.95g/t Gold and inferred resources of 4.8M tons of 1.81% Copper, 2.28% Lead, 4.64% Zinc, 54.47g/t Silver, 0.77g/t Gold at a 1% copper cut off. &nbsp;This report also expressed the belief that exploration potential of the Marg deposit is very high. &nbsp;Again, the reader is cautioned that the term &#147;indicated&#148; is not a term that is recognized by the SEC&#146;s guidelines for disclosure of mineral properties, however, it is a recognized defined term under Canadian disclosure guidelines. &nbsp;Generally, an &#147;indicated&#148; estimate does not rise to the level of certainty required by SEC guidelines. &nbsp;Also, the internal review was based on comparisons with proximate deposits and associated feasibility studies at current metal prices, estimated trucking and shipping costs, industry treatment and refining costs, average metallurgical recoveries and concentrate grades from five VMS deposits. &nbsp;The internal review has not been analyzed by an independent Qualified Person and therefore the results of this review should not be relied upon. Yukon Gold believes that the internal review provides an indication of the potential of the Marg deposit and is relevant to ongoing exploration.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Presently the hydroelectric power grid terminates at Keno City some 50km to the southwest and water is available from the Keno Ladue River which flows through the property.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">The Mount Hinton Property</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Mount Hinton Property consists of 273 mineral claims covering approximately 14,000 acres in the Mayo Mining District of &nbsp;Yukon, Canada. &nbsp;Our claims are registered in the Mining Recorders Office in the Mayo Mining District of the Province of Yukon, Canada and give us the right to explore and mine minerals from the property covered by the claims. The claims are located adjacent to the Keno Hill Mining Camp, approximately 6 miles southeast of Keno City and about 37 miles northeast of the village of Mayo Yukon, Canada.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 17 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">For a list of the Mount Hinton Claims held by Yukon Gold, see &#147;LIST OF MOUNT HINTON CLAIMS.&#148;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><img src="yukons1draftregistrations002.jpg" alt="[yukons1draftregistrations002.jpg]" align=middle height=432.533 width=623.4></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2"><BR></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Agreement with Hinton Syndicate</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Our wholly owned Canadian subsidiary, YGC, holds an option from the Hinton Syndicate (the &#147;Hinton Option Agreement&#148;), a private syndicate consisting of four individuals, with whom we have an agreement to acquire a 75% interest in the 273 mineral claims covering approximately 14,000 acres in the Mayo Mining District located in Yukon, Canada.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">YGC must make scheduled cash payments and perform certain work commitments to earn up to a 75% interest in the mineral claims, subject to a 2% net smelter return royalty in favor of the Hinton Syndicate. &nbsp;The terms of the Hinton Option Agreement are outlined below. &nbsp;The Hinton Option Agreement was entered into in July of 2002 and amended as of July 7, 2005.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The schedule of Property Payments and Work Programs and the status of payment are as follows: &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:54.2pt; padding-bottom:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<A NAME="FIS_UNIDENTIFIED_TABLE_27"><font size="2"></font></A>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify><B><U>
<font size="2">PROPERTY PAYMENTS</font></U></B></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">On execution of the July 7, 2002 Agreement</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$ 19,693 &nbsp;(CDN$ &nbsp;&nbsp;25,000) &nbsp;Paid</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">On July 7, 2003</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$ 59,078 &nbsp;(CDN$ &nbsp;&nbsp;75,000) &nbsp;Paid</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">On July 7, 2004</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$118,157 (CDN$ 150,000) &nbsp;Paid</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">On January 2, 2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$125,313 (CDN$ 150,000) &nbsp;Paid</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">On July 7, 2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$134,512 (CDN$ 150,000) &nbsp;Paid</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">On July 7, 2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$141,979 (CDN$ 150,000) &nbsp;Paid </font> </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">On July 7, 2008</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$158,781 (CDN$ 150,000)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=460>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
  <font size="2">TOTAL&nbsp;</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=58><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=408>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
  <font size="2">$757,513 (CDN$ 850,000)</font></B></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 18 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B><U>
<font size="2">WORK PROGRAM-expenditures to be incurred in the following periods;</font></U></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">July 7/02 to July 6/03</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$ 118,157 &nbsp;&nbsp;(CDN$ &nbsp;&nbsp;&nbsp;150,000) Incurred</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">July 7/03 to July 6/04</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$ 196,928 &nbsp;&nbsp;(CDN$ &nbsp;&nbsp;&nbsp;250,000) Incurred</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">July 7/04 to July 6/05</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$ 256,006 &nbsp;&nbsp;(CDN$ &nbsp;&nbsp;&nbsp;325,000) Incurred</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">July 7/05 to Dec. 31/06</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$ 667,795 &nbsp;&nbsp;(CDN$ &nbsp;&nbsp;&nbsp;750,000) Incurred</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">Jan. 1/07 to Dec. 31/07</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$ 937,383 &nbsp;&nbsp;(CDN$ 1,000,000) Incurred</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">Jan. 1/08 to Dec. 31/08</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$1,323,171 (CDN$ 1,250,000)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">Jan. 1/09 to Dec. 31/09</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78 bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
  <font size="2">$1,587,806 (CDN$ 1,500,000)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=439>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
  <font size="2">TOTAL</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=78><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:11pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=409>
  <P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
  <font size="2">$5,087,246 (CDN$ 5,225,000)</font></B></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:0pt; padding-top:0pt; padding-right:18pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">By letter agreement dated August 17, 2006, the Hinton Syndicate agreed to allow the Company to defer a portion of the Work Program expenditure scheduled to be incurred by December 31, 2006. The agreement to defer such Work program expenditures was due to the mechanical break-down of drilling equipment and the unavailability of replacement drilling equipment at the Mount Hinton site. &nbsp;As a result, the Company was allowed to defer the expenditure of approximately $220,681 (CDN$235,423) until December 31, 2007. The Company has incurred that expenditure in addition to the expenditure for January 1 to December 31, 2007 as at October 31, 2007. &nbsp;All other Property Payments and Work Program expenditures due have been made and incurred.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Provided all Property Payments have been made that are due prior to the Work Program expenditure levels being attained, YGC shall have earned a:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:26pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">25% interest upon completion of Work Program expenditures of $1,587,806 (CDN$1,500,000);</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:26pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:26pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">50% interest upon completion of Work Program expenditures of $2,646,343 (CDN$2,500,000); and</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:26pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:26pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">75% interest upon completion of Work Program expenditures of $5,087,246 (CDN$5,225,000).</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">YGC earned a 50% interest in the claims covered by the Hinton Option Agreement as at October 31, 2007. &nbsp;In some cases, payments made to service providers include amounts advanced to cover the cost of future work. These advances are not loans but are considered &quot;incurred&quot; exploration expenses under the terms of the Hinton Option Agreement. &nbsp;Section 2.2(a) of the Hinton Option Agreement defines the term, &#147;incurred&#148; as follows: <I>&nbsp;</I>&nbsp;&#147;Costs shall be deemed to have been &#147;incurred&#148; when YGC has contractually obligated itself to pay for such costs or such costs have been paid, whichever should first occur.&#148; &nbsp;Consequently, the term, &#147;incurred&#148; includes amounts actually paid and amounts that YGC has obligated itself to pay. &nbsp;Under the Hinton Option Agreement there is also a provision that YGC must have raised and have available the Work Program funds for the period from July 7, 2005 to December 31, 2006, by May 15 of 2006. &nbsp;This provision was met on May 15, 2006. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">All Property Payments and Work Program expenditures due as of the date of this prospectus have been made and incurred.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Hinton Option Agreement contemplates that upon the earlier of: (i) a production decision or (ii) investment of $4,616,961 (CDN$5,225,000) or (iii) YGC has a minority interest and decides not to spend any more money on the project, YGC&#146;s relationship with the Hinton Syndicate will become a joint venture for the further development of the property. &nbsp;Under the terms of the Hinton Option Agreement, the party with the majority interest would control the joint venture. &nbsp;Once the 75% interest is earned, as described above, YGC has a further option to acquire the remaining 25% interest in the mineral claims for a further payment of $4,504,099 (CDN$5,000,000). &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 19 -</font></P>
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<font size="2">The Hinton Option Agreement provides that the Hinton Syndicate receive a 2% &#147;net smelter returns royalty.&#148; &nbsp;In the event that we exercise our option to buy the entire interest of the Hinton Syndicate (which is only possible if we have reached a 75% interest, as described above) then the &quot;net smelter return royalty&quot; would become 3% and the Hinton Syndicate would retain this royalty interest only. &nbsp;The &#147;net smelter returns royalty&#148; is a percentage of the gross revenue received from the sale of the ore produced from our mine less certain permitted expenses.</font></P>
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&nbsp;</P>
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<font size="2">The Hinton Option Agreement entitles the Hinton Syndicate to recommend for appointment (but not nominate) one member to the board of directors of the Yukon Gold.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
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<font size="2">The Hinton Syndicate members each have the option to receive their share of property payments in stock of Yukon Gold at a 10% discount to the market. &nbsp;YGC and Yukon Gold also have the option to pay 40% of any property payment due after the payment on January 2, 2006 with common stock of Yukon Gold. &nbsp;As of July 7, 2006, Yukon Gold issued to the Hinton Syndicate 43,166 shares of its common stock, based upon a valuation adopted by the Board of Yukon Gold of $1.24 (CDN$1.39) per share, as partial payment of the July 7, 2006 Property Payment. &nbsp;On July 7, 2006 the Company issued 43,166 common shares and paid $80,501 (CDN$90,000) in cash in settlement of the property payment due on July 7, 2006 on the Mount Hinton Property. &nbsp;The shares represented 40% of the total $134,168 (CDN$150,000) payment and were valued at $1.24 (CDN$1.39) each. &nbsp;The payment due on July 7, 2007 was made subsequent to the year end.</font></P>
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&nbsp;</P>
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<font size="2">The Hinton Option Agreement pertains to an &#147;area of interest&#148; which includes the area within ten kilometers of the outermost boundaries of the 273 mineral claims, which constitute our mineral properties. &nbsp;Either party to the Hinton Option Agreement may stake claims outside the 273 mineral claims, but each must notify the other party if such new claims are within the &#147;area of interest.&#148; &nbsp;The non-staking party may then elect to have the new claims included within the Hinton Option Agreement. &nbsp;As of December 11, 2006, there were an additional 24 claims staked, known as the &#147;Gram Claims&#148; which became subject to the Hinton Option Agreement.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
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<font size="2">The Hinton Option Agreement provides both parties (YGC and the Hinton Syndicate) with rights of first refusal in the event that either party desires to sell or transfer its interest.</font></P>
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&nbsp;</P>
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<font size="2">Under the Hinton Option Agreement, the Hinton Syndicate is responsible for any environmental liability claims arising from the status of the property prior to the effective date of the Hinton Option Agreement.</font></P>
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&nbsp;</P>
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<font size="2">Under the terms of the Hinton Option Agreement three of the syndicate members are entitled to bid on work we propose to carry out and if their price is competitive they are entitled to do the work. &nbsp;There is no requirement in the Hinton Option Agreement that these parties perform exploration work.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Exploration at the Mount Hinton Property</font></B></P>
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&nbsp;</P>
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<font size="2">Yukon Gold started its exploration efforts on the property in 2002 and Archer Cathro &amp; Associates (1981) was retained to manage this work. &nbsp;Initially this consisted of geochemical soil sampling, prospecting, limited hand trenching and re-sampling of old workings as well as minor bulldozer trenching, excavator trenching and road building. &nbsp;In 2006 heavy equipment was used to excavated trenches and prepare drill pads. &nbsp;Two reverse circulation drill holes were also attempted. &nbsp;The drill was unable to complete either due to a combination of operator inexperience and mechanical problems and the drill program was terminated.</font></P>
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&nbsp;</P>
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<font size="2">Though the property is without known mineral reserves, Yukon Gold believes that exploration potential within the Mount Hinton Property is good. &nbsp;Presently there are no standing facilities or infrastructure on the property, hydroelectric power grid terminates at Keno City, approximately 10km to the west and water is available from the various creeks that flow from the property. &nbsp;Mount Hinton has elevations of approximately 6,500 ft. above sea level. &nbsp;Our ability to conduct surface exploration at this latitude and elevation is limited to the period each year from late May to late October. &nbsp;</font></P>
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<font size="2"><BR>- 20 -</font></P>
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<font size="2">During the summer of 2006, we undertook an exploration program to delineate the vertical and lateral extent of some of the known vein structures at the site utilizing a reverse circulation drill and to carry out the geochemical surveys, prospecting and trenching that would help identify additional mineralized targets for future drilling and exploration programs. &nbsp;A second objective of the summer 2006 exploration program was to determine whether it would be more effective and feasible to evaluate the deposits by diamond drilling from an underground adit/ramp and where best to locate this underground exploration if feasible.</font></P>
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&nbsp;</P>
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<font size="2">The 2006 summer program commenced on July 5, 2006 and was terminated on August 20, 2006 due to mechanical problems with the drilling equipment and difficulties in drilling through thick overburden. &nbsp;Prior to termination of the program, over 3000 soil samples were taken to identify potentially mineralized targets in unexplored areas of the property but generally in the headwaters of successful placer mining operations. &nbsp;In addition, at least six new veins were exposed or partially exposed by road construction during this year&#146;s program. &nbsp;New road construction totaling 3.2 km created direct access to new surface drill sites and to a potential portal site from which underground exploration and diamond drilling could be considered.</font></P>
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&nbsp;</P>
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<font size="2">On November 28, 2007, Yukon Gold announced the results of its 2007 trenching program at the Hinton Property. &nbsp;Five trenches were excavated with heavy equipment to a maximum depth of 5m, for a combined length of 1.39km. &nbsp;Four of the trenches were located in the floor of McNeil Gulch and sited to be along strike from known veins exposed on the north face of Mt .Hinton and a newly discovered vein on the ridge opposite Mt Hinton. &nbsp;The trenches are approximately a kilometre from any previously known veins and vary between 50m and 500m apart.</font></P>
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&nbsp;</P>
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<font size="2">Trench #3 exposed two sheared / crushed quartz veins with significant silver mineralization. &nbsp;One vein with minor galena, grades a weighted average of 1.36g/t gold, 183g/t silver and 2.1% Pb over 6m of chip sampling. &nbsp;A grab sample from this vein with galena stringers returned values of 1.17g/t Au and 2,370g/t Ag. &nbsp;The second vein grades 0.41g/t gold,110g/t silver and 0.9% Pb over a metre. &nbsp;The attitudes of the veins dip between vertical and 60&#176;.</font></P>
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&nbsp;</P>
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<font size="2">Trench #4 exposed a highly mineralized vein that has a weighted average grade of 1.27g/t Au, 116g/t Ag and 1.7% Pb over 3.1m of chip sampling. &nbsp;Grab samples of the coarse grained galena, arsenopyrite and tetrahedrite contain 2.25, 2.67, 3.92g/t Au and 6,900 3,900 11,397g/t Ag respectively.</font></P>
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&nbsp;</P>
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<font size="2">These trenches, in an area that was never previously tested, are encouraging and indicate that the mineralized system at Mt. Hinton has a considerably longer strike extent than previously thought. &nbsp;Veins now have been found over a two kilometer strike length. &nbsp;.</font></P>
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&nbsp;</P>
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<font size="2">In February of 2008 the Company elected to defer exploration work commitments in 2008 on the Mt Hinton property into 2009, as it is permitted to do under the Hinton Option Agreement.</font></P>
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<font size="2">REGULATIONS GOVERNING MINING IN CANADA</font></B></P>
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&nbsp;</P>
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<font size="2">GOVERNING LAW</font></P>
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&nbsp;</P>
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<font size="2">The mining industry in Canada operates under both federal and provincial or territorial legislation governing the exploration, development, production and decommissioning of mines. &nbsp;Such legislation relates to such matters as the method of acquisition and ownership of mining rights, labor, health and safety standards, royalties, mining and income taxes, exports, reclamation and rehabilitation of mines, and other matters. &nbsp;The mining industry in Canada is also subject to legislation at both the federal and provincial or territorial levels concerning the protection of the environment. &nbsp;Legislation imposes high standards on the mining industry to reduce or eliminate the effects of waste generated by extraction and processing operations and subsequently deposited on the ground or emitted into the air or water. &nbsp;The design of mines and mills, and the conduct of extraction and processing operations, are subject to regulatory restrictions. &nbsp;The exploration, construction, development and operation of a mine, mill or refinery require compliance with environmental legislation and regulatory reviews, and the obtaining of land use and other permits, water licenses and similar authorizations from various governmental agencies. &nbsp;Legislation is in place for lands under federal jurisdiction or located in certain provinces and territories that provides for the preparation of costly environmental impact assessment reports prior to the commencement of any mining operations. &nbsp;These reports require a detailed technical and scientific assessment as well as a prediction of the impact on the environment of proposed mine exploration and development. &nbsp;</font></P>
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<font size="2"><BR>- 21 -</font></P>
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<font size="2">Failure to comply with the requirements of environmental legislation may result in regulatory or court orders being issued that could result in the cessation, curtailment or modification of operations or that could require the installation of additional facilities or equipment to protect the environment. &nbsp;Violators may be required to compensate those suffering loss or damage by reason of mining activities and the violators, including our officers and directors, may be fined or, in some cases, imprisoned if convicted of an offense under such legislation. &nbsp;Provincial and territorial mining legislation establishes requirements for the decommissioning, reclamation and rehabilitation of mining properties that are closed. &nbsp;Closure requirements relate to the protection and restoration of the environment and the protection of public safety. &nbsp;Some former mining properties must be managed for a long time following closure in order to fulfill regulatory closure requirements. &nbsp;The cost of closure of existing and former mining properties and, in particular, the cost of long-term management of open or closed mining properties can be substantial. &nbsp;</font></P>
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&nbsp;</P>
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<font size="2">Mineral exploration is subject to the Canadian Mineral Tenure Act Regulation. &nbsp;This act sets forth rules for: locating claims, posting claims, working claims and reporting work performed. &nbsp;We will be required to obtain permits from the Yukon Ministry of the Environment before we commence mining operations at the Mount Hinton Property or the Marg Property. &nbsp;</font></P>
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<font size="2">With respect to the legislation, rules and regulations referred to above, we believe that we, and the Mount Hinton Property and the Marg Property, are currently in compliance in all material respects with applicable legislation, rules and regulations. &nbsp;</font></P>
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<font size="2">The Company does not foresee having to expend material amounts in order to comply with environmental laws during the exploration phase of its operations. &nbsp;The Company is obligated to restore surface disturbances created by exploration. &nbsp;These restoration efforts typically involve the back filing of trenches, pits, or other excavations created for purposes of exploration.</font></P>
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<font size="2">Underground exploration, which the Company contemplates in the future, will require additional cost related to the storage of excavated material. &nbsp;Until the Company knows the amount of material it will have to store, it cannot estimate this cost. &nbsp;There will be material costs of environmental compliance if the Company develops a mine in the future. &nbsp;However, the Company cannot reasonably estimate that environmental compliance cost at this time.</font></P>
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<font size="2">We have carried out all reclamation work, required by applicable regulations, where our exploration disturbed the surface of the ground and to the best of our knowledge we are in full compliance with all rules and regulations. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
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<font size="2">- 22 -</font></P>
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&nbsp;</P>
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<font size="2">It is not possible to estimate the cost of meeting the rules and regulations for a mining operation at this time. &nbsp;Those costs will only be determined when a mine plan and the required studies are completed to apply for a mining permit.</font></P>
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&nbsp;</P>
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<font size="2">GOVERNMENT PERMITTING </font> </P>
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&nbsp;</P>
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<font size="2">The Company is committed to complying and, to its knowledge, is in compliance with all governmental and environmental regulations. &nbsp;Permits from a variety of regulatory authorities are required for many aspects of mine operation and reclamation. &nbsp;Our exploration work is subject to the Mining Land Use Regulations of the Yukon Quartz Mining Act. &nbsp;This Act requires us to obtain permits prior to performing significant exploration programs. &nbsp;We are currently conducting exploration under a Class III Permit LQ00106, which is valid until August 7, 2008 and a Class III Permit LQ002222 which is valid until October 30, 2012. &nbsp;No other permits are required at this time or for the exploration work contemplated in the foreseeable future. &nbsp;Further permitting will be required if we propose to commence a mining operation, but cannot be applied for until ore reserves calculations and a mine plan are prepared.</font></P>
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<font size="2">The Company cannot predict the extent to which future legislation and regulation could cause additional expense, capital expenditures, restrictions, and delays in the development of the Company's Canadian properties, including those with respect to mining claims. &nbsp;The Company's activities are not only subject to extensive federal and territorial regulations controlling the mining of and exploration for mineral properties, but also the possible effects of such activities upon the environment. &nbsp;Streams draining the property make their way to the Mayo River which contains wildlife. &nbsp;We will be obligated to take steps to ensure that such streams draining the property do not become contaminated as a result of our activities on the property. &nbsp;We are not aware of any environmental problems on the property as of the date of this prospectus. &nbsp;We have commenced the required baseline studies of drainage courses originating on our property in anticipation of underground development.</font></P>
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<font size="2"><BR>- 23 -</font></P>
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&nbsp;</P>
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<font size="2">COPPER PRICE VOLATILITY</font></B></P>
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&nbsp;</P>
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<font size="2">The volatility of the market price of copper is illustrated by the following table which sets forth for the periods indicated the high and low of the London PM (afternoon) fix of the price of copper in U.S. dollars per ounce (rounded to the nearest dollar), as published by Kitco Base Metals Company of Canada at www.Kitcometals.com, Copper Prices per pound (US$).</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align="center">
<img border="0" src="yukons3.gif" width="750" height="489"></P>
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<font size="2"><BR>On February 22, 2008, the high was $3.7837 per pound and the low was $3.7220 per pound according to www.kitcometals.com. </font></P>
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&nbsp;</P>
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<font size="2">FISCAL YEAR</font></B></P>
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<font size="2">Our fiscal year end is April 30.</font></P>
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<font size="2">TRANSFER AGENT</font></B></P>
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<font size="2">Our transfer agent is Equity Transfer and Trust Services, Inc. with offices at 200 University Avenue, Suite 400, Toronto, Ontario M5H 4H1, phone number 416-361-0152, as transfer agent for our shares of common stock. &nbsp;The transfer agent is responsible for all record-keeping and administrative functions in connection with the common shares of stock.</font></P>
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<font size="2"><BR>- 24 -</font></P>
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<font size="2">EMPLOYEES</font></B></P>
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<font size="2">We have two full-time employees, our Corporate Secretary and our Accounting Manager. &nbsp;We rely primarily upon consultants for certain services. &nbsp;Our Chief Executive Officer and President and our Chief Financial Officer are employed as consultants. &nbsp;Our Chief Executive Officer provides services on full-time basis. &nbsp;Our Chief Financial Officer provides services on an &#147;as needed&#148; basis. &nbsp;We are not subject to a union labor contract or collective bargaining agreement.  We have no employment agreements with any of our employees and we carry no key-man life insurance.</font></P>
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<font size="2">STOCK OPTION PLAN</font></B></P>
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<font size="2">On October 28, 2003, we adopted the 2003 Stock Option Plan (the &quot;2003 Plan&quot;) under which our officers, directors, consultants, advisors and employees may receive stock options. &nbsp;The aggregate number of shares of common stock that may be issued under the 2003 Plan is 5,000,000. &nbsp;Options granted under the 2003 Plan will were either &quot;incentive stock options&quot;, intended to qualify as such under the provisions of section 422 of the Internal Revenue Code of 1986, as from time to time amended (the &quot;Code&quot;) or &quot;unqualified stock options&quot;. &nbsp;The 2003 Plan is administered by the Board of Directors.</font></P>
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<font size="2">On May 23, 2005, Yukon Gold filed a registration statement on Form S-8 with the SEC pursuant to which it registered 3,300,000 shares of common stock reserved for issuance upon exercise of options granted pursuant to the 2003 Plan.  On February 10, 2006 the board of directors adopted a policy of not accepting promissory notes from option holders as payment for the exercise of options. &nbsp;</font></P>
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<font size="2">The Company adopted a new Stock Option Plan at its shareholders meeting on January 19, 2007 (the &#147;2006 Stock Option Plan&#148;). &nbsp;The Company cannot issue any further options under the 2003 Plan. &nbsp;The purpose of the 2006 Stock Option Plan is to develop and increase the interest of certain Eligible Participants (as defined below) in the growth and development of the Company by providing them with the opportunity to acquire a proprietary interest in the Company through the grant of options (&quot;Stock Options&quot;) to acquire Shares.</font></P>
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<font size="2">Under the 2006 Stock Option Plan, Stock Options may be granted to Eligible Participants or to any registered savings plan established for the sole benefit of an Eligible Participant or any company which, during the currency of an option, is wholly-owned by an Eligible Participant. &nbsp;The term &#147;Eligible Participant&#148; includes directors, senior officers and employees of the Company or an Affiliated Entity (as defined below) and any person engaged to provide services under a written contract for an initial, renewable or extended period of twelve months or more (a &#147;Consultant&#148;), other than services provided in relation to a distribution of securities, who spends or will spend a significant amount of time on the business and affairs of the Company and who is knowledgeable about the business and affairs of the Company. An &#147;Affiliated Entity&#148; means a person or company that is controlled by the Company.</font></P>
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<font size="2">The 2006 Stock Option Plan is administered by the board of directors of the Company. &nbsp;At the option of the board, it may be administered by a committee appointed by the board of directors for that purpose.</font></P>
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<font size="2">Upon adoption in 2006, the aggregate number of Shares which could be issued under the 2006 Stock Option Plan was limited to 2,000,000 Shares, then representing approximately 10.63% of the then currently issued and outstanding Shares. &nbsp;A proposal will be submitted to the shareholders of the Company at the next meeting of shareholders to increase the total number of Shares available for issuance under the 2006 Stock Option Plan to 2,899,044, representing approximately 10% of the issued and outstanding Shares. &nbsp;If approved, the 2006 Stock Option Plan would be further amended to provide that any future increase in the maximum number of Shares reserved for issuance will require shareholder approval</font><B><font size="2">. &nbsp;</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
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<font size="2">- 25 -</font></P>
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<font size="2">Any Stock Option granted under the 2006 Stock Option Plan which has been exercised shall again be available for subsequent grant under the 2006 Stock Option Plan, effectively resulting in a re-loading of the number of Shares available for grant under the 2006 Stock Option Plan. &nbsp;Any Shares subject to an option granted under the 2006 Stock Option Plan which for any reason is surrendered, cancelled or terminated or expires without having been exercised shall again be available for subsequent grant under the 2006 Stock Option Plan.</font></P>
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<font size="2">Under the 2006 Stock Option Plan, at no time shall: (i) the number of Shares reserved for issuance pursuant to Stock Options granted to any one optionee exceed 10% of the Total Shares; (ii) the number of Shares, together with all security based compensation arrangements of the Company in effect, reserved for issuance pursuant to Stock Options granted to any &quot;insiders&quot; (as that term is defined under the <I>Securities Act</I> (Ontario)) exceed 10% of the total number of issued and outstanding Shares. In addition, the number of Shares issued to insiders pursuant to the exercise of Stock Options, within any one year period, together with all security based compensation arrangements of the Company in effect, shall not exceed 10% of the total number of issued and outstanding Shares.</font></P>
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<font size="2">The purchase price (the &#147;Price&#148;) per Share under each Stock Option shall be determined by the board of directors or a committee, as applicable. The Price shall not be lower than the closing market price on the TSX, or another stock exchange where the majority of the trading volume and value of the Shares occurs, on the trading day immediately preceding the date of grant, or if not so traded, the average between the closing bid and asked prices thereof as reported for the trading day immediately preceding the date of the grant; provided that if the Shares have not traded on the TSX or another stock exchange for an extended period of time, the &#147;market price&#148; will be the fair market value of the shares at the time of grant, as determined by the board of directors or committee. The board of directors or committee may determine that the Price may escalate at a specified rate dependent upon the date on which an option may be exercised by the Eligible Participant.</font></P>
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<font size="2">Options shall not be granted for a term exceeding ten<B> </B>years (or such shorter or longer period as is permitted by the TSX) (the &#147;Option Period&#148;). Options may be exercised by an Eligible Participant in whole at any time, or in part from time to time, during the Option Period, subject to the provisions of the 2006 Stock Option Plan. Options granted under the 2006 Stock Option Plan may be assigned or otherwise transferred by a participant pursuant to a will, or by the laws of descent and distribution, or as otherwise permitted under the 2006 Stock Option Plan. Options granted under the 2006 Stock Option Plan may vest at the discretion of the board of directors of the Company or committee, as applicable.</font></P>
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&nbsp;</P>
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<font size="2">The directors of the Company or committee, as applicable, may from time to time amend the 2006 Stock Option Plan, without further approval of the shareholders of the Company, subject to pre-clearance with the TSX and compliance with the rules of the TSX and any other regulatory authority having jurisdiction over the securities of the Company, to the extent that such amendments relate to:</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(a)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>altering, extending or accelerating the terms of vesting applicable to any Stock Options;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(b)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>altering the terms and conditions of vesting applicable to any Stock Options;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(c)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>extending the term of Stock Options held by a person other than a person who, at the time of the extension, is an insider of the Company, provided that the term does not extend beyond ten years from the date of grant;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(d)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>reducing the exercise price of Stock Options held by a person other than a person who, at the time of the reduction, is an insider of the Company, provided that the exercise price is not less than the market price at the time of the reduction;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(e)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>accelerating the expiry date in respect of Stock Options;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=center>
- 26 -</P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(f)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>determining the adjustment provisions in accordance with the Stock Option Plan;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(g)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>amending the definitions contained within the Plan; </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(h)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>amending or modifying the mechanics of exercise of the Stock Options; or</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>(i)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:10pt; color:#000000" align=justify>amendments of a &quot;housekeeping&quot; nature.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The directors of the Company or committee, as applicable, may terminate the 2006 Stock Option Plan subject to pre-clearance with the TSX and compliance with the rules of the TSX and any other regulatory authority having jurisdiction over the securities of the Company.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In the event of the death of a participant prior to an option&#146;s expiry date, the option may be exercised by the legal representatives of such participant at any time up to and including the date which is the first anniversary of the date of death of such participant or the expiry date of such option, whichever is the earlier, after which the option shall in all respects cease and terminate. In the event a participant is discharged as an employee or senior officer of the Company or an Affiliated Entity by reason of a wilful and substantial breach of such participant's employment duties, all options granted to such participant under the 2006 Stock Option Plan which are then outstanding (whether vested or unvested) shall cease and terminate in accordance with the provisions of the 2006 Stock Option Plan. In the event of a termination of employment or engagement of a participant (including the expiry of an agreement or engagement between the Company and a Consultant) other than in the event of death, such participant may exercise each option then held by such participant under the 2006 Stock Option Plan at any time up to and including the 90<SUP>th</SUP> day (or such later date as the board of directors or committee in its sole discretion may determine) following the effective date upon which the participant ceases to be an Eligible Participant or the expiry date of such option, whichever is earlier, after which the option shall in all respects cease and terminate.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; color:#000000" align=justify>
<font size="2">On January 19, 2007, the shareholders of the Company approved, subject to regulatory approval, the extension of 2,064,000 options held by all current officers, directors, consultants and employees in the 2003 Stock Option Plan and the adding of an additional 2,000,000 common shares of stock to the 2006 Stock Option Plan. &nbsp;The TSX approved the 2006 Stock Option plan on March 9, 2007.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The following summarizes options outstanding as at April 30, 2007:
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:234pt; font-size:10pt; color:#000000" align=justify>&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Option Price </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=474 colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Number of shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Expiry Date</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Per Share $</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>2007 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>2006 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>December 15, 2009</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$0.75 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>250,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>1,100,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>January 5, 2010</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$0.75 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>60,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>84,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>June 28, 2010</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$0.55 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>490,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>490,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>April 15, 2008</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$0.58 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>20,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>20,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>December 13, 2010</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$1.19 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>1,026,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>1,026,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>December 13, 2010</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$1.19 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>88,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>88,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>January 20, 2011</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$0.85 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>150,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>150,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>March 20, 2012</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$0.43 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:30pt; line-height:12pt; font-size:10pt; color:#000000" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*250,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=247>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>March 28, 2012</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>$0.41 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:30pt; line-height:12pt; font-size:10pt; color:#000000" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**150,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=right>&nbsp;</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=246>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,484,000 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,958,000 </P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=472 colspan=2 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Weighted average exercise price at end of year</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>0.86 </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>0.89 </P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>* These options were granted at CDN$0.50 (US$0.43 on date of grant)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>** These options were granted at CDN$0.47 (US$0.41 on date of grant)</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>
- 27 -</P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=500 colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Number of Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=260>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006-2007</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>2005-2006</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Outstanding, beginning of year</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>2,958,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>1,834,000</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Granted</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>400,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>1,784,000</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Expired</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>(800,000)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>-</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Exercised</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>(74,000)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>(10,000)</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Forfeited</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>-</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Cancelled</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>(650,000)</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Outstanding, end of year</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>2,484,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>2,958,000</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=446><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Exercisable, end of year</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>1,625,786</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=260><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=right>1,269,450</P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="45%">&nbsp;</td>
    <td WIDTH="56%" COLSPAN="2" align="right"><font SIZE="2">
    <p align="center">Number of shares</font></td>
  </tr>
  <tr>
    <td WIDTH="45%">&nbsp;</td>
    <td WIDTH="27%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2006</font></td>
    <td WIDTH="28%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2005</font></td>
  </tr>
  <tr>
    <td WIDTH="45%">&nbsp;</td>
    <td WIDTH="27%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="28%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="45%" bgcolor="#F0EFDB"><font SIZE="2">Outstanding, beginning of year</font></td>
    <td WIDTH="27%" align="right" bgcolor="#F0EFDB"><font SIZE="2">1,834,000</font></td>
    <td WIDTH="28%" align="right" bgcolor="#F0EFDB"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="45%"><font SIZE="2">Granted</font></td>
    <td WIDTH="27%" align="right"><font SIZE="2">1,784,000</font></td>
    <td WIDTH="28%" align="right"><font SIZE="2">1,834,000</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" bgcolor="#F0EFDB"><font SIZE="2">Expired</font></td>
    <td WIDTH="27%" align="right" bgcolor="#F0EFDB"><font SIZE="2">-</font></td>
    <td WIDTH="28%" align="right" bgcolor="#F0EFDB"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="45%"><font SIZE="2">Exercised</font></td>
    <td WIDTH="27%" align="right"><font SIZE="2">(10,000)</font></td>
    <td WIDTH="28%" align="right"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" bgcolor="#F0EFDB"><font SIZE="2">Forfeited</font></td>
    <td WIDTH="27%" align="right" bgcolor="#F0EFDB"><font SIZE="2">-</font></td>
    <td WIDTH="28%" align="right" bgcolor="#F0EFDB"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="45%"><font SIZE="2">Cancelled</font></td>
    <td WIDTH="27%" align="right"><font SIZE="2">(650,000)</font></td>
    <td WIDTH="28%" align="right"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="45%" bgcolor="#F0EFDB"><font SIZE="2">Outstanding, end of year</font></td>
    <td WIDTH="27%" align="right" bgcolor="#F0EFDB"><font SIZE="2">2,958,000</font></td>
    <td WIDTH="28%" align="right" bgcolor="#F0EFDB"><font SIZE="2">1,834,000</font></td>
  </tr>
  <tr>
    <td WIDTH="45%"><font SIZE="2">Exercisable, end of year</font></td>
    <td WIDTH="27%" align="right"><font SIZE="2">1,269,450</font></td>
    <td WIDTH="28%" align="right"><font SIZE="2">302,176</font></td>
  </tr>
  <tr>
    <td WIDTH="45%">&nbsp;</td>
    <td WIDTH="27%" align="right">&nbsp;</td>
    <td WIDTH="28%" align="right">&nbsp;</td>
  </tr>
</table>
<p align="center" style="margin-bottom: 0"><font size="2">- 28 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Stock options granted to the named executive officers during the fiscal year ended April 30, 2007 are provided in the table below:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164 rowspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Name</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164 rowspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Securities</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Under</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Options/SARs</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Granted</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">(#)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164 rowspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">% of Total</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Options/SARs</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Granted to</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Employees in</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Fiscal year (1)</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR></font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=473 colspan=3>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">&nbsp;Exercise or</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Base Price</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">($/Security)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=165>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Market Value of Securities Underlying Options/SARs on the Date of Grant</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">($/Security)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=165>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Expiration</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Date</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164 bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Paul A. Gorman, </font> </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Former CEO</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164 bgcolor="#F0EFDB">
  <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>&nbsp;&nbsp;250,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164 bgcolor="#F0EFDB">
  <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>&nbsp;&nbsp;&nbsp;62.5%</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=164 bgcolor="#F0EFDB">
  <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>&nbsp;$0.43</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=165 bgcolor="#F0EFDB">
  <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>&nbsp;$0.41</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=165 bgcolor="#F0EFDB">
  <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>March 20, 2012</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(1)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Based on total number of options granted to directors/officers/consultants of the Company pursuant to the 2006 Stock Option plan during the fiscal year ended April 30, 2007.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">During the fiscal year ended April 30, 2007 there has been no re-pricing of stock options held by any Named Executive Officer</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
<p align="center" style="margin-bottom: 0"><font size="2">- 29 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">OPTIONS/SAR EXERCISED DURING THE MOST RECENTLY COMPLETED FISCAL YEAR</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The following table provides detailed information regarding options exercised by the named executive officers during the fiscal year ended April 30, 2007 and options held by the named executive officers as at February 1, 2008.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
  <font size="2">Name and<br>
  Principal<br>
  Position</font></TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
  <p align="center"><font size="2">Shares<br>
  acquired on<br>
  Exercise (#)</font></TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <p align="center"><font size="2">Value<br>
  Realized<br>
  ($)</font></TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <p align="center"><font size="2"># of shares under-<br>
  lying options<br>
  at year end</font></TD></TR>
  <TR>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Ronald Mann</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">President and Chief Executive Officer (1)</font></P>
</TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
    <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>&nbsp;</P>
</TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
    <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>&nbsp;</P>
</TD>
    <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
    <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
    <font size="2"><BR>500,000</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Kenneth J. Hill</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Former President and CEO</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
  <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>600,000</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Howard S. Barth</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Former President &amp; CEO</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
  <font size="2"><BR>N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>340,000</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Rakesh Malhotra</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">CFO</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>325,000</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Brian Robertson</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Former President</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>50,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>$37,500</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>NIL</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Lisa Rose</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Corporate Secretary</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>24,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>$18,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>251,000</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Paul A. Gorman</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Former CEO</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=246 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>0</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=247 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR>498,000</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(1) &nbsp;Mr. Mann was granted warrants to purchase up to 500,000 shares at a purchase price of $0.24 per share. &nbsp;The warrant was granted on December 17, 2007 and expires on December 17, 2012. &nbsp;The warrants were not issued pursuant to the Company&#146;s Stock Option Plan.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">COMPETITION</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">There is aggressive competition within the industry to discover and acquire properties considered to have commercial potential. &nbsp;We compete with other companies for exploration resources including equipment and drilling teams available to work in the Province of Yukon. &nbsp;In addition, we compete with others in efforts to obtain financing to explore and develop mineral properties.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 30 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Discussion of Operations &amp; Financial Condition </font> </B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Yukon Gold has no source of revenue, operates at a loss, and &nbsp;expects operating losses to continue as long as it remains in an exploration stage and perhaps thereafter. &nbsp;As at October 31, 2007, the Company had accumulated losses of $10,407,255. &nbsp;Our ability to emerge from the exploration stage and conduct mining operations is dependent, in large part, upon raising additional equity financing.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Company&#146;s major endeavor over the quarter ended October 31, 2007 was its effort to raise additional capital to meet its ongoing obligations under both the Marg Acquisition Agreement and &nbsp;the Hinton Option Agreement and to pursue its exploration activities.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Having obtained material financing, the Company conducted an internal review of the Marg Property and the Mt. Hinton property exploration results. &nbsp;As a result of this internal review, we plan to conduct a scoping study as a first step toward production at our Marg Deposit. We announced this intention on February 5, 2008. &nbsp;Our internal review postulates that a positive production decision might be feasible based on a 2700 ton per day mining and processing operation over a minimum mine life of seven (7) years. &nbsp;The internal review, amongst other items, recommends metallurgical test work and further exploration to expand the resource base which will provide additional mine life. &nbsp;On February 5, 2008, we also announced that we will retain an independent Qualified Person to prepare a formal scoping study in accordance with the requirements for a preliminary assessment pursuant to
Canadian&nbsp; National Instrument 43-101.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Our internal review was based on a Canadian National Instrument 43-101 Technical Report by Archer Cathro/Giroux, July 2007 with indicated resources of 1.72M tonnes of 1.97% Copper, 2.40% Lead, 4.59% Zinc, 59.72g/t Silver, 0.95g/t Gold and inferred resources of 4.8M tonnes of 1.81% Copper, 2.28% Lead, 4.64% Zinc, 54.47g/t Silver, 0.77g/t Gold at a 1% copper cut off. &nbsp;This report also expressed the belief that exploration potential of the Marg deposit is very high. &nbsp;The reader is cautioned that the terms &#147;resource,&#148; &#147;indicated&#148; and &#147;inferred&#148; are not terms recognized by the SEC guidelines for disclosure of mineral properties, however, they are recognized defined terms under Canadian disclosure guidelines. &nbsp;Generally, &#147;indicated&#148; and &#147;inferred&#148; estimates do not rise to the level of certainty required by SEC guidelines. &nbsp;The mineralized material described in the report is not considered a &#147;reserve&#148; as that term is used in the mining industry and in SEC disclosure guidelines. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Our internal review was based on comparisons with proximate deposits and associated feasibility studies at current metal prices, estimated trucking and shipping costs, industry treatment and refining costs, average metallurgical recoveries and concentrate grades from five VMS deposits. &nbsp;The internal review has not been analyzed by an independent Qualified Person and therefore the results of this review should not be relied upon. We believe that the internal review provides an indication of the potential of the Marg deposit and is relevant to ongoing exploration.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In regard to the Mt Hinton property &nbsp;the Company issued a Press Release in February of 2008 stated that it was deferring work commitments on this property pursuant to the Hinton Syndicate Agreement into 2009.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 31 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>&nbsp;<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:14pt; color:#000000" align=center><B><U>
<font size="2">SELECTED INFORMATION</font></U></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right"><font SIZE="2">Three months ended</font></td>
    <td WIDTH="36%" align="right"><font SIZE="2">Three months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right"><font SIZE="2"><u>October 31, 2007</u></font></td>
    <td WIDTH="36%" align="right"><font SIZE="2"><u>October 31, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="29%" bgcolor="#F0EFDB"><font SIZE="2">Revenues</font></td>
    <td WIDTH="35%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
    <td WIDTH="36%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
  </tr>
  <tr>
    <td WIDTH="29%"><font SIZE="2">Net Loss</font></td>
    <td WIDTH="35%" align="right"><font SIZE="2">$2,419,329</font></td>
    <td WIDTH="36%" align="right"><font SIZE="2">$1,436,458</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" bgcolor="#F0EFDB"><font SIZE="2">Loss per share-basic and diluted</font></td>
    <td WIDTH="35%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ (0.09)</font></td>
    <td WIDTH="36%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ (0.08)</font></td>
  </tr>
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right">&nbsp;</td>
    <td WIDTH="36%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right"><font SIZE="2">Six months ended</font></td>
    <td WIDTH="36%" align="right"><font SIZE="2">Six months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right"><font SIZE="2"><u>October 31, 2007</u></font></td>
    <td WIDTH="36%" align="right"><font SIZE="2"><u>October 31, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="29%" bgcolor="#F0EFDB"><font SIZE="2">Revenues</font></td>
    <td WIDTH="35%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
    <td WIDTH="36%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
  </tr>
  <tr>
    <td WIDTH="29%"><font SIZE="2">Net Loss</font></td>
    <td WIDTH="35%" align="right"><font SIZE="2">$3,471,873</font></td>
    <td WIDTH="36%" align="right"><font SIZE="2">$2,865,185</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" bgcolor="#F0EFDB"><font SIZE="2">Loss per share-basic and diluted</font></td>
    <td WIDTH="35%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$(0.14)</font></td>
    <td WIDTH="36%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ (0.17)</font></td>
  </tr>
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right">&nbsp;</td>
    <td WIDTH="36%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right"><font SIZE="2">As at</font></td>
    <td WIDTH="36%" align="right"><font SIZE="2">As at</font></td>
  </tr>
  <tr>
    <td WIDTH="29%">&nbsp;</td>
    <td WIDTH="35%" align="right"><font SIZE="2"><u>October 31, 2007</u></font></td>
    <td WIDTH="36%" align="right"><font SIZE="2"><u>April 30, 2007</u></font></td>
  </tr>
  <tr>
    <td WIDTH="29%" bgcolor="#F0EFDB"><font SIZE="2">Total Assets</font></td>
    <td WIDTH="35%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$2,240,365</font></td>
    <td WIDTH="36%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$4,225,107</font></td>
  </tr>
  <tr>
    <td WIDTH="29%"><font SIZE="2">Total Liabilities</font></td>
    <td WIDTH="35%" align="right"><font SIZE="2">$238,594</font></td>
    <td WIDTH="36%" align="right"><font SIZE="2">$272,083</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" bgcolor="#F0EFDB"><font SIZE="2">Cash dividends declared per share</font></td>
    <td WIDTH="35%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
    <td WIDTH="36%" align="right" bgcolor="#F0EFDB"><font SIZE="2">Nil</font></td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Revenues</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">No revenue was generated by the Company&#146;s operations during the quarter and six month period ended October 31, 2007 and the quarter and six month period ended October 31, 2006.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Net Loss</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Company&#146;s expenses are reflected in the Consolidated Statements of Operations under the category of Operating Expenses. To meet the criteria of United States generally accepted accounting principles (&#147;GAAP&#148;), all exploration and general and administrative costs related to projects are charged to operations in the year incurred.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The significant components of expense that have contributed to the total operating expense are discussed as follows:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(a) </font> <U><font size="2">General and Administrative Expense</font></U></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Included in operating expenses for the six months ended October 31, 2007 is general and administrative expense of $466,973 as compared to $1,163,024 for the six months ended October 31, 2006. General and administrative expense represents approximately 13.5% of the total operating expense for the six months ended October 31, 2007 and approximately 40.6% of the total operating expense for the six months ended October 31, 2006.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 32 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:0pt; padding:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">&nbsp;(b) </font> <U><font size="2">Project Expense</font></U></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Included in operating expenses for the six months ended October 31, 2007 is project expenses of $2,997,811 as compared with $1,695,854 for the six months ended October 31, 2006. Project expense is a significant expense and it represents approximately 86.3% of the total operating expense for the six months ended October, 2007 and approximately 59.2% of the total operating expense for the six months ended October 31, 2006.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B><U>
<font size="2">Exploration Expenditures at the Company&#146;s Properties</font></U></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
<font size="2">See &#147;DESCRIPTION OF BUSINESS &#150; Exploration at Marg Property&#148; and &#147;DESCRIPTION OF BUSINESS - Exploration at Mount Hinton Property&#148; herein.</font></U></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Liquidity and Capital Resources</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The following table summarizes the Company&#146;s cash flows and cash in hand:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="15%" align="right"><font SIZE="2"><u>October 31, 2007</u></font></td>
    <td WIDTH="15%" align="right"><font SIZE="2"><u>October 31, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#F0EFDB">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#F0EFDB"><font SIZE="2">Cash and cash equivalent</font></td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ 574,620</font></td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ 963,382</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Working capital (deficiency)</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">$ 1,910,988</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">$ 1,703,188</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#F0EFDB">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#F0EFDB"><font SIZE="2">Cash used in operating activities</font></td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ 1,207,525</font></td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ 2,711,711</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
    <td WIDTH="15%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font SIZE="2">Cash used in investing activities</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">$ 151,520</font></td>
    <td WIDTH="15%" align="right"><font SIZE="2">$ 1,437</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#F0EFDB">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#F0EFDB"><font SIZE="2">Cash provided in financing activities</font></td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ 924,927</font></td>
    <td WIDTH="15%" align="right" bgcolor="#F0EFDB"><font SIZE="2">$ 1,304,986</font></td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Off-Balance Sheet Arrangement</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The Company has no Off-Balance Sheet Arrangement as of October 31, 2007.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Contractual Obligations and Commercial Commitments</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In addition to the contractual obligations and commitments of the Company to acquire its mineral properties as described in Note 8 to our Financial Statements included with this report, the Company has additional commitments for its office lease and to pay minimum lease payments under its capital lease. Refer to our annual financial statements for April 30, 2007 for future obligation payments.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><U>
<font size="2">Flow-Through and Unit Share Subscriptions</font></U></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On August 16, 2007 the Company completed a first tranche of a private placement (the &#147;Financing&#148;) with Northern Securities Inc. (&#147;Northern&#148;), acting as agent. The Financing was comprised of the sale of 1,916,666 units (the &#147;Units&#148;) at $0.42 (CDN$0.45) per Unit (the &#147;Unit Issue Price&#148;) for gross proceeds of $802,101 (CDN$862,499.70) and the sale of 543,615 flow-through units (the &#147;Flow-Through Units&#148; which qualify as flow-through shares for the purposes of the Canadian Income Tax Act) at $0.49 (CDN$0.52) per Flow-Through Unit (the &#147;Flow-Through Unit Issue Price&#148;) for gross proceeds of $262,884 (CDN$282,680). The proceeds raised were allocated between the offering of shares and the sale of tax benefits. A liability of $35,381 was recognized for the sale of taxable benefits, which will be reversed and credited to income when &nbsp;the Company renounces resource expenditure deduction to the investor. Each Unit consisted of one non-flow through common share (&quot;Common Share&quot;) and one half of one Common Share purchase warrant (each whole warrant, a &quot;Warrant&quot;). &nbsp;Each Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per share. &nbsp;Each Flow-Through Unit consisted of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an &quot;FT Warrant&quot;). &nbsp;Each FT Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share. &nbsp;The Company paid Northern a commission equal to 8% of the aggregate gross proceeds which amounted to $85,199 (CDN$91,614) and issued 153,333 &#147;Unit Compensation Options&#148; and 43,489 &#147;FT Unit Compensation Options&#148;. &nbsp;Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until August 16, 2009. &nbsp;Each FT Unit Compensation Option is exercisable into one Common Share and one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16, 2009. &nbsp;The Company reimbursed Northern expenses of $18,600 (CDN $20,000).</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 33 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On November 16, 2007 the Company completed the second tranche of the Financing with Northern acting as agent for gross proceeds from the sale of Units of $1,161,744 (CDN$1,097,500) and gross proceeds from the sale of Flow Through Units of $589,944 (CDN$557,320), raising aggregate gross proceeds of approximately $1,751,688 (CDN$1,654,820). &nbsp;Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds and issued 195,111 Unit Compensation Options and 85,741 FT Unit Compensation Options. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The proceeds of the Financing will be used for the exploration and development of Yukon Gold's properties, and for working capital.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On January 23, 2008, Yukon Gold announced the extension of the term of the Company&#146;s 2,665,669 outstanding warrants that were issued in connection with the Company&#146;s March 2006 private placement financing (the &#147;March 2006 Warrants&#148;). &nbsp;Also extended were (a) the term of the 533,133 outstanding broker warrants that were issued in connection with such March 2006 private placement (the &#147;March 2006 Broker Warrants&#148; and (b) the term of the Company&#146;s 950,000 outstanding warrants that were issued in connection with the Company&#146;s October 2006 private placement financing (the &#147;October 2006 Warrants&#148;). &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Each March 2006 Warrant entitles the holder thereof to purchase one common share of the Company at a price of US$0.90 until March 28, 2008. &nbsp;Each March 2006 Broker Warrant entitles the holder thereof to purchase one unit of securities of the Company (each a &#147;Unit&#148;) at a price of US$0.60 per Unit until March 28, 2008. &nbsp;Each Unit consists of one common share and one-half of a common share purchase warrant, where each whole warrant (an &#147;Underlying Warrant&#148;) is exercisable to acquire one common share at a price of US$0.90 until March 28, 2008. &nbsp;Each October 2006 Warrant entitles the holder thereof to purchase one common share at a price of US$2.00 until October 4, 2008. &nbsp;The March 2006 Warrants and the October 2006 Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008 and October 4, 2008, respectively, to extend the term of such warrants until March 28, 2009 and October 4, 2009, respectively. &nbsp;The March 2006 Broker Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008, to extend the term of such warrants and the Underlying Warrants until March 28, 2009. &nbsp;All other provisions of the March 2006 Warrants, the March 2006 Broker Warrants and the October 2006 Warrants were unaffected.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><U>
<font size="2">Consulting Agreements </font> </U></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On August 15, 2007 the Company entered into an investor relations marketing agreement with a consultant for a one year term, with the option to renew for an additional 12 months. &nbsp;In return for services rendered, the Company agreed to pay the consultant $2,000 (CDN$2,000) per month. &nbsp;On August 31, 2007 the Company paid $3,787 (CDN$3,787) representing the first and last payments of the contract. &nbsp;On September 15, 2007 the Company paid $1,941 (CDN$1,941), on October 15, 2007 the Company paid $2,00 (CDN$2,000) on November 15, 2007 the Company paid $2,000 (CDN$2,000), on December 15, 2007 the Company paid $2,000 (CDN$2,000) and on January 15, 2008 the Company paid $2,000 (CDN$2,000) being the second through the sixth payments, respectively under this agreement. &nbsp;being the fourth payment of the contract. .In addition, the consultant has been granted an option to purchase 125,000 shares of the Company at $0.48 (CDN$0.45) per share, with the option vesting in equal quarterly amounts of 31,250 shares on November 15, 2007, February 15, 2008, May 15, 2008 and August 15, 2008, and the first exercise date being August 15, 2008 and an expiry date of August 15, 2010. &nbsp;This contract was terminated on February 15, 2008.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 34 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On August 22, 2007 the Company entered into an agreement with a consultant. &nbsp;In return for services rendered, the Company agreed to pay the consultant $37,608 (CDN$40,000) in installments as set out in the agreement. &nbsp;The first installment was paid on August 22, 2007 for $12,537 (CDN$13,333), the second installment was paid on October 1, 2007 for $4,483 (CDN$4,444), the third installment was paid on November 1, 2007 for $4,444 (CDN$4,444), the fourth installment was paid on December 1, 2007 for $4,444 (CDN$4,444), the fifth installment was paid on January 1, 2008 for $4,444 (CDN$4,444) and the sixth installment was paid on February 1, 2008 for $4,444 (CDN$4,444). &nbsp;The final installment is due on March 1, 2008 for $4,444 (CDN $4,444), respectively.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On December 5, 2007 the Company entered into an agreement with a consultant to create investor awareness for a period of five months, commencing on December 5, 2007 and continuing through May 6, 2008 for a fee of $20,000 and 300,000 restricted common shares to be issued in equal tranches of 50,000 shares at the end of each month during the term of the agreement. &nbsp;On December 6, 2007 the Company received conditional approval from the TSX to issue the 300,000 restricted shares as per the terms of the agreement. &nbsp;The consulting fee of $20,000 was paid on December 11, 2007. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Effective as of December 15, 2007 the Company entered into a consulting agreement with Ronald Mann (the &#147;Mann Agreement&#148;), pursuant to which Mr. Mann was retained as the Company&#146;s President and Chief Executive Officer. The Board of Directors of the Company appointed Mr. Mann to fill a vacancy on the Board of Directors, also effective as of December 15, 2007. &nbsp;The Mann Agreement has a one year term commencing on December 15, 2007, and is &nbsp;automatically renewable thereafter, unless terminated pursuant to the terms of the Mann Agreement. &nbsp;Pursuant to the Mann Agreement, Mr. Mann will receive an annual consulting fee of $150,000. &nbsp;In addition, Mr. Mann received 500,000 options to purchase shares of the Company&#146;s common stock (the &#147;Mann Options&#148;). &nbsp;The Mann Options shall have a term of 5 years and an exercise price of the fair market value of the Company&#146;s common stock on the date of issuance of the Mann Options. &nbsp;250,000 of the Mann Options were fully vested upon issuance, with the remaining 250,000 vesting 6 months from the date of issuance.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">As of December 18, 2007 the Company entered into a consulting agreement with Cletus Ryan (the &#147;Ryan Agreement&#148;) pursuant to which Mr. Ryan was retained as the Company&#146;s Vice President, Corporate Development. &nbsp;Mr. Ryan&#146;s appointment became effective as of December 20, 2007. &nbsp;The Ryan Agreement has a six-month term commencing on December 18, 2007 and is &nbsp;automatically renewable thereafter, unless terminated pursuant to the terms of the Ryan Agreement. &nbsp;Pursuant to the Ryan Agreement, Mr. Ryan will receive an annual consulting fee of $150,000. &nbsp;In addition, Mr. Ryan received 200,000 options to purchase shares of the Company&#146;s common stock (the &#147;Ryan Options&#148;).  The Ryan Options were fully vested upon the date of issuance.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Critical Accounting Policies</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, the reported amount of revenues and expenses during the reporting period and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, particularly those related to the determination of the estimated Canadian exploration tax credit receivable and accrued liabilities. To the extent actual results differ from those estimates, our future results of operations may be affected. Besides this critical accounting policy on use of estimates, we believe the following critical accounting policy affects the preparation of our consolidated financial statements.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<font size="2"><BR>- 35 -</font></P>
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<font size="2">Acquisition, Exploration and Evaluation Expenditures</font></U></P>
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<font size="2">Mineral property acquisition costs will be capitalized in accordance with the FASB Emerging Issues Task Force (&#147;EITF&#148;) Issue 04-2 when management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified and that adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development expenditures.  Mineral property acquisition costs are expensed as incurred if the criteria for capitalization is not met. &nbsp;</font></P>
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<font size="2">To date, mineral property exploration costs have been expensed as incurred. &nbsp;If it is determined that a mineral property can be economically developed as a result of establishing proven and probable reserves (if ever), the costs incurred to develop such property will be capitalized. &nbsp;As of the date of these financial statements, the Company has incurred only acquisition and exploration costs which have been expensed. &nbsp;To date the Company has not established any proven or probable reserves on its mineral properties.</font></P>
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<font size="2">CONTROLS AND PROCEDURES</font></B></P>
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<font size="2">(a) <U>Disclosure Controls and Procedures</U>. &nbsp;The Company's management, with the participation of the principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined &nbsp;in Rules &nbsp;13a-15(e) and 15d-15(e) under the &nbsp;Securities Exchange Act of 1934, as amended &nbsp;(the &nbsp;&quot;Exchange &nbsp;Act&quot;) as of the end of the June 30, 2006. &nbsp;Based on such evaluation, the principal executive officer and principal financial officer of the Company, respectively, have concluded that, as of the year end, the Company's disclosure controls and procedures are effective.</font></P>
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<font size="2">(b) <U>Internal Control Over Financial Reporting</U>. &nbsp;There have not been any changes in the Company's internal control over financial reporting (as such term is defined in Rules &nbsp;13a-15(f) and 15d-15(f) &nbsp;under the Exchange &nbsp;Act) during the year ended April 30, 2006 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.</font></P>
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<font size="2">Limitations on the Effectiveness of Controls</font></U><font size="2">. &nbsp;We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.</font></P>
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<font size="2">MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</font></B></P>
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<font size="2">As of February 12, 2008, there are 28,990,440 shares of common stock outstanding, held by 723 shareholders of record. &nbsp;</font></P>
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<font size="2">On January 23, 2008, Yukon Gold announced the extension of the term of the Company&#146;s 2,665,669 outstanding warrants that were issued in connection with the Company&#146;s March 2006 private placement financing (the &#147;March 2006 Warrants&#148;). &nbsp;Also extended were (a) the term of the 533,133 outstanding broker warrants that were issued in connection with such March 2006 private placement (the &#147;March 2006 Broker Warrants&#148; and (b) the term of the Company&#146;s 950,000 outstanding warrants that were issued in connection with the Company&#146;s October 2006 private placement financing (the &#147;October 2006 Warrants&#148;).</font></P>
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<font size="2">- 36 -</font></P>
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<font size="2">Each March 2006 Warrant entitles the holder thereof to purchase one common share of the Company at a price of US$0.90 until March 28, 2008. &nbsp;Each March 2006 Broker Warrant entitles the holder thereof to purchase one unit of securities of the Company (each a &#147;Unit&#148;) at a price of US$0.60 per Unit until March 28, 2008. &nbsp;Each Unit consists of one common share and one-half of a common share purchase warrant, where each whole warrant (an &#147;Underlying Warrant&#148;) is exercisable to acquire one common share at a price of US$0.90 until March 28, 2008. &nbsp;Each October 2006 Warrant entitles the holder thereof to purchase one common share at a price of US$2.00 until October 4, 2008. &nbsp;The March 2006 Warrants and the October 2006 Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008 and October 4, 2008, respectively, to extend the term of such warrants until March 28, 2009 and October 4, 2009, respectively. &nbsp;The March 2006 Broker Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008, to extend the term of such warrants and the Underlying Warrants until March 28, 2009. &nbsp;All other provisions of the March 2006 Warrants, the March 2006 Broker Warrants and the October 2006 Warrants were unaffected.</font></P>
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<font size="2">On August 16, 2007 the Company completed the first tranche of a private placement (the &#147;Financing&#148;) with Northern Securities Inc. (&#147;Northern&#148;), acting as agent. The Financing was comprised of the sale of 1,916,666 units (the &#147;Units&#148;) at $0.42 (CDN$0.45) per Unit (the &#147;Unit Issue Price&#148;) for gross proceeds of $808,446 &nbsp;(CDN$862,499.70) and the sale of 543,615 flow-through units (the &#147;Flow-Through Units&#148;) at $0.49 (CDN$0.52) per Flow-Through Unit (the &#147;Flow-Through Unit Issue Price&#148;) for gross proceeds of $264,979 (CDN$282,679.80), raising aggregate gross proceeds of approximately $1,073,425 (CDN$1,145,180). &nbsp;Each Unit consisted of one non-flow through common share (&quot;Common Share&quot;) and one half of one Common Share purchase warrant (each whole warrant, a &quot;Warrant&quot;). &nbsp;Each Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per share. &nbsp;Each Flow-Through Unit consisted of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an &quot;FT Warrant&quot;). &nbsp;Each FT Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share. &nbsp;Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds of the first tranche of the Financing and issued 153,333 &#147;Unit Compensation Options&#148; and 43,489 &#147;FT Unit Compensation Options&#148;. &nbsp;Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until August 16, 2009. &nbsp;Each FT Unit Compensation Option is exercisable into one Common Share and one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16, 2009. &nbsp;Yukon Gold also granted Northern an option (the &quot;Over-Allotment Option&quot;) exercisable until October 15, 2007 to offer for sale up to an additional $468,691 (CDN$500,000) of Units and/or Flow-Through Units on the same terms and conditions. &nbsp;The Company paid a $70,304 (CDN$75,000) due diligence fee to Northern at closing and reimbursed Northern for its expenses.
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<font size="2">On November 16, 2007 the Company completed the second tranche of the Financing with Northern acting as agent for gross proceeds from the sale of Units of $1,161,744 (CDN$1,097,500) and gross proceeds from the sale of Flow Through Units of $589,944 (CDN$557,320), raising aggregate gross proceeds of approximately $1,751,688 (CDN$1,654,820). &nbsp;Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds and issued 195,111 Unit Compensation Options and 85,741 FT Unit Compensation Options. &nbsp;The proceeds of the Financing will be used for the exploration and development of Yukon Gold's properties, and for working capital.</font></P>
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<font size="2">The foregoing private placements were undertaken pursuant to an exemption offered by Regulation S promulgated under the Securities Act of 1933, as amended.</font></P>
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<font size="2">On July 7, 2007 the Company issued 136,364 common shares in settlement of a property payment on the Mount Hinton property. The shares represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were valued at $0.42 (CDN$0.44) each.</font></P>
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<font size="2"><BR>- 37 -</font></P>
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<font size="2">On April 25, 2007 the Company issued 2,823,049 common shares and an additional 282,309 shares as a penalty, relating to the private placement of 2,823,049 flow-through special warrants on December 28, 2006 (refer to note below). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date). The Company expensed an amount of $163,739 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.</font></P>
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<font size="2">On April 25, 2007 the Company issued 334,218 common shares and an additional 33,423 shares as a penalty, relating to the private placement of 334,218 unit special warrants on December 28, 2006 (refer to note above). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date).
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<font size="2">On January 11, 2007, the Company issued its obligated 400,000 common shares and an additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special Warrants to a Canadian accredited investor for $404,000 paid on December 15, 2005. Each Special Warrant entitled its holder to acquire one common share of the Company and one common share purchase warrant at no additional cost. The Company was obligated to have a registration statement become effective within 181 days of the closing. In the absence of a registration statement being declared effective within 181 days of the closing, the Company issued an additional 4,000 common shares to the Canadian accredited investor at no extra cost as a penalty. &nbsp;The Company expensed an amount of $5,000 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.</font></P>
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<font size="2">On December 28, 2006, the Company completed a private placement of 2,823,049 flow-through special warrants (which qualify as flow-through shares for the purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per warrant for aggregate gross proceeds to the Company of $2,814,652 (CDN$3,264,996). &nbsp;Each flow-through special warrant entitles the holder to acquire, for no additional consideration, one common share of the Company. &nbsp;Each unit special warrant entitles the holder to acquire, for no additional consideration, one common share and one common share purchase warrant of the Company. &nbsp;Each common share purchase warrant entitles the holder to acquire one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date. &nbsp;In connection with this private placement, the Company agreed to file a prospectus in Canada qualifying the issuance of the common shares and warrants issuable upon the exercise of the special warrants as well as those common shares issuable on exercise of the common share purchase warrants. In addition, the Company agreed to file a registration statement in the United States covering the re-sale of common shares underlying the units and warrants by the respective shareholders. &nbsp;In the event the Company fails to obtain effectiveness for the final prospectus and the registration statement by February 26, 2007 (60 days from the closing date), each flow-through special warrant will entitle the holder to acquire 1.1 common shares on exercise thereof and each unit special warrant will entitle the holder to acquire 1.1 common shares and 1.1 common share purchase warrants on exercise thereof. &nbsp;The flow-through and unit special warrants will be automatically exercised on the earlier of (i) the third business day after the issuance of a receipt for the final prospectus and the effectiveness of the registration statement, or (ii) the four month anniversary of the closing date of the private placement. &nbsp;On closing, Northern Securities Inc., the lead agent received a cash commission of $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options and 23,395 unit compensation options. &nbsp;In addition, as part of the private placement, Limited Market Dealer Inc. received a cash commission of $25,862 (CDN$30,000) as well as 28,571 flow-through compensation options and Novadan Capital Ltd. received a cash payment of $28,362 (CDN$32,900) as well as 32,900 unit compensation options. &nbsp;Each flow-through compensation option entitles the holder to acquire, for no additional consideration, one flow-through compensation warrant, each exercisable into one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date of December 28, 2006. &nbsp;Each unit compensation option entitles the holder to acquire, for no additional consideration, one unit compensation warrant, each exercisable at US$0.81 (CDN$0.941) into one common share and one common share purchase warrant of the Company at a price of US$0.90 (CDN$1.05<B>)</B> for a period of 24 months from the closing date of December 28, 2006. &nbsp;In the event the Company fails to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date), each flow-through compensation option granted to Northern Securities, Inc. will entitle the holder to acquire 1.1 flow-through compensation warrants on exercise thereof and each unit compensation option will entitle the holder to acquire 1.1 unit compensation warrants on exercise thereof. The Company will use the gross proceeds from the sale of flow-through special warrants for the exploration and development of its properties, located in the Mayo Mining District of Yukon, Canada. The Company will use the net proceeds from the sale of unit special warrants for general working capital purposes. &nbsp;The private placement was exempt from registration under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) pursuant to an exemption afforded by Regulation S promulgated under the Securities Act (&#147;Regulation S&#148;).</font></P>
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<font size="2"><BR>- 38 -</font></P>
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<font size="2">On December 12, 2006, a former officer of the Company exercised 50,000 stock options at a price of $0.75 per share.</font></P>
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<font size="2">On December 6, 2006, the Company issued to Atna Resources Ltd 133,334 common shares as part of a property payment for the Marg Property as provided in the Marg Acquisition Agreement. &nbsp;The property payment also included a cash payment in the amount of $43,406 (CDN$50,000). &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
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<font size="2">In October of 2006 the Company completed a private placement of 550,000 units for consideration of $550,000. &nbsp;The units each consisted of (a) one common share of the Company and (b) one 2-year warrant to purchase a common share at a price of $1.50 per share for the first twelve (12) months from the date of closing and thereafter $2.00 per share for the remainder of the two-year term of the warrant. &nbsp;The purchasers of the units were non-U.S persons and the offering was conducted entirely in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;Each of the purchasers executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;A finder&#146;s fee of 6% and reimbursement of all expenses (subject to a cap) was paid to Novadan Capital Ltd., a Toronto, Ontario limited market dealer (&#147;Novadan&#148;) in connection with this private placement. &nbsp;On January 23, 2008 the Company extended the expiry date of the warrants to October 4, 2009.</font></P>
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<font size="2">On September 7, 2006, an officer of the Company exercised 24,000 stock options at a price of $0.75 per share.</font></P>
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<font size="2">On August 22, 2006, the Company completed a private placement of 400,000 units where each unit consisted of a common share and a share purchase warrant.&nbsp; &nbsp;The units were priced at $1.00 per unit for a total of $400,000. &nbsp;The Company paid a finders fee equal to 6% of the gross proceeds. &nbsp;The warrants have a two-year term and are exercisable at $1.50 per share in the first twelve months of the term and $2.00 per share in the remaining twelve months of the term.&nbsp; Closing of this placement requires Toronto Stock Exchange approval.&nbsp; Conditional approval was given by the Toronto Stock Exchange on August 29, 2006. &nbsp;The purchaser of the units was a single accredited investor. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D. &nbsp;On January 23, 2008, the Company extended the expiry date of the share warrants to October 4, 2009.</font></P>
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<font size="2">On August 11, 2006 the Company issued 817,980 restricted shares in total to three consultants for services relating to business promotion and development. &nbsp;These consultants assisted management in the preparation of financial offerings and in arranging meetings and making presentations to the brokerage community and institutional investors in both the United States and Canada. &nbsp;Except for 342,780 common shares which were earned by these consultants as of October 31, 2006, the balance of 475,200 common shares were held in escrow to be released to each consultant in 8 monthly installments of 19,800 common shares commencing November 1, 2006. &nbsp;Out of 475,200 common shares held in escrow, the Company received back 356,400 common shares for cancellation.
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<font size="2"><BR>- 39 -</font></P>
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<font size="2">On July 17, 2006 the Company issued 61,171 common shares for the exercise of 61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of $53,824 (CDN$61,171). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D. &nbsp;</font></P>
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<font size="2">On July 7, 2006 the Company issued 43,166 common shares and paid $80,501 (CDN$90,000) in cash in settlement of a property payment for the Mount Hinton Property. &nbsp;The shares were valued at $53,845 (CDN $60,000) $1.25 (CDN$1.39) each. &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with the Hinton Syndicate and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S. &nbsp;</font></P>
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<font size="2">On July 7, 2006 the Company issued 64,120 common shares for the exercise of 64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $57,869 (CDN$64,120). &nbsp;The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On June 29, 2006 the Company issued 158,090 common shares for the exercise of 158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $141,632 (CDN$158,090). &nbsp;The securities were issued to a Canadian investor pursuant to an exemption under Regulation S.</font></P>
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<font size="2">On June 28, 2006 the Company issued 17,971 common shares for the exercise of 17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $15,939 (CDN$17,971). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On June 28, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $38,895 (CDN$43,667). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On June 28, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (and former officer of the Company) in consideration of $14,253 (CDN$16,000). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The securities were issued to a Canadian investor pursuant to an exemption under Regulation S.</font></P>
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<font size="2">On June 22, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $39,368 (CDN$43,667). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On May 30, 2006 the Company issued 141,599 common shares for the settlement of an accrued liability to an ex officer and director. &nbsp;The accrued severance amount of $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80 (CDN$0.91). &nbsp;The former officer is an accredited investor and a Canadian citizen. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Regulation D. &nbsp;The former officer was an accredited investor pursuant to Rule 501 of Regulation D (both in terms of net worth and as an executive of the Company).</font></P>
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<font size="2"><BR>- 40 -</font></P>
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<font size="2">On May 29, 2006 the Company issued 10,000 common shares for the exercise of 10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $8,987 (CDN$10,000). &nbsp;The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On May 29, 2006 the Company issued 45,045 common shares for the exercise of 45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $40,450 (CDN$45,045). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On May 29, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (a former Canadian director of the Company) in consideration of $14,280 (CDN$16,000). &nbsp;The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation D. &nbsp;The holder of the warrant was an accredited investor pursuant to Rule 501 Regulation D (both in terms of net worth and as an executive of the Company).</font></P>
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<font size="2">On April 11, 2006, a Canadian director of the Company exercised his option to purchase 10,000 common shares at the option price of $0.55 per share. &nbsp;The Company received payment and issued 10,000 common shares. &nbsp;The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
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<font size="2">On March 28, 2006 the Company completed a brokered private placement through the issuance of 5,331,327 common share units at a price of $0.60 per unit for gross proceeds of $3,198,799. The Company also completed a private placement through the issuance of 25,000 so-called &#147;flow-through&#148; shares at a price of $0.75 per share for gross proceeds of $ 18,750. &nbsp;&#147;Flow-through&#148; shares carry certain tax benefits to shareholders who are Canadian tax payers. &nbsp;The Company must use the proceeds from the placement of &#147;flow-through&#148; securities for exploration and development programs in order to enable the holders of &#147;flow-through&#148; shares to derive the tax benefits in Canada. &nbsp;Each common share unit consists of one share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at $0.90 per share for a period expiring on March 28, 2008. &nbsp;Novadan (or its permitted assignees) received a commission in connection with this private placement consisting of cash equal to 9% of the proceeds of the private placement in Canada ($289,579.00) and 533,133 broker&#146;s warrants equaling 10% of the number of common share units sold. &nbsp;Each broker warrant entitles Novadan or its permitted assigns to purchase common shares and one-half share purchase warrant for $0.60 until March 28, 2008. &nbsp;Each full warrant is then exercisable for $0.90. &nbsp;In addition, Yukon Gold paid all of Novadan&#146;s expenses related to the private placement, subject to a cap of $20,000. &nbsp;The purchasers of 3,873,993 of these units were non-U.S persons pursuant to a private placement in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). &nbsp;Each purchaser in the Canadian private placement executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;The Purchasers of 1,482,334 of these units were United States citizens, all of whom were accredited investors as that term is used in Regulation D. &nbsp;The U.S. private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D promulgated pursuant to the Securities Act (&#147;Regulation D&#148;). &nbsp;&nbsp;As part of the agreement with Novadan in connection with this offering, the Company granted to Novadan a right-of-first refusal to act as underwriter or best-efforts placement agent in connection with any subsequent public or private offering by the Company within eighteen months of the closing. &nbsp;In addition, Yukon Gold entered into a Consulting Agreement with Novadan for ongoing financial and strategic advice. &nbsp;As compensation under the Consulting Agreement, Yukon Gold agreed to issue to Novadan 240,000 shares of its common stock, such shares to be issued in equal installments over the twelve-month period of the Consulting Agreement. &nbsp;This Consulting Agreement was terminated as of October 23, 2006. &nbsp;On December 19, 2006, Yukon Gold issued 160,000 shares to Novadan. &nbsp;On January 23, 2008 the Company extended the expiry dates of the warrants issued in connection with this financing to March 28, 2009.</font></P>
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<font size="2"><BR>- 41 -</font></P>
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<font size="2">On January 11, 2006 a holder converted promissory notes of the Company on their due dates and the Company issued 101,150 common shares and 50,000 warrants covering the principal amounts of $75,000 and interest in the amount of $1,533 in accordance with the conversion provisions of the notes. &nbsp;The expiry date of the warrants was extended to 15 months after the conversion date. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On December 30, 2005, Yukon Gold completed a private placement of 200,000 flow-through special warrants to a single investor in Canada for consideration of $180,000 (CDN$205,000). &nbsp;Each such flow-through special warrant entitles the holder to acquire one &#147;flow-through&#148; common share of the Company for no additional consideration. &nbsp;So-called &#147;flow-through&#148; shares carry certain tax benefit to Canadian holders. &nbsp;On December 19, 2006 the Company issued 200,000 common shares. &nbsp;The purchaser of the flow-through special warrants was a non-U.S person pursuant to a private placement in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On December 15, 2005, the Company completed the sale of 400,000 special warrants to a single investor in Canada at a purchase price of $1.01 per special warrant for total consideration of $404,000. &nbsp;Each special warrant entitles the holder to purchase one common share of the Company and one additional common share purchase warrant at no additional cost. &nbsp;On January 12, 2007 the warrants were exercised and the Company issued 404,000 common shares (which included penalty shares). &nbsp;The purchaser of the special warrants was a non-U.S person pursuant to a private placement in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On December 7, 2005 an accredited investor converted promissory notes of the Company on their due dates and the Company issued 34,306 common shares and 17,001 warrants covering the principal amounts of $25,500 and interest in the amount of $409 in accordance with the conversion provisions of the notes. &nbsp;The expiry date of the warrants was extended to 15 months after the conversion date. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On December 7, 2005 the board of directors authorized the issuance of 10,000 common shares to a shareholder upon the exercise of 10,000 warrants in consideration of $8,772 (CDN$10,000). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On December 6, 2005 the board of directors authorized the issuance of 133,333 common shares valued at $100,000 for property payment to Atna Resources Ltd., along with a cash payment of $43,406 (CDN$50,000) as per terms of the Marg Acquisition Agreement. &nbsp;The common shares along with the cash payment were delivered to Atna Resources Ltd. on December 12, 2005. &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
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<font size="2">On December 5, 2005, the Company completed a private placement of 150,000 common shares and 150,000 warrants to a single accredited investor for consideration of $151,500. &nbsp;Each common share was priced at $1.00 and each warrant at $0.01. &nbsp;Each warrant entitles the holder to purchase one common share of the Company at an exercise price of $1.00 for a period of one year from the date of issuance. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">- 42 -</font></P>
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<font size="2">On November 9, 2005, an accredited investor converted a promissory note on its due date and the Company issued 76,525 common shares and 37,500 warrants covering the principal amount of $56,250 and interest in the amount of $1,143 in accordance with the conversion provisions of the notes. &nbsp;The expiry date of the warrants was extended to 15 months after the conversion date. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D. &nbsp;</font></P>
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<font size="2">On October 18 and 24, 2005 the Company issued a total of 59,547 common shares and 29,167 warrants covering the principal amount of $43,750, plus interest of $910, on conversion of a convertible promissory note issued on October 6, 2004. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On October 18, 2005 the Company authorized the issuance of 14,000 common shares for the exercise of 14,000 warrants from a warrant holder in consideration of $12,000. &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On August 31, 2005, the Company accepted subscriptions from four accredited investors and one accredited corporation, all residents of Canada, for a total of 200,000 units priced at $0.55 per unit for a total of $110,000. &nbsp;Each unit consists of one common share and one-half share purchase warrant. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring August 31, 2007. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Regulation S. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On August 29, 2005, the Company completed the sale of 149,867 units at $0.55 per unit to a Canadian director of the Company for $82,427 (CDN$100,000). &nbsp;Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 5, 2007. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;</font></P>
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<font size="2">On August 26, 2005 the board of directors approved the issuance of 490,909 units at $0.55 per unit to J.L. Guerra, Jr., then an arms length accredited shareholder for a total of $270,000. &nbsp;Each unit consists of one common share and one-half share purchase warrant. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share, after one year and seven days following closing, for a period of two (2) years following such date. &nbsp;The Company received $20,000 of the subscription price on August 12, 2005 as a loan to be applied to the subscription price and $100,000 on September 15, 2005 and a promissory note for $150,000, due on or before October 1, 2005, for the balance of the subscription price. &nbsp;The promissory note was paid in full by the due date. &nbsp;Mr. Guerra subsequently became a director of the Company on November 2, 2005 and then became chairman of the board on July 11, 2006. &nbsp;Mr. Guerra is an accredited investor. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2"><BR>- 43 -</font></P>
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<font size="2">On August 25, 2005 the Company entered into a Consulting Agreement with Endeavor Holdings, Inc. (&#147;Endeavor&#148;), based in New York, New York to assist the Company in raising capital. &nbsp;Under the terms of this agreement the Company agreed to pay Endeavor 150,000 common shares at the rate of 25,000 shares per month. &nbsp;&nbsp;Either party could cancel the agreement upon 30 days notice. &nbsp;The Company issued 150,000 common shares valued at $130,500 to Endeavor. &nbsp;Endeavor is an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On August 23, 2005 the board of directors approved the issuance of 24,336 units to an arms length investor and 12,168 units to an officer of the Company at $0.55 per unit, in settlement of an accounts payable for services, for a total of $20,077 (CDN$24,398). &nbsp;Each unit consists of one common share and one-half share purchase warrant. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 15, 2007. &nbsp;The issuance of these securities was undertaken pursuant to negotiated agreements and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S. &nbsp;</font></P>
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<font size="2">On August 5, 2005 the board of directors authorized the issuance of 369,215 common shares and 184,608 share purchase warrants in settlement of a demand promissory note in the amount of $200,000 plus interest of $3,068.25. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each share purchase warrant entitles the holder to purchase one common share for $1.00 per share on or before August 5, 2007. &nbsp;&nbsp;This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On March 2, 2005 the Company issued 76,204 common shares on conversion of a convertible promissory note. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance of shares was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On March 1, 2005 the Company issued 133,333 common shares to Atna &nbsp;as a property payment in the amount of $100,000 for the Marg Property. &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><U>
<font size="2">Purchase Warrants</font></U></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:45pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The following table summarizes the warrants outstanding as of the year ended April 30, 2007.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">Number of Warrants Granted</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">Exercise Prices</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">Expiry Date</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">$</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Outstanding at April 30, 2005 and average exercise price</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">537,231 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">0.82</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">150,000 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.00</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">December 5, 2006</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">32,320 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.00</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">December 15, 2006</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">259,542 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.00</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">August 5, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">18,252 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.00</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">August 15, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">245,455 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.00</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">August 22, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">100,000 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.00</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">August 31, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">12,500 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">January 14, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">16,667 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">January 25, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">37,500 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">February 9, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">17,001 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">March 7, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">50,000 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">April 11, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">2,665,669 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">0.90</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">March 28, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">533,133 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">0.60</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">March 28, 2007</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Exercised in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">&nbsp;(24,000)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">(0.82)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Expired in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Cancelled in year 2005-2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=190 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:8pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=191 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:8pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Outstanding at April 30, 2006 and average exercise price</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">4,651,270 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">0.88</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">950,000 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">1.50</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">October 4, 2008</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">367,641 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">0.90</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">December 28, 2008</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Granted in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">276,011 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">0.81</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">December 28, 2008</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Exercised in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">(306,773)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">(0.89)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Exercised in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">(107,787)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">(0.90)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Exercised in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">(61,171)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">(0.88)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Expired in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">(171,168)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">(1.25)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Expired in year 2006-2007</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">(186,320)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">(1.00)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Cancelled</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=190 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">&nbsp;- </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width=191 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:8pt; color:#000000">&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191 bgcolor="#F0EFDB">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000">
  <font size="2">Outstanding at April 30, 2007 and average exercise price</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width=190>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=right>
  <font size="2">5,411,703 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width=191>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; color:#000000" align=center>
  <font size="2">$0. 97</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=394>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=190>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=191>&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; color:#000000">
<font size="2">The warrants do not confer upon the holders any rights or interest as a shareholder of the Company.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; color:#000000">&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; color:#000000" align="center">
<font size="2">- 45 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><U>
<font size="2">Outstanding Share Data</font></U></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">As of February 12, 2008, there are 28,990,440 shares of common stock outstanding, held by 723 shareholders of record. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Of the options to purchase common shares issued to the Company&#146;s directors, officers and consultants under the Company&#146;s 2003 stock option plan, 2,084,000 remained outstanding with exercise prices ranging from $0.55 to $1.19 and expiry dates ranging from April 15, 2008 to January 20, 2011. &nbsp;If exercised, 2,084,000 common shares of the Company would be issued, generating proceeds of $1,966,760.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Of the options to purchase common shares issued to the Company&#146;s directors, officers and consultants under the Company&#146;s 2006 stock option plan, 400,000 remained outstanding with exercise prices ranging from to $0.41(CDN$0.47) to $0.43 (CDN$0.50) and expiry dates ranging from March 20, 2012 to March 28, 2012. &nbsp;If exercised, 400,000 common shares of the Company would be issued, generating proceeds of $169,000 (CDN$195,500).</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On April 30, 2007, 5,411,703 share purchase warrants were outstanding with exercise prices ranging from $0.60 to $1.50 and expiring between August 5, 2007 and December 28, 2008. &nbsp;If exercised, 5,411,703 common shares would be issued, generating proceeds of $5,249,352</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%" bordercolor="#111111"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=219>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Number of securities to be issued upon exercise of outstanding options, warrants and rights</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Weighted-average exercise price of outstanding options, warrants and rights</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=249>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=219>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">(a)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">(b)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=249>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">(c)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=219 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Equity compensation plans approved by security holders</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">7,875,703</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">$0.93</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=249 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">1,600,000</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=219>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Equity compensation plans not approved by securities holders</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=249>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">N/A</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=219 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Total</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7,875,703</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=248 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.93</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=249 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1,600,000</font></P>
</TD></TR>
</TABLE>
<p align="center" style="margin-bottom: 0"><font size="2">
- 45 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">To date we have not paid any dividends on our common stock and we do not expect to declare or pay any dividends on our common stock in the foreseeable future. &nbsp;Payment of any dividends will depend upon our future earnings, if any, our financial condition, and other factors deemed relevant by the board of directors.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2"><BR>- 46 -</font></P>

<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Company&#146;s common stock is traded on the Over the Counter Bulletin Board sponsored by the National Association of Securities Dealers, Inc. under the symbol &#147;YGDC.&#148; &nbsp;The Over the Counter Bulletin Board does not have any quantitative or qualitative standards such as those required for companies listed on the Nasdaq Small Cap Market or National Market System. &nbsp;Our high and low sales prices of our common stock &nbsp;are as follows. &nbsp;The following quotations represent inter-dealer prices, without mark-up, mark-down or commission and may not represent actual transactions.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
  <font size="2">FISCAL YEAR 2005</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><U>
  <font size="2">HIGH</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><U>
  <font size="2">LOW</font></U></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">First Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">N/A</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Second Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">N/A</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">N/A</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Third Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.80</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.10</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Fourth Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.28</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.60</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0" height="320"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
  <font size="2">FISCAL YEAR 2006</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><U>
  <font size="2">HIGH</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><U>
  <font size="2">LOW</font></U></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">First Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.05</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.42</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Second Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.12</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.52</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Third Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.45</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.60</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Fourth Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$2.25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.67</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
  <font size="2">FISCAL YEAR 2007</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">First Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.70</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.05</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Second Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.36</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.81</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Third Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$1.10</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.58</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Fourth Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.59</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.20</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
  <font size="2">FISCAL YEAR 2008</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="15">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">First Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="15">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.35</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="15">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">$0.20</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">As of April 19, 2006, our stock began trading on the Toronto Stock Exchange under the symbol &#147;YK.&#148; &nbsp;The high and low trading prices for our common stock for the fiscal year periods indicated below are as follows:</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0" height="271"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
  <font size="2">FISCAL YEAR 2006</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><U>
  <font size="2">HIGH</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><U>
  <font size="2">LOW</font></U></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Fourth Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">US$2.25 (CDN$2.40)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">US$0.67 (CDN$0.75)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
  <font size="2">FISCAL YEAR 2007</font></U></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">First Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$1.70 (CDN$1.97)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$1.05 (CDN$1.29)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Second Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$1.55 (CDN$1.80)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$0.82 (CDN$1.00)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Third Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$1.20 (CDN$1.39)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$0.74 (CDN$0.86)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Fourth Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$0.47 (CDN$0.47)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$0.20 (CDN$0.20)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <u>
  <font size="2">FISCAL YEAR 2008</font></u></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  &nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">First Quarter</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$0.45 (CDN$0.45)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" bgcolor="#F0EFDB" height="17">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align="center">
  <font size="2">$0.20 (CDN$0.20)</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="50%" height="19">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="25%" height="19">
  <p align="center">&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">Our Transfer Agent</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Our transfer agent is Equity Transfer and Trust Services, Inc. with offices at 200 University Avenue, Suite 400, Toronto, Ontario M5H 4H1. &nbsp;Their phone number is 416-361-0152. &nbsp;The transfer agent is responsible for all record-keeping and administrative functions in connection with the common shares of stock.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">Dividends</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Company has not declared any cash dividends on our common stock. &nbsp;The Company plans to retain any future earnings, if any, for exploration programs, administrative expenses and development of the Company and its assets.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 47 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Securities Authorized for Issuance Under Equity Compensation Plans.</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">See &nbsp;section entitled &#147;STOCK OPTION PLAN&#148; herein.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 48 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p>&nbsp;</p>
<P style="margin-left:0pt; margin-top:0; margin-bottom:12pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS</font></B></P>
<P style="margin-left:0pt; margin-top:4.6pt; margin-bottom:4.6pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The following table represents the Board of Directors and the senior management of the Company as of the date of this Prospectus. &nbsp;Each director will serve until the next meeting of shareholders or until replaced. Each officer serves at the discretion of the Board of Directors. &nbsp;Each individual's background is of material importance to Yukon Gold and is described below.</font></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="background-color:#DFDFDF; padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Name</font></B><font size="2"> </font> </P>
</TD>
  <TD style="background-color:#DFDFDF; padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=center valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
  <font size="2">Age</font></B><font size="2"> </font> </P>
</TD>
  <TD style="background-color:#DFDFDF; padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Position</font></B><font size="2"> </font> </P>
</TD>
  <TD style="background-color:#DFDFDF; padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%" colspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Position Held Since</font></B><font size="2"> </font> </P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2">J.L. Guerra, Jr.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=center valign=top width="10%" bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">51</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%" bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Director,</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">Chairman of the Board</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%" colspan=2 bgcolor="#F0EFDB">
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">November 2, 2005,</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">July 11, 2006</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" rowspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Howard S. Barth</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=center valign=top width="10%" rowspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">55</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" rowspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="border-left:0.75pt double #000000; border-right:0.75pt double #000000; border-top:0.75pt double #000000; border-bottom:medium none #000000; padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; " align=left valign=top width="30%" colspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">May 11, 2005</font></P>
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  <TD style="border-left:0.75pt double #000000; border-right:0.75pt double #000000; border-top:medium none #000000; border-bottom:0.75pt double #000000; padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; " align=left valign=top width="30%" colspan=2>&nbsp;</TD></TR>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Kenneth J. Hill</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=center valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">68</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director (2)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-left:0.75pt double #000000; border-top:0.75pt double #000000; border-right:0.75pt double #000000; border-bottom:0.75pt solid #000000" align=left valign=top width="30%" colspan=2 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">December 15, 2004</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Robert E. Van Tassell</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=center valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">72</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" colspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">May 30, 2005</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Ronald K. Mann</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=center valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">57</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:24.65pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">President, Chief Executive Officer, and Director (1)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" colspan=2 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">December 20, 2007</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">G.E. (Ted) Creber Q.C.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=center valign=top width="10%">
  <font size="2">76</font></TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%">
  <P style="margin:0pt; padding-left:24.65pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" colspan=2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">February 21, 2008</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Rakesh Malhotra</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=center valign=top width="10%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">51</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Chief Financial Officer</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%" colspan=2 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">November 2, 2005</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Lisa Rose</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=center valign=top width="10%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">33</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.75pt double #000000" align=left valign=top width="30%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Secretary (3)</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">September 7, 2005</font></P>
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</TABLE>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(1)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Mr. Mann was appointed to be the President of the Company and the President of the Company&#146;s wholly owned subsidiary, YGC, as of December 15, 2007.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:81pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(2)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Mr. Hill is also a director of YGC.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:81pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-36pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(3)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Mrs. Rose was appointed Secretary of YGC on August 20, 2007.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Reorganization of Officers and Directors</font></B></P>
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&nbsp;</P>
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<font size="2">On February 21, 2008, G.E. (Ted) Creber, Q.C. was appointed to fill a vacancy on the Board of Directors.</font></P>
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&nbsp;</P>
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<font size="2">On December 15, 2007, the Company entered into a consulting agreement with Ronald K. Mann pursuant to which Mr. Mann was retained as Yukon Gold&#146;s Chief Executive Officer and President. &nbsp;The consulting agreement has a one year term commencing as of December 15, 2007 and automatically renews thereafter, unless terminated pursuant to the terms of the agreement or not renewed by the board. &nbsp;Mr. Mann will receive an annual base consulting fee of CDN$150,000. &nbsp;In addition, Mr. Mann received 500,000 warrants to purchase Shares (the &#147;Mann Warrants&#148;). &nbsp;The Mann Warrants have a term of 5 years and an exercise price equal to the fair market value of the Company&#146;s Shares on the date of issuance. &nbsp;Of the total warrants granted, 250,000 of the Mann Warrants were fully vested upon issuance, with the remaining 250,000 vesting 6 months from the date of issuance.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On December 18, 2007, the Company entered into a consulting agreement with Cletus Ryan pursuant to which Mr. Ryan became Yukon Gold&#146;s Vice-President, Corporate Development. &nbsp;The consulting agreement has a six-month term commencing as of December 18, 2007 and automatically renews thereafter, unless terminated pursuant to the terms of the agreement or not renewed by the board. &nbsp;Mr. Ryan will receive an annual base consulting fee of CDN$120,000. &nbsp;In addition, Mr. Ryan received 200,000 options to purchase Shares (the &#147;Ryan Options&#148;). &nbsp;The Ryan Options have a term of 5 years and an exercise price equal to the fair market value of the Company&#146;s Shares on the date of issuance. &nbsp;The Ryan Options were fully vested as of the date of issuance.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 49 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
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&nbsp;</P>
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<font size="2">Yukon Gold accepted the resignation of Paul A. Gorman as Chief Executive Officer and as a director on December 13, 2007. &nbsp;There were no disagreements between the Company and Mr. Gorman with respect to the Company&#146;s operations, policies or practices.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Yukon Gold accepted the resignation of Chester (Chet) Idziszek as of October 22, 2007. There were no disagreements between the Company and Mr. Idziszek with respect to the Company&#146;s operations, policies or practices.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
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<font size="2">As of October 24, 2006, Paul Gorman became the Chief Executive Officer of the Company following the resignation of Howard Barth as Chief Executive Officer and President. &nbsp;Mr. Barth continues as a Director of the Company. &nbsp;Prior to becoming the Company&#146;s Chief Executive Officer, Mr. Gorman was the Company&#146;s Vice President &#150; Corporate Development. &nbsp;As of October 24, 2006, Mr. Gorman also became a director of the Company. &nbsp;There were no disagreements between the Company and Mr. Barth with respect to the Company&#146;s operations, policies or practices.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">As of June 29, 2006, Ken Hill resigned as President and CEO of the Company and was replaced by Howard Barth as President and CEO. &nbsp;Mr. Barth is also a director of the Company. &nbsp;Mr. Hill became Vice President &#150; Mining Operations of the Company. &nbsp;Subsequently, Mr. Hill resigned as Vice President &#150; Mining Operations as of December 18, 2006, but remained on the Board of Directors. &nbsp;There were no disagreements between the Company and Mr. Hill with respect to the Company&#146;s operations, policies or practices. &nbsp;Mr. Hill, who was a Director as of December of 2004, was appointed to the position of President and CEO as of January 17, 2005 following the resignation of W. Warren Holmes as CEO and the resignation of Brian Robertson as President.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Yukon Gold accepted the resignation of W. Warren Holmes as a director and Chairman of the board of directors and his resignation as a director and officer of the Company&#146;s wholly owned subsidiary, Yukon Gold Corp., an Ontario corporation, in each case effective as of July 11, 2006. &nbsp;As of that date, J.L. Guerra, Jr. became Chairman of the Board of Directors of the Company. &nbsp;There were no disagreements between the Company and Mr. Holmes with respect to the Company&#146;s operations, policies or practices.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">As of January 17, 2006, Brian Robertson resigned as a director and President of the Company. &nbsp;There were no disagreements between the Company and Mr. Robertson with respect to the Company&#146;s operations, policies or practices.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">On January 17, 2006, Warren Holmes resigned as Chief Executive Officer of the Company. &nbsp;There were no disagreements between the Company and Mr. Holmes with respect to the Company&#146;s operations, policies or practices.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify>
&nbsp;</P>
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<font size="2">As of November 17, 2005, Rene Galipeau resigned as a director and as the chief financial officer of the Company. &nbsp;He was appointed to that position as of May 11, 2005. &nbsp;His position as chief financial officer was filled by Rakesh Malhotra. &nbsp;The vacancy on the board was filled by the appointment of Chet Idziszek. &nbsp;&nbsp;There were no disagreements between the Company and Mr. Galipeau with respect to the Company&#146;s operations, policies or practices.</font></P>
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<font size="2">- 50 -</font></P>
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<font size="2">As of November 7, 2005, Paul Gorman was appointed to the position of Vice President &#150; Corporate Development and subsequently on October 24, 2006, was appointed as the Chief Executive Officer and as a director.
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<font size="2">As of November 2, 2005, J.L. Guerra, Jr. was appointed to fill a vacancy on the board of directors of the Company.</font></P>
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<font size="2">As of September 7, 2005, Lisa Rose was appointed to the position of Corporate Secretary.</font></P>
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<font size="2">As of May 11, 2005, Stafford Kelley resigned as a director and as Secretary-Treasurer of the Company. &nbsp;There were no disagreements between the Company and Mr. Kelley with respect to the Company&#146;s operations, policies or practices.</font></P>
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<font size="2">As of May 30, 2005, Richard Ewing resigned as a director of the Company. &nbsp;There were no disagreements between the Company and Mr. Ewing with respect to the Company&#146;s operations, policies or practices. &nbsp;Robert (&#147;Dutch&#148;) Van Tassell was appointed to fill the vacancy on the board of directors left by Mr. Ewing as of May 30, 2005.</font></P>
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<font size="2">Of our six directors, three directors are independent directors. &nbsp;The Company believes its new board members add strength to the management team.
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<font size="2">The following is a description of each member of our Board of Directors and our management.</font></P>
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<font size="2">Ronald K. Mann, Director, Chief Executive Officer and President</font></B></P>
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<font size="2">Mr. Mann has 25 years of experience in the investment industry with an emphasis, in the last decade, on mining and mining related companies. &nbsp;In the last three years Mr. Mann held an executive position at a Toronto-based asset manager and merchant bank involved extensively in Mining. &nbsp;Mr. Mann is currently also a Director of Superior Canadian Resources Inc. (TSX-V: CAD) and has been a member of the Law Society of Upper Canada since 1977. &nbsp;In the late 1980&#146;s, Mr. Mann was Assistant General Manager Corporate Finance, Investment Bank, CIBC, as well as Vice President and Director with CIBC Securities Inc. &nbsp;Mr. Mann is 57 years old.</font></P>
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<font size="2">J.L. Guerra, Jr., Director, Chairman of the Board</font></B></P>
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<font size="2">Mr. Guerra has over twenty years of experience operating his own businesses in the real estate brokerage, acquisition and development business in San Antonio, Texas. &nbsp;Mr. Guerra has acquired and sold industrial buildings, warehouses, office buildings and raw land for investors and investment entities. &nbsp;His current projects include acquisition, planning and development of residential, golf and resort properties, specifically Canyon Springs in San Antonio, Texas. &nbsp;Mr. Guerra also has experience with venture capital projects and has raised substantial capital for numerous projects in mining, hi-tech and other areas. &nbsp;Mr. Guerra lives in San Antonio, Texas. &nbsp;Mr. Guerra is 50 years old.</font></P>
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<font size="2">Howard Barth, Director </font> </B></P>
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<font size="2">Howard Barth became President and CEO of the Company on <A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A>June 29, 2006 and resigned as such as of October 24, 2006. &nbsp;Mr. Barth continues with the Company as a Director. &nbsp;Mr. Barth graduated with a B.A. in Geography at York University, in Toronto, Ontario. &nbsp;He continued his studies at York University through the Schulich School of Business and graduated with a Masters degree in Business Administration in 1976. &nbsp;Upon graduation Mr. Barth worked for William Eisenburg &amp; Company (now PricewaterhouseCoopers), a large Toronto accounting firm and attained his C.A. designation. &nbsp;After spending the next few years working with different firms in the Greater Toronto area, Mr. Barth started his own accounting practice in 1984 and subsequently expanded his firm by adding two partners. &nbsp;In his 25 years of public practice Mr. Barth has had direct involvement in a number of industries and is familiar with all aspects of accounting for small to medium sized businesses. &nbsp;His diverse clientele includes businesses in the construction, retail, manufacturing, and restaurant sectors. &nbsp;Since 1979 Mr. Barth has been a member of the Canadian Institute of Chartered Accountants and the Ontario Institute of Chartered Accountants. &nbsp;Mr. Barth is 54 years old.</font></P>
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<font size="2">- 51 -</font></P>
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<font size="2">Robert E. &#147;Dutch&#148; Van Tassell, Director</font></B></P>
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<font size="2">Robert E. &#147;Dutch&#148; Van Tassell was born in 1935 in Digby, Nova Scotia and graduated with a degree in Geology from Mount Allison University in 1958. &nbsp;Mr. Van Tassell began his mining career in 1956 as a summer student with Giant Yellowknife Mines, in the North West Territories of Canada. &nbsp;Mr. Van Tassell remained with Giant Yellowknife Mines from 1956 to 1962 where he was involved with mining and exploration geology. &nbsp;In 1962, Mr. Van Tassell was employed with Denison Mines located in Elliot Lake, Ontario for a short period of time as an underground geologist. &nbsp;In 1963 he joined United Keno Hill Mines in Yukon, Canada and was a key participant in the discovery of the Husky Mine in 1967, which produced over 17 million ounces of silver. &nbsp;In 1969 Mr. Van Tassell set up a Yukon regional exploration office in Whitehorse which in 1972 discovered the Minto Copper Deposit, employing helicopter supported two man prospecting crews in tree covered areas. &nbsp;While in Whitehorse Mr. Van Tassell served as a director for the Yukon Chamber of Mines for eleven years, two as its president. &nbsp;He also served four terms on the Northern Resources Conference which is held every three years and sponsored by the Yukon Chamber of Mines and Whitehorse Chamber of Commerce, two of these as Chairman. &nbsp;He also served as Chairman of the Whitehorse branch of the Canadian Institute of Mining and Metallurgy (the &#147;CIM&#148;). &nbsp;He also gave introductory and advanced prospecting courses for the Chamber of Mines. &nbsp;In 1982 Mr. Van Tassell joined Dickenson Mines in Toronto, Ontario as Vice President of Exploration. &nbsp;In 1984 he was involved with the discovery of additional reserves at the then active silver, lead, zinc Silvana Mine at Sandon, B.C. &nbsp;In 1988 he also played a part in Dickenson's acquisition of the Wharf Mine in South Dakota. &nbsp;While in Toronto Mr. Van Tassell also served as a Board member of the Prospector's and Developers Association of Canada (PDAC) from 1984 to 1993 serving as Chairman on the Program and Environmental Committees. &nbsp;Mr. Van Tassell is a Life member of the CIM and a member of The Geological Association of Canada. &nbsp;In March, 2000 he was presented with a lifetime Achievement Award by the PDAC for his contribution to the Mining Industry. &nbsp;Mr. Van Tassell retired in 1998 to assist with family maters. &nbsp;Mr. Van Tassell is 71 years old. &nbsp;Mr. Van Tassell is also a director of Colombia Goldfields Ltd., Lexam Explorations Inc., Plato Gold Corp., Red Lake Resources and Rupert Resources Ltd.</font></P>
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<font size="2">Ken Hill, Director</font></B></P>
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<font size="2">Mr. Hill came to Yukon Gold with over forty years of experience in the mining industry. &nbsp;Mr. Hill is a registered professional engineer and graduated with a degree in Geological Engineering from the Michigan Technological University.  He also holds a degree in Mining Technology from the Haileybury School of Mines.</font></P>
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<font size="2">Mr. Hill is the founder of ProMin Consulting Associates Inc., a Canadian company that provides independent consulting and project management services to the global minerals industry. &nbsp;Prior to his involvement with ProMin Consulting Associates Inc., Mr. Hill held senior positions involving mine design, mine development and mine operations with Inmet Mining Corp., Northgate Exploration Ltd., Dome Mines Ltd. (now Placer Dome Inc.) and J.S. Redpath Ltd. &nbsp;Mr. Hill is 67 years old.</font></P>
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<font size="2">G.E. (Ted) Creber, Q.C., Director</font></B></P>
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<font size="2">Mr. Creber was appointed to fill a vacancy on the Company&#146;s Board of Directors on February 21, 2008. &nbsp;He currently is an investor in, and is involved in management of, several private Canadian companies. &nbsp;He is a former managing director and President of George Weston Limited and President and CEO of the Consumers Gas Company (now Enbridge). &nbsp;He has at various times served as a director of a number of major Canadian companies including among others, George Weston Limited, Loblaw Groceterias Inc., Home Oil of Canada Limited, Canada Trust Company (now part of the Toronto Dominion Bank), Union Oil Company of Canada, Burns Foods Limited, International Pursuit Corporation and World Point Terminals Inc. &nbsp;Mr. Creber graduated from the University of Toronto with a degree in political science and economics and from Osgoode Hall with a degree in law. &nbsp;He was appointed a Queen&#146;s Counsel in 1965. &nbsp;He has practiced law in the field of corporate and securities law with several major Canadian law firms. &nbsp;He is 76 years old.</font></P>
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<font size="2">- 52 -</font></P>
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<font size="2">Officers</font></B></P>
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<font size="2">Rakesh Malhotra, Chief Financial Officer</font></B></P>
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<font size="2">Mr. Malhotra is a United States certified public accountant and a Canadian chartered accountant with considerable finance and accounting experience. &nbsp;Mr. Malhotra graduated with a Bachelor of Commerce (Honours) from the University of Delhi (India) and worked for a large accounting firm A.F Ferguson &amp; Co. (Indian correspondent for KPMG) and obtained his CA designation in India. &nbsp;Having practiced as an accountant for over 10 years in New Delhi, he moved to the Middle East and worked for 5 years with the highly successful International Bahwan Group of Companies in a senior finance position. &nbsp;Mr. Malhotra is a CPA (Illinois) and also holds a Canadian CA designation. &nbsp;He worked as a Chartered Accountant with a mid-sized Chartered Accounting firm in Toronto doing audits of Public Companies and has worked for over four years as vice president of finance for a private group of service companies in Toronto. &nbsp;Mr. Malhotra has more than 20 years of experience in accounting and finance. &nbsp;He has substantial experience with consolidations, treasury management and financial statement audit. &nbsp;He is also a certified Masters by Oracle for Oracle Financials (ERP). &nbsp;Mr. Malhotra is 50 years old.</font></P>
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<font size="2">Cletus Ryan, Vice President, Corporate Development</font></B></P>
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<font size="2">Mr. Ryan has over twenty years in executive positions for several major fund companies and wealth management companies. &nbsp;Since 2000, he has assisted mining companies in financing their exploration activities.</font></P>
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<font size="2">Lisa Rose, Corporate Secretary</font></B></P>
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<font size="2">Mrs. Rose (formerly Lisa Lacroix) has spent fourteen years working in a variety of fields ranging from retail to merchant banking. &nbsp;She attended Etobicoke Collegiate Institute and her studies focused on Business Administration and Law. &nbsp;Upon graduating in 1992 she began her career working for an accounting firm that specialized in Off-shore Investing and assisted in conducting seminars on the benefits of such investments.</font></P>
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<font size="2">In 1997 she began working for the Harten Group, a conglomerate of 11 companies owned by one family. &nbsp;The companies included a telecommunications firm, a natural gas provider, a private funding corporation (loans and mortgages), commercial/residential property management, an art gallery and professional race horses.</font></P>
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<font size="2">In 1999 Mrs. Rose joined Medallion Capital Corp. &nbsp;Beginning in January of 2005 Yukon Gold employed Lisa as a full time employee. &nbsp;She was appointed Corporate Secretary on September 7, 2005. &nbsp;Mrs. Rose is 33 years old.</font></P>
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<font size="2">- 53 -</font></P>
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<font size="2">EXECUTIVE COMPENSATION</font></B></P>
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<font size="2">The following table shows the compensation paid during the last three fiscal years ended April 30, 2007, 2006 and 2005 for the Chief Executive Officer, the Chief Financial Officer and the next four most highly compensated officers of the Company.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">SUMMARY COMPENSATION TABLE</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%" rowspan=3><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
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<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Name and Principal Position</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=45.4 rowspan=3><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Year</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>April 30,</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=205.867 colspan=3><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Annual Compensation</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=228.2 colspan=3><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Long-Term Compensation</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=99.2 rowspan=3><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>All Other Compensation</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>($)</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=54.733 rowspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Salary</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>($)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=51.933 rowspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Bonus</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>($)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=99.2 rowspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Other Annual Compensation ($)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=167.333 colspan=2><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Awards</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=60.867><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Payout</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=73.867><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Restricted Stock</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Award(s)</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>($)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=93.467><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Securities Underlying Options/SAR</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Granted</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>(#)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=60.867><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>LTIP Payouts</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>($)</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Ronald K. Mann, President and CEO (1)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Kenneth Hill Former President and CEO (2)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>36,230</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>14,755</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>150,000</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>250,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%" bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">W. Warren Holmes,</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Former CEO (3)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>250,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Rakesh</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Malhotra</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">CFO (4)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>45,603</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>15,107</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>250,000</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
</TABLE>
<p>
<font size="2">
<BR>
&nbsp;</font></p>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 55 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%" bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Rene</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Galipeau</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Former CFO (5) </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>250,000</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Lisa Rose</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Corporate Secretary (6)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>48,901</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>25,858</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>76,000</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%" bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>Paul Gorman</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>Former</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>CEO (7)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>123,016</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>34,440</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>250,000</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>200,000</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Howard S. Barth Former President &amp; CEO (8)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>49,610</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil </P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="20%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>Cletus Ryan Vice President Corporate Development (9)</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2007</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2006</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2005</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">&nbsp;&nbsp;Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">&nbsp;&nbsp;Nil</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="10%" bgcolor="#F0EFDB"><P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
<P style="margin-left:0pt; margin-top:0pt; margin-right:0pt; margin-bottom:5pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil</P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:9pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">1.</font></SUP><font size="2"> </font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><font size="2"> Mr. Mann became President and CEO on December 15, 2007. &nbsp;He received no compensation in the year&nbsp;ended April 30, 2007.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">2.</font></SUP><font size="2"> &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><font size="2">Mr. Hill became President and CEO of the Company following the resignation of both, W. Warren Holmes as CEO and Brian Robertson as President, on January 17, 2006. Mr. Hill resigned as President &amp; CEO on June 29, 2006 as was replaced by Howard Barth. &nbsp;Mr. Hill became the Vice-President, Mining Operations on June 29, 2006 and resigned that position on December 18, 2006. &nbsp;Mr. Hill remains a director of the Company.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">3.</font></SUP><font size="2"> &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><font size="2">
Mr. Holmes&#146; stock options expired on December 15, 2006.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">4.</font></SUP><font size="2"> &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><font size="2">Mr. Malhotra became the Chief Financial Officer of the Company following the resignation of Rene Galipeau on November 17, 2005. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">5. </font> </SUP><font size="2">&nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><font size="2">Mr. Galipeau&#146;s stock options expired on December 15, 2006.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 56 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">6.</font></SUP><font size="2"> &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; line-height:13pt; color:#000000" align=justify><font size="2">
Mrs. Rose became Corporate Secretary of the Company on September 7, 2005.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">7.</font></SUP><font size="2"> &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; line-height:13pt; color:#000000" align=justify><font size="2">Mr. Gorman became Vice-President, Corporate Development of the Company on November 7, 2005. &nbsp;On October 24, 2006 Mr. Howard Barth resigned as President and CEO and was replaced by Mr. Gorman as CEO. &nbsp;On December 13, 2007 Mr. Gorman resigned as CEO and as a director of the Company.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">8.</font></SUP><font size="2"> &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; line-height:13pt; color:#000000" align=justify><font size="2">Mr. Barth became President and CEO following the resignation of Mr. Hill on June 29, 2006. &nbsp;Mr. Barth resigned as President and CEO on October 24, 2006 and was replaced by Mr. Gorman as CEO.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-9.35pt; line-height:13pt; color:#000000" align=justify><SUP>
<font size="2">9.</font></SUP><font size="2"> </font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:5.5pt; padding-left:45.35pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; line-height:13pt; color:#000000" align=justify><font size="2"> Mr. Ryan became Vice President, Corporate Development on December 18, 2007. &nbsp;He received no compensation in the year ended April 30, 2007.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:4pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Company does not have a long term incentive plan, pursuant to which cash or non-cash compensation intended to serve as an incentive for performance (whereby performance is measured by reference to financial performance or the price of the Company&#146;s securities), was paid or distributed to any executive officers during the three most recent completed years.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 57 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p>&nbsp;</p>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:14pt; color:#000000" align=center>
<b>
<font size="2">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</font></b></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
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<font size="2">The Company has 28,990,440 shares of common stock issued and outstanding. &nbsp;Consequently, for purposes of describing shareholder voting rights, we have included in the table below the number of common shares of Yukon Gold Corporation, Inc. (Yukon Gold) held by the officers and directors of Yukon Gold. &nbsp;The last column of the table below reflects the voting rights of each officer and/or director as a percentage of the total voting shares (common shares of Yukon Gold) as of January 31, 2008.</font></P>
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&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%" colspan=2><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:9pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:9pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center><B>Name and Address</B></P>
<P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:9pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center><B>Of Beneficial Owner</B></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center><B>Number of Shares of Common Stock</B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%"><P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center><B>Percentage of Class Held</B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%" bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Ronald K. Mann</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">18 Yorkville Avenue, Suite No. 1602</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Toronto, Ontario M4Y 2N6</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>50,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0.17% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Kenneth J. Hill</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">2579 Jarvis Street</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Mississauga, ON &nbsp;L5C 2P9</P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>0</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%">
  <P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%" bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Rakesh Malhotra</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">5658 Sparkwell Drive</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Mississauga, ON &nbsp;L5R 3N9 </P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>0</P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Robert E. Van Tassell</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">421 Riverside Drive N.W.</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">High River AB &nbsp;T1V 1T5</P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>0</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%">
  <P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%" bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">G.E. (Ted) Creber, Q.C.</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">114 &#150; 1091 Kingston Road</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Toronto, Ontario, M1N 4B5<BR></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>0</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Lisa Rose</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">4-6780 Formentera Ave.</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">
Mississauga, ON L5N 2L1<BR></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>0</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%">
  <P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%" bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Jose L. Guerra, Jr.<BR>
1611 Greystone Ridge<BR>
San Antonio, TX<BR>
USA &nbsp;78258</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2 bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2,260,854</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">7.80% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Howard Barth</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">16 Sycamore Drive</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Thornhill, ON &nbsp;L3T 5V4</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" colspan=2><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>5,500</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%">
  <P style="margin:0pt; padding-left:7.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:7.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0.02% of Yukon Gold Common Shares</P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 58 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%" bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Paul A. Gorman</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Former Director and CEO<BR>
1308 Roundwood Cres.<BR>
Oakville, ON L6M 4A2</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>114,900</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding-left:7.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:7.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0.40% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%"><P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">Cletus J. Ryan</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=justify>Vice President, Corporate Development</P>
<P style="margin:0pt; padding-left:9.55pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000">178 Weybourne Rd.<BR>
Oakville, ON L6K 2T7</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>5,000</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%">
  <P style="margin:0pt; padding-left:7.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align="center"><BR></P>
<P style="margin:0pt; padding-left:7.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align="center">0.02% of Yukon Gold Common Shares</P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="50%" bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:9pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:9pt; padding-bottom:0pt; text-indent:72pt; line-height:12pt; font-size:10pt; color:#000000"><B>TOTAL</B></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB"><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>2,436,254</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="25%" bgcolor="#F0EFDB"><P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding-left:12.2pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>8.41% </P>
</TD></TR>
</TABLE>
<P style="margin-left:20pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2">As a group Management and the Directors own 8.41% of the issued and outstanding shares of Yukon Gold.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</font></B></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
<font size="2">Year ended April 30, 2007</font></U></P>
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<font size="2">The Company and its subsidiary expensed a total of $36,230 (CDN$41,223) in consulting fees to a corporation controlled by Kenneth Hill, a director of the Company. &nbsp;In addition the Company paid $123,016 to a corporation controlled by Paul Gorman, the Company&#146;s CEO and $45,603 to Rakesh Malhotra, the Company&#146;s Chief Financial Officer. &nbsp;Also the Company paid a total of $48,901 (CDN$55,640) to Lisa Rose, our Corporate Secretary. &nbsp;The Company paid a total of $49,610 (CDN$55,650) in consulting fees to Howard Barth, a director of the Company.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><U>
<font size="2">Year ended April 30, 2006</font></U></P>
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<font size="2"><BR></font></P>
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<font size="2">The Company and its subsidiary expensed a total of $14,755 in consulting fees to a corporation controlled by Kenneth Hill, a director of the Company. &nbsp;Mr. Hill was Vice President - Mining Operations prior to his resignation on December 18, 2006. &nbsp;Mr. Hill remains as a Director of the Company. &nbsp;In addition the Company paid $34,440 &nbsp;to a corporation controlled by Paul Gorman, then the Company&#146;s Vice President, Corporate Development and currently the Company&#146;s CEO, and $15,107 to Rakesh Malhotra, the Company&#146;s Chief Financial Officer. &nbsp;The Company issued 12,168 common share units at $0.55 per unit in settlement of a prior year accounts payable for the services rendered by Brian Robertson, a former president of the Company.
</font> </P>
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<font size="2">The directors participated in private placements during the year as follows:</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">J.L. Guerra, Jr., a director of the Company, subscribed for 490,909 common share units at $0.55 per unit; and</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">W. Warren Holmes, a former director of the Company, subscribed for 149,867 common share units at $0.55 per unit.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
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<font size="2">- 58 -</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><U>
<font size="2">Year ended April 30, 2005</font></U></P>
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&nbsp;</P>
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<font size="2">The Company and its subsidiary expensed a total of $88,526 (CDN$111,875) for fees which include office rental, equipment rental, bookkeeping services, secretarial services, out of pocket expenses and consulting services for the preparation documents and other administrative matters from Medallion Capital Corp. &nbsp;The Company also expensed $5,702 (CDN$7,050) for interest on the note for CDN$250,000 to Medallion Capital Corp. &nbsp;The Company expensed $26,332 (CDN$32,500) for the time devoted by a related individual to the administration of the Company to S.K. Kelley &amp; Associates Inc. &nbsp;Medallion Capital Corp. and S.K. Kelley &amp; Associates Inc. are owned by Stafford Kelley, a former officer and director of the Company. &nbsp;This individual has subsequent to the year end resigned as an officer and director.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">For services rendered by an individual as president of the Company, the Company expensed the invoice from a related company for $18,382 (CDN$23,326) plus travel expenses for this individual and another director in the amount of $2,405 (CDN$3,053).</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">ORGANIZATION WITHIN THE LAST FIVE YEARS</font></B></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">History</font></B></P>
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&nbsp;</P>
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<font size="2">The Company was incorporated in the State of Delaware on May 31, 2000 under the name, &quot;RealDarts International, Inc.&quot; &nbsp;The Company was formed to affect a plan of merger with a Florida corporation which was, at the time, negotiating to acquire marketing rights to an electronic scoreboard system for the game of darts. &nbsp;On August 3, 2000, the Company changed its name to &#147;Optima 2000, Inc.&#148; On August 8, 2000 it changed its name to &#147;Optima International, Inc.&#148; &nbsp;On August 8, 2000 the Company again changed its name to &#147;Optima Global Corporation.&#148; &nbsp;On February 5, 2001, the Company merged with the Florida Corporation that was pursuing the rights to the electronic scoreboard and the Company was the surviving corporation.&nbsp; In connection with that merger, the Company issued common stock to the shareholders of the Florida Corporation on a one-for-one basis. &nbsp;The Company terminated the plan to acquire the rights to the electronic scoreboard system after determining that there was an insufficient market for this product and that financing could not be obtained. &nbsp;On November 20, 2002, the Company changed its name to &#147;Take 4, Inc.&#148; with no specific business plan.</font></P>
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<font size="2">On October 29, 2003 the Company changed its name to &quot;Yukon Gold Corporation, Inc.&quot;. On November 17, 2003, the Company concluded a series of transactions whereby it acquired 3,000,000 (100%) common shares of Yukon Gold Corp (herein referred to as &#147;YGC&#148;), a private Ontario Canada Corporation registered to carry on business in the Province of Yukon. &nbsp;In consideration of this acquisition, the Company issued 4,027,932 common shares to the former shareholders of YGC, which represented 59.5% of the outstanding common shares of the company on that date.</font></P>
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<font size="2">On December of 2004 the Company became a reporting issuer with the United States Securities and Exchange Commission (the &#147;SEC&#148;). &nbsp;The Company&#146;s shares began to trade on the NASDAQ OTC Bulletin Board on
January 9, 2005.  The Company commenced trading on the Toronto Stock Exchange effective April 19, 2006.</font></P>
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<font size="2">The shareholders have been asked to approve at the next meeting of shareholders an amendment to the Company&#146;s Certificate of Incorporation that would increase the total number of authorized common shares to 150,000,000 common shares.</font></P>
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&nbsp;</P>
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<font size="2">- 59 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">DESCRIPTION OF SECURITIES</font></B></P>
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<font size="2">The following description is a summary of the material terms of our common stock. &nbsp;This summary is subject to and qualified in its entirety by our Articles of Incorporation as amended, our Bylaws and by the applicable provisions of the State of Delaware law. Our authorized capital stock consists of 50,000,000 shares of Common Stock having a par value of $0.0001 per share. &nbsp;There is no cumulative voting for the election of directors. &nbsp;There are no preemptive rights to purchase shares. The holders of shares of common stock are entitled to dividends, out of funds legally available therefore, when and as declared by the Board of Directors. &nbsp;The Board of Directors has never declared a dividend and do not anticipate declaring a dividend in the future. &nbsp;Each outstanding share of common stock entitles the holder thereof to one vote per share on all matters presented to the shareholders for a vote. In the event of liquidation, dissolution or winding up of our affairs, holders are entitled to receive, ratably, our net assets available to shareholders after payment of all creditors. All of our issued and outstanding shares of common stock are duly authorized, validly issued, fully paid, and non-assessable. To the extent that our unissued shares of common stock are subsequently issued, the relative interests of existing shareholders will be diluted.
</font> </P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">USE OF PROCEEDS</font></B></P>
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<font size="2">We will not receive any of the proceeds of the sale of shares by the Selling Shareholders. &nbsp;We will pay the cost of registering under the Securities Exchange Act of 1933 the shares offered by this prospectus.</font></P>
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<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">SELLING SHAREHOLDER S AND PLAN OF DISTRIBUTION</font></B></P>
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<font size="2">The registration statement, of which this prospectus forms a part, relates to our registration of an aggregate of 12,172,915
number of shares of common stock offered by the selling shareholders named below. &nbsp;</font></P>
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&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000">
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">Shareholder</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">No. of Shares Owned</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">Relationship With Issuer</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
  <font size="2"><BR></font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">Shares owned After Offering*</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Polar Securities Inc.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">372 bay Street</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">21<SUP>st</SUP> Floor</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M5H 2W9 &nbsp;&nbsp;&nbsp;(1)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">983,332</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Pinetree Resource Partnership</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">2500-130 King Street West</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M5X 1A9 &nbsp;&nbsp;&nbsp;(2)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1,875,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">GGOF 2007 Mining </font> </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Flow-Through L.P.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">77 King Street West</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Suite 4200</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M5K 1JS &nbsp;&nbsp;(3)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">975,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 60 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Vic Alboini</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">95 Glengowan Rd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M4N 1G5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">219,951</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">John Kirby</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">386 Bumanthorpe Rd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Etobicoke, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M9B 2A6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">49,999</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Jaguar Financial Inc.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">150 York Street</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Suite 1800</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M5H 3S5 &nbsp;&nbsp;&nbsp;(4)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">750,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Roger Glasco</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Willow Hollaw</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">2597 Salem Road</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Ajax, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">L1T 4V5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">412,704</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">709178 Alberta Ltd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">7545 Elkron Dr. SW</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Calgary, Alberta</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">T3H 3X3 &nbsp;&nbsp;&nbsp;(5)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">58,500</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Mavrix A/C 207</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">26 Lombard Street </font> </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Suite 400</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M5C 3G8 &nbsp;&nbsp;&nbsp;(6)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">576,922</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Vitor Fonsesca</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">216 Kinglsake Rd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M2J 3G8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">30,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Tony Dyck</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">8299 Okangan Landing Rd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Vernon, BC</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">V1H 1J5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">150,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Whalehaven Capital Fund Limited</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">3<SUP>rd</SUP> Floor, 14 Par-La-Ville Rd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Hamilton, Bermuda</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">HM08 &nbsp;&nbsp;&nbsp;&nbsp;(7)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">833,332</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 61 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Juno Special Situations Corporation</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">70 York Street Suite 1410</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M5J 1S9 &nbsp;&nbsp;&nbsp;&nbsp;(8)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1,666,666</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Peter Curkovic Ltd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">1390 Lexington St.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Ottawa, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">K2C 1R9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">300,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">William Grant</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">3 Faircroft Blvd.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">M1M 2W9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">75,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">None</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Ronald K. Mann</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">18 Yorkville Avenue</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Suite No. 1602</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, ON M4Y 2N6 </font> </P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">500,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">President, CEO and Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Cletus Ryan</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">178 Weybourne Road</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Oakville, ON L6K 2T7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">200,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Vice President, Development</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Lisa Rose</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">6780 Formentera Avenue</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Unit 4</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Mississauga, ON L5N 2L1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">175,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Corporate Secretary</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Kathy Chapman</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">567 Paris Road</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">RR # 1</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Paris, ON N3L 3E1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">75,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Accounting Manager</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Paul Gorman</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">1308 Roundwood Cres.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Oakville, ON L6M 4A2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">250,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Former CEO</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Bruce Hodgman</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">1264 Grandview Drive</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Oakville, ON L6M 4A2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">150,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Consultant</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Agoracom Investor Relations Corp.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">505 Consumers&#146; Road</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Suite 1000</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, ON M2J 4V8 &nbsp;(10)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">125,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Consultant</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Stuart Fumerton</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">28 Wolf Drive</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Redwood Meadows, Alberta T3C 1A3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">200,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Former Vice President &#150; Exploration</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">J.L. Guerra, Jr.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">1611 Greystone Ridge</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">San Antonio, TX 78258</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">200,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Kenneth Hill</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">2579 Jarvis Street</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Mississauga, ON L5C 2P9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">200,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Howard Barth</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">16 Sycamore Drive</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Thornhill, ON L3T 5V4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">100,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Robert Van Tassell</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">421 Riverside Drive NW</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">High River, Alberta</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">T1V 1T5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">100,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Rakesh Malhotra</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">4580 Beaufort Terrace</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Mississauga, ON L5M 3H7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">75,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Chief Financial Officer</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">G.E. (Ted) Creber, Q.C.</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">114 &#150; 1091 Kingston Road</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, Ontario, M1N 4B5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">150,000</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Director</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Northern Securities</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">150 York Street</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Suite 1800</font></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Toronto, ON M5H 3S5 &nbsp;(9)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">716,509</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Placement Agent</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">0</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%" bgcolor="#F0EFDB">
<font size="2">Total</font></TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  <p align="center">
<font size="2">12,172,915</font></TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%" bgcolor="#F0EFDB">
  &nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="40%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="20%">
  &nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">* Assumes the sale of all of our shares offered in this prospectus. However, we do not know whether the Selling Shareholders will sell all or less than all of their shares. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(1)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls Polar Securities Inc. is Robyn
Schultz of Toronto, Ontario.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(2)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Pinetree Resource Partnership is owned by three companies: Pinetree Capital Ltd., Emerald Capital Corp. and Genvest Inc. &nbsp;Emerald Capital Corp. and Genvest Inc. are wholly owned subsidiaries of &nbsp;Pinetree Capital Limited, a publicly traded company that is controlled by its board of directors.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(3)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls GGOF 2007 Mining Flow-Through L.P. is
William Belloway of Toronto, Ontario.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 63 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(4)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls Jaguar Financial Inc. is Vic Albioni of Toronto, Ontario.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(5)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls 708178 Alberta Ltd. is Gord Welch
of Calgary, Alberta.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(6)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls Mavrix A/C 207 is Melvin Spooner
of Toronto, Ontario.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(7)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls Whalehaven Capital Fund Limited is Arthur Jones
of Bermuda.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(8)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls Juno Special Situations
Corporation is Michael Campbell of Toronto, Ontario.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(9)</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:18pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The natural person who controls Northern Securities Inc. is Vic Albioni of Toronto, Ontario.
Northern Securities Inc. is a registered investment dealer in Canada.</font></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0pt; padding-left:18pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(10) &nbsp;The natural person who controls Agoracom Investor Relations Corp. is Scott Purkis of Toronto, Ontario.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The sale of the Selling Shareholders' shares by the Selling Shareholders may be effected from time to time in transactions, which may include block transactions by or for the account of the Selling Shareholders, in the over-the-counter market or in negotiated transactions, or through the writing of options on the selling shareholders' shares, a combination of these methods of sale, or otherwise. &nbsp;Sales may be made at market prices prevailing at the time of sale, or at negotiated prices. We are not aware of any underwriting arrangements that have been entered into by the Selling Shareholders. &nbsp;We will file a post-effective amendment to our registration statement with the SEC if any Selling Shareholder enters into an agreement to sell shares through broker-dealers acting as principals after the date of this prospectus.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Selling Shareholders, during the time each is engaged in distributing shares covered by this prospectus, must comply with the requirements of Regulation M under the Exchange Act. &nbsp;Generally, under those rules and regulations they may not: (i) engage in any stabilization activity in connection with our securities, and (ii) bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities other than as permitted under the Exchange Act.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The Selling Shareholders and broker-dealers, if any, acting in connection with these sales might be deemed to be &quot;underwriters&quot; within the meaning of Section 2(11) of the Securities Act. &nbsp;Any commission they receive and any profit upon the resale of the securities might be deemed to be underwriting discounts and commissions under the Securities Act.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Rules&nbsp;15g-1 through 15g-9 promulgated under the Securities Exchange Act of 1934, as amended, impose sales practice and disclosure requirements on NASD broker-dealers who make a market in &quot;a penny stock&quot;. &nbsp;A penny stock generally includes any non-NASDAQ equity security that has a market price of less than $5.00 per share. Our shares may be quoted on the OTC Bulletin Board or the Toronto Stock Exchange, and the price of our shares may fall within a range which would cause our shares to be considered a &#147;penny stock.&#148; &nbsp;The additional sales practice and disclosure requirements imposed upon broker-dealers handling &#147;penny stocks&#148; may discourage broker-dealers from effecting transactions in our shares, which could severely limit the market liquidity of the shares and impede the sale of our shares in the market.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Under the &#147;penny stock&#148; regulations, a broker-dealer selling &#147;penny stocks&#148; to anyone other than an established customer or &quot;accredited investor&quot; (generally, an individual with net worth in excess of $1,000,000 or an annual income exceeding $200,000, or $300,000 together with his or her spouse) must make a special suitability determination for the purchaser and must receive the purchaser's written consent to the transaction prior to purchase, unless the broker-dealer or the transaction is otherwise exempt.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:4.6pt; margin-bottom:4.6pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In addition, the &#147;penny stock&#148; regulations require the broker-dealer to deliver, prior to any transaction involving a &#147;penny stock&#148;, a disclosure schedule prepared by the Commission relating to the &#147;penny stock&#148; market, unless the broker-dealer or the transaction is otherwise exempt. A broker-dealer is also required to disclose commissions payable to the broker-dealer and the registered representative and current quotations for the securities. &nbsp;Finally, a broker-dealer is required to send monthly statements disclosing recent price information with respect to the &#147;penny stock&#148; held in a customer's account and information with respect to the limited market in &#147;penny stocks.&#148;
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 64 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:13pt; margin-bottom:0; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">All of the foregoing may affect the marketability of the securities.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Sales of any shares of common stock by the selling shareholders may depress the price of the common stock in any market that may develop for the common stock.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Under the Securities Exchange Act of 1934, as amended, and its regulations, any person engaged in the distribution of shares of common stock offered by this prospectus may not simultaneously engage in market-making activities with respect to the common stock during the applicable &quot;cooling off&quot; period prior to the commencement of this distribution. In addition, and without limiting the foregoing, the selling shareholders will be subject to applicable provisions of the Exchange Act and its rules and regulations, including without limitation Regulation M promulgated under the Exchange Act, in connection with transactions in the shares, which provisions may limit the timing of purchases and sales of shares of common stock by the selling shareholders.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The above table sets forth information known to us regarding ownership of our common stock by each of the Selling Shareholders as of the date hereof and as adjusted to reflect the sale of shares offered by this prospectus. &nbsp;None of the Selling Shareholders has had any position with, held any office of, or had any other material relationship with us during the past three years except J. Malcolm Slack and Richard Ewing, both of whom were directors of the Company.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">We believe, based on information supplied by the Selling Shareholders and our own records, that the persons named in the above table have sole voting and investment power with respect to all shares of common stock which they beneficially own.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=justify><BR></P>
<P style="margin-left:0pt; margin-top:4.6pt; margin-bottom:13pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Blue Sky Restrictions on Resale</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The selling shareholders named in this prospectus may offer and sell the Shares covered by this prospectus only in States in the United States where exemptions from registration under State securities laws are available. &nbsp;The Company has obtained an exemption, known as the &#147;manual exemption,&#148; in approximately 38 States where such exemption is available. &nbsp;Generally, the manual exemption is available to issuers that maintain an up-to-date listing that includes certain information about the issuer in a recognized securities manual. &nbsp;The Company has a listing in &#147;Standard &amp; Poor&#146;s Corporation Records,&#148; a recognized securities manual. &nbsp;The States that provide the manual exemption include: Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Guam, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, U.S. Virgin Islands, Utah, Washington, West Virginia, and Wyoming. &nbsp;Each State&#146;s law is different. &nbsp;Some of the States provide a general exemption for issuers&#146; securities that are listed in a &#147;recognized securities manual&#148; (or similar language) while other States have provisions that name the recognized securities manuals that qualify an issuer for the exemption in that State. &nbsp;Investors and securities professionals are advised to check each State&#146;s securities laws and regulations (known as &#147;Blue Sky&#148; laws) or to check with Yukon Gold to ascertain whether an exemption exists for the Company&#146;s shares in a particular State. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:4.6pt; margin-bottom:13pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify><B>
<font size="2">Expenses of the Offering</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Yukon Gold will pay the entire expenses of the offering which are estimated to be
approximately $17,179.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 65 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">We intend to keep this prospectus effective until all of the Warrants of the Company, Flow-Through Unit Warrants of the Company, Unit Warrants of the Company, Flow-Through Compensation Warrants of the Company and Unit Compensation Warrants of the Company have been exercised or the resale of the shares covered by this prospectus by the Selling Shareholders is covered by an exemption from registration under the Securities Act of 1933.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">LEGAL PROCEEDINGS</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">We are not a party to any pending legal proceeding or litigation and none of our property is the subject of a pending legal proceeding.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
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<font size="2">LEGAL MATTERS</font></B></P>
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&nbsp;</P>
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<font size="2">The validity of the issuance of the common stock offered in this prospectus has been passed upon by Kavinoky Cook LLP, Buffalo, New York.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">EXPERTS</font></B></P>
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&nbsp;</P>
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<font size="2">The consolidated financial statements of Yukon Gold Corporation, Inc. for the years ended April 30, 2006 and April 30, 2005 were audited by Schwartz Levitsky Feldman LLP, independent auditors, as set forth in their report thereon appearing in this prospectus, and are included in reliance upon such report given upon the authority of such firm as experts in accounting and auditing. &nbsp;Reports regarding the mineral properties at the Mount Hinton site have been prepared for us by Junior Mine Services, Inc. and by Archer, Cathro &amp; Associates (1981) Limited and much of the information about the Mount Hinton Property contained in this prospectus has been obtained from those reports with their consent. &nbsp;Reports regarding the mineral properties at the Marg Property site were prepared by Peter Holbek, M.Sc., P.Geo. of Viking GeoScience and much of the information about the Marg Property contained in this prospectus has been obtained from those reports with their consent.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">CHANGE IN AUDITORS</font></B></P>
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&nbsp;</P>
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<font size="2">As of November 20, 2003, the board of Yukon Gold unanimously approved the replacement of Rotenberg &amp; Co., LLP with Schwartz Levitsky Feldman LLP. &nbsp;Yukon Gold&#146;s principal independent auditors are Schwartz Levitsky Feldman LLP. &nbsp;</font></P>
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&nbsp;</P>
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<font size="2">Prior to the consummation of the Share Purchase Agreement, when our company was known as &#147;TAKE-4, Inc.&#148; Rotenberg &amp; Co., LLP acted as our independent auditors. &nbsp;Following the consummation of the Share Purchase Agreement with YGC, Yukon Gold chose to replace Rotenberg &amp; Co., LLP with Schwartz Levitsky Feldman LLP because Schwartz Levitsky Feldman LLP had experience with respect to the Canadian mining industry, the requirements of U.S. GAAP relating to the mining industry and in addition, Schwartz Levitsky Feldman LLP had audited the financial statements of our subsidiary, YGC.</font></P>
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&nbsp;</P>
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<font size="2">Yukon Gold neither had nor has any disagreements with Rotenberg &amp; Co. LLP on any matter of accounting principles or practice, financial statement disclosure, or auditing scope or procedures till the date of this prospectus, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion of the subject matter of the disagreement.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">The audit reports of Rotenberg &amp; Co., LLP for all years and periods of audit, did not contain any adverse opinion nor were they qualified or modified as to uncertainty, audit scope, or accounting principles except for a &#147;going concern&#148; qualification.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 66 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
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&nbsp;</P>
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<font size="2">During Yukon Gold&#146;s two most recent fiscal years ended April 30, 2007, Yukon Gold has not consulted with Schwartz Levitsky Feldman LLP regarding any of the matters specified in Item 304(a)(2) of Reg. S-K.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</font></B></P>
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&nbsp;</P>
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<font size="2">The Delaware Business Corporation Act and our by-laws, provide that we shall indemnify our officers and directors and hold harmless each person who was, is or is threatened to be made a party to or is otherwise involved in any threatened proceedings by reason of the fact that he or she is or was our director or officer, against losses, claims, damages, liabilities and expenses actually and reasonably incurred or suffered in connection with such proceeding. However, the statutory indemnity does not apply to: (a) acts or omissions of the director finally adjudged to be intentional misconduct or a knowing violation of law; (b) unlawful distributions; or (c) any transaction with respect to which it was finally adjudged that such director personally received a benefit in money, property, or services to which the director was not legally entitled. &nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the forgoing provisions or otherwise, we have been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in that Act and is, therefore, unenforceable.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">HOW TO GET MORE INFORMATION</font></B></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">We have filed with the Securities and Exchange Commission a registration statement on Form S-1 under the Securities Act with respect to the securities offered by this prospectus. &nbsp;This prospectus, which forms a part of the registration statement, does not contain all the information set forth in the registration statement, as permitted by the rules and regulations of the Commission. &nbsp;For further information with respect to us and the securities offered by this prospectus, reference is made to the registration statement. &nbsp;The material terms of all exhibits have been expressed in this prospectus. &nbsp;Statements contained in this prospectus as to the contents of any contract or other document that we have filed as an exhibit to the registration statement are qualified in their entirety by reference to the exhibits for a complete statement of their terms and conditions. &nbsp;The registration statement and other information may be read and copied at the Commission's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. &nbsp;The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330.  The Commission maintains a web site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission and you can reach us at info@yukongoldcorp.com. &nbsp;Cletus Ryan acts as the Information Officer for the Company and can be reached at 416-865-9790.</font></P>
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&nbsp;</P>
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<font size="2">Upon effectiveness of the registration statement, we will be subject to the reporting and other requirements of the Exchange Act and we intend to furnish our stockholders annual reports containing financial statements audited by our independent auditors and to make available quarterly reports containing unaudited financial statements for each of the first three quarters of each year.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B><U>
<font size="2">GLOSSARY</font></U></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">In this registration statement, we use certain capitalized and abbreviated terms, as well as technical terms, which are defined below.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Adit</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A horizontal or nearly horizontal passage driven from the surface for the purpose of the exploration or mining of a mineralized zone or ore body.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 67 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12pt; margin-bottom:0pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Air photo </font> </B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">analysis</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Use of aerial photography to determine or estimate geological features.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Alluvial Material</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:11pt; color:#000000">
<font size="2">Eroded material such as soil, sand, granite and other materials above the bedrock.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Anomaly</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Pertaining to the data set resulting from geochemical or geophysical surveys; a deviation from uniformity or regularity.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Arenite</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">General term for sedimentary rock consisting of sand-sized particles.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Assay</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">To analyse the proportions of metals in a specimen of rock or other geological material. &nbsp;Results of a test of the proportions of metals in a specimen of rock or other geological material.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Bedding</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The arrangement of a sedimentary or metamorphic rock in beds or layers of varying thickness and character.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Bedrock</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A general term for the rock, usually solid, that underlies soil or other unconsolidated superficial material.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Break</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A general term used in mining geology for any discontinuity in the rock, such as a fault or fracture.
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Bulldozer trenching</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A method of exposing bedrock by use of a bulldozer.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Channel sample</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A sample composed of pieces of vein or mineral deposit that have been cut out of a small trench or channel, usually about one inch deep and 4 inches wide.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Cirque</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A deep, steep walled, flat or gently floored, half bowl like recess, variously described as crescent shaped or semicircular in plan, typically situated high on the north side of a mountain and commonly at the head of a glacial valley, and produced by the erosive activity of mountain glaciers.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Coarse reject</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Pertaining to assay and geochemical analytical procedures where a rock sample is initially crushed before a subsample is separated for further analysis. &nbsp;The coarse reject may be retained for a check assay or for additional analysis.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Collar</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The start or beginning of a drill hole or the mouth of an underground working entrance.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">crosscut &nbsp;</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">An underground passage excavated across an ore body to test its width and value. &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Devonian</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; font-size:11pt; color:#000000">
<font size="2">A geologic period of the Paleozoic era spanning from roughly 416 to 359 million years ago.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Diamond drilling</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The act or process of drilling boreholes using bits inset with diamonds as the rock cutting tool. &nbsp;The bits are rotated by various types and sizes of mechanisms motivated by electric, compressed air or internal combustion engines or motors.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Dip</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The angle at which a bed, stratum, vein or other structure is inclined from the horizontal, measured perpendicular to the strike and in the vertical plane.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 68 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Drill core</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A cylindrical or columnar piece of solid rock, usually 1 to 6 inches (2.5 cm to 40 cm) in diameter and less than 10 feet (3 m) in length, taken as a sample of an underground formation by a cylindrical drill bit, and brought to the surface for examination or analysis.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Drift</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">n. &nbsp;A horizontal opening in or near a mineralized body and parallel to the long dimension of the vein or mineralized body. &nbsp;v. &nbsp;The act of excavating a drift.</font></P>
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<font size="2">Economic</font></B></P>
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<font size="2">The portion of a mineralized body that can be profitably exploited.
</font> </P>
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<font size="2">Excavator trenching</font></B></P>
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<font size="2">A method of exposing bedrock by use of a hydraulic excavator.</font></P>
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<font size="2">Fault</font></B></P>
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<font size="2">A fracture or fracture zone in rock along which there has been displacement of the two sides relative to each other and parallel to the fracture.</font></P>
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<font size="2">Felsic</font></B></P>
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<font size="2">a term used in geology to refer to silicate minerals, magmas, and rocks which are enriched in the lighter elements such as silicon, oxygen, aluminum, sodium, and potassium.</font></P>
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<font size="2">Float</font></B><font size="2"> &nbsp;</font></P>
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<font size="2">A general term for loose fragments of rock; especially on a hillside below an outcropping mineralized zone.</font></P>
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<font size="2">Float train</font></B></P>
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<font size="2">A general term for the downslope distribution of float below a mineralized zone.</font></P>
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<font size="2">Foxhole</font></B></P>
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<font size="2">A small pit excavated in overburden by hand to expose bedrock.</font></P>
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<font size="2">Fracture</font></B></P>
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<font size="2">A general term for any break in a rock, whether or not it causes displacement.</font></P>
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<font size="2">Geochemical</font></B></P>
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<font size="2">sampling</font></B></P>
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<font size="2">The collection of soil, silt, vegetation or rock samples for analysis as a guide to the presence of areas of anomalous mineral of metal content in bedrock.</font></P>
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<font size="2">Geological</font></B></P>
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<font size="2">mapping</font></B></P>
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<font size="2">In mineral exploration, the collection of geological data such as the description and orientation of various types of bedrock.</font></P>
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<font size="2">Geophysical survey</font></B></P>
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<font size="2">In mineral exploration,<B> </B>the collection of seismic, gravitational, electrical, radiometric, density or magnetic data to aid in the evaluation of the mineral potential of a particular area.</font></P>
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<font size="2">Graphitic</font></B></P>
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<font size="2">Containing graphite.</font></P>
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<font size="2">Greenstone</font></B></P>
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<font size="2">A general term applied to any compact dark green, altered or metamorphosed mafic igneous rock (e.g. gabbro or diorite).</font></P>
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<font size="2">g/t</font></B><font size="2"> &nbsp;</font></P>
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<font size="2">Abbreviation for gram per tonne; equivalent to one part per million (ppm).</font></P>
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<font size="2">Hand trenching</font></B></P>
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<font size="2">A method of exposing bedrock by hand excavation.</font></P>
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<font size="2">Headwall</font></B></P>
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<font size="2">A steep slope at the head of a valley, especially the rock cliff at the back of a cirque.</font></P>
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<font size="2">- 69 -</font></P>
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<font size="2">Hydrothermal</font></B></P>
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<font size="2">Of or pertaining to hot water, to the action of hot water, or to the products of this action, such as a mineral deposit precipitated from a hot aqueous solution, with or without demonstrable association with igneous processes.</font></P>
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<font size="2">Igneous</font></B></P>
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<font size="2">Said of a rock or mineral that solidified from molten or partly molten material; also applied to processes leading to, or resulting from the formation of such rocks.</font></P>
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<font size="2">Metallurgical test</font></B></P>
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<font size="2">A general term for a number of mechanical or chemical processes that are employed to test the amenability of separating metals from their ores.</font></P>
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<font size="2">Metasedimentary</font></B></P>
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<font size="2">A sediment or sedimentary rock that shows evidence of being subjected to metamorphism.</font></P>
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<font size="2">Mineralization</font></B></P>
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<font size="2">The process or processes by which a mineral or minerals are introduced into a rock, resulting in an enriched deposit; or the result of these processes.</font></P>
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<font size="2">Mineralized</font></B></P>
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<font size="2">Rock that has undergone the process of mineralization.</font></P>
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<font size="2">Mining camp</font></B></P>
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<font size="2">A term loosely applied to an area of relatively abundant mines that have some relationship to each other in terms of the type of deposit or the variety of ore produced.</font></P>
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<font size="2">Mississippian </font> </B></P>
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<font size="2">An epoch of the Carboniferous Period lasting from roughly 360 to 325 million years ago.</font></P>
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<font size="2">Net Smelter </font> </B></P>
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<font size="2">Return royalty</font></B></P>
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<font size="2">A general term for a residual benefit that is a percentage of the value for which a smelter will reimburse the provider of ore to the smelter, after deduction for various smelting fees and penalties and, often after cost of transportation has been deducted.</font></P>
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<font size="2">Ore</font></B><font size="2"> &nbsp;</font></P>
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<font size="2">The naturally occurring material from which a mineral or minerals of economic value can be extracted profitably or to satisfy social or political objectives.</font></P>
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<font size="2">Outcrop</font></B></P>
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<font size="2">The part of a rock formation that appears at the surface of the ground.</font></P>
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<font size="2">Overburden</font></B></P>
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<font size="2">Loose soil, sand, gravel, broken rock, etc. that lies above the bedrock.</font></P>
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<font size="2">oz/ton</font></B></P>
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<font size="2">Abbreviation for troy ounce per ton.</font></P>
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<font size="2">Percussion drill</font></B></P>
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<font size="2">Drilling method by which the drill bit falls by force or is driven by force into the bedrock.</font></P>
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<font size="2">Permafrost</font></B></P>
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<font size="2">A permanently frozen layer of soil or subsoil, or even bedrock, which occurs to variable depths below the Earth's surface in arctic or subarctic regions.</font></P>
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<font size="2">Phyllite</font></B></P>
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<font size="2">A type of foliated metamorphic rock primarily composed of quartz, sericite mica, and chlorite.</font></P>
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<font size="2">Placer gold</font></B></P>
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<font size="2">Gold occurring in more or less coarse grains or flakes and obtainable by washing the sand, gravel, etc. in which it is found. &nbsp;Also called alluvial gold.</font></P>
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<font size="2">Placer mining</font></B></P>
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<font size="2">The extraction and concentration of heavy metals or minerals (usually gold) from alluvial deposits by various methods, generally using running water.</font></P>
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<font size="2">- 70 -</font></P>
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<font size="2">ppb</font></B></P>
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<font size="2">Abbreviation for part per billion.</font></P>
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<font size="2">ppm</font></B></P>
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<font size="2">Abbreviation for part per million.</font></P>
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<font size="2">Prospecting</font></B></P>
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<font size="2">Pertaining to the search for outcrops or surface exposures of mineral deposits, primarily by nonmechanical methods.</font></P>
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<font size="2">Quartz</font></B></P>
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<font size="2">A glassy silicate and common rock forming mineral (SiO2).</font></P>
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<font size="2">Quartz diorite</font></B></P>
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<font size="2">A group of plutonic rocks having the composition of diorite but with appreciable quartz and feldspar, i.e. between 5 and 20%.</font></P>
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<font size="2">Quartz gabbro</font></B></P>
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<font size="2">A group of plutonic rocks having the composition of gabbro but with appreciable quartz.</font></P>
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<font size="2">Quartzite</font></B></P>
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<font size="2">A metamorphosed sandstone or rock composed of quartz grains so completely cemented with secondary silica that the rock breaks across or through the grains rather than around them.</font></P>
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<font size="2">Reserve</font></B></P>
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<font size="2">That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.</font></P>
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<font size="2">Resource</font></B></P>
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<font size="2">Pertaining to the quantity or bulk of mineralized material without reference to the economic viability of its extraction (see reserve).</font></P>
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<font size="2">Saddle</font></B></P>
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<font size="2">A low point along the crestline of a ridge.</font></P>
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<font size="2">Sediment</font></B></P>
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<font size="2">Fragmental material that originates from weathering of rocks and that is transported by air, water, ice or other natural agents, and that forms in layers on the Earth's surface at ordinary temperatures in a loose, unconsolidated form; e.g. silt, sand, gravel, etc.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Sedimentary rock</font></B></P>
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<font size="2">A rock resulting from the consolidation of loose sediment.</font></P>
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<font size="2">Shaft</font></B></P>
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<font size="2">An approximately vertical mine working of limited area compared with its depth.</font></P>
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<font size="2">Siderite</font></B></P>
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<font size="2">A light or dark brown mineral of the calcite group (FeCO3).</font></P>
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<font size="2">Soil sampling</font></B></P>
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<font size="2">(see Geochemical sampling).</font></P>
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<font size="2">Strata</font></B></P>
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<font size="2">Beds or layers of rock.</font></P>
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<font size="2">Strike</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The course or bearing of the outcrop of an inclined bed, vein or fault plane on a level surface; the direction of a horizontal line perpendicular to the dip.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Trace</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Pertaining to assay values; as used in this report, this term refers to gold grades of less than 0.01 oz/ton (0.3 g/t).</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Underground </font> </B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">exploration</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The process of excavating underground workings and drilling from these excavations to establish the continuity, thickness and grade of a mineral deposit.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 71 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Vein</font></B></P>
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<font size="2">An epigenetic mineral filling of a fault or other fracture in a host rock, in tabular or sheetlike form, often as a precipitate from a hydrothermal fluid.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Vein fault</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">&nbsp;A term used in the Keno Hill mining camp to describe quartz vein material and associated fault gouge that are contained within a fault zone.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">VLF-EM</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">An abbreviation for the Very Low Frequency-Electromagnetic geophysical survey technique.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Weighted average</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">Value calculated from a number of samples, each of which has been &quot;weighted&quot; by a factor of the individual sample width.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; line-height:13pt; color:#000000"><B>
<font size="2">Working</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">A general term for any type of excavation carried out during the course of mining or mining exploration.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:11pt; padding-left:108pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:-108pt; color:#000000">
<font size="2"><BR></font></P>
<p>
<font size="2">
<BR>
<BR>
</font>
</p>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 72 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:12pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">LIST OF MOUNT HINTON CLAIMS</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top colspan=5>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Mount Hinton Property Claims</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top colspan=5>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">held by</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top colspan=5>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Yukon Gold Corp</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top>&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top>&nbsp;</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Claim</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Claim</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Grant</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Claim Owner</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Claim</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Name</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Name</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Number</font></B></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000; border-right-style:none; border-right-width:medium" align=left valign=top><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000" align=center>&nbsp;</P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000; border-left-style:none; border-left-width:medium" align=left valign=top>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
  <font size="2">Expiry Date</font></B></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC11769</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC11770</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
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</TD>
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  <font size="2">YC11771</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <font size="2">2011-03-09</font></P>
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  <font size="2">4</font></P>
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  <font size="2">YC11772</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <font size="2">2011-03-09</font></P>
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  <font size="2">2011-03-09</font></P>
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  <font size="2">6</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">8</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">9</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-03-09</font></P>
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</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">10</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">11</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
<TR>
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</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">12</font></P>
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  <font size="2">YC11780</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">13</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
<TR>
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</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">14</font></P>
</TD>
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  <font size="2">YC11782</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">15</font></P>
</TD>
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  <font size="2">YC11783</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">16</font></P>
</TD>
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  <font size="2">YC11784</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">17</font></P>
</TD>
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  <font size="2">YC11785</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">18</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC11786</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">19</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">20</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC11788</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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  <font size="2">Granite</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">21</font></P>
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  <font size="2">YC11789</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">22</font></P>
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  <font size="2">YC11790</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
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<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Granite</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">23</font></P>
</TD>
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  <font size="2">YC11791</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-03-09</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
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<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC00403</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC00404</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC00405</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC00406</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC00407</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
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<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
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  <font size="2">YC00408</font></P>
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  <font size="2">2011-11-01</font></P>
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<font size="2">- 73 -</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">2011-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">21</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">25</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
</TD>
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  <font size="2">27</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">28</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">29</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">30</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">31</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">32</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">33</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
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  <font size="2">34</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-11-01</font></P>
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  <font size="2">Hinton</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">35</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01091</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01126</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01127</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01128</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01129</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01130</font></P>
</TD>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01131</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01132</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01133</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01134</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">10</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01135</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">11</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01136</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">12</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01137</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">13</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01138</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">14</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01139</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  &nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 74 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">15</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01140</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">16</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01141</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">17</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01142</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">18</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01143</font></P>
</TD>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">19</font></P>
</TD>
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  <font size="2">YC01144</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">20</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01145</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">21</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01146</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">22</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01147</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">23</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01148</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">24</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01149</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">25</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01150</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton II</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">26</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01151</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01152</font></P>
</TD>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
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<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01153</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
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<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01154</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
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<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01155</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01156</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01157</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
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<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01158</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01159</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01160</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">10</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01161</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">11</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01162</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">12</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01163</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">13</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01164</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton III</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">14</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01165</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton IV</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01424</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton IV</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01425</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton IV</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01426</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton IV</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01427</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton IV</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01428</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton IV</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01429</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton V</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01417</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton V</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01418</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton V</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01419</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton V</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01420</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton V</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01421</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton V</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01422</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Hinton V</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC01423</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10609</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10610</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  &nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 75 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10611</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10612</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10613</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10614</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10615</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10616</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10617</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">10</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10618</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">11</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10619</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">12</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10620</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">13</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10621</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">14</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10622</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">15</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10623</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">16</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10624</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">17</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10625</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">18</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10626</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">27</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10627</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">28</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10628</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">29</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10629</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">30</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10630</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">31</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10631</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">32</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10632</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">33</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10633</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">34</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10634</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">35</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10635</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">36</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10636</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">37</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10637</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">38</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10638</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">39</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10639</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">40</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10640</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">41</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10641</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">42</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10642</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">43</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10643</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">44</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10644</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">45</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10645</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">46</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10646</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">47</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10647</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">48</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10648</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">49</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10649</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2013-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">50</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10650</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2013-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">57</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10651</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
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  <font size="2">2013-11-01</font></P>
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<font size="2">- 76 -</font></P>
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&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2013-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
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  <font size="2">YC10653</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2013-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
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  <font size="2">60</font></P>
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  <font size="2">YC10654</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2013-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">61</font></P>
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  <font size="2">YC10655</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2013-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">62</font></P>
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  <font size="2">YC10656</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2013-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">63</font></P>
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  <font size="2">YC10657</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">64</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10658</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">65</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10659</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">66</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10660</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">67</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10661</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">68</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10662</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">69</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10663</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">70</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10664</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">71</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10665</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">72</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10666</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">73</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10667</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">74</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10668</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">75</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10669</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">76</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10670</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">77</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10671</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">78</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10672</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">79</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10673</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">80</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10674</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">81</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10675</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">82</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10676</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">89</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10677</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">90</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10678</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">91</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10679</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">92</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10680</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">100</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10693</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">101</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10694</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">102</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10695</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">103</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10696</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Key</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">104</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10697</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2012-11-01</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32229</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32230</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32231</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32232</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32233</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32234</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32235</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 77 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32236</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32237</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">10</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32238</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">11</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32239</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">12</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32240</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">13</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32241</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">14</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32242</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">15</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32243</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">16</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32244</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">17</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32245</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">18</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32246</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">19</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32247</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">20</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32248</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">21</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32249</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">22</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32250</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">23</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32251</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">24</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32252</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">25</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32253</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">26</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32254</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">27</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32255</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">28</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32256</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">29</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32257</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">30</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32258</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">31</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32259</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">32</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32260</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">33</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32261</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">34</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32262</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">35</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32263</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">36</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32264</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">37</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32265</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">38</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32266</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">39</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32267</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">40</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32268</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">41</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32269</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">42</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32270</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">43</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32271</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">44</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32272</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">45</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32273</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">46</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32274</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">47</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32275</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">48</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC32276</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">49</font></P>
</TD>
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  <font size="2">2011-02-23</font></P>
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<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
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  <font size="2">Lock</font></P>
</TD>
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  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
</TD>
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  <font size="2">52</font></P>
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  <font size="2">YC32280</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-02-23</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
</TD>
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  <font size="2">54</font></P>
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  <font size="2">YC32282</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">55</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
</TD>
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  <font size="2">YC32284</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">57</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
</TD>
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  <font size="2">58</font></P>
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  <font size="2">YC32286</font></P>
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  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
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  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">59</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
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  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">60</font></P>
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  <font size="2">YC32288</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
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  <font size="2">2011-02-23</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">61</font></P>
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  <font size="2">YC32289</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-02-23</font></P>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Lock</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
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  <font size="2">YC10968</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">1</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10948</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10949</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">3</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10950</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">4</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10951</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
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  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">5</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10952</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">6</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10953</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">7</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10954</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">8</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10955</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Red</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">9</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">YC10956</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">Yukon Gold Corp - 100%.</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%" bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
  <font size="2">2011-09-09</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="15%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="35%">
  &nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">- 79 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center><B>
<font size="2">INDEX TO FINANCIAL STATEMENTS</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt; border-collapse:collapse" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1128 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Financial Statements for the six-month period ended October 31, 2007 (unaudited)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=70 bgcolor="#F0EFDB">
  <p align="right">
  <font size="2">81</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1128>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Financial Statements for the three- month period ended July 31, 2007 (unaudited)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=70>
  <p align="right">
  <font size="2">&nbsp;103</font></TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=1128 bgcolor="#F0EFDB">
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Financial Statements for the year ended April 30, 2007 (audited)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=70 bgcolor="#F0EFDB">
  <p align="right">
  <font size="2">&nbsp;121</font></TD></TR>
</TABLE>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2"><BR></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2"><BR>- 80 -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b><font face="Times New Roman" size="2">
<p align="center">YUKON GOLD CORPORATION, INC. <br>
(AN EXPLORATION STAGE COMPANY) <br>
INTERIM CONSOLIDATED FINANCIAL STATEMENTS <br>
OCTOBER 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited-Prepared by Management) </p>
<p align="center">TABLE OF CONTENTS</font></b><font face="Times New Roman" size="2">
</p>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td vAlign="bottom" width="85%">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="15%">
    <font face="Times New Roman" size="2"><b>Page No</b></font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="15%" bgColor="#f0efdb">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
    <a style="TEXT-DECORATION: none" href="#Interim Consolidated Balance Sheets">
    Interim Consolidated Balance Sheets as of October 31, 2007 and April 30,
    2007</a></font></td>
    <td vAlign="bottom" align="right" width="15%" bgColor="#f0efdb">
    <a href="#Interim Consolidated Balance Sheets" style="text-decoration: none">
    <font size="2">82</font></a><font face="Times New Roman" size="2"><a style="TEXT-DECORATION: none" href="#Interim Consolidated Balance Sheets">-83</a></font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="15%">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
    <a style="TEXT-DECORATION: none" href="#Interim Consolidated Statements of Operations">
    Interim Consolidated Statements of Operations for the six months and three
    months ended October 31, 2007 and October 31, 2006</a></font></td>
    <td vAlign="bottom" align="right" width="15%">
    <a href="#Interim Consolidated Statements of Operations" style="text-decoration: none">
    <font size="2">84</font></a></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="15%" bgColor="#f0efdb">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
    <a style="TEXT-DECORATION: none" href="#Interim Consolidated Statements of Cash Flows">
    Interim Consolidated Statements of Cash Flows for the six months ended
    October 31, 2007 and October 31, 2006</a></font></td>
    <td vAlign="bottom" align="right" width="15%" bgColor="#f0efdb">
    <a href="#Interim Consolidated Statements of Cash Flows" style="text-decoration: none">
    <font size="2">85</font></a></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="15%">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
    <a style="TEXT-DECORATION: none" href="#Statements of Changes in Stockholders&#146; Equity">
    Interim Consolidated Statements of Changes in Stockholders&#146; Equity for the
    six months ended October 31, 2007 and the year ended April 30, 2007</a></font></td>
    <td vAlign="bottom" align="right" width="15%">
    <a href="#Statements of Changes in Stockholders&#146; Equity" style="text-decoration: none">
    <font size="2">86</font></a></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="15%" bgColor="#f0efdb">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="85%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
    <a style="TEXT-DECORATION: none" href="#Notes to Interim Consolidated Financial Statements">
    Condensed Notes to Interim Consolidated Financial Statements</a></font></td>
    <td vAlign="bottom" align="right" width="15%" bgColor="#f0efdb">
    <a href="#Notes to Interim Consolidated Financial Statements" style="text-decoration: none">
    <font size="2">89-102</font></a></td>
  </tr>
</table>
<b>
<p align="center">&nbsp;</p>
</b></font>
<p align="center" style="margin-bottom: 0">
<font size="2">- 81 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b><font face="Times New Roman" size="3">
<p></p>
<p></font><font face="Times New Roman" size="5">YUKON GOLD CORPORATION, INC.
</font></b><font face="Times New Roman" size="5"></p>
</font><font face="Times New Roman" size="2"><b>
<p>(An Exploration Stage Company) <br>
<a name="Interim Consolidated Balance Sheets">Interim Consolidated Balance
Sheets </a><br>
As at October 31, 2007 and April 30, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited)&nbsp;&nbsp;&nbsp;&nbsp; </p>
</b></font>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2"><b>
    ASSETS</b></font></td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">October 31,</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">April 30,</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2007</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2007</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">CURRENT ASSETS</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Cash and cash equivalents</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">574,620</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">936,436</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Prepaid expenses and other (note 10)</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">787,389</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">464,371</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Exploration Tax Credit Receivable (note 4)</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">567,868</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">483,258</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Short-term investment in available-for-sale
    securities (note 9)</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">210,000</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Restricted Deposit</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">17,889</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,139,877</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">1,901,954</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    RESTRICTED CASH (note 5)</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,266,602</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">PROPERTY, PLANT AND EQUIPMENT</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">100,488</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">56,551</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgcolor="#F0EFDB">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%" bgcolor="#F0EFDB">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,240,365</font></td>
    <td vAlign="bottom" align="right" width="5%" bgcolor="#F0EFDB">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%" bgcolor="#F0EFDB">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">4,225,107</font></td>
  </tr>
</table>
<font face="Times New Roman" size="2">
<p align="center">See condensed notes to the interim consolidated financial
statements. </p>
<p>APPROVED ON BEHALF OF THE BOARD </p>
<p><u>/s/ Kenneth J. Hill&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>Kenneth J. Hill, Director </p>
<p><u>/s/ J.L. Guerra, Jr&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
</u>J.L. Guerra, Jr., Director </p>
<p align="center" style="margin-bottom: 0">
<font size="2">- 82 -</font></p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="5"><b>
<p></p>
<p>YUKON GOLD CORPORATION, INC.</b> </p>
</font><font face="Times New Roman" size="2"><b>
<p>(An Exploration Stage Company) <br>
Interim Consolidated Balance Sheets <br>
As at October 31, 2007 and April 30, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b></font>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td vAlign="bottom" width="100%" colSpan="4">
    <p align="center"><font face="Times New Roman" size="2"><b>LIABILITIES</b></font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">October 31,</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">April 30,</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2007</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2007</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">CURRENT LIABILITIES</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Accounts payable and accrued liabilities (note
    11)</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">190,571</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">260,134</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Other Liability (note 12</font><font face="Times New Roman" size="1">)</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">35,381</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Obligation under Capital Leases</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,937</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,812</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">Total
    Current Liabilities</font></td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">228,889</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">262,946</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Long &#150;Term Portion of:</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30pt">Obligation under Capital Lease</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">9,705</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">9,137</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">TOTAL LIABILITIES</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">238,594</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">272,083</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" align="middle" width="100%" colSpan="4">
    <font face="Times New Roman" size="2"><b>SHAREHOLDERS&#146; EQUITY</b></font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">CAPITAL STOCK</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,547</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,288</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    ADDITIONAL PAID-IN CAPITAL</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">12,128,784</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">10,949,726</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">ACCUMULATED OTHER COMPREHENSIVE INCOME
    (LOSS)</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">277,695</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">(63,608)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%"><font face="Times New Roman" size="2">
    DEFICIT, ACCUMULATED DURING THE EXPLORATION STAGE</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(10,407,255)</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(6,935,382)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,001,771</font></td>
    <td vAlign="bottom" align="right" width="5%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">3,953,024</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="71%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,240,365</font></td>
    <td vAlign="bottom" align="right" width="5%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">4,225,107</font></td>
  </tr>
</table>
<font face="Times New Roman" size="2">
<p align="center">See condensed notes to the interim consolidated financial
statements. </p>
<p align="center" style="margin-bottom: 0">
<font size="2">- 83 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
</font>
<font face="Times New Roman" size="5"><b>
<p></p>
<p>YUKON GOLD CORPORATION, INC. </b></p>
</font><font face="Times New Roman" size="2"><b>
<p>(An Exploration Stage Company) <br>
<a name="Interim Consolidated Statements of Operations">Interim Consolidated
Statements of Operations </a><br>
For the six months and three months ended October 31, 2007 and October 31, 2006
<br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b></font>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">For the</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">For the</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">For the</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">For the</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">six months</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">six months</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">three
    months</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">three
    months</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">Cumulative</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">ended</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">ended</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">ended</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">ended</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">since</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">
    <font face="Times New Roman" size="2">October 31,</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">October
    31,</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">October
    31,</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">October
    31,</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">inception</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2007</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2006</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2007</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2006</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">$</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">$</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">$</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">$</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">$</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">OPERATING EXPENSES</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">General and administration</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">4,572,175</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">466,973</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">1,163,024</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">392,087</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">609,342</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Project expenses</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">6,806,615</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2,997,811</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">1,695,854</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2,023,086</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">823,967</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Exploration Tax Credit</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(605,716)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Amortization</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">25,023</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">7,089</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">6,307</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">4,156</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">3,149</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">Loss on sale/disposal of capital
    assets </font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">
    <font face="Times New Roman" size="2">5,904</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">_</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">TOTAL OPERATING EXPENSES</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">10,804,001</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">3,471,873</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2,865,185</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">2,419,329</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">1,436,458</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">LOSS BEFORE INCOME TAXES</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(10,804,001)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(3,471,873)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(2,865,185)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(2,419,329)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(1,436,458)</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 30px">Income
    taxes recovery</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">396,746</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px dotted" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">NET LOSS</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(10,407,255)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(3,471,873)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(2,865,185)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(2,419,329)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(1,436,458)</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="40%" colSpan="2">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Loss per share &#150; basic and
    diluted</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(0.14)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(0.17)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(0.09)</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(0.08)</font></td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="28%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" width="40%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">Weighted average common shares
    outstanding</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">23,999,421</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">
    <font face="Times New Roman" size="2">17,151,588</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">25,078,649</font></td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</td>
    <td style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-RIGHT: 4px">17,646,550</font></td>
  </tr>
</table>
<font face="Times New Roman" size="2">
<p align="center"><br>
See condensed notes to the interim consolidated financial statements. </p>
</font>
<p align="center" style="margin-bottom: 0">
<font size="2">- 84 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="5"><b>
<p></p>
<p>YUKON GOLD CORPORATION, INC.</b> </p>
</font><font face="Times New Roman" size="2"><b>
<p>(An Exploration Stage Company) <br>
<a name="Interim Consolidated Statements of Cash Flows">Interim Consolidated
Statements of Cash Flows </a><br>
For the six months ended October 31, 2007 and October 31, 2006 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">For the</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">For the</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">six months</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">six months</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">Cumulative</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">ended</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">ended</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">since</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">October 31,</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">October 31,</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">inception</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2007</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2006</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">CASH FLOWS FROM OPERATING
    ACTIVITIES</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Net loss for the year</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(10,407,255)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(3,471,873)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(2,865,185)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Items not requiring an
    outlay of cash:</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Amortization</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">25,023</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">7,089</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">6,307</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Loss on sale/disposal of
    capital assets</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">5,904</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Registration rights penalty
    expense</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">188,125</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Shares issued for property
    payment</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">525,339</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">57,252</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">53,845</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Common shares issued for
    Settlement of severance liability to ex-officer</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">113,130</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">113,130</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Stock-based compensation</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">872,778</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">196,259</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">170,646</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Issue of shares for
    professional services</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">852,523</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">438,759</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Issue of units against
    settlement of debts</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">20,077</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Increase in prepaid
    expenses and deposits</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(788,305)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(215,720)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(699,319)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Increase in exploration tax
    credit receivable</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">(567,868)</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Increase (Decrease) in
    accounts payable and accrued liabilities</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">190,081</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(100,404)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(48,169)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Decrease in restricted cash</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,266,602</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">118,275</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Decrease in restricted
    deposit</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">17,889</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">Increase in other
    liabilities</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">35,581</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">35,381</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">NET CASH USED IN OPERATING
    ACTIVITIES</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(8,934,867)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(1,207,525)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(2,711,711)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">CASH FLOWS FROM INVESTING
    ACTIVITIES</font></td>
    <td vAlign="bottom" align="right" width="12%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Purchase of property, plant
    and equipment</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">(122,258)</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">(41,520)</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">(1,437)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Investment in available for
    sale securities</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(250,000)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(250,000)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Sale of available for sale
    securities</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">140,000</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">140,000</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">NET CASH USED IN INVESTING
    ACTIVITIES</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(232,258)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(151,520)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(1,437)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">CASH FLOWS FROM FINANCING
    ACTIVITIES</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Repayments from a
    shareholder</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">1,180</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Proceeds from demand
    promissory notes</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">200,000</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Proceeds from Convertible
    promissory notes converted</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">200,500</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Proceeds from exercise of
    stock options</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">61,000</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">18,000</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Proceeds from exercise of
    warrants-net</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">450,309</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Proceeds from subscription
    of warrants-net</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">525,680</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">425,497</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Proceeds from issuance of
    units /shares-net</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">8,114,808</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">925,807</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">862,978</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Proceeds (Repayments) from
    capital lease obligation</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">11,069</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(880)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(1,489)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">NET CASH PROVIDED BY
    FINANCING ACTIVITIES</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">9,564,546</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">924,927</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">1,304,986</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">EFFECT OF FOREIGN CURRENCY
    EXCHANGE RATE CHANGES</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">177,199</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">72,302</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">(40,582)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">NET INCREASE (DECREASE) IN
    CASH AND CASH EQUIVALENTS FOR THE YEAR</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">574,620</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(361,816)</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">(1,448,744)</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 30px; TEXT-INDENT: -15px">Cash and cash equivalents,
    beginning of year</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">936,436</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">2,412,126</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">CASH AND CASH EQUIVALENTS,
    END OF PERIOD</font></td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">574,620</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">574,620</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">963,382</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">INCOME TAXES PAID</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%" bgColor="#f0efdb">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%">
    <p style="MARGIN-LEFT: 45px; TEXT-INDENT: -15px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="59%"><font face="Times New Roman" size="2">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">INTEREST PAID</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td vAlign="bottom" align="right" width="3%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 3px double" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
</table>
</b>
<p align="center">See condensed notes to the interim consolidated financial
statements. </p>
</font>
<p align="center" style="margin-bottom: 0">
<font size="2">- 85 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>

<font style="FONT-SIZE: 18pt" face="Times New Roman"><b>
<p></p>
<p>YUKON GOLD CORPORATION, INC. </b></font></p>
<p><b><font face="Times New Roman" size="2">(An Exploration Stage Company) <br>
Interim Consolidated <a name="Statements of Changes in Stockholders&#146; Equity">
Statements of Changes in Stockholders&#146; Equity </a><br>
From Inception to October 31, 2007 <br>
(Amounts expressed in US Dollars)</font></b><font style="FONT-SIZE: 10pt" face="Times New Roman">
<b><br>
(Unaudited) </p>
</b></font>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <font style="FONT-SIZE: 10pt" face="Times New Roman"><b>
    <td vAlign="bottom" width="30%" height="75">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    </b>
    <td vAlign="bottom" align="middle" width="10%" height="75">
    <font face="Times New Roman" style="font-size: 9pt">Number of Common Shares</font></td>
    <td vAlign="bottom" align="middle" width="10%" height="75">
    <font face="Times New Roman" style="font-size: 9pt">Common Shares Amount</font></td>
    <td vAlign="bottom" align="middle" width="10%" height="75">
    <font face="Times New Roman" style="font-size: 9pt">Additional Paid-in <br>
    Capital</font></td>
    <td vAlign="bottom" align="middle" width="10%" height="75">
    <font face="Times New Roman" style="font-size: 9pt">Subscription for <br>
    Warrants</font></td>
    </font><font face="Times New Roman">
    <td vAlign="bottom" align="middle" width="10%" height="75">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">Deficit, </font>
    <font face="Times New Roman" style="font-size: 9pt">Accumulated during the Exploration Stage</font></td>
    <td vAlign="bottom" align="middle" width="10%" height="75">
    <font face="Times New Roman" style="font-size: 9pt">Comprehen-<br>
    sive <br>
    Income<br>
    (loss)</font></td>
    <td vAlign="bottom" align="middle" width="10%" height="75">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">Accumulated </font>
    <font style="font-size: 9pt" face="Times New Roman">Other Comprehen-<br>
    sive <br>
    Income<br>
    &nbsp;(loss)</font></td>
    </font>
  </tr>
  <tr>
    <font style="FONT-SIZE: 10pt" face="Times New Roman"><b>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" height="19">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    </b></font><font face="Times New Roman">
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" height="19">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">#</font></td>
    </font><font style="FONT-SIZE: 10pt" face="Times New Roman">
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" height="19">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" height="19">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" height="19">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" height="19">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" height="19">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" height="19">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">$</font></td>
    </font>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of Common shares</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2,833,377</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">154,063</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,142</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Foreign currency
    translation</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">604</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">604</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Net loss for the year</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(124,783)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(124,783)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Balance as of April 30,
    2003</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2,833,377</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">154,063</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,142</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(124,783)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(124,179)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">604</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of Common shares</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,435,410</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">256,657</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2,855</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Shares repurchased</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(240,855)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(5,778)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Recapitalization pursuant
    to reverse acquisition</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2,737,576</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(404,265)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">404,265</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of Common shares</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,750,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">175</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">174,825</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of Common shares
    for Property Payment</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">300,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">30</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">114,212</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Foreign currency
    translation</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(12,796)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(12,796)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Net loss for the year</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(442,906)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(442,906)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Balance as of April 30,
    2004</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">8,815,508</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">882</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">697,299</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(567,689)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(455,702)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(12,192)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of Common shares
    for Property Payment</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">133,333</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">13</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">99,987</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    on Conversion of Convertible Promissory note</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">76,204</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">8</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">57,144</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Foreign currency
    translation</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">9,717</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">9,717</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Net loss for the year</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(808,146)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(808,146)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Balance as of April 30,
    2005</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">9,025,045</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">903</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">854,430</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(1,375,835)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(798,429)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(2,475)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Stock based compensation -
    Directors and officers</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">216,416</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Stock based compensation -
    Consultants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">8,830</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of common shares and
    Warrants on retirement of Demand Promissory note</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">369,215</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">37</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">203,031</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Units issued to an outside
    company for professional services settlement</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">24,336</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">13,384</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  </table>
<p style="MARGIN-RIGHT: 4px; margin-bottom:0" align="center"><font size="2">- 86
-</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Units issued to an officer
    for professional services settlement</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">12,168</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">6,690</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    for professional services</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">150,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">15</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">130,485</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Units issued to shareholder</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">490,909</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">49</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">269,951</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Units issued to a director</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">149,867</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">15</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">82,412</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Units issued to outside
    subscribers</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">200,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">20</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">109,980</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    on Conversion of Convertible Promissory notes</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">59,547</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">6</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">44,654</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    on Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">14,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">11,998</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    on Conversion of Convertible Promissory notes</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">76,525</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">8</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">57,386</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Private placement of shares</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">150,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">15</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">151,485</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of Common shares
    for property payment</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">133,333</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">13</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">99,987</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    on Conversion of Convertible Promissory notes</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">34,306</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">4</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">25,905</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    on Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">10,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">8,771</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    on Conversion of Convertible Promissory notes</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">101,150</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">10</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">76,523</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: medium none; " vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
</table>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 400,000 Special
    Warrants net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">371,680</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 200,000 flow
    through warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">154,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Brokered private placement
    of shares- net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">5,331,327</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">533</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2,910,375</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Brokered Private placement
    of flow through Shares- net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">25,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">13,310</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of stock options</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">10,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">5,499</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Foreign currency
    translation</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(2,687)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(2,687)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Net loss for the year</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(1,855,957)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(1,855,957)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Balance as of April 30,
    2006</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">16,366,728</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,637</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">5,301,502</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">525,680</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(3,231,792)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(1,858,644)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(5,162)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">10,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">8,986</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">45,045</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">5</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">40,445</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">16,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">14,278</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Common shares issued for
    settlement of severance liability to ex-officer</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">141,599</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">14</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">113,116</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">43,667</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">4</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">39,364</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">17,971</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">15,937</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">43,667</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">4</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">38,891</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">16,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">14,251</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">158,090</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">16</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">141,616</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of common shares for
    property payment</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">43,166</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">4</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">53,841</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">64,120</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">6</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">57,863</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  </table>
<p style="MARGIN-RIGHT: 4px; margin-bottom:0" align="center"><font size="2">- 87
-</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p Style='page-break-before:always; margin-top:0; margin-bottom:0'>
<b><font face="Times New Roman" size="2" color="#FFFFFF">*</font></b><font face="Times New Roman" size="2"><b></p>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">61,171</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">6</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">53,818</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of stock options</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">24,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">17,998</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    for professional services</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">342,780</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">34</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">438,725</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Brokered private placement
    of units-net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">400,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">40</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">363,960</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Brokered private placement
    of units-net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">550,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">55</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">498,923</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Stock based
    compensation-Directors and Officers</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">451,273</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Exercise of stock options</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">50,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">5</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">37,495</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    for property payment</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">133,334</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">13</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">99,987</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    for professional services</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">160,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">16</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">131,184</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    for professional services</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">118,800</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">12</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">152,052</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of shares for
    flow-through warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">200,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">20</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">153,980</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(154,000)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of shares for special
    warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">404,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">41</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">375,679</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(371,680)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 2,823,049 flow-
    through warrants -net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,916,374</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 334,218 unit
    special warrants-net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">230,410</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 3,105,358 common
    shares for 2,823,049 flow through warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">3,105,358</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">310</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,916,064</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(1,916,374)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 367,641 common
    shares for 334,218 unit special warrants</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">367,641</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">37</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">230,373</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(230,410)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Registration rights penalty
    expense</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">188,125</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Foreign currency
    translation</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(58,446)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(58,446)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Net loss for the year</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(3,703,590)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(3,703,590)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Balance as of April 30,
    2007</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">22,883,137</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2,288</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">10,949,726</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(6,935,382)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(3,762,036)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(63,608)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issuance of common shares
    for property payment</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">136,364</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">13</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">57,239</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Stock based compensation</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">196,259</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">&#150;</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Unrealized gain on
    available-for-sale securities</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">100,000</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">100,000</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Realized gain on
    available-for-sale securities</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(40,000)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(40,000)</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 543,615 flow
    through units</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">543,615</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">54</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">227,450</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-LEFT: 15px; TEXT-INDENT: -15px">Issue of 1,916,666 units &#150;
    net</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">1,916,666</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">192</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">698,110</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <p style="MARGIN-RIGHT: 4px">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">Foreign currency
    translation</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">281,303</font></td>
    <td style="BORDER-RIGHT: medium none; BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="10%" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">281,303</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" width="30%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" width="30%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">Net loss for the period</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="2%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid; " align="right" width="8%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="2%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid; " align="right" width="8%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="2%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid; " align="right" width="8%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="2%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid; " align="right" width="8%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="2%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid; " align="right" width="8%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(3,471,873)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="2%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid; " align="right" width="8%">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(3,471,873)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="2%">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid; " align="right" width="8%">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-BOTTOM: 1px solid; border-top-color:inherit" width="30%" bgColor="#f0efdb">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">Balance as of October
    31, 2007</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">25,479,782</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">2,547</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">12,128,784</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(10,407,255)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">(3,130,570)</font></td>
    <td style="BORDER-TOP: 1px solid; BORDER-BOTTOM: 1px solid" align="right" width="10%" bgColor="#f0efdb" colSpan="2">
    <font style="FONT-SIZE: 9pt" face="Times New Roman">
    <p style="MARGIN-RIGHT: 4px">277,695</font></td>
  </tr>
</table>
</b>
<p style="MARGIN-RIGHT: 4px" align="center"><font size="2">- 88 -</font></p>
<b>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed <a name="Notes to Interim Consolidated Financial Statements">Notes to
Interim Consolidated Financial Statements </a><br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">1. BASIS OF PRESENTATION </p>
<p align="justify" style="line-height: 13pt">The accompanying unaudited interim consolidated financial
statements do not include all the information and footnotes required by
generally accepted accounting principles for complete financial statements. In
the opinion of management, all adjustments (consisting of all recurring
accruals) considered necessary for fair presentation have been included.
Operating results for the interim period are not necessarily indicative of the
results that may be expected for the year ended April 30, 2008. Interim
financial statements should be read in conjunction with the Company&#146;s annual
audited financial statements. </p>
<p align="justify" style="line-height: 13pt">The interim consolidated financial statements include the
accounts of Yukon Gold Corporation, Inc. (the &quot;Company&quot;) and its wholly owned
subsidiary Yukon Gold Corp. (&quot;YGC&quot;). All material inter-company accounts and
transactions have been eliminated. </p>
<p align="justify" style="line-height: 13pt">2. GOING CONCERN </p>
<p align="justify" style="line-height: 13pt">The Company has no source for operating revenue and expects
to incur significant expenses before establishing operating revenue. The Company
has a need for equity capital and financing for working capital and exploration
and development of its properties. Because of continuing operating losses, the
Company&#146;s continuance as a going concern is dependent upon its ability to obtain
adequate financing and to reach profitable levels of operation. The Company&#146;s
future success is dependent upon its continued ability to raise sufficient
capital, not only to maintain its operating expenses, but to explore for ore
reserves and develop those it has on its mining claims. There is no guarantee
that such capital will continue to be available on acceptable terms, if at all
or if the Company will attain profitable levels of operation. </p>
<p align="justify" style="line-height: 13pt">Management has initiated plans to raise equity funding
through the issuance of common shares including flow-through shares. The Company
was successful in raising funds (net) of approximately $4 million during the
year ended April 30, 2006, which assisted the Company in meeting its commitments
and requirements for project expenses and general and administrative expenses.
The Company also raised (net) approximately $1.3 million during the six months
ended October 31, 2006. The company raised (net) approximately $1.9 million
through subscription of flow-through special warrants and raised (net)
approximately $230,000 through subscription of unit special warrants during the
three months ended January 31, 2007. The company further raised an additional
approximately $262,000 through subscription of flow-through units and raised
(net) approximately $698,000 through subscription of units during the three
months ended October 31, 2007. The Company&#146;s common shares are listed on the
Toronto Stock Exchange (the &quot;TSX&quot;) and included for quotation on the
Over-The-Counter Bulletin Board maintained by the NASD in the United States. The
trading of the Company&#146;s stock in both the United States and Canada has expanded
its investor base, as the Company continues to explore sources of funding from
both the United States and Canada. </p>
<p align="justify" style="line-height: 13pt">3. NATURE OF OPERATIONS </p>
<p align="justify" style="line-height: 13pt">The Company is an exploration stage mining company and has
not yet realized any revenue from its operations. It is primarily engaged in
acquisition, exploration and development of its two mining properties, both
located in the Yukon Territory in Canada. The Company has not yet determined
whether these properties contain mineral reserves that are economically
recoverable. The business of mining and exploring for minerals involves a high
degree of risk and there can be no assurances that current exploration programs
will result in profitable mining operations. </p>
<p align="center" style="margin-bottom: 0"><font size="2">- 89 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">4. EXPLORATION TAX CREDIT RECEIVABLE </p>
<p align="justify" style="line-height: 13pt">The Company has a claim to the Yukon exploration tax credit,
since it maintains a permanent establishment in the Yukon and has incurred
eligible mineral exploration expenses as defined by the federal income tax
regulations of Canada. The Company&#146;s expectation of receiving this credit of
$567,868 (CDN$536,465) is based on the history of receiving past credits. The
Company will file tax returns to claim the 2007 credit of $386,630 (CDN$365,249)
and has previously filed for the 2006 credit of $181,238 (CDN$171,216). </p>
<p align="justify" style="line-height: 13pt">5. RESTRICTED CASH </p>
</font><font face="Times New Roman" size="1">
<p align="justify" style="line-height: 13pt"></font><font face="Times New Roman" size="2">Under Canadian
income tax regulations, a company is permitted to issue flow-through shares
whereby the company agrees to incur qualifying expenditures and renounce the
related income tax deductions to the investors. Notwithstanding that, there is
no specific requirement to segregate the funds. The flow-through funds, which
are unexpended at the consolidated balance sheet date are considered to be
restricted and are not considered to be cash or cash equivalents. As of October
31, 2007 and April 30, 2007, unexpended flow-through funds were $nil and
$2,266,602 (CDN$2,516,155) respectively.</font><font face="Times New Roman" size="1">
</p>
</font><font face="Times New Roman" size="2">
<p align="justify" style="line-height: 13pt">6. STOCK BASED COMPENSATION </p>
<p align="justify" style="line-height: 13pt">Per SEC Staff Accounting Bulletin 107, Topic 14.F,
&quot;Classification of Compensation Expense Associated with Share-Based Payment
Arrangements&quot; stock based compensation expense is being presented in the same
lines as cash compensation paid. </p>
<p align="justify" style="line-height: 13pt">The Company adopted a new Stock Option Plan at its
shareholders meeting on January 19, 2007 (the &quot;2006 Stock Option Plan&quot;). The
2006 Stock Option Plan will be administered by the board of directors of the
Company or, in the board of directors&#146; discretion, by a committee appointed by
the board of directors for that purpose. The TSX approved the 2006 Stock Option
plan on March 9, 2007. </p>
<p align="justify" style="line-height: 13pt">Subject to the provisions of the 2006 Stock Option Plan, the
aggregate number of shares which may be issued under the 2006 Stock Option Plan
shall not exceed 2,000,000 shares (&quot;Total Shares&quot;). Any Stock Option granted
under the 2006 Stock Option Plan which has been exercised shall again be
available for subsequent grant under the 2006 Stock Option Plan, effectively
resulting in a re-loading of the number of shares available for grant under the
2006 Stock Option Plan. Any shares subject to an option granted under the 2006
Stock Option Plan which for any reason is surrendered, cancelled or terminated
or expires without having been exercised shall again be available for subsequent
grant under the 2006 Stock Option Plan. </p>
<p align="justify" style="line-height: 13pt">Under the 2006 Stock Option Plan, at no time shall: (i) the
number of shares reserved for issuance pursuant to Stock Options granted to any
one optionee exceed 10% of the Total Shares; (ii) the number of shares, together
with all security based compensation arrangements of the Company in effect,
reserved for issuance pursuant to Stock Options granted to any &quot;insiders&quot; (as
that term is defined under the <i>Securities Act</i> (Ontario)) exceed 10% of
the total number of issued and outstanding shares. In addition, the number of
shares issued to insiders pursuant to the exercise of Stock Options, within any
one year period, together with all security based compensation arrangements of
the Company in effect, shall not exceed 10% of the total number of issued and
outstanding shares. </p>
</font>
<p align="center" style="margin-bottom: 0"><font size="2">- 90 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">6. STOCK BASED COMPENSATION-Cont&#146;d </p>
<p align="justify" style="line-height: 13pt">The purchase price (the &quot;Price&quot;) per share under each Stock
Option shall be determined by the board of directors or a committee, as
applicable. The Price shall not be lower than the closing market price on the
TSX, or another stock exchange where the majority of the trading volume and
value of the Shares occurs, on the trading day immediately preceding the date of
grant, or if not so traded, the average between the closing bid and asked prices
thereof as reported for the trading day immediately preceding the date of the
grant; provided that if the shares have not traded on the TSX or another stock
exchange for an extended period of time, the &quot;market price&quot; will be the fair
market value of the shares at the time of grant, as determined by the board of
directors or committee. The board of directors or committee may determine that
the Price may escalate at a specified rate dependent upon the date on which an
option may be exercised by the Eligible Participant. The Company has adopted
SFAS123 (Revised) commencing May 1, 2005. During the six month period ended
October 31, 2007, the following stock options were granted under the 2006 stock
option plan: </p>
<p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 30px; line-height:13pt" align="justify">a) </p>
<p style="MARGIN-TOP: -11pt; MARGIN-LEFT: 60px; line-height:13pt" align="justify">On August 15,
2007 Stock options to one consultant to purchase 125,000 common shares each at
an exercise price of $0.42 (CND $0.45) per share. These options were granted in
accordance with the terms of the Company&#146;s 2006 Stock Option Plan and shall vest
at 31,250 options each on November 15, 2007, February 15, 2008, May 15, 2008 and
August 15, 2008 respectively. The first exercise date of the option is August
15, 2008 and these options shall expire on August 15, 2010. </p>
<p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 30px; line-height:13pt" align="justify">b) </p>
<p style="MARGIN-TOP: -11pt; MARGIN-LEFT: 60px; line-height:13pt" align="justify">On September 28,
2007 Stock Options to one officer to purchase 200,000 common shares at a price
of $0.38 (CDN$0.38) and to one employee to purchase 100,000 common shares at a
price of $0.39 (CDN$0.39) per share. These options were granted in accordance
with the terms of the Company&#146;s 2006 Stock Option Plan. Options to the officer
shall vest at the rate of one twelfth (1/12) each month, commencing, on the 1<sup>st</sup>
day of October 2007, for a period of twelve months. The options granted shall be
for a term of 5 years. Options to the employee shall vest at the rate of one
twenty-forth (1/24) each month, commencing on October 28, 2007, for a period of
24 months. The options granted shall be for a term of 5 years. </p>
<p align="center" style="margin-bottom: 0"><font size="2">- 91 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited)</p>
</b>
<p align="justify" style="line-height: 13pt">6. STOCK BASED COMPENSATION-Cont&#146;d </p>
<p align="justify" style="line-height: 13pt">For the six month period ended October 31, 2007, the Company
recognized in the financial statements, stock-based compensation costs as per
the following details. The fair value of each option used for the purpose of
estimating the stock compensation is based on the grant date using the Black-Scholes
option pricing model with the following weighted average assumptions: </p>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td vAlign="bottom" width="28%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">19-Jan</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">20-Mar</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">28-Mar</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">15-Aug</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">28-Sept</font></td>
    <td vAlign="bottom" align="right" width="12%">&nbsp;</td>
  </tr>
  <tr>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" width="28%">&nbsp;</td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">2007</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">2007</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">2007</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">2007</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">2007</font></td>
    <td style="BORDER-BOTTOM: 1px solid" vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">TOTAL</font></td>
  </tr>
  <tr>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" width="28%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    &nbsp;</td>
    <td style="BORDER-TOP: 1px solid" vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    &nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="28%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">Risk free rate</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">4.5%</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">4.5%</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">4.5%</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">4.5%</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">4.5%</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="28%"><font face="Times New Roman" size="2">
    Volatility factor</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">45.19%</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">57.48%</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">98.67%</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">71.49%</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">49.04%</font></td>
    <td vAlign="bottom" align="right" width="12%">&nbsp;</td>
  </tr>
  <tr>
    <td vAlign="bottom" width="28%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">Stock-based compensation cost expensed
    during the six month period ended October 31, 2007</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">$146,738</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">$13,296</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">$23,942</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">$5,110</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">$7,173</font></td>
    <td vAlign="bottom" align="right" width="12%" bgColor="#f0efdb">
    <font face="Times New Roman" size="2">$196,259</font></td>
  </tr>
  <tr>
    <td vAlign="bottom" width="28%"><font face="Times New Roman" size="2">
    Unexpended Stock &#150;based compensation cost deferred over the vesting period</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">$25,092</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">$36,826</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">$19,481</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">$19,111</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">$49,230</font></td>
    <td vAlign="bottom" align="right" width="12%">
    <font face="Times New Roman" size="2">$149,740</font></td>
  </tr>
</table>
<p align="justify" style="line-height: 13pt">As of October 31, 2007 there was $149,740 of unrecognized
expenses related to non-vested stock-based compensation arrangements granted.
The stock-based compensation expense for the six month period ended October 31,
2007 was $196,259. </p>
<p align="justify" style="line-height: 13pt">7. ISSUANCE OF COMMON SHARES </p>
<p align="justify" style="line-height: 13pt"><u>Year ended April 30, 2007 </u></p>
<p align="justify" style="line-height: 13pt">On May 29, 2006 the Company issued 10,000 common shares for
the exercise of 10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $8,987 (CDN$10,000). </p>
<p align="justify" style="line-height: 13pt">On May 29, 2006 the Company issued 45,045 common shares for
the exercise of 45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $40,450 (CDN$45,045). </p>
<p align="justify" style="line-height: 13pt">On May 29, 2006 the Company issued 16,000 common shares for
the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $14,280 (CDN$16,000). </p>
<p align="justify" style="line-height: 13pt">On May 30, 2006 the Company issued 141,599 common shares for
the settlement of an accrued liability to an ex officer and director. The
accrued severance amount of $113,130 (CDN$128,855) was converted to 141,599
common shares at $0.80 (CDN$0.91). </p>
<p align="center" style="margin-bottom: 0"><font size="2">- 92 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p style="line-height: 13pt">7. ISSUANCE OF COMMON SHARES-Cont&#146;d </p>
<p align="justify" style="line-height: 13pt">On June 22, 2006 the Company issued 43,667 common shares for
the exercise of 43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in
consideration of $39,368 (CDN$43,667). </p>
<p align="justify" style="line-height: 13pt">On June 28, 2006 the Company issued 17,971 common shares for
the exercise of 17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $15,939 (CDN$17,971). </p>
<p align="justify" style="line-height: 13pt">On June 28, 2006 the Company issued 43,667 common shares for
the exercise of 43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $38,895 (CDN$43,667). </p>
<p align="justify" style="line-height: 13pt">On June 28, 2006 the Company issued 16,000 common shares for
the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $14,253 (CDN$16,000). </p>
<p align="justify" style="line-height: 13pt">On June 29, 2006 the Company issued 158,090 common shares for the exercise of
158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$141,632 (CDN$158,090). </p>
<p align="justify" style="line-height: 13pt">On July 7, 2006 the Company issued 43,166 common shares in settlement of a
property payment on the Mount Hinton property. The shares represent $53,845
(CDN$60,000) payment and were valued $1.25 (CDN$1.39) each. </p>
<p align="justify" style="line-height: 13pt">On July 7, 2006 the Company issued 64,120 common shares for the exercise of
64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of
$57,869 (CDN$64,120). </p>
<p align="justify" style="line-height: 13pt">On July 17, 2006 the Company issued 61,171 common shares for the exercise of
61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of
$53,824 (CDN$61,171). </p>
<p align="justify" style="line-height: 13pt">On August 11, 2006 the Company issued 817,980 restricted
shares in total to three consultants for services relating to business promotion
and development. These consultants assisted management in the preparation of
financial offerings and in arranging meetings and making presentations to the
brokerage community and institutional investors in both the United States and
Canada. Except for 342,780 common shares which were earned by these consultants
as of October 31, 2006, the balance of 475,200 common shares were held in escrow
to be released to each consultant in 8 monthly installments of 19,800 common
shares commencing November 1, 2006. Out of 475,200 common shares held in escrow,
the Company received back 356,400 common shares for cancellation. </p>
<p align="justify" style="line-height: 13pt">On September 7, 2006 the Company issued 24,000 shares to an officer upon
exercising 24,000 vested stock options at $0.75 for a total of $18,000. </p>
<p align="justify" style="line-height: 13pt">On October 3, 2006, the Company completed a brokered private
placement and issued 400,000 units, where each unit consisted of a common share
and a share purchase warrant. The units were priced at $1.00 per unit for a
total of $400,000. The Company paid a finders fee of 6% and reimbursed expenses
for 3% of the total consideration. The warrants have a two-year term and are
exercisable at $1.50 per share in the first twelve months of the term and $2.00
per share in the remaining twelve months of the term. </p>
</font>
<p align="center" style="margin-bottom: 0"><font size="2">- 93 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p style="line-height: 13pt">7. ISSUANCE OF COMMON SHARES-Cont&#146;d </p>
<p align="justify" style="line-height: 13pt">On October 3, 2006, the Company completed another brokered
private placement and issued 550,000 units, where each unit consisted of a
common share and a share purchase warrant. The units were priced at $1.00 per
unit for a total of $550,000. The Company paid a finders fee of $33,000 and
reimbursed expenses for $18,022 (CDN$20,000). The warrants have a two-year term
and are exercisable at $1.50 per share in the first twelve months of the term
and $2.00 per share in the remaining twelve months of the term. </p>
<p style="line-height: 13pt">On December 12, 2006 the Company issued 50,000 shares to a former officer
upon exercising of 50,000 vested stock options at $0.75 for a total of $37,500.
</p>
<p align="justify" style="line-height: 13pt">On December 6, 2006 the board of directors authorized the
issuance of 133,334 common shares in the amount of $100,000 for a property
payment to Atna Resources Ltd., along with a cash payment of $86,805
(CDN$100,000) as per terms of the agreement. The common shares along with the
cash payment were delivered to Atna Resources Ltd. on December 12, 2006. This
entire payment of $186,805 was expensed in the consolidated statements of
operations. </p>
<p align="justify" style="line-height: 13pt">On December 19, 2006 the Company issued 160,000 common shares
to a consultant for services rendered. These services related to the consulting
agreement dated March 21, 2006. As per terms of that agreement, the Consultant
was to provide to the Company market and financial advice and expertise as may
be necessary relating to the manner of offering and pricing of securities. The
agreement was for a period of twelve months commencing the day of trading of the
Company&#146;s stock on the Toronto Stock Exchange (April 19, 2006). As per the
agreement, the Consultant was to be compensated a fee equal to 240,000
restricted common shares of the Company with a fair value of $196,800 and was to
receive these shares on a monthly basis. Each party was able to cancel the
agreement on 30 days notice. The Company cancelled the agreement as of November
30, 2006 and on December 19, 2006 issued 160,000 common shares as full and final
consideration.</p>
<p align="justify" style="line-height: 13pt">On December 19, 2006 the Company issued 200,000 common shares
in lieu of sale of 200,000 Flow-Through Special Warrants made to a Canadian
accredited investor, for $180,000 (CDN$205,020) on December 30, 2005. Each
Flow-Through Special Warrant entitled the Holder to acquire one flow-through
common share of the Company at no additional cost. </p>
<p align="justify" style="line-height: 13pt">On December 28, 2006, the Company completed a private
placement of 2,823,049 flow-through special warrants (which qualify as
flow-through shares for the purposes of the Canadian Income Tax Act) at a price
of $0.90 (CDN$1.05) per warrant and 334,218 unit special warrants at a price of
$0.77 (CDN$0.90) per warrant for aggregate gross proceeds to the Company of
$2,801,610 (CDN$3,264,996). Each flow-through special warrant entitles the
holder to acquire, for no additional consideration, one common share of the
Company. Each unit special warrant entitles the holder to acquire, for no
additional consideration, one common share and one common share purchase warrant
of the Company. Each common share purchase warrant entitles the holder to
acquire one common share of the Company at a price of $0.90 (CDN$1.05) for a
period of 24 months from the closing date. In connection with this private
placement, the Company agreed to file a prospectus in Canada qualifying the
issuance of the common shares and warrants issuable upon the exercise of the
special warrants as well as those common shares issuable on exercise of the
common share purchase warrants. In addition, the Company agreed to file a
registration statement in the United States covering the re-sale of common
shares underlying the units and warrants by the respective shareholders. The
Company subsequently declined to file a prospectus in Canada but did file the
registration statement in the United States. As a result of the Company&#146;s
decision not to file a prospectus in Canada, primarily because of the cost
involved, the Company was obligated to pay a penalty to the holders of the
securities issued in the private placement. As a result of the penalty, (i) each
flow-through special warrant entitles the holder to acquire 1.1 common shares on
exercise thereof and (ii) each unit special warrant entitles the holder to
acquire 1.1 common shares and 1.1 common share purchase warrants on exercise
thereof. In connection with the private placement, Northern Securities Inc., the
lead agent, received a cash commission of $171,164 (CDN$198,550) as well as
169,042 flow-through compensation options and 23,395 unit compensation options.
In addition, as part of the private placement, Limited Market Dealer Inc.
received a cash commission of $25,862 (CDN$30,000) as well as 28,571
flow-through compensation options and Novadan Capital Ltd. received a cash
payment of $28,362 (CDN$32,900) as well as 32,900 unit compensation options.
Each flow-through compensation option entitles the holder to acquire, for no
additional consideration, one flow-through compensation warrant, each
exercisable into one common share of the Company at a price of $0.90 (CDN$1.05)
for a period of 24 months from the closing date of December 28, 2006. Each unit
compensation option entitles the holder to acquire, for no additional
consideration, one unit compensation warrant, each exercisable at $0.81
(CDN$0.941) into one common share and one common share purchase warrant of the
Company at a price of $0.90 (CDN$1.05<b>)</b> for a period of 24 months from the
closing date of December 28, 2006. As a result of the penalty, (i) each
flow-through compensation option entitles the holder to acquire 1.1 flow-through
compensation warrants on exercise thereof and (ii) each unit compensation option
granted to Northern Securities, Inc. entitles the holder to acquire 1.1 unit
compensation warrants on exercise thereof. The private placement was exempt from
registration under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;)
pursuant to an exemption afforded by Regulation S promulgated under the
Securities Act (&quot;Regulation S&quot;). </p>
</font>
<p align="center" style="margin-bottom: 0"><font size="2">- 94 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>

<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">7. ISSUANCE OF COMMON SHARES-Cont&#146;d </p>
<p align="justify" style="line-height: 13pt">On January 11, 2007, the Company issued its obligated 400,000
common shares and an additional 4,000 common shares as penalty, in lieu of sale
of 400,000 Special Warrants to a Canadian accredited investor for $404,000 paid
on December 15, 2005. Each Special Warrant entitled its holder to acquire one
common share of the Company and one common share purchase warrant at no
additional cost. The Company was obligated to have a registration statement
become effective within 181 days of the closing. In the absence of a
registration statement being declared effective within 181 days of the closing,
the Company issued an additional 4,000 common shares to the Canadian accredited
investor at no extra cost as a penalty. The Company expensed an amount of $5,000
to registration rights penalty expense under the head General and Administration
and credited this to Additional paid in capital. </p>
<p align="justify" style="line-height: 13pt">On April 25, 2007 the Company issued 2,823,049 common shares
and an additional 282,309 shares as a penalty, relating to the private placement
of 2,823,049 flow-through special warrants on December 28, 2006 (refer to note
above). The penalty shares were issued as the Company failed to obtain receipts
for the final prospectus or effectiveness of the registration statement by
February 26, 2007 (60 days from the closing date). The Company expensed an
amount of $163,739 to registration rights penalty expense under the head General
and Administration and credited this to Additional paid in capital. </p>
<p align="justify" style="line-height: 13pt">On April 25, 2007 the Company issued 334,218 common shares
and an additional 33,423 shares as a penalty, relating to the private placement
of 334,218 unit special warrants on December 28, 2006 (refer to note above). The
penalty shares were issued as the Company failed to obtain receipts for the
final prospectus or effectiveness of the registration statement by February 26,
2007 (60 days from the closing date). The Company expensed an amount of $19,386
to registration rights penalty expense under the head General and Administration
and credited this to Additional paid in capital. </p>
<p align="center" style="margin-bottom: 0"><font size="2">- 95 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">7. ISSUANCE OF COMMON SHARES-Cont&#146;d </p>
<p align="justify" style="line-height: 13pt"><u>Six Months ended October 31, 2007 </u></p>
<p align="justify" style="line-height: 13pt">On July 7, 2007 the Company issued 136,364 common shares in
settlement of a property payment on the Mount Hinton property. The shares
represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were
valued at $0.42 (CDN$0.44) each. </p>
<p align="justify" style="line-height: 13pt">On August 16, 2007 the Company completed a private placement
(the &quot;Financing&quot;) with Northern Securities Inc. (&quot;Northern&quot;), acting as agent.
The Financing was comprised of the sale of 1,916,666 units (the &quot;Units&quot;) at
$0.42 (CDN$0.45) per Unit (the &quot;Unit Issue Price&quot;) for gross proceeds of
$802,101 (CDN$862,499.70) and the sale of 543,615 flow-through units (the
&quot;Flow-Through Units&quot; which qualify as flow-through shares for the purposes of
the Canadian Income Tax Act) at $0.49 (CDN$0.52) per Flow-Through Unit (the
&quot;Flow-Through Unit Issue Price&quot;) for gross proceeds of $262,884 (CDN$282,680).
The proceeds raised were allocated between the offering of shares and the sale
of tax benefits. A liability of $35,381 was recognized for the sale of taxable
benefits, which will be reversed and credited to income when the Company
renounces resource expenditure deduction to the investor. Each Unit consisted of
one non-flow through common share (&quot;Common Share&quot;) and one half of one Common
Share purchase warrant (each whole warrant, a &quot;Warrant&quot;). Each Warrant is
exercisable into one Common Share until August 16, 2009 at an exercise price of
$0.56 (CDN$0.60) per share. Each Flow-Through Unit consisted of one flow-through
common share and one half of one Common Share purchase warrant (each whole
warrant, an &quot;FT Warrant&quot;). Each FT Warrant is exercisable into one Common Share
until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share. The
Company paid Northern a commission equal to 8% of the aggregate gross proceeds
which amounted to $85,199 (CDN$91,614) and issued 153,333 &quot;Unit Compensation
Options&quot; and 43,489 &quot;FT Unit Compensation Options&quot;. Each Unit Compensation
Option is exercisable into one Unit at the Unit Issue Price until August 16,
2009. Each FT Unit Compensation Option is exercisable into one Common Share and
one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16,
2009. The Company reimbursed Northern expenses of $18,600 (CDN $20,000). </p>
<p align="justify" style="line-height: 13pt">8. COMMITMENTS AND CONTINGENCIES </p>
<p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 30px; line-height:13pt" align="justify">(a)&nbsp; Mount
Hinton Property Mining Claims </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">On July 7, 2002 Yukon Gold Corp. (&quot;YGC&quot;)
entered into an option agreement with the Hinton Syndicate to acquire a 75%
interest in the 273 unpatented mineral claims covering approximately 14,000
acres in the Mayo Mining District of the Yukon Territory, Canada. This agreement
was replaced with a revised and amended agreement (the &quot;Hinton Option
Agreement&quot;) dated July 7, 2005 which superseded the original agreement and
amendments thereto. The new agreement is between the Company, its wholly owned
subsidiary YGC and the Hinton Syndicate. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">YGC must make scheduled cash
payments and perform certain work commitments to earn up to a 75% interest in
the mineral claims, subject to a 2% net smelter return royalty in favor of the
Hinton Syndicate, as further described below. </p>
</font>
<p style="MARGIN-RIGHT: 4px; margin-bottom:0" align="center"><font size="2">- 96
-</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify">8. COMMITMENTS AND CONTINGENCIES-Cont&#146;d </p>
<p style="MARGIN-LEFT: 30px" align="justify">The schedule of Property Payments
and Work Programs are as follows: </p>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2"><b><u>PROPERTY
    PAYMENTS</u></b></font></td>
    <td width="49%">&nbsp;</td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">On
    execution of the July 7, 2002 Agreement</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$ 19,693</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2">(CDN$&nbsp;&nbsp; 25,000) Paid</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2">On July 7, 2003</font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$ 59,078</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2">(CDN$&nbsp;&nbsp; 75,000) Paid</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">On
    July 7, 2004</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$118,157</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2">(CDN$ 150,000) Paid</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2">On January 2, 2006</font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$125,313</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2">(CDN$ 150,000) Paid</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">On
    July 7, 2006</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$134,512</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2">(CDN$ 150,000) Paid</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2">On July 7, 2007</font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$141,979</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2">(CDN$ 150,000) Paid</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">On
    July 7, 2008</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$158,781</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2">(CDN$ 150,000)</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2"><b>TOTAL</b></font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2"><b>$757,513</b></font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 60px">
    <font face="Times New Roman" size="2"><b>(CDN$ 850,000)</b></font></td>
  </tr>
  <tr>
    <td width="2%">
    &nbsp;</td>
    <td width="49%">&nbsp;</td>
    <td width="49%">
    &nbsp;</td>
  </tr>
</table>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="98%" colSpan="2"><font face="Times New Roman" size="2"><b>
    <p align="left"><u>WORK PROGRAM-expenditures to be incurred in the following
    periods;</u></b></font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%">&nbsp;</td>
    <td width="49%">&nbsp;</td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">July
    7/02 to July 6/03</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$ 118,157</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2">(CDN$&nbsp;&nbsp;&nbsp;&nbsp; 150,000) Incurred</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2">July 7/03 to July 6/04</font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$ 196,928</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2">(CDN$&nbsp;&nbsp;&nbsp;&nbsp; 250,000) Incurred</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">July
    7/04 to July 6/05</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$ 256,006</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2">(CDN$&nbsp;&nbsp;&nbsp;&nbsp; 325,000) Incurred</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2">July 7/05 to Dec.
    31/06</font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$ 667,795</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2">(CDN$&nbsp;&nbsp;&nbsp;&nbsp; 750,000) Incurred</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">Jan.
    1/07 to Dec. 31/07</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$ 937,383</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2">(CDN$&nbsp; 1,000,000) Incurred</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2">Jan. 1/08 to Dec.
    31/08</font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$1,323,171</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2">(CDN$&nbsp; 1,250,000)</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%" bgColor="#f0efdb"><font face="Times New Roman" size="2">Jan.
    1/09 to Dec. 31/09</font></td>
    <td width="49%" bgColor="#f0efdb">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2">$1,587,806</font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2">(CDN$&nbsp; 1,500,000)</font></td>
  </tr>
  <tr>
    <td width="2%">
    <p style="MARGIN-LEFT: 30px">&nbsp;</td>
    <td width="49%"><font face="Times New Roman" size="2"><b>TOTAL</b></font></td>
    <td width="49%">
    <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
    <font face="Times New Roman" size="2"><b>$5,087,246</b></font></p>
    <p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 68px">
    <font face="Times New Roman" size="2"><b>(CDN$ 5,225,000)</b></font></td>
  </tr>
</table>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">By letter agreement dated August
17, 2006, the Hinton Syndicate agreed to allow the Company to defer a portion of
the Work Program expenditure scheduled to be incurred by December 31, 2006. The
agreement to defer such Work program expenditures was due to the mechanical
break-down of drilling equipment and the unavailability of replacement drilling
equipment at the Mount Hinton site. As a result, the Company was allowed to
defer the expenditure of approximately $220,681 (CDN$235,423) until December 31,
2007. The Company has incurred that expenditure in addition to the expenditure
for January 1 to December 31, 2007 as at October 31, 2007. All other Property
Payments and Work Program expenditures due have been made and incurred. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">Provided all Property Payments have
been made that are due prior to the Work Program expenditure levels being
attained, YGC shall have earned a: </p>
<p style="MARGIN-LEFT: 60px; line-height:13pt" align="justify">25% interest upon completion of
Work Program expenditures of $1,587,806 (CDN$1,500,000) </p>
<p style="MARGIN-LEFT: 60px; line-height:13pt" align="justify">50% interest upon completion of
Work Program expenditures of $2,646,343 (CDN$2,500,000) </p>
<p style="MARGIN-LEFT: 60px; line-height:13pt" align="justify">75% interest upon completion of
Work Program expenditures of $5,087,246 (CDN$5,225,000) </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">YGC earned a 50% interest in the
claims covered by the Hinton Option Agreement as at October 31, 2007. In some
cases, payments made to service providers include amounts advanced to cover the
cost of future work. These advances are not loans but are considered &quot;incurred&quot;
exploration expenses under the terms of the Hinton Option Agreement. Section
2.2(a) of the Hinton Option Agreement defines the term, &quot;incurred&quot; as follows:
&quot;Costs shall be deemed to have been &quot;incurred&quot; when YGC has contractually
obligated itself to pay for such costs or such costs have been paid, whichever
should first occur.&quot; Consequently, the term, &quot;incurred&quot; includes amounts
actually paid and amounts that YGC has obligated itself to pay. Under the Hinton
Option Agreement there is also a provision that YGC must have raised and have
available the Work Program funds for the period from July 7, 2005 to December
31, 2006, by May 15 of 2006. This provision was met on May 15, 2006. </p>
</font>
<p align="center" style="margin-bottom: 0"><font size="2">- 97 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify">8. COMMITMENTS AND CONTINGENCIES-Cont&#146;d </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Hinton Option Agreement
contemplates that upon the earlier of: (i) a production decision or (ii)
investment of $5,087,246 (CDN$5,225,000) or (iii) YGC has a minority interest
and decides not to spend any more money on the project, YGC&#146;s relationship with
the Hinton Syndicate will become a joint venture for the further development of
the property. Under the terms of the Hinton Option Agreement, the party with the
majority interest would control the joint venture. Although YGC has earned a 50%
interest as at October 31, 2007, if the relationship is converted to a joint
venture currently, YGC&#146;s interest would automatically be reduced to a 45%
interest in the joint venture (by the terms of the Hinton Option Agreement) and
the Hinton Syndicate would control the joint venture. Once the 75% interest is
earned, as described above, YGC has a further option to acquire the remaining
25% interest in the mineral claims for a further payment of $5,292,685
(CDN$5,000,000). </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Hinton Option Agreement
provides that the Hinton Syndicate receive a 2% &quot;net smelter return royalty.&quot; In
the event that the Company exercises its option to buy-out the remaining 25%
interest of the Hinton Syndicate (which is only possible if the Company has
reached a 75% interest, as described above) then the &quot;net smelter return
royalty&quot; would become 3% and the Hinton Syndicate would retain this royalty
interest only. The &quot;net smelter return royalty&quot; is a percentage of the gross
revenue received from the sale of the ore produced from the mine less certain
permitted expenses. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Hinton Option Agreement
entitles the Hinton Syndicate to recommend for appointment one member to the
board of directors of the Company. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Hinton Option Agreement
provides both parties (YGC and the Hinton Syndicate) with rights of first
refusal in the event that either party desires to sell or transfer its interest.
</p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Hinton Syndicate members each
have the option to receive their share of property payments in stock of the
Company at a 10% discount to the market. YGC and the Company have a further
option to pay 40% of any property payment due after the payment on January 2,
2006 with common stock of the Company. On July 7, 2007 the Company issued
136,364 common shares, with the approval of the TSX, in settlement of 40% of the
property payment due on July 7, 2007. The shares represent $57,252 (CDN$60,000)
which is 40% of the contracted payment and were valued at $0.42 (CDN$0.44) each.
The $84,727 (CDN$90,000) balance was paid in cash to the members of the Hinton
Syndicate on July 7, 2007. This entire issuance of shares and cash payment was
expensed as project expense. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Hinton Option Agreement
pertains to an &quot;area of interest&quot; which includes the area within ten kilometers
of the outermost boundaries of the 273 mineral claims, which constitute our
mineral properties. Either party to the Hinton Option Agreement may stake claims
outside the 273 mineral claims, but each must notify the other party if such new
claims are within the &quot;area of interest.&quot; The non-staking party may then elect
to have the new claims included within the Hinton Option Agreement. As of
December 11, 2006, there were an additional 24 claims staked, known as the &quot;Gram
Claims&quot; which became subject to the Hinton Option Agreement. </p>
</font>
<p align="center" style="margin-bottom: 0"><font size="2">- 98 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify">8. COMMITMENTS AND CONTINGENCIES-Cont&#146;d </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">On April 2, 2007 the Company
accepted a proposed work program, budget and cash call schedule for the Mount
Hinton project which was revised on May 15, 2007, totaling $1,517,194
(CDN$1,505,200) for the 2007 Work Program. The Company had approximately $70,304
(CDN$75,000) on deposit left over from the 2006 cash call schedule. On May 15,
2007 the Company paid $180,164 (CDN$200,000), on June 15, 2007 the Company paid
$202,684 (CDN$225,000), being two of the four cash call payments. Due to delays
in the drilling program the third payment of $635,123 (CDN$600,000) which was
due on July 31, 2007 was changed to August 31, 2007. On August 15, 2007 the
Company paid $97,259 (CDN$91,880) towards the third cash call payment for the
Mount Hinton 2007 Work Program. On August 31, 2007 the Company re-allocated
$537,864 (CDN$508,120) being the balance of the third cash call payment from
cash call funds previously allocated to the Marg Project. These re-allocated
funds were not needed for the Marg Project. The fourth payment of $428,919
(CDN$405,200) which was originally due on August 15, 2007 was changed to and
paid on September 15, 2007. </p>
<p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 30px; line-height:13pt" align="justify">b)&nbsp; The Marg
Property </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">In March 2005, the Company acquired
rights to purchase 100% of the Marg Property, which consists of 402 contiguous
mineral claims covering approximately 20,000 acres located in the Mayo Mining
District of the Yukon Territory of Canada. Title to the claims is registered in
the name of YGC. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Company assumed the rights to
acquire the Marg Property under a Property Purchase Agreement (&quot;Agreement&quot;) with
Atna Resources Ltd. (&quot;Atna&quot;). Under the terms of the Agreement the Company paid
$119,189 (CDN$150,000) cash and 133,333 common shares as a down payment. The
Company made payments under the Agreement for $43,406 (CDN$50,000) cash and an
additional 133,333 common shares of the Company on December 12, 2005; $86,805
(CDN$100,000) cash and an additional 133,334 common shares of the Company on
December 12, 2006. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">The Company has agreed to make
subsequent payments under the Agreement of: (i) $105,854 (CDN$100,000) cash on
or before December 12, 2007 and this cash payment was made subsequently; and
(ii) $211,708 (CDN$200,000) in cash and/or common shares of the Company (or some
combination thereof to be determined) on or before December 12, 2008. Upon the
commencement of commercial production at the Marg Property, the Company will pay
to Atna $1,058,537 (CDN$1,000,000) in cash and/or common shares of the Company,
or some combination thereof to be determined. </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">On April 2, 2007 the Company
accepted a proposed work program, budget and cash call schedule for the Marg
project totaling $3,026,916 (CDN$3,180,000) for the 2007 Work Program. The
Company had approximately $515,561 (CDN$550,000) on deposit left over from the
2006 cash call schedule. On May 15, 2007 the Company paid $703,037
(CDN$750,000), on June 15, 2007 the Company paid $703,037 (CDN$750,000), and on
July 15, 2007 the Company paid $703,037 (CDN$750,000) being three of the four
cash call payments. The fourth and final payment of $402,244 (CDN$380,000) was
paid on August 15, 2007. On August 31, 2007 the Company re-allocated $537,864
(CDN$508,120) being the balance of the third cash call payment for the Mount
Hinton 2007 Work Program from cash call funds previously allocated to the Marg
Project. These re-allocated funds were not needed for the Marg Project. </p>
<p align="center" style="margin-bottom: 0"><font size="2">- 99 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">8. COMMITMENTS AND CONTINGENCIES-Cont&#146;d </p>
<p style="MARGIN-LEFT: 30px; line-height:13pt" align="justify">c) On August 15, 2007 the Company
entered into an investor relations marketing agreement with a consultant for a
one year term, with the option to renew for an additional 12 months. In return
for services rendered, the Company will pay the consultant $2,117 (CDN$2,000)
per month. On August 31, 2007 the Company paid $3,787 (CDN$4,000) being the
first and last payments of the contract. On September 15, 2007 the Company paid
$1,941 (CDN$2,000) and on October 15, 2007 the Company paid $2,048 (CDN$2,000),
being the second and third payments respectively. Subsequently on November 15,
2007 the Company paid $2,117 (CDN$2,000) being the fourth payment of the
contract. .In addition, the consultant has been granted an option to purchase
125,000 shares of the Company at $0.48 (CDN$0.45) per share, with the option
vesting in equal quarterly amounts of 31,250 shares on November 15, 2007,
February 15, 2008, May 15, 2008 and August 15, 2008, and the first exercise date
being August 15, 2008 and an expiry date of August 15, 2010. </p>
<p align="justify" style="line-height: 13pt">9. SHORT-TERM INVESTMENT IN AVAILABLE- FOR- SALE SECURITIES
</p>
<p align="justify" style="line-height: 13pt">The Company entered into a subscription agreement dated as of
April 3, 2007 (the &quot;Agreement&quot;) with Industrial Minerals, Inc. (&quot;Industrial
Minerals&quot;) to acquire (i) 5,000,000 common shares of Industrial Minerals at a
price of $0.05 per share and (ii) a Warrant entitling the holder: (a) to
purchase 5,000,000 common shares of Industrial Minerals at a purchase price of
$0.05 per share (the &quot;option price&quot;) or, at the option of the holder, (b) to
surrender the Warrant for a number of common shares to be determined by
application of an anti-dilution formula which would result in a larger number of
shares issued to the holder if the market price of the common stock is less than
the option price at the time of exercise. The Warrant expires on April 3, 2008.
The total subscription price paid by the Company was $250,000. The Company
entered into the Agreement as of May 14, 2007. The common stock of Industrial
Minerals is quoted on the Over-the-Counter Bulletin Board under the symbol, &quot;IDSM.&quot;
The Company accounted for this investment as a short term investment in
available-for-sale securities. The unrealized gain of $100,000 as at October 31,
2007 has been excluded from earnings and reported as &#145;Other Comprehensive
Income&#146;. On August 17, 2007, the Company entered into an agreement with Global
Capital SPE-1 LLC (&quot;Global&quot;) pursuant to which Global agreed to purchase 2
million shares of Industrial Minerals Inc. (&quot;IDSM&quot;) held by the Company for
consideration of $140,000. Pursuant to the Agreement, Global has the option to
purchase from the Company an additional 3 million shares of IDSM for
consideration of $210,000. The Company also assigned to Global 5 million
warrants to purchase IDSM stock. The Company will receive up to $100,000 in the
event that Global exercises all or a portion of the warrants. Global consummated
the purchase of the first 2 million shares of IDSM on September 6, 2007 and paid
the Company $140,000. The Company accounted for $40,000 as realized gain on sale
of securities as a credit to the general and administrative expenses and reduced
the unrealized gain of $100,000 by $40,000. </p>
<p align="justify" style="line-height: 13pt">10. PREPAID EXPENSES AND OTHER </p>
<p align="justify" style="line-height: 13pt">Included in prepaid expenses and other is an amount of
$189,017 (CDN$178,564) being Goods and Services tax receivable from the Federal
Government of Canada. Included in prepaid expenses and other is a deposit of
$543,871 (CDN $513,795) with a geological company for conducting exploration
activities at the Mount Hinton and Marg properties. </p>
<p align="center" style="margin-bottom: 0"><font size="2">- 100 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES </p>
<p align="justify" style="line-height: 13pt">The Company entered into a one year consulting agreement with
a consultant on December 28, 2006 commencing January 1, 2007. As per terms of
the agreement, the consultant was to provide consulting services which included
market awareness, financial and strategic advice. The Company was to compensate
the consultant with a fee of 500,000 restrictive shares over a period of twelve
months with shares to be delivered on a monthly basis. The Company had accrued
the cost of $136,668 in the April 30, 2007 statements, although in the opinion
of the Company, it was not obligated to issue stock as the consultant was in
breach of the contract due to non performance of the agreed services. The
Company received a cancellation and waiver of the agreement from the consultant
and reversed this accrual to the credit of general and administrative expense
during the quarter ended July 31, 2007. </p>
<p align="justify" style="line-height: 13pt">On August 22, 2007 the Company entered into an agreement with
a consultant. In return for services rendered, the Company will pay the
consultant $37,608 (CDN$40,000) in installments as set out in the agreement. The
first installment was paid on August 22, 2007 for $12,537 (CDN$13,333) and the
second installment was paid on October 1, 2007 for $4,483 (CDN$4,444). The third
and fourth installments were each paid subsequently on November 1, 2007 and
December 1, 2007 for $4,704 (CDN$4,444). The balance is payable on January 1,
February 1 and March 1, 2008 for $4,704 (CDN $4,444) respectively. </p>
<p style="line-height: 13pt">12. OTHER LIABILITY </p>
<p align="justify" style="line-height: 13pt">On August 16, 2007 the Company completed a brokered private
placement through the issuance of 543,615 flow-through units at a price of $0.49
(CDN$0.52) per Flow-Through Unit for gross proceeds of $262,884 (CDN$282,680).
The proceeds raised were allocated between the offering of shares and the sale
of tax benefits. A liability of $35,381 was recognized for the sale of taxable
benefits, which will be reversed and credited to income when the Company
renounces resource expenditure deduction to the investor. </p>
<p align="justify" style="line-height: 13pt">13. CHANGES IN OFFICERS AND DIRECTORS </p>
<p align="justify" style="line-height: 13pt">On October 30, 2007, the Company&#146;s Board of Directors
accepted the resignation of Chester Idziszek in his capacity as director,
effective as of October 22, 2007. Mr. Idziszek stated in his resignation that
due to other commitments he can no longer serve the Company as director. There
were no disagreements between the Company and Mr. Idziszek with respect to the
Company&#146;s operations, policies or practices. </p>
<p align="justify" style="line-height: 13pt">14. SUBSEQUENT EVENTS </p>
<p align="justify" style="line-height: 13pt">a) Subsequent issue of common shares: </p>
<p align="justify" style="line-height: 13pt">On November 19, 2007 the Company announced that it completed
the second part of a private placement (the &quot;Financing&quot;) with Northern
Securities Inc. (&quot;Northern&quot;), acting as agent. The Financing was comprised of
the sale of 2,438,888 units (the &quot;Units&quot;) at $0.48 (CDN$0.45) per Unit (the
&quot;Unit Issue Price&quot;) for gross proceeds of $1,161,744 (CDN$1,097,500) and the
sale of 1,071,770 flow through units (the &quot;Flow-Through Units&quot;) at $0.55
(CDN$0.52) per Flow-Through Unit (the &quot;Flow-Through Unit Issue Price&quot;) for gross
proceeds of $589,944 (CDN$557,320), raising aggregate gross proceeds of
approximately $1,751,688 (CDN$1,654,820). The closing represented the final
tranche of a $2,816,673 (CDN$2.8 million) private placement with Northern
announced on July 24, 2007. Each Unit consists of one non-flow through common
share (&quot;Common Share&quot;) and one half of one Common Share purchase warrant (each
whole warrant, a &quot;Warrant&quot;). Each Warrant is exercisable into one Common Share
until November 16, 2009 at an exercise price of $0.64 (CDN$0.60) per share. Each
Flow-Through Unit consists of one flow-through common share and one half of one
Common Share purchase warrant (each whole warrant, an &quot;FT Warrant&quot;). Each FT
Warrant is exercisable into one Common Share until November 16, 2009 at an
exercise price of $0.74 (CDN$0.70) per share. Yukon Gold paid Northern a
commission equal to 8% of the aggregate gross proceeds and issued 195,111 &quot;Unit
Compensation Options&quot; and 85,741 &quot;FT Unit Compensation Options&quot;. Each Unit
Compensation Option is exercisable into one Unit at the Unit Issue Price until
November 16, 2009. Each FT Unit Compensation Option is exercisable into one
Common Share and one half of one Warrant at the Flow-Through Unit Issue Price
until November 16, 2009. The proceeds of the Financing will be used for the
exploration and development of Yukon Gold&#146;s properties, and for working capital.
</p>
<p align="center" style="margin-bottom: 0"><font size="2">- 101 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b>
<p></p>
<p align="justify">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
October 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b>
<p align="justify" style="line-height: 13pt">b) Subsequent Commitments &amp; Contingencies: </p>
<p align="justify" style="line-height: 13pt">Under the terms of a Property Purchase Agreement
(&quot;Agreement&quot;) with Atna Resources Ltd. (&quot;Atna&quot;), the Company paid a Property
Payment of $105,854 (CDN$100,000) cash on December 12, 2007. (Refer to Note 8
b)) </p>
<p align="justify" style="line-height: 13pt">On December 5, 2007 the Company entered into an agreement
with a consultant to create investor awareness for a period of five months,
commencing on December 5, 2007 and continuing through May 6, 2008 for a fee of
$20,000 and 300,000 restricted common shares to be issued in equal tranches of
50,000 shares at the end of each month during the term of the agreement. On
December 6, 2007 the Company received conditional approval from the TSX to issue
the 300,000 restricted shares as per the terms of the agreement. The consulting
fee of $20,000 was paid on December 11, 2007. </p>
<p align="justify" style="line-height: 13pt">c) Subsequent Changes in Officers and Directors </p>
<p align="justify" style="line-height: 13pt">On December 6, 2007 the board appointed Howard Barth to fill
the vacancy left by Chester Idziszek on the Audit Committee. The term of such
appointment shall expire on April 30, 2008.</p>
<p align="justify" style="line-height: 13pt">On December 13, 2007, Paul A. Gorman resigned as the Chief
Executive Officer and as a director of the Company. There were no disagreements
between the Company and Mr. Gorman with respect to the Company&#146;s operations,
policies or practices. </p>
<p style="line-height: 13pt">d) Subsequent Extension of Warrant Expiry Dates </p>
<p style="line-height: 13pt">On November 27, 2007 the board of directors passed a motion to extend the
expiry dates of the following warrants by one (1) year: </p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">1.</font><font face="Arial" size="2">
</font></p>
<p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 30px">
<font face="Times New Roman" size="2">those expiring on March 28, 2008
exercisable at $0.90 per warrant to March 28, 2009; </p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">2.</font><font face="Arial" size="2">
</font></p>
<p style="MARGIN-TOP: -11pt; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 30px">
<font face="Times New Roman" size="2">those expiring on October 4, 2008 which
are exercisable at $2.00 per warrant to October 4, 2009; and </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">
<font face="Times New Roman" size="2">3.</font><font face="Arial" size="2">
</font></p>
<p style="MARGIN-TOP: -11pt; MARGIN-LEFT: 30px">
<font face="Times New Roman" size="2">those Broker warrants expiring on March
28, 2008 exercisable at $0.60 per Unit to March 28, 2009 </p>
</font>
<p>&nbsp;</p>
<p align="justify">&nbsp;</p>
<p align="center" style="margin-bottom: 0">
<font size="2" face="Times New Roman">- 102 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>

<p style="color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 12pt; margin-bottom: 0pt; padding: 0pt" align="center">
<b><font size="2">YUKON GOLD CORPORATION, INC.<br>
(AN EXPLORATION STAGE COMPANY)</font></b></p>
<p style="color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<b><font size="2">INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></b></p>
<p style="color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<b><font size="2">JULY 31, 2007 </font></b></p>
<p style="color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<b><font size="2">(Amounts expressed in US Dollars)</font></b></p>
<p style="color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<b><font size="2">(Unaudited )</font></b></p>
<p style="font-size: 11pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
<br>
&nbsp;</p>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td align="middle" width="100%" colSpan="2">
    <font face="Times New Roman" size="2"><b>TABLE OF CONTENTS</b></font></td>
  </tr>
  <tr>
    <td width="91%">&nbsp;</td>
    <td vAlign="bottom" align="right" width="9%">
    <font face="Times New Roman" size="2"><b>Page No</b></font></td>
  </tr>
  <tr>
    <td width="91%" bgColor="#F0EFDB">&nbsp;</td>
    <td vAlign="bottom" align="right" width="9%" bgColor="#F0EFDB">&nbsp;</td>
  </tr>
  <tr>
    <td width="91%" bgColor="#F0EFDB">
    <p style="text-indent: -26px; margin-left: 52px">
    <font face="Times New Roman" size="2">
    <a style="text-decoration: none" href="#Interim Consolidated Balance Sheets">
    Interim Consolidated Balance Sheets as of July 31, 2007 and April 30, 2007</a></font></td>
    <td vAlign="bottom" align="right" width="9%" bgColor="#F0EFDB">
    <font face="Times New Roman" size="2">104-105</font></td>
  </tr>
  <tr>
    <td width="91%">
    <p style="text-indent: -26px; margin-left: 52px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="91%">
    <p style="text-indent: -26px; margin-left: 52px">
    <font face="Times New Roman" size="2">
    <a style="text-decoration: none" href="#Interim Consolidated Statements of Operations">
    Interim Consolidated Statements of Operations for the three months ended
    July 31, 2007 and July 31, 2006</a></font></td>
    <td vAlign="bottom" align="right" width="9%">
    <font face="Times New Roman" size="2">106</font></td>
  </tr>
  <tr>
    <td width="91%" bgColor="#F0EFDB">
    <p style="text-indent: -26px; margin-left: 52px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="9%" bgColor="#F0EFDB">&nbsp;</td>
  </tr>
  <tr>
    <td width="91%" bgColor="#F0EFDB">
    <p style="text-indent: -26px; margin-left: 52px">
    <font face="Times New Roman" size="2">
    <a style="text-decoration: none" href="#Interim Consolidated Statements of Cash Flows">
    Interim Consolidated Statements of Cash Flows for the three months ended
    July 31, 2007 and July 31, 2006</a></font></td>
    <td vAlign="bottom" align="right" width="9%" bgColor="#F0EFDB">
    <font face="Times New Roman" size="2">107</font></td>
  </tr>
  <tr>
    <td width="91%">
    <p style="text-indent: -26px; margin-left: 52px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="91%">
    <p style="text-indent: -26px; margin-left: 52px">
    <font face="Times New Roman" size="2">
    <a style="text-decoration: none" href="#Interim Consolidated Statements of Changes in Stockholders&#146; Equity">
    Interim Consolidated Statements of Changes in Stockholders&#146; Equity for the
    three months ended July 31, 2007 and the year ended April 30, 2007</a></font></td>
    <td vAlign="bottom" align="right" width="9%">
    <font face="Times New Roman" size="2">108-110</font></td>
  </tr>
  <tr>
    <td width="91%" bgColor="#F0EFDB">
    <p style="text-indent: -26px; margin-left: 52px">&nbsp;</td>
    <td vAlign="bottom" align="right" width="9%" bgColor="#F0EFDB">&nbsp;</td>
  </tr>
  <tr>
    <td width="91%" bgColor="#F0EFDB">
    <p style="text-indent: -26px; margin-left: 52px">
    <font face="Times New Roman" size="2">
    <a style="text-decoration: none" href="#Condensed Notes to Interim Consolidated Financial Statements">
    Condensed Notes to Interim Consolidated Financial Statements</a></font></td>
    <td vAlign="bottom" align="right" width="9%" bgColor="#F0EFDB">
    <font face="Times New Roman" size="2">111-120</font></td>
  </tr>
</table>
<p style="font-size: 11pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
<br>
&nbsp;</p>
<p style="font-size: 11pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
<font size="2" face="Times New Roman">- 103 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p>YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
<a name="Interim Consolidated Balance Sheets">Interim Consolidated Balance
Sheets </a><br>
As of July 31, 2007 and April 30, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited)</b> </p>
</font>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    July 31, 2007</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="128" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    April 30, 2007</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="128" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <b>ASSETS</b></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="128" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    CURRENT ASSETS</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="128" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="128" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Cash and cash equivalents</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    256,223</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    936,436</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Prepaid expenses and other (Note 10)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,225,787</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    464,371</td>
  </tr>
  <tr>
    <td style="border-bottom: medium none; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exploration tax credit receivable (Note 4)</td>
    <td style="border-bottom: medium none; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: medium none; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    483,258</td>
    <td style="border-bottom: medium none; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: medium none; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: medium none; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    483,258</td>
  </tr>
  <tr>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: medium none #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="margin-left: 9pt"><font size="2">Short-term investment in
    available- for- sale securities (Note 9)</font></td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: medium none #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: medium none #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p align="right"><font size="2">350,000</font></td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: medium none #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: medium none #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: medium none #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p align="right"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font></td>
  </tr>
  <tr>
    <td style="border-top: medium none; border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Restricted Deposit </td>
    <td style="border-top: medium none; border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: medium none; border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</td>
    <td style="border-top: medium none; border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: medium none; border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: medium none; border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    17,889</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    3,315,268</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,901,954</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    RESTRICTED CASH (Note 5)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,266,602</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    PROPERTY, PLANT AND EQUIPMENT </td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    58,663</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    56,551</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    3,373,931</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4,225,107</td>
  </tr>
</table>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<a style="text-decoration: none" href="#Condensed Notes to Interim Consolidated Financial Statements">
See condensed notes to the interim consolidated financial statements.</a></p>
<p style="font-size: 12pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;APPROVED ON BEHALF OF THE BOARD</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;<u>/s/ Paul Gorman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;Paul Gorman, Director</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;<u>/s/ J. L. Guerra, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>
</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;J. L. Guerra, Jr., Director</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
<br>
&nbsp;</p>
<p style="font-size: 16pt; color: #000000; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
<font size="2" face="Times New Roman">- 104 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt">
<font face="Times New Roman" size="2"><b>YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Interim Consolidated Balance Sheets <br>
As of July 31, 2007 and April 30, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited)</b> </font><br>
&nbsp;</p>
<table style="font-size: 10pt; border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="135" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    July 31, 2007</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="130" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    April 30, 2007</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="135" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="130" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <b>LIABILITIES</b></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="135" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="130" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="135" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="130" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    CURRENT LIABILITIES</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="135" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="130" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="135" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="130" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Accounts payable and accrued liabilities (Note 11)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    146,909</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    260,134</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Obligation under Capital Lease</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,858</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,812</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Total Current Liabilities</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    149,767</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    262,946</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Long -Term Portion of:</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Obligation under Capital Lease</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    9,304</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    9,137</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    TOTAL LIABILITIES</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    159,071</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    272,083</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    COMMITMENTS AND CONTINGENCIES (Note 8)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <b>SHAREHOLDERS&#146; EQUITY</b></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    CAPITAL STOCK </td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,301</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,288</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    ADDITIONAL PAID-IN CAPITAL</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="font-size: 10pt; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    11,124,135</td>
    <td style="font-size: 10pt; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="font-size: 10pt; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="font-size: 10pt; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    10,949,726</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    76,350</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (63,608)</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    DEFICIT, ACCUMULATED DURING THE EXPLORATION STAGE</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (7,987,926)</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (6,935,382)</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    3,214,860</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    3,953,024</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="67%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    3,373,931</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4,225,107</td>
  </tr>
</table>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<a style="text-decoration: none" href="#Condensed Notes to Interim Consolidated Financial Statements">
See condensed notes to the interim consolidated financial statements.</a></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="right">
<br>
&nbsp;</p>
<p style="font-size: 16pt; color: #000000; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
<font size="2" face="Times New Roman">- 105 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p>YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
<a name="Interim Consolidated Statements of Operations">Interim Consolidated
Statements of Operations </a><br>
For the three months ended July 31, 2007 and July 31, 2006 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</b></font>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="124" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Cumulative since inception</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    For the quarter</p>
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    ended</p>
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    July 31, 2007</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="123" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    For the quarter</p>
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    ended</p>
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    July 31, 2006</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="124" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="123" colSpan="2">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="49%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    OPERATING EXPENSES</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="124" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="margin-right: 4px">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="123" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="124" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="123" colSpan="2">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    General and administration </td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4,180,088</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    74,886</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    553,682</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Project expenses</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4,783,529</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    974,725</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    871,887</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exploration Tax Credit</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (605,716)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Amortization</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    20,867</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,933</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    3,158</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Loss on sale/disposal of capital assets</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    5,904</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    TOTAL OPERATING EXPENSES</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    8,384,672</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,052,544</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,428,727</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    LOSS BEFORE INCOME TAXES</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (8,384,672)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,052,544)</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,428,727)</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Income taxes recovery</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    396,746</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    NET LOSS</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (7,987,926)</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,052,544)</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,428,727)</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Loss per share - basic and diluted</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (0.05)</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (0.08)</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 10pt; color: #000000; text-indent: -9pt; line-height: 12pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Weighted average common shares outstanding</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="10">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    22,920,192</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 10pt; color: #000000; line-height: 12pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    16,656,627</td>
  </tr>
</table>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
<a style="text-decoration: none" href="#Condensed Notes to Interim Consolidated Financial Statements">
See condensed notes to the interim consolidated financial statements.</a></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-top: 0pt; padding-bottom: 0pt">
<br>
&nbsp;</p>
<p style="font-size: 16pt; color: #000000; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
<font size="2" face="Times New Roman">- 106 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p>YUKON GOLD CORPORATION, INC.</b>
<br>
<b>(An Exploration Stage Company)</b> <b><br>
<a name="Interim Consolidated Statements of Cash Flows">Interim Consolidated
Statements of Cash Flows </a><br>
For the three months ended July 31, 2007 and July 31, 2006</b> <b><br>
(Amounts expressed in US Dollars)</b> <b><br>
(Unaudited)</b> </p>
</font>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="124" colSpan="2">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">Cumulative Since Inception</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">For the Quarter</font></p>
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">ended</font></p>
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">July 31, 2007</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="120" colSpan="2">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">For the Quarter</font></p>
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">ended</font></p>
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">July 31, 2006</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="124" colSpan="2">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">$</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" colSpan="2">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">$</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="120" colSpan="2">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    <font size="2">$</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="49%" bgColor="#F0EFDB">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">CASH FLOWS FROM OPERATING ACTIVITIES</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="124" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="126" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="120" bgColor="#F0EFDB" colSpan="2">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Net loss for the year</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(7,987,926)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(1,052,544)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(1,428,727)</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -18pt; line-height: 11pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Items not requiring an outlay of cash:</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Amortization</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">20,867</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">2,933</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">3,158</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Loss on sale/disposal of property, plant, equipment</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">5,904</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Registration rights penalty expense</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">188,125</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Shares issued for property payment</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">525,339</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">57,252</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">53,845</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Common shares issued for settlement of severance liability to
    ex-officer</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">113,130</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">113,130</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Stock-based compensation&nbsp;</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">793,689</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">117,170</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">85,323</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Issue of shares for professional services</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">852,523</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Issue of units against settlement of debts</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">20,077</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">&nbsp;-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Increase in prepaid expenses and other</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(2,226,703)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(1,763,489)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(979,710)</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Increase in exploration tax credit receivable</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(483,258)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Increase (Decrease) in accounts payable and accrued
    liabilities</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">146,419</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(113,225)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">130,661</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Decrease (Increase) in restricted cash</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">2,266,602</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">118,275</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 18pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Decrease in restricted deposit</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">17,889</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">NET CASH USED IN OPERATING ACTIVITIES</font></td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(8,031,814)</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(467,412)</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(1,904,045)</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">CASH FLOWS FROM INVESTING ACTIVITIES</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <font size="2">Purchase of property, plant and equipment</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p align="right"><font size="2">(83,498)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p align="right"><font size="2">(2,760)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">&nbsp;-</font></td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Investment in available- for- sale securities</font></td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(250,000)</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(250,000)</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 57.75pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">NET CASH USED IN INVESTING ACTIVITIES</font></td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(333,498)</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(252,760)</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">CASH FLOWS FROM FINANCING ACTIVITIES</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Repayments from a shareholder</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">1,180</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">&nbsp;-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Proceeds (Repayments) from Demand promissory notes</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">200,000</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">&nbsp;-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Proceeds from Convertible promissory notes converted</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">200,500</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">&nbsp;-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Proceeds from the exercise of stock options</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">61,000</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Proceeds from exercise of warrants - net</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">450,309</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Proceeds from subscription of warrants - net</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">525,680</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">&nbsp;-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Proceeds from issuance of units/shares - net</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">7,189,001</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">425,497</font></td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Proceeds (Repayments) from capital lease obligation</font></td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">11,949</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">NET CASH PROVIDED BY FINANCING ACTIVITIES</font></td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">8,639,619</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">425,497</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES</font></td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(18,084)</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">39,959</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(44,013)</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FOR THE
    YEAR</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">256,223</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(680,213)</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">(1,522,561)</font></td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">Cash and cash equivalents, beginning of year</font></td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">936,436</font></td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">2,412,126</font></td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="font-size: 9pt; color: #000000; text-indent: -9pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">CASH AND CASH EQUIVALENTS, END OF YEAR</font></td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">256,223</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">256,223</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">889,565</font></td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">INCOME TAXES PAID</font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="49%">
    <p style="color: #000000; text-indent: -9pt; line-height: 11pt; margin: 0pt; padding-left: 9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">INTEREST PAID</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
    <td style="border-bottom: 3pt solid #ffffff; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="3%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-bottom: 3pt double #000000; padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="12%">
    <p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <font size="2">-</font></td>
  </tr>
</table>
<p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
&nbsp;</p>
<p style="color: #000000; text-indent: 0pt; line-height: 11pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: -11pt; padding: 0pt" align="center">
<font size="2">
<a style="text-decoration: none" href="#Condensed Notes to Interim Consolidated Financial Statements">
See condensed notes to the interim consolidated financial statements.</a></font></p>
<p style="font-size: 9pt; color: #000000; text-indent: 324pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
&nbsp;</p>
<p style="font-size: 16pt; color: #000000; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
<font size="2" face="Times New Roman">- 107 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p>YUKON GOLD CORPORATION, INC.</b>
<br>
<b>(An Exploration Stage Company)</b> <br>
<a name="Interim Consolidated Statements of Changes in Stockholders&#146; Equity"><b>
Interim Consolidated Statements of Changes in Stockholders&#146; Equity</b> </a><b>
<br>
From Inception to July 31, 2007</b> <br>
<b>(Amounts expressed in US Dollars)</b> <br>
<b>(Unaudited)</b></font></p>
<p style="margin-top: 12pt; margin-bottom: 0px"><font face="Times New Roman">&nbsp;</p>
</font>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Number of Common Shares</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Common Shares Amount</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Additional Paid-in Capital</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Subscription for Warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Deficit, Accumulated during the Exploration Stage</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Comprehensive Income (loss)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: medium none #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Accumulated Other Comprehensive Income (loss)</td>
  </tr>
  <tr>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    #</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none #000000; border-bottom: 1px solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    $</td>
  </tr>
  <tr>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of Common shares</td>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,833,377</td>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    154,063</td>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top-color: #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,142</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Foreign currency translation</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    604</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    604</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Net loss for the year</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (124,783)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (124,783)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: -8pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Balance as of April 30, 2003</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,833,377</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    154,063</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,142</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (124,783)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <u>(124,179)</u></td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    604</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: -8pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of Common shares</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,435,410</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    256,657</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -15.95pt; line-height: 10.5pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,855</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Shares repurchased</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (240,855)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (5,778)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Recapitalization pursuant to reverse acquisition</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,737,576</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (404,265)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    404,265</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of Common shares</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,750,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    175</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    174,825</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of Common shares for Property Payment</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    300,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    30</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    114,212</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Foreign currency translation</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (12,796)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (12,796)</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Net loss for the year</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (442,906)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (442,906)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Balance as of April 30, 2004</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    8,815,508</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    882</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    697,299</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (567,689)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <u>(455,702)</u></td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (12,192)</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: -8pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of Common shares for Property Payment</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    133,333</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    13</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    99,987</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares on Conversion of Convertible Promissory note</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    76,204</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    8</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    57,144</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Foreign currency translation</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    9,717</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    9,717</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Net loss for the year</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (808,146)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (808,146)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: -8pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Balance as of April 30, 2005</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    9,025,045</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    903</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    854,430</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,375,835)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (798,429)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (2,475)</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="color: #000000; text-indent: -8pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    <font size="2">&nbsp;</font></td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 4pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 4pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 4pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 4pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 4pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 4pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 4pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Stock based compensation - Directors and officers</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    216,416</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Stock based compensation - Consultants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    8,830</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of common shares and Warrants on retirement of Demand Promissory note</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    369,215</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    37</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    203,031</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Units issued to an outside company for professional services settlement</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    24,336</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    13,384</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Units issued to an officer for professional services settlement</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    12,168</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    6,690</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares for professional services</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    150,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    15</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    130,485</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Units issued to shareholder</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    490,909</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    49</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    269,951</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Units issued to a director</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    149,867</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    15</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    82,412</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Units issued to outside subscribers</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    200,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    20</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    109,980</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares on Conversion of Convertible Promissory notes</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    59,547</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    6</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    44,654</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares on Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    14,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    11,998</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares on Conversion of Convertible Promissory notes</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    76,525</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    8</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    57,386</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Private placement of shares</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    150,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    15</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    151,485</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of Common shares for property payment</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    133,333</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    13</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    99,987</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares on Conversion of Convertible Promissory notes</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <br>
    34,306</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</p>
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    25,905</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
</table>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
&nbsp;</p>
<p style="font-size: 16pt; color: #000000; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<font size="2"><br>
</font><font size="2" face="Times New Roman">- 108 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p>YUKON GOLD CORPORATION, INC.</b>
<br>
<b>(An Exploration Stage Company)</b> <br>
<b>Interim Consolidated Statements of Changes in Stockholders&#146; Equity</b> <b>
<br>
From Inception to July 31, 2007</b> <br>
<b>(Amounts expressed in US Dollars)</b> <br>
<b>(Unaudited)</b></font></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
&nbsp;</p>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares on Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    10,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    8,771</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares on Conversion of Convertible Promissory notes</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    101,150</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    10</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    76,523</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of 400,000 Special Warrants net</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    371,680</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of 200,000 flow through warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    154,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Brokered private placement of shares- net</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    5,331,327</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    533</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,910,375</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Brokered Private placement of flow through Shares- net</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    25,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    13,310</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of stock options</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    10,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    5,499</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -15.95pt; line-height: 10.5pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Foreign currency translation</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (2,687)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (2,687)</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Net loss for the year</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,855,957)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,855,957)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: -15.95pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Balance as of April 30, 2006</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    16,366,728</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,637</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    5,301,502</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    525,680</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (3,231,792)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <u>(1,858,644)</u></td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (5,162)</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: -15.95pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    10,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    8,986</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -15.95pt; line-height: 10.5pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    45,045</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    5</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    40,445</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    16,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    14,278</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Common shares issued for settlement of severance liability to ex-officer</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    141,599</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    14</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    113,116</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    43,667</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    39,364</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    17,971</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    15,937</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    43,667</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    38,891</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    16,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    14,251</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    158,090</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    16</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    141,616</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of common shares for property payment</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    43,166</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    53,841</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    64,120</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    6</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    57,863</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    61,171</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    6</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    53,818</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of stock options</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    24,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    17,998</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares for professional services</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    342,780</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    34</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    438,725</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Brokered private placement of units-net</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    400,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    40</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    363,960</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Brokered private placement of units-net</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    550,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    55</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    498,923</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Stock based compensation-Directors and Officers</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    451,273</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Exercise of stock options</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    50,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    5</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    37,495</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -15.95pt; line-height: 10.5pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares for property payment</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    133,334</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    13</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    99,987</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares for professional services</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    160,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    16</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    131,184</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares for professional services</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    118,800</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    12</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    152,052</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -15.95pt; line-height: 10.5pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of shares for flow-through warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    200,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    20</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    153,980</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (154,000)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of shares for special warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    404,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    41</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    375,679</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (371,680)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of 2,823,049 flow- through warrants -net</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,916,374</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of 334,218 unit special warrants-net</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    230,410</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of 3,105,358 common shares for 2,823,049 flow through warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    3,105,358</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    310</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    1,916,064</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (1,916,374)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issue of 367,641 common shares for 334,218 unit special warrants</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    367,641</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    37</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    230,373</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (230,410)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -15.95pt; line-height: 10.5pt; margin: 0pt; padding-left: 15.9pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Registration rights penalty expense</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    188,125</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Foreign currency translation</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (58,446)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (58,446)</td>
  </tr>
</table>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
&nbsp;</p>
<p style="font-size: 16pt; color: #000000; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
<font size="2" face="Times New Roman">- 109 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font face="Times New Roman" size="2"><b>
<p>YUKON GOLD CORPORATION, INC.</b>
<br>
<b>(An Exploration Stage Company)</b> <br>
<b>Interim Consolidated Statements of Changes in Stockholders&#146; Equity</b> <b>
<br>
From Inception to July 31, 2007</b> <br>
<b>(Amounts expressed in US Dollars)</b> <br>
<b>(Unaudited)</b></font></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
&nbsp;</p>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Net loss for the year</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (3,703,590)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (3,703,590)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #F0EFDB" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 8.5pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    &nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="30%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Balance as of April 30, 2007</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    22,883,137</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,288</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    10,949,726</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (6,935,382)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <u>(3,762,036)</u></td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    (63,608)</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Issuance of common shares for property payment</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    136,364</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    13</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    57,239</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="right">
    &nbsp;&nbsp;&nbsp;&nbsp;-</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="right">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="30%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Stock based compensation-Directors and Officers</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117,170</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    -</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Foreign currency translation</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="right">
    39,958</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    39,958</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="30%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Unrealized gain on available-for-sale securities</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="right">
    100,000</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    100,000</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="top" align="left" width="30%">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Net loss for the &nbsp;quarter &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    ____________</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    _________</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <u>___________</u></td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    ___________</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10pt; margin: 0pt; padding: 0pt" align="right">
    <u>(1,052,544</u>)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin: 0pt; padding: 0pt" align="right">
    <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,052,544</u>)</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt; background-color: #ffffff" vAlign="bottom" align="left" width="10%">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    _______</td>
  </tr>
  <tr>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="30%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: -8pt; line-height: 10.5pt; margin: 0pt; padding-left: 7.95pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Balance as of July 31, 2007</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    23, 019, 501</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    2,301</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;&nbsp;&nbsp;&nbsp;11,124,135</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="margin-right: 4px" align="right">&nbsp;</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    7,987,926</td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    <u>(912,586)</u></td>
    <td style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="bottom" align="left" width="10%" bgColor="#F0EFDB">
    <p style="font-size: 9pt; color: #000000; text-indent: 0pt; line-height: 10.5pt; margin-left: 0pt; margin-right: 4px; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    76,350</td>
  </tr>
</table>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<a style="text-decoration: none" href="#Condensed Notes to Interim Consolidated Financial Statements">
See condensed notes to the interim consolidated financial statements.</a></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="right">
<br>
&nbsp;</p>
<p style="font-size: 16pt; color: #000000; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<br>
<font size="2" face="Times New Roman">- 110 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<b><font face="Times New Roman" size="2">
<p>YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
<a name="Condensed Notes to Interim Consolidated Financial Statements">Condensed
Notes to Interim Consolidated Financial Statements </a><br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </p>
</font></b>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
1. &nbsp;&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: -11pt; margin-left: 30; margin-top: -11pt; margin-bottom: 0pt; padding: 0pt" align="justify">
BASIS OF PRESENTATION</p>
<p style="font-size: 12pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
The accompanying unaudited interim consolidated financial statements do not
include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of all recurring accruals) considered
necessary for fair presentation have been included. Operating results for the
interim period are not necessarily indicative of the results that may be
expected for the year ended April 30, 2008. Interim financial statements should
be read in conjunction with the Company&#146;s annual audited financial statements.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
The interim consolidated financial statements include the accounts of Yukon Gold
Corporation, Inc. (the &#147;Company&#148;) and its wholly owned subsidiary Yukon Gold
Corp. (&#147;YGC&#148;). All material inter-company accounts and transactions have been
eliminated.</p>
<p style="font-size: 12pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
2. &nbsp;&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: -11pt; margin-left: 30; margin-top: -11pt; margin-bottom: 0pt; padding: 0pt" align="justify">
GOING CONCERN<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
The Company has no source for operating revenue and expects to incur significant
expenses before establishing operating revenue. The Company has a need for
equity capital and financing for working capital and exploration and development
of its properties. Because of continuing operating losses, the Company&#146;s
continuance as a going concern is dependent upon its ability to obtain adequate
financing and to reach profitable levels of operation. The Company&#146;s future
success is dependent upon its continued ability to raise sufficient capital, not
only to maintain its operating expenses, but to explore for ore reserves and
develop those it has on its mining claims. There is no guarantee that such
capital will continue to be available on acceptable terms, if at all or if the
Company will attain profitable levels of operation.<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
Management has initiated plans to raise equity funding through the issuance of
common shares including flow-through shares. The Company was successful in
raising funds (net) of approximately $4 million during the year ended April 30,
2006, which assisted the Company in meeting its commitments and current
requirements for project expenses and general and administrative expenses. The
Company also raised (net) approximately $1.3 million during the six months ended
October 31, 2006. The company further raised (net) an additional approximately
$1.9 million through subscription of flow-through special warrants and raised
(net) approximately $230,000 through subscription of unit special warrants
during the three months ended January 31, 2007. The Company&#146;s common shares are
listed on the Toronto Stock exchange and included on the Over-The-Counter
Bulletin Board maintained by NASDAQ in the United States. The trading of the
Company&#146;s stock in both the United States and Canada has expanded its investor
base, as the Company continues to explore sources of funding from both the
United States and Canada.</p>
<p style="font-size: 12pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
3. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: -11pt; margin-left: 30; margin-top: -11pt; margin-bottom: 0pt; padding: 0pt" align="justify">
NATURE OF OPERATIONS<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
The Company is an exploration stage mining company and has not yet realized any
revenue from its operations. It is primarily engaged in acquisition, exploration
and development of its two mining properties, both located in the Yukon
Territory in Canada. The Company has not yet determined whether these properties
contain mineral reserves that are economically recoverable. The business of
mining and exploring for minerals involves a high degree of risk and there can
be no assurances that current exploration programs will result in profitable
mining operations.<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
4. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: -11pt; margin-left: 30; margin-top: -11pt; margin-bottom: 0pt; padding: 0pt" align="justify">
EXPLORATION TAX CREDIT RECEIVABLE</p>
<p style="font-size: 12pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; padding: 0pt" align="justify">
The Company has a claim to the Yukon exploration tax credit, since it maintains
a permanent establishment in the Yukon and has incurred eligible mineral
exploration expenses as defined by the federal income tax regulations of Canada.
The Company&#146;s expectation of receiving this credit of $483,258 (CDN$536,465) is
based on the history of receiving past credits. The Company will be filing tax
returns to claim the 2007 credit of $329,024 (CDN$365,249) and has previously
filed for the 2006 credit of $154,234 (CDN$171,216).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 111 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
5. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30; margin-top: -12pt; margin-bottom: 0pt; padding: 0pt" align="justify">
RESTRICTED CASH</p>
<p style="font-size: 8pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
Under Canadian income tax regulations, a company is permitted to issue
flow-through shares whereby the company agrees to incur qualifying expenditures
and renounce the related income tax deductions to the investors. Notwithstanding
that, there is no specific requirement to segregate the funds. The flow-through
funds, which are unexpended at the consolidated balance sheet date are
considered to be restricted and are not considered to be cash or cash
equivalents. As of July 31, 2007 and April 30, 2007, unexpended flow-through
funds were $nil and $2,266,602 (CDN$2,516,155) respectively.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
6. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30; margin-top: -12pt; margin-bottom: 0pt; padding: 0pt" align="justify">
STOCK BASED COMPENSATION</p>
<p style="font-size: 6pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
Per SEC Staff Accounting Bulletin 107, Topic 14.F, &#147;Classification of
Compensation Expense Associated with Share-Based Payment Arrangements&#148; stock
based compensation expense is being presented in the same lines as cash
compensation paid.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
The Company adopted a new Stock Option Plan at its shareholders meeting on
January 19, 2007 (the &#147;2006 Stock Option Plan&#148;). The 2006 Stock Option Plan will
be administered by the board of directors of the Company or, in the board of
directors&#146; discretion, by a committee appointed by the board of directors for
that purpose. The TSX approved the 2006 Stock Option plan on March 9, 2007.<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
Subject to the provisions of the 2006 Stock Option Plan, the aggregate number of
shares which may be issued under the 2006 Stock Option Plan shall not exceed
2,000,000 shares (&quot;Total Shares&quot;). Any Stock Option granted under the 2006 Stock
Option Plan which has been exercised shall again be available for subsequent
grant under the 2006 Stock Option Plan, effectively resulting in a re-loading of
the number of shares available for grant under the 2006 Stock Option Plan. Any
shares subject to an option granted under the 2006 Stock Option Plan which for
any reason is surrendered, cancelled or terminated or expires without having
been exercised shall again be available for subsequent grant under the 2006
Stock Option Plan.<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
Under the 2006 Stock Option Plan, at no time shall: (i) the number of shares
reserved for issuance pursuant to Stock Options granted to any one optionee
exceed 10% of the Total Shares; (ii) the number of shares, together with all
security based compensation arrangements of the Company in effect, reserved for
issuance pursuant to Stock Options granted to any &quot;insiders&quot; (as that term is
defined under the <i>Securities Act</i> (Ontario)) exceed 10% of the total
number of issued and outstanding shares. In addition, the number of shares
issued to insiders pursuant to the exercise of Stock Options, within any one
year period, together with all security based compensation arrangements of the
Company in effect, shall not exceed 10% of the total number of issued and
outstanding shares.<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
The purchase price (the &#147;Price&#148;) per share under each Stock Option shall be
determined by the board of directors or a committee, as applicable. The Price
shall not be lower than the closing market price on the TSX, or another stock
exchange where the majority of the trading volume and value of the Shares
occurs, on the trading day immediately preceding the date of grant, or if not so
traded, the average between the closing bid and asked prices thereof as reported
for the trading day immediately preceding the date of the grant; provided that
if the shares have not traded on the TSX or another stock exchange for an
extended period of time, the &#147;market price&#148; will be the fair market value of the
shares at the time of grant, as determined by the board of directors or
committee. The board of directors or committee may determine that the Price may
escalate at a specified rate dependent upon the date on which an option may be
exercised by the Eligible Participant. The Company has adopted SFAS123 (Revised)
commencing May 1, 2005.<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 112 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="justify">
<b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
For the quarter ended July 31, 2007, the Company recognized in the financial
statements, stock-based compensation costs as per the following details. The
fair value of each option used for the purpose of estimating the stock
compensation is based on the grant date using the Black-Scholes option pricing
model with the following weighted average assumptions:</p>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td width="40%">
    <p style="font-size: 10pt; color: #000000; text-indent: -15px; margin-left: 15px; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    19-Jan</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    20-Mar</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    28-Mar</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 1.5pt solid #ffffff" width="40%">
    <p style="font-size: 10pt; color: #000000; text-indent: -15px; margin-left: 15px; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    2007</td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    2007</td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    2007</td>
    <td style="border-bottom: 1.5pt solid #ffffff; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="border-bottom: 1.5pt solid #000000; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" colSpan="2">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 1.8pt; padding-top: 0pt; padding-bottom: 0pt" align="center">
    Total</td>
  </tr>
  <tr>
    <td width="40%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: -15px; line-height: 12pt; margin-left: 15px; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Risk free rate</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4.50</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    %</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4.50</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    %</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    4.50</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    % &nbsp;&nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td width="40%">
    <p style="font-size: 10pt; color: #000000; text-indent: -15px; line-height: 12pt; margin-left: 15px; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Volatility factor</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    45.19</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    %</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    57.48</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    %</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    98.67</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    %</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td width="40%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: -15px; line-height: 12pt; margin-left: 15px; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Expected dividends</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    nil</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    nil</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    nil</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
  </tr>
  <tr>
    <td width="40%">
    <p style="font-size: 10pt; color: #000000; text-indent: -15px; line-height: 12pt; margin-left: 15px; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
    Stock-based compensation cost expensed during the quarter ended July 31,
    2007</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    98,551</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    6,648</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    11,971</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    117,170</td>
  </tr>
  <tr>
    <td width="40%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: -15px; line-height: 12pt; margin-left: 15px; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    Unexpended Stock -based compensation cost &nbsp;deferred over the period</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    73,279</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    43,474</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    31,452</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    &nbsp;</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="3%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    $</td>
    <td style="padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="9%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="right">
    148,205</td>
  </tr>
</table>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
As of July 31, 2007 there was $148,205 of unrecognized expenses related to
non-vested stock-based compensation arrangements granted. The stock-based
compensation expense for the quarter ended July 31, 2007 was $117,170.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
7. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30; margin-top: -12pt; margin-bottom: 0pt; padding: 0pt">
ISSUANCE OF COMMON SHARES<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 13pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
<u>Year ended April 30, 2007</u><br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On May 29, 2006 the Company issued 10,000 common shares for the exercise of
10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$8,987 (CDN$10,000).<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On May 29, 2006 the Company issued 45,045 common shares for the exercise of
45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$40,450 (CDN$45,045).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 18pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt; line-height:13pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On May 29, 2006 the Company issued 16,000 common shares for the exercise of
16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$14,280 (CDN$16,000).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 18pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On May 30, 2006 the Company issued 141,599 common shares for the settlement of
an accrued liability to an ex officer and director. The accrued severance amount
of $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80
(CDN$0.91).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt; line-height:12pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On June 22, 2006 the Company issued 43,667 common shares for the exercise of
43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of
$39,368 (CDN$43,667).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 18pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On June 28, 2006 the Company issued 17,971 common shares for the exercise of
17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$15,939 (CDN$17,971).<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On June 28, 2006 the Company issued 43,667 common shares for the exercise of
43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$38,895 (CDN$43,667).<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On June 28, 2006 the Company issued 16,000 common shares for the exercise of
16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$14,253 (CDN$16,000).<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On June 29, 2006 the Company issued 158,090 common shares for the exercise of
158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$141,632 (CDN$158,090).<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On July 7, 2006 the Company issued 43,166 common shares in settlement of a
property &nbsp;&nbsp;payment on the Mount Hinton property. The shares represent $53,845
(CDN$60,000) payment and were valued &nbsp;&nbsp;$1.25 (CDN$1.39) each.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 18pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
On July 7, 2006 the Company issued 64,120 common shares for the exercise of
64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of
$57,869 (CDN$64,120).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 113 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
7. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30; margin-top: -12pt; margin-bottom: 0pt; padding: 0pt">
ISSUANCE OF COMMON SHARES-Cont&#146;d</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On July 17, 2006 the Company issued 61,171 common shares for the exercise of
61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of
$53,824 (CDN$61,171).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On August 11, 2006 the Company issued 817,980 restricted shares in total to
three consultants for services relating to business promotion and development.
These consultants assisted management in the preparation of financial offerings
and in arranging meetings and making presentations to the brokerage community
and institutional investors in both the United States and Canada. Except for
342,780 common shares which were earned by these consultants as of October 31,
2006, the balance of 475,200 common shares were held in escrow to be released to
each consultant in 8 monthly installments of 19,800 common shares commencing
November 1, 2006. Out of 475,200 common shares held in escrow, the Company
received back 356,400 common shares for cancellation. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On September 7, 2006 the Company issued 24,000 shares to an officer upon
exercising 24,000 vested stock options at $0.75 for a total of $18,000.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On October 3, 2006, the Company completed a brokered private placement and
issued 400,000 units, where each unit consisted of a common share and a share
purchase warrant. The units were priced at $1.00 per unit for a total of
$400,000. The Company paid a finders fee of 6% and reimbursed expenses for 3% of
the total consideration. The warrants have a two-year term and are exercisable
at $1.50 per share in the first twelve months of the term and $2.00 per share in
the remaining twelve months of the term. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On October 3, 2006, the Company completed another brokered private placement and
issued 550,000 units, where each unit consisted of a common share and a share
purchase warrant. The units were priced at $1.00 per unit for a total of
$550,000. The Company paid a finders fee of $33,000 and reimbursed expenses for
$18,022 (CDN$20,000). The warrants have a two-year term and are exercisable at
$1.50 per share in the first twelve months of the term and $2.00 per share in
the remaining twelve months of the term.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On December 12, 2006 the Company issued 50,000 shares to a former officer upon
exercising of 50,000 vested stock options at $0.75 for a total of $37,500.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On December 6, 2006 the board of directors authorized the issuance of 133,334
common shares in the amount of $100,000 for a property payment to Atna Resources
Ltd., along with a cash payment of $86,805 (CDN$100,000) as per terms of the
agreement. The common shares along with the cash payment were delivered to Atna
Resources Ltd. on December 12, 2006. This entire payment of $186,805 was
expensed in the consolidated statements of operations.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On December 19, 2006 the Company issued 160,000 common shares to a consultant
for services rendered. These services related to the consulting agreement dated
March 21, 2006. As per terms of that agreement, the Consultant was to provide to
the Company market and financial advice and expertise as may be necessary
relating to the manner of offering and pricing of securities. The agreement was
for a period of twelve months commencing the day of trading of the Company&#146;s
stock on the Toronto Stock Exchange (April 19, 2006). As per the agreement, the
Consultant was to be compensated a fee equal to 240,000 restricted common shares
of the Company with a fair value of $196,800 and was to receive these shares on
a monthly basis. Each party was able to cancel the agreement on 30 days notice.
The Company cancelled the agreement as of November 30, 2006 and on December 19,
2006 issued 160,000 common shares as full and final consideration.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On December 19, 2006 the Company issued 200,000 common shares in lieu of sale of
200,000 Flow-Through Special Warrants made to a Canadian accredited investor,
for $180,000 (CDN$205,020) on December 30, 2005. Each Flow-Through Special
Warrant entitled the Holder to acquire one flow-through common share of the
Company at no additional cost.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-bottom: 0; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 114 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
7. &nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30; margin-top: -12pt; margin-bottom: 0pt; padding: 0pt" align="justify">
ISSUANCE OF COMMON SHARES-Cont&#146;d</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On December 28, 2006, the Company completed a private placement of 2,823,049
flow-through special warrants (which qualify as flow-through shares for the
purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per
warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per
warrant for aggregate gross proceeds to the Company of $2,801,610
(CDN$3,264,996).&nbsp; Each flow-through special warrant entitles the holder to
acquire, for no additional consideration, one common share of the Company.&nbsp; Each
unit special warrant entitles the holder to acquire, for no additional
consideration, one common share and one common share purchase warrant of the
Company.&nbsp; Each common share purchase warrant entitles the holder to acquire one
common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24
months from the closing date.&nbsp; In connection with this private placement, the
Company agreed to file a prospectus in Canada qualifying the issuance of the
common shares and warrants issuable upon the exercise of the special warrants as
well as those common shares issuable on exercise of the common share purchase
warrants. In addition, the Company agreed to file a registration statement in
the United States covering the re-sale of common shares underlying the units and
warrants by the respective shareholders.&nbsp; The Company subsequently declined to
file a prospectus in Canada but did file the registration statement in the
United States.&nbsp; As a result of the Company&#146;s decision not to file a prospectus
in Canada, primarily because of the cost involved, the Company was obligated to
pay a penalty to the holders of the securities issued in the private placement.&nbsp;
As a result of the penalty, (i) each flow-through special warrant entitles the
holder to acquire 1.1 common shares on exercise thereof and (ii) each unit
special warrant entitles the holder to acquire 1.1 common shares and 1.1 common
share purchase warrants on exercise thereof.&nbsp; In connection with the private
placement, Northern Securities Inc., the lead agent, received a cash commission
of $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options
and 23,395 unit compensation options.&nbsp; In addition, as part of the private
placement, Limited Market Dealer Inc. received a cash commission of $25,862
(CDN$30,000) as well as 28,571 flow-through compensation options and Novadan
Capital Ltd. received a cash payment of $28,362 (CDN$32,900) as well as 32,900
unit compensation options.&nbsp; Each flow-through compensation option entitles the
holder to acquire, for no additional consideration, one flow-through
compensation warrant, each exercisable into one common share of the Company at a
price of $0.90 (CDN$1.05) for a period of 24 months from the closing date of
December 28, 2006.&nbsp; Each unit compensation option entitles the holder to
acquire, for no additional consideration, one unit compensation warrant, each
exercisable at $0.81 (CDN$0.941) into one common share and one common share
purchase warrant of the Company at a price of $0.90 (CDN$1.05<b>)</b> for a
period of 24 months from the closing date of December 28, 2006.&nbsp; As a result of
the penalty, (i) each flow-through compensation option entitles the holder to
acquire 1.1 flow-through compensation warrants on exercise thereof and (ii) each
unit compensation option granted to Northern Securities, Inc. entitles the
holder to acquire 1.1 unit compensation warrants on exercise thereof.&nbsp; The
private placement was exempt from registration under the Securities Act of 1933,
as amended (the &#147;Securities Act&#148;) pursuant to an exemption afforded by
Regulation S promulgated under the Securities Act (&#147;Regulation S&#148;).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On January 11, 2007, the Company issued its obligated 400,000 common shares and
an additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special
Warrants to a Canadian accredited investor for $404,000 paid on December 15,
2005. Each Special Warrant entitled its holder to acquire one common share of
the Company and one common share purchase warrant at no additional cost. The
Company was obligated to have a registration statement become effective within
181 days of the closing. In the absence of a registration statement being
declared effective within 181 days of the closing, the Company issued an
additional 4,000 common shares to the Canadian accredited investor at no extra
cost as a penalty. &nbsp;The Company expensed an amount of $5,000 to registration
rights penalty expense under the head General and Administration and credited
this to Additional paid in capital.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On April 25, 2007 the Company issued 2,823,049 common shares and an additional
282,309 shares as a penalty, relating to the private placement of 2,823,049
flow-through special warrants on December 28, 2006 (refer to note above). The
penalty shares were issued as the Company failed to obtain receipts for the
final prospectus or effectiveness of the registration statement by February 26,
2007 (60 days from the closing date). The Company expensed an amount of $163,739
to registration rights penalty expense under the head General and Administration
and credited this to Additional paid in capital.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-bottom: 0; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 115 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
7. &nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30; margin-top: -12pt; margin-bottom: 0pt; padding: 0pt" align="justify">
ISSUANCE OF COMMON SHARES-Cont&#146;d</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On April 25, 2007 the Company issued 334,218 common shares and an additional
33,423 shares as a penalty, relating to the private placement of 334,218 unit
special warrants on December 28, 2006 (refer to note above). The penalty shares
were issued as the Company failed to obtain receipts for the final prospectus or
effectiveness of the registration statement by February 26, 2007 (60 days from
the closing date). The Company expensed an amount of $19,386 to registration
rights penalty expense under the head General and Administration and credited
this to Additional paid in capital.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
<u>Three Months ended July 31, 2007</u></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On July 7, 2007 the Company issued 136,364 common shares in settlement of a
property payment on the Mount Hinton property. The shares represent $57,252
(CDN$60,000) which is 40% of the contracted payment and were valued at $0.42
(CDN$0.44) each.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt; line-height:12pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
8. &nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30; margin-top: -12pt; margin-bottom: 0pt; padding: 0pt">
COMMITMENTS AND CONTINGENCIES</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 15px; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
(a)</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30pt; margin-right: 0pt; margin-top: -11pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
Mount Hinton Property Mining Claims</p>
<p style="font-size: 8pt; color: #000000; text-indent: 0pt; margin-left: 30pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
On July 7, 2002 Yukon Gold Corp. (&#147;YGC&#148;) entered into an option agreement with
the Hinton Syndicate to acquire a 75% interest in the 273 unpatented mineral
claims covering approximately 14,000 acres in the Mayo Mining District of the
Yukon Territory, Canada. This agreement was replaced with a revised and amended
agreement (the &#147;Hinton Option Agreement&#148;) dated July 7, 2005 which superseded
the original agreement and amendments thereto. The new agreement is between the
Company, its wholly owned subsidiary YGC and the Hinton Syndicate. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
&nbsp; </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 30pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
YGC must make scheduled cash payments and perform certain work commitments to
earn up to a 75% interest in the mineral claims, subject to a 2% net smelter
return royalty in favor of the Hinton Syndicate, as further described below. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" dir="ltr">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 15px; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
The schedule of Property Payments and Work Programs are as follows:<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 18pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 18pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
<b><u>PROPERTY PAYMENTS</u></b></p>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt">
    On execution of the July 7, 2002 Agreement</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $ 19,693 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CDN$ &nbsp;&nbsp;25,000) &nbsp;Paid</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    On July 7, 2003</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $ 59,078 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CDN$ &nbsp;&nbsp;75,000) &nbsp;Paid</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    On July 7, 2004</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $118,157&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CDN$ 150,000) &nbsp;Paid</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    On January 2, 2006</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $125,313&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CDN$ 150,000) &nbsp;Paid</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    On July 7, 2006</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $134,512&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CDN$ 150,000) &nbsp;Paid</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    On July 7, 2007</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $141,979&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CDN$ 150,000) &nbsp;Paid </td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    On July 7, 2008</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $140,607&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CDN$ 150,000)</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    <b>TOTAL&nbsp;</b></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    <b>$739,339&nbsp;&nbsp;&nbsp; (CDN$ 850,000)</b></td>
  </tr>
</table>
<p style="font-size: 6pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="justify">
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 36pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
<b><u>WORK PROGRAM-expenditures to be incurred in the following periods;</u></b></p>
<table style="border-collapse: collapse; margin-left: 0pt" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%">
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    July 7/02 to July 6/03</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $ 118,157 &nbsp;&nbsp;&nbsp; (CDN$ &nbsp;&nbsp;&nbsp;150,000) Incurred</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    July 7/03 to July 6/04</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $ 196,928 &nbsp;&nbsp;&nbsp; (CDN$ &nbsp;&nbsp;&nbsp;250,000) Incurred</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    July 7/04 to July 6/05</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $ 256,006 &nbsp;&nbsp;&nbsp; (CDN$ &nbsp;&nbsp;&nbsp;325,000) Incurred</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    July 7/05 to Dec. 31/06</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $ 667,795 &nbsp;&nbsp;&nbsp; (CDN$ &nbsp;&nbsp;&nbsp;750,000) Incurred</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    Jan. 1/07 to Dec. 31/07</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $ 937,383 &nbsp;&nbsp;&nbsp; (CDN$ 1,000,000) Incurred</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    Jan. 1/08 to Dec. 31/08</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $1,171,729&nbsp;&nbsp; (CDN$ 1,250,000)</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    Jan. 1/09 to Dec. 31/09</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%" bgColor="#F0EFDB">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    $1,406,074&nbsp;&nbsp; (CDN$ 1,500,000)</td>
  </tr>
  <tr>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    <b>TOTAL</b></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin: 0pt; padding-left: 0pt; padding-right: 0.8pt; padding-top: 0pt; padding-bottom: 0pt" align="justify">
    <b>$4,754,072 (CDN$ 5,225,000)</b></td>
  </tr>
</table>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt" dir="ltr" align="center">
&nbsp;</p>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt" dir="ltr" align="center">
<font size="2" face="Times New Roman">- 116 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p dir="ltr"><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION,
INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-bottom: 0pt; padding-left: 18pt; padding-right: 18pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt" align="justify">
By letter agreement dated August 17, 2006, the Hinton Syndicate agreed to allow
the Company to defer a portion of the Work Program expenditure scheduled to be
incurred by December 31, 2006. The agreement to defer such Work program
expenditures was due to the mechanical break-down of drilling equipment and the
unavailability of replacement drilling equipment at the Mount Hinton site. As a
result, the Company was allowed to defer the expenditure of approximately
$220,681 (CDN$235,423) until December 31, 2007. All other Property Payments and
Work Program expenditures due have been made and incurred.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
Provided all Property Payments have been made that are due prior to the Work
Program expenditure levels being attained, YGC shall have earned a:</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding-left: 26pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt" align="justify">
25% interest upon completion of Work Program expenditures of $1,262,321
(CDN$1,500,000)</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding-left: 26pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt" align="justify">
50% interest upon Work Program expenditures of $2,343,457
(CDN$2,500,000)</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding-left: 26pt; padding-right: 0pt; padding-top: 0pt; padding-bottom: 0pt; line-height:12pt">
75% interest upon  Work Program expenditures of $4,754,072
(CDN$5,225,000)</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
YGC has attained a 25% interest as at July 31, 2007. In some cases, payments
made to service providers include amounts advanced to cover the cost of future
work. These advances are not loans but are considered &quot;incurred&quot; exploration
expenses under the terms of the Hinton Option Agreement. Section 2.2(a) of the
Hinton Option Agreement defines the term, &#147;incurred&#148; as follows: <i>&nbsp;</i>&nbsp;&#147;Costs
shall be deemed to have been &#147;incurred&#148; when YGC has contractually obligated
itself to pay for such costs or such costs have been paid, whichever should
first occur.&#148; Consequently, the term, &#147;incurred&#148; includes amounts actually paid
and amounts that YGC has obligated itself to pay. Under the Hinton Option
Agreement there is also a provision that YGC must have raised and have available
the Work Program funds for the period from July 7, 2005 to December 31, 2006, by
May 15 of 2006. This provision was met on May 15, 2006.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Hinton Option Agreement contemplates that upon the earlier of: (i) a
production decision or (ii) investment of $4,754,072 (CDN$5,225,000) or (iii)
YGC has a minority interest and decides not to spend any more money on the
project, YGC&#146;s relationship with the Hinton Syndicate will become a joint
venture for the further development of the property. Under the terms of the
Hinton Option Agreement, the party with the majority interest would control the
joint venture. Once the 75% interest is earned, as described above, YGC has a
further option to acquire the remaining 25% interest in the mineral claims for a
further payment of $4,686,914 (CDN$5,000,000).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Hinton Option Agreement provides that the Hinton Syndicate receive a 2% &#147;net
smelter return royalty.&#148; In the event that the Company exercises its option to
buy-out the remaining 25% interest of the Hinton Syndicate (which is only
possible if the Company has reached a 75% interest, as described above) then the
&quot;net smelter return royalty&quot; would become 3% and the Hinton Syndicate would
retain this royalty interest only. The &#147;net smelter return royalty&#148; is a
percentage of the gross revenue received from the sale of the ore produced from
the mine less certain permitted expenses.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Hinton Option Agreement entitles the Hinton Syndicate to recommend for
appointment one member to the board of directors of the Company.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Hinton Option Agreement provides both parties (YGC and Hinton Syndicate)
with rights of first refusal in the event that either party desires to sell or
transfer its interest.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Hinton Syndicate members each have the option to receive their share of
property payments in stock of the Company at a 10% discount to the market, once
the Company has obtained a listing on a Canadian stock exchange. YGC and the
Company have a further option to pay 40% of any property payment due after the
payment on January 2, 2006 with common stock of the Company. On July 7, 2007 the
Company issued 136,364 common shares, with the approval of the TSX, &nbsp;in
settlement of 40% of the property payment due on July 7, 2007. The shares
represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were
valued at $0.42 (CDN$0.44) each. &nbsp;The $84,727 (CDN$90,000) balance was paid in
cash to the members of the Hinton Syndicate on July 7, 2007. This entire
issuance of shares and cash payment was expensed as project expense.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-bottom: 0; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 117 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>

<p></p>
<p dir="ltr"><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION,
INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Hinton Syndicate Agreement pertains to an &#147;area of interest&#148; which includes
the area within ten kilometers of the outermost boundaries of the 273 mineral
claims, which constitute our mineral properties. Either party to the Hinton
Syndicate Agreement may stake claims outside the 273 mineral claims, but each
must notify the other party if such new claims are within the &#147;area of
interest.&#148; The non-staking party may then elect to have the new claims included
within the Hinton Syndicate Agreement. As of December 11, 2006, there were an
additional 24 claims staked, known as the &#147;Gram Claims&#148; which became subject to
the Hinton Syndicate Agreement.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On April 2, 2007 the Company accepted a proposed work program, budget and cash
call schedule for the Mount Hinton project which was revised on May 15, 2007,
totaling $1,410,949 (CDN$1,505,200) for the 2007 Work Program. The Company had
approximately $70,304 (CDN$75,000) on deposit left over from the 2006 cash call
schedule. On May 15, 2007 the Company paid $180,164 (CDN$200,000), on June 15,
2007 the Company paid $202,684 (CDN$225,000), being two of the four cash call
payments. Due to delays in the drilling program the third payment of $562,430
(CDN$600,000) which was due on July 31, 2007 was changed to August 31, 2007 and
was paid subsequently. &nbsp;The fourth payment of $379,828 (CDN$405,200) which was
originally due on August 15, 2007 was changed to September 15, 2007.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
b) The Marg Property</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
In March 2005, the Company acquired rights to purchase 100% of the Marg
Property, which consists of 402 contiguous mineral claims covering approximately
20,000 acres located in the Mayo Mining District of the Yukon Territory of
Canada. Title to the claims is registered in the name of YGC.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Company assumed the rights to acquire the Marg Property under a Property
Purchase Agreement (&#147;Agreement&#148;) with Atna Resources Ltd. (&#147;Atna&#148;). Under the
terms of the Agreement the Company paid $119,189 (CDN$150,000) cash and 133,333
common shares as a down payment. The Company made payments under the Agreement
for $43,406 (CDN$50,000) cash and an additional 133,333 common shares of the
Company on December 12, 2005; $86,805 (CDN$100,000) cash and an additional
133,334 common shares of the Company on December 12, 2006.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Company has agreed to make subsequent payments under the Agreement of: (i)
$93,738 (CDN$100,000) cash on or before December 12, 2007; and (ii) $187,477
(CDN$200,000) in cash and/or common shares of the Company (or some combination
thereof to be determined) on or before December 12, 2008. Upon the commencement
of commercial production at the Marg Property, the Company will pay to Atna
$937,383 (CDN$1,000,000) in cash and/or common shares of the Company, or some
combination thereof to be determined.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On April 2, 2007 the Company accepted a proposed work program, budget and cash
call schedule for the Marg project totaling $2,980,877 (CDN$3,180,000) for the
2007 Work Program. The Company had approximately $515,561 (CDN$550,000) on
deposit left over from the 2006 cash call schedule. On May 15, 2007 the Company
paid $703,037 (CDN$750,000), on June 15, 2007 the Company paid $703,037
(CDN$750,000), and on July 15, 2007 the Company paid $703,037 (CDN$750,000)
being three of the four cash call payments. The fourth payment of $356,205
(CDN$380,000) is due on August 15, 2007 and was paid subsequently.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-bottom: 0; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 118 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p dir="ltr"><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION,
INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
c) On July 23, 2007, Yukon Gold Corporation, Inc. (the &#147;Company&#148;) amended and
restated an agreement with Northern Securities Inc. (&#147;Northern&#148;) pursuant to
which Northern agreed to act as agent in connection with a $2,624,672
(CDN$2,800,000) private placement (the &#147;Private Placement&#148;). &nbsp;Northern agreed to
place or purchase for its own account $1,406,704 (CDN$1,500,000) in Units and
$1,218,598 (CDN$1,300,000) of flow-through units (the &#147;Flow-Through Units&#148;).
&nbsp;Each Unit consists of one common share and one-half common share purchase
warrant (a &#147;Warrant&#148;). &nbsp;Each Flow-Through Unit consists of one flow-through
common share and one half of a common share purchase warrant where each full
warrant will enable its holder to purchase a non-flow-through share (a
&#147;Flow-Through Warrant&#148;). &nbsp;The &#147;flow-through&#148; shares entitle Canadian tax payers
to certain tax credits which may be offset against Canadian income tax. &nbsp;The
Units were priced at $0.42 (CDN$0.45) per Unit. &nbsp;Each whole Warrant (two half
Warrants together) will be exercisable for one share of the Company&#146;s common
stock for a period of 24 months from the closing of the private placement at an
exercise price of $0.56 (CDN$0.60) per share. &nbsp;The Flow-Through Units are priced
at $0.49 (CDN$0.52) per Flow-Through Unit. &nbsp;Each whole Flow-Through Warrant will
be exercisable into one share of the Company&#146;s common stock &nbsp;for a period of 24
months from the Closing Date at an exercise price of $0.66 (CDN$0.70) per share.
&nbsp;In connection with the Northern Agreement, the Company agreed to pay Northern a
commission equal to 8% of the aggregate gross proceeds of the Private Placement
and issue to Northern broker warrants in the amount of 8% of the aggregate
number of Units and Flow-Through Units purchased through the Private Placement.
&nbsp;&nbsp;In addition, the Company agreed to pay Northern a due diligence fee of $70,304
(CDN$75,000). &nbsp;The Private Placement is scheduled to close in two parts. &nbsp;The
first closing occurred on August 16, 2007 for aggregate gross proceeds of
$1,073,425 (CDN$1,145,180). (See Note 12 &#150; Subsequent Events).</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; margin-bottom:0; line-height:12pt" align="justify">
9. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 30; padding: 0pt; margin-top:-11pt; line-height:12pt" align="justify">
SHORT-TERM INVESTMENT IN AVAILABLE- FOR- SALE SECURITIES </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Company entered into a subscription agreement dated as of April 3, 2007 (the
&#147;Agreement&#148;) with Industrial Minerals, Inc. (&#147;Industrial Minerals&#148;) to acquire (i)
5,000,000 common shares of Industrial Minerals at a price of $0.05 per share and
(ii) a Warrant entitling the holder: (a) to purchase 5,000,000 common shares of
Industrial Minerals at a purchase price of $0.05 per share (the &#147;option price&#148;)
or, at the option of the holder, (b) to surrender the Warrant for a number of
common shares to be determined by application of a formula which would result in
a larger number of shares issued to the holder if the market price of the common
stock is less than the option price at the time of exercise. The Warrant expires
on April 3, 2008. The total subscription price paid by the Company was $250,000.
The Company entered into the Agreement as of May 14, 2007. The common stock of
Industrial Minerals is quoted on the Over-the-Counter Bulletin Board under the
symbol, &#147;IDSM.&#148; The Company accounted for this investment as a short term
investment in available-for-sale securities. The unrealized gain of $100,000 as
at July 31, 2007 has been excluded from earnings and reported as &#145;Other
Comprehensive Income&#146;. The Company executed an agreement to sell the securities
on August 17, 2007 (See Note 12- Subsequent Events). </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; margin-bottom:0; line-height:12pt" align="justify">
10. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 30; padding: 0pt; margin-top:-11pt; line-height:12pt" align="justify">
PREPAID EXPENSES AND OTHER</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
Included in prepaid expenses and other is an amount of $83,915 (CDN$89,520)
being Goods &amp; Services tax receivable from the Federal Government of Canada.
Included in prepaid expenses and other is a deposit of $1,932,019 (CDN$2,061,078) with a geological company for conducting exploration activities at
the Mount Hinton and Marg properties.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; margin-bottom:0; line-height:12pt" align="justify">
11. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 30; padding: 0pt; margin-top:-11pt; line-height:12pt" align="justify">
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
The Company entered into a one year consulting agreement with a consultant on
December 28, 2006 commencing January 1, 2007. As per terms of the agreement, the
consultant was to provide consulting services which included market awareness,
financial and strategic advice. The Company was to compensate the consultant a
fee of 500,000 restrictive shares over a period of twelve months with shares to
be delivered on a monthly basis. The Company had accrued the cost of $136,668 in
the April 30, 2007 statements, although in the opinion of the Company, it was
not obligated to issue stock as the consultant was in breach of the contract due
to non performance of the agreed services. The Company received a cancellation
and waiver of the agreement from the consultant and reversed this accrual to the
credit of general and administrative expense during the quarter ended July 31,
2007.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; margin-bottom:0; line-height:12pt" align="justify">
12. &nbsp;&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 30; padding: 0pt; margin-top:-11pt; line-height:12pt" align="justify">
SUBSEQUENT EVENTS</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
a) &nbsp;&nbsp;Subsequent issue of common shares:</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-bottom: 0; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 119 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<p><b><font face="Times New Roman" size="2">YUKON GOLD CORPORATION, INC. <br>
(An Exploration Stage Company) <br>
Condensed Notes to Interim Consolidated Financial Statements <br>
July 31, 2007 <br>
(Amounts expressed in US Dollars) <br>
(Unaudited) </font></b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On August 16, 2007 the Company completed a private placement (the &#147;Financing&#148;)
with Northern Securities Inc. (&#147;Northern&#148;), acting as agent. The Financing was
comprised of the sale of 1,916,666 units (the &#147;Units&#148;) at $0.42 (CDN$0.45) per
Unit (the &#147;Unit Issue Price&#148;) for gross proceeds of $808,446 &nbsp;(CDN$862,499.70)
and the sale of 543,615 flow-through units (the &#147;Flow-Through Units&#148;) at $0.49
(CDN$0.52) per Flow-Through Unit (the &#147;Flow-Through Unit Issue Price&#148;) for gross
proceeds of $264,979 (CDN$282,679.80), raising aggregate gross proceeds of
approximately $1,073,425 (CDN$1,145,180). &nbsp;Each Unit consisted of one non-flow
through common share (&quot;Common Share&quot;) and one half of one Common Share purchase
warrant (each whole warrant, a &quot;Warrant&quot;). &nbsp;Each Warrant is exercisable into one
Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per
share. &nbsp;Each Flow-Through Unit consisted of one flow-through common share and
one half of one Common Share purchase warrant (each whole warrant, an &quot;FT
Warrant&quot;). &nbsp;Each FT Warrant is exercisable into one Common Share until August
16, 2009 at an exercise price of $0.66 (CDN$0.70) per share. &nbsp;Yukon Gold paid
Northern a commission equal to 8% of the aggregate gross proceeds and issued
153,333 &#147;Unit Compensation Options&#148; and 43,489 &#147;FT Unit Compensation Options&#148;.
&nbsp;Each Unit Compensation Option is exercisable into one Unit at the Unit Issue
Price until August 16, 2009. &nbsp;Each FT Unit Compensation Option is exercisable
into one Common Share and one half of one FT Warrant at the Flow-Through Unit
Issue Price until August 16, 2009. &nbsp;Yukon Gold has also granted Northern an
option (the &quot;Over-Allotment Option&quot;) exercisable until October 15, 2007 to offer
for sale up to an additional $468,691 (CDN$500,000) of Units and/or Flow-Through
Units on the same terms and conditions. &nbsp;The Company paid a $70,304 (CDN$75,000)
due diligence fee to Northern at closing and reimbursed Northern for its
expenses. &nbsp;The proceeds of the Financing will be used for the exploration and
development of the Company&#146;s two Yukon Territory based properties, and for
working capital.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt">
b) &nbsp;Subsequent Commitments &amp; Contingencies:</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On August 15 the Company entered into an on-line investor relations marketing
agreement with a consultant for a one year term, with the option to renew for an
additional 12 months. &nbsp;In return for services rendered, the Company will pay the
consultant $1,875 (CDN$2,000) per month. &nbsp;In addition, the consultant has been
granted an option to purchase 125,000 shares of the Company at $0.42 (CDN$0.45)
per share, with the option vesting in equal quarterly amounts of 31,250 shares
on November 15, 2007, February 15, 2008, May 15, 2008 and August 15, 2008, and
the first exercise date being August 15, 2008 and an expiry date of August 15,
2010.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On August 15, 2007 the Company paid $365,205 (CDN$380,000), being the fourth and
final payment for the Marg Project 2007 Work Program.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On August 15, 2007 the Company paid $86,127 (CDN$91,880.20) towards the third
cash call payment for the Mount Hinton 2007 Work Program. On August 31, 2007 the
Company re-allocated $476,303 (CDN$508,119.80) being the balance of the third
cash call payment for the Mount Hinton 2007 Work Program from cash call funds
previously allocated to the Marg Project. These re-allocated funds are not
presently needed for the Marg Project.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
On August 17, 2007, the Company entered into an agreement with Global Capital
SPE-1 LLC (&#147;Global&#148;) pursuant to which Global agreed to purchase 2 million
shares of Industrial Minerals Inc. (&#147;IDSM&#148;) held by the Company for
consideration of $140,000. &nbsp;Pursuant to the Agreement, Global has the option to
purchase from the Company an additional 3 million shares of IDSM for
consideration of $210,000. &nbsp;The Company also assigned to Global 5 million
warrants to purchase IDSM stock. &nbsp;The Company will receive up to $100,000 in the
event that Global exercises all or a portion of the warrants. &nbsp;Global
consummated the purchase of the first 2 million shares of IDSM on September 6,
2007.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt; line-height:12pt" align="justify">
c) The Company announced on September 5, 2007 that its common stock will trade
on the Frankfurt Stock Exchange. &nbsp;The Company&#146;s common stock will trade under
the symbol &#147;W8Y&#148; and the German Securities Code A0JJ6Z.</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-bottom: 0; padding: 0pt" align="center">
<font size="2" face="Times New Roman">- 120 -</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>



    <a name="eolPage23"/>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">
      <p>
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>YUKON
      GOLD CORPORATION, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(AN
      EXPLORATION STAGE COMPANY)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONSOLIDATED
      FINANCIAL STATEMENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YEARS
      ENDED APRIL 30, 2007 AND APRIL 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Together
      With Report of Independent Registered Public Accounting
      Firm</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font><font size="2" face="Times New Roman"><br>
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <font size="2" face="Times New Roman"><br></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TABLE
      OF CONTENTS</strong></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <div align="left"><br>
        <div align="left">
          <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

              <tr>
                <td align="left" valign="bottom" width="85%" style="border-bottom: #ffffff solid;">&#160;</td>
                <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
                <td align="right" colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Page
                    No.</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              </tr>
              <tr bgcolor="#f0efdb">
                <td align="left" valign="bottom" width="85%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Report
                    of Independent Registered Public Accounting Firm</font></div>
                </td>
                <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                    <font size="2"><font style="font-family: Times New Roman">
                    123-124</font></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="85%" style="border-bottom: white;">&#160;</td>
                <td width="2%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              </tr>
              <tr bgcolor="#f0efdb">
                <td align="left" valign="bottom" width="85%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                    Balance Sheets as at April 30, 2007 and April 30, 2006</font></div>
                </td>
                <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                    <font size="2"><font style="font-family: Times New Roman">
                    125</font></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="85%" style="border-bottom: white;">&#160;</td>
                <td width="2%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              </tr>
              <tr bgcolor="#f0efdb">
                <td align="left" valign="bottom" width="85%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                    Statements of Operations for the years ended April 30, 2007 and
                    April 30,
                    2006</font></div>
                </td>
                <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                    <font size="2"><font style="font-family: Times New Roman">
                    126</font></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="85%" style="border-bottom: white;">&#160;</td>
                <td width="2%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              </tr>
              <tr bgcolor="#f0efdb">
                <td align="left" valign="bottom" width="85%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                    Statements of Cash Flows for the years ended April 30, 2007 and
                    April 30,
                    2006</font></div>
                </td>
                <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                    <font size="2"><font style="font-family: Times New Roman">
                    127</font></font></div>
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              </tr>
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                <td align="left" valign="bottom" width="85%" style="border-bottom: white;">&#160;</td>
                <td width="2%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              </tr>
              <tr bgcolor="#f0efdb">
                <td align="left" valign="bottom" width="85%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                    Statements of Changes in Stockholders&#8217; Equity for the years ended April
                    30, 2007 and April 30, 2006 and for the period from inception
                    to April 30,
                    2006</font></div>
                </td>
                <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                    <font size="2"><font style="font-family: Times New Roman">
                    128-</font></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="85%" style="border-bottom: white;">&#160;</td>
                <td width="2%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: white;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              </tr>
              <tr bgcolor="#f0efdb">
                <td align="left" valign="bottom" width="85%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes
                    to Consolidated Financial Statements</font></div>
                </td>
                <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
                <td align="right" valign="bottom" width="8%" style="border-bottom: #f0efdb;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                    <font size="2"><font style="font-family: Times New Roman">
                    129-151</font></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&nbsp;</div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">
              <p align="center"><font size="2" face="Times New Roman">- 121 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REPORT
      OF
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      the
      Board of Directors and Stockholders of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yukon
      Gold Corporation, Inc. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(An
      Exploration Stage Company)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      audited the accompanying consolidated balance sheets of Yukon Gold Corporation,
      Inc. as at April 30, 2007 and 2006 and the related consolidated statements
      of
      operations, cash flows and stockholders&#8217; equity for the years ended April 30,
      2007 and 2006 and for the period from incorporation to April 30,
      2007.
      These
      consolidated financial statements are the responsibility of the Company&#8217;s
      management. Our responsibility is to express an opinion on these consolidated
      financial statements based on our audits. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      conducted our audits in accordance with the standards of the Public Company
      Accounting Oversight Board (United States). Those standards require that we
      plan
      and perform the audit to obtain reasonable assurance about whether the financial
      statements are free of material misstatement. An audit includes examining,
      on a
      test basis, evidence supporting the amounts and disclosures in the financial
      statements. An audit also includes assessing the accounting principles used
      and
      significant estimates made by management, as well as evaluating the overall
      financial statement presentation. We believe that our audits provide a
      reasonable basis for our opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      our
      opinion, the consolidated financial statements referred to above present fairly,
      in all material respects, the financial position of Yukon Gold Corporation,
      Inc.
      as at April 30, 2007 and 2006 and the results of its operations and its cash
      flows for the years ended April 30, 2007 and 2006 and for the period from
      incorporation to April 30, 2007 in conformity with United States generally
      accepted accounting principles.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      accompanying consolidated financial statements have been prepared assuming
      that
      the Company will continue as a going concern. As discussed in Note 2 to the
      consolidated financial statements, the Company is an exploration stage mining
      company and has no established source of revenues. These conditions raise
      substantial doubt about its ability to continue as a going concern. Management&#8217;s
      plan regarding these matters are also described in the notes to the consolidated
      financial statements. The consolidated financial statements do not include
      any
      adjustments that might result from the outcome of this
      uncertainty.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="49%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#8220;SCHWARTZ
                  LEVITSKY FELDMAN LLP&#8221;</strong></font></div>

              </div>
              <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font size="2">Toronto,
                Ontario, Canada</font></div>
            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="49%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chartered
                Accountants</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="49%">
              <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font size="2">July
                5, 2007</font></div>
            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="49%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font size="2">Licensed
                Public
                Accountants</font></div>
            </td>
          </tr>

      </table>
    </div>


      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 122 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated
      Balance Sheets</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
      at April 30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br>
      <div>
        <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

            <tr>
              <td valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
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              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
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              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
              <td width="2%" style="border-bottom: medium none;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ASSETS</strong></font></div>
              </td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
                  ASSETS</font></div>
              </td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                  and cash equivalents</font></div>
              </td>
              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">936,436</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,412,126</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
                  expenses and other (note 6)</font></div>
              </td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">464,371</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">77,977</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exploration
                  tax credit receivable (note 7)</font></div>
              </td>
              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">483,258</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">153,145</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restricted
                  Deposit (Note 14)</font></div>
              </td>
              <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,889</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,889</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,901,954</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,661,137</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RESTRICTED
                  CASH (Note 13)</font></div>
              </td>
              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,266,602</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">118,275</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROPERTY,
                  PLANT AND EQUIPMENT (Note 8)</font></div>
              </td>
              <td width="2%" style="border-bottom: white solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">&#160;</td>
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              <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
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    <div>&#160;</div>
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    <div>&#160;</div>
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      Jose
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      L.
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    <p></p>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 123 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
      </div>

    </div>

    <p></p>
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      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>YUKON
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
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              <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
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              <td width="2%" style="border-bottom: medium none;">&#160;</td>
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              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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            <tr>
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
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              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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            <tr>
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                  payable and accrued liabilities (Note 9)</font></div>
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              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,750</font></div>
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              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Obligation
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              <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,812</font></div>
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,792</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  Current Liabilities</font></div>
              </td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">262,946</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">238,824</font></div>
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              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">&#160;</td>
              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long
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              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Obligations
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              </td>
              <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,137</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">11,864</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                  LIABILITIES</font></div>
              </td>
              <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">272,083</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
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              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
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              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
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              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
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              <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">
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              <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr bgcolor="#f0efdb">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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              <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
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        </table>
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      accompanying notes are an integral part of these consolidated financial
      statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">

        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 124 -</font></td>
            </tr>
          </table>
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
        </div>

      </div>
    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>YUKON
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
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            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cumulative
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            <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ended
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">
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          <tr>
            <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td width="2%" style="border-bottom: medium none;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OPERATING
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            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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          <tr>
            <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Project
                expenses</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,808,804</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,899,340</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">933,326</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exploration
                Tax Credit</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(605,716</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(321,013</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(144,414</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amortization</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,934</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">12,731</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,942</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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            </td>
            <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,904</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,904</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TOTAL
                OPERATING EXPENSES</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">7,332,128</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4,074,336</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,881,957</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LOSS
                BEFORE INCOME TAXES</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(7,332,128</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
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              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">
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            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">&#160;</td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
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            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb solid;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><a name="LineIP"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted
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            <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      accompanying notes are an integral part of these consolidated financial
      statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 125 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
      </div>

    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>For
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="57%" style="border-bottom: #ffffff solid;">

            </td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cumulative
                Since Inception</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ended
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
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            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ended
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
                30, 2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">

            </td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">$</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="57%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
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            </td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Items
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amortization</font></div>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,904
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,904
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">188,125</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">188,125</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
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            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">468,087
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            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">153,845</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">100,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                shares issued for settlement of severance liability to ex-officer
                </font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">113,130</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">113,130</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock-based
                compensation&#160;</font></div>
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">676,519
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">451,273</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">225,246
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
                of shares for professional services</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">852,523
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">722,023</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">130,500
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
                of units against settlement of debts</font></div>
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20,077
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20,077
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Decrease
                (Increase) in prepaid expenses and other</font></div>
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(463,214</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increase
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increase
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,266,602</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,148,327</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(118,275</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increase
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(17,889</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(17,889</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increase
                (Decrease) in other liabilities</font></div>
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            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(3,750</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,750
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NET
                CASH USED IN OPERATING ACTIVITIES</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(7,564,402</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(4,903,195</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,411,404</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
                FLOWS FROM INVESTING ACTIVITIES</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase
                of property, plant and equipment</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(80,738</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NET
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            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(67,813</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Repayments
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,180
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                (Repayments) from Demand promissory notes</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">200,000
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            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(298,649</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                from Convertible promissory notes converted</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">200,500
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                from the exercise of stock options</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">61,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">55,500</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,500
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                from exercise of warrants - net</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">450,309
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">429,537</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20,772
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                from subscription of warrants - net </font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">525,680
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">525,680
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                from issuance of units/shares - net </font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">7,189,001
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,009,762</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,538,147
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                (Repayments) from capital lease obligation</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">14,656
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NET
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            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,806,106
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EFFECT
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            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(58,043</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(58,446</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,981
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NET
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                YEAR</font></div>
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">936,436
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,475,690</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,332,870
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                and cash equivalents, beginning of year</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,412,126</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">79,256
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CASH
                AND CASH EQUIVALENTS, END OF YEAR</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">936,436
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">936,436</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,412,126
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCOME
                TAXES PAID</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INTEREST
                PAID</font></div>
            </td>
            <td width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white solid;">
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      accompanying notes are an integral part of these consolidated financial
      statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 126 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
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    <div>
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            <td width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated
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            <td valign="bottom" width="36%" style="border-bottom: medium none;">&#160;</td>
            <td width="1%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">#</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,833,377
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">154,063
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                of warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,142
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
                currency translation</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">604
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">604
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                loss for the year</font></div>
            </td>
            <td width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(124,783</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
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            <td width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,833,377
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">154,063
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,142
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(124,783</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(124,179</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">604
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                of Common shares</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,435,410
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">256,657
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                of warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,855
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                repurchased</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(240,855</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(5,778</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Recapitalization
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,750,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">175
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">174,825
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">300,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">30
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            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">114,212
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
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            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(12,796</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(12,796</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                loss for the year</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(442,906</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(442,906</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
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            <td width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,815,508
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">882
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">697,299
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(567,689</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(455,702</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(12,192</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                of Common shares for Property Payment</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">133,333
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">13
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">99,987
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                of common shares on Conversion of Convertible Promissory
                note</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">76,204
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">57,144
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
                currency translation</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,717
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,717
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(808,146</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
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            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
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            <td width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,025,045
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">903
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">854,430
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,375,835</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(798,429</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,475</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
                based compensation - Directors and officers</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">216,416
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
                based compensation - Consultants</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,830
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
                of common shares and Warrants on retirement of Demand Promissory
                note</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">369,215
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Units
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">6,690
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">150,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">15
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">130,485
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Units
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">490,909
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">49
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">269,951
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Units
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">149,867
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">15
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">82,412
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Units
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">200,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">109,980
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                of common shares on Conversion of Convertible Promissory
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            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">59,547
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            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Private
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            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">15
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">151,485
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">13
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">99,987
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">25,905
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">10,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,771
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">101,150
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            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">76,523
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">154,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brokered
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,331,327
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">533
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,910,375
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brokered
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">25,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2
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            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">13,310
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
                of stock options</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">10,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,499
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
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            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,687</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,687</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                loss for the year</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">&#160;&#160;
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,855,957</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,855,957</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
                as of April 30, 2006</font></div>
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            <td width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16,366,728
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,637
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,301,502
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">525,680
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(3,231,792</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,858,644</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(5,162</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
                of warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">10,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,986
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
                of warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">45,045
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">40,445
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
                of warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">14,278
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">113,116
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">39,364
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,971
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">15,937
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">43,667
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">38,891
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">14,251
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">158,090
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">141,616
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">43,166
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">53,841
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">6
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">53,818
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">24,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">342,780
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">34
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">438,725
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brokered
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">400,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">40
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">363,960
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brokered
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">550,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">55
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">498,923
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">451,273
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">37,495
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            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">131,184
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">118,800
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">200,000
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">153,980
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(154,000</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
                of shares for special warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">404,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">41
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">375,679
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(371,680</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
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            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,916,374
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
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            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">230,410
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
                of 3,105,358 common shares for 2,823,049 flow through
                warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,105,358
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">310
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,916,064
                </font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,916,374</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issue
                of 367,641 common shares for 334,218 unit special warrants</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">367,641
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">37
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">230,373
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(230,410</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                rights penalty expense</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">188,125</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
                currency translation</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(58,446</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(58,446</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                loss for the year</font></div>
            </td>
            <td width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">&#160;
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">&#160;
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">&#160;
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">&#160;
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(3,703,590</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(3,703,590</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">&#160;
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
                as of April 30, 2007</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">22,883,137
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,288
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">10,949,726</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(6,935,382</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(3,762,036</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
                </div>
              </div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(63,608</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      accompanying notes are an integral part of these consolidated financial
      statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

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    <p></p>
      <p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BASIS
      OF
      PRESENTATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      audited consolidated financial statements include the accounts of Yukon Gold
      Corporation, Inc. (the &#8220;Company&#8221;) and its wholly owned Canadian operating
      subsidiary, Yukon Gold Corp. (&#8220;YGC&#8221;). All material inter-company accounts and
      transactions have been eliminated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GOING
      CONCERN</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has no source for operating revenue and expects to incur significant
      expenses before establishing operating revenue. The Company has a need for
      equity capital and financing for working capital and exploration and development
      of its properties. Because of continuing operating losses, the Company&#8217;s
      continuance as a going concern is dependent upon its ability to obtain adequate
      financing and to reach profitable levels of operation. The Company&#8217;s future
      success is dependent upon its continued ability to raise sufficient capital,
      not
      only to maintain its operating expenses, but to explore for ore reserves and
      develop those it has on its mining claims. There is no guarantee that such
      capital will continue to be available on acceptable terms, if at all or if
      the
      Company will attain profitable levels of operation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management
      has initiated plans to raise equity funding through the issuance of common
      shares including flow-through shares. The Company was successful in raising
      funds (net) of approximately $4 million during the year ended April 30, 2006,
      which assisted the Company in meeting its commitments and current requirements
      for project expenses and general and administrative expenses. The Company also
      raised (net) approximately $1.3 million during the six months ended October
      31,
      2006. The company further raised (net) an additional approximately $1.9 million
      through subscription of flow-through special warrants and raised (net)
      approximately $230,000 through subscription of unit special warrants during
      the
      three months ended January 31, 2007. The Company&#8217;s common shares are listed on
      the Toronto Stock exchange and included on the Over-The-Counter Bulletin Board
      maintained by NASDAQ in the United States. The trading of the Company&#8217;s stock in
      both the United States and Canada has expanded its investor base, as the Company
      continues to explore sources of funding from both the United States and Canada.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
      consolidated financial statements have been prepared in accordance with United
      States generally acceptable accounting principles applicable to a going concern.
      Accordingly, they do not give effect to adjustments that would be necessary
      should the Company be unable to continue as a going concern and therefore be
      required to realize its assets and liquidate its liabilities and commitments
      in
      other than the normal course of business and at amounts different from those
      in
      the accompanying consolidated financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.
      NATURE
      OF OPERATIONS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is an exploration stage mining company and has not yet realized any
      revenue from its operations. It is primarily engaged in acquisition, exploration
      and development of its two mining properties, both located in the Yukon
      Territory in Canada. The Company has not yet determined whether these properties
      contain mineral reserves that are economically recoverable. The business of
      mining and exploring for minerals involves a high degree of risk and there
      can
      be no assurances that current exploration programs will result in profitable
      mining operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Use
      of
      Estimates</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
      consolidated financial statements have been prepared in accordance with
      generally accepted accounting principles in the United States of America.
      Because a precise determination of assets and liabilities, and correspondingly
      revenues and expenses, depends on future events, the preparation of consolidated
      financial statements for any period necessarily involves the use of estimates
      and assumption. Actual amounts may differ from these estimates. These
      consolidated financial statements have, in management&#8217;s opinion, been properly
      prepared within reasonable limits of materiality and within the framework of
      the
      accounting policies summarized below.</font><br></div>

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    <font size="2" face="Times New Roman">- 128 -</font></td>
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    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES-CONT&#8217;D</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)
      Cash
      and Cash Equivalents </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      and
      cash equivalents include cash on hand, amounts due from banks, and any other
      highly liquid investments with a maturity of three months or less. The carrying
      amounts approximate fair values because of the short maturity of those
      instruments.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      Financial Instruments</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      carrying amounts of the Company&#8217;s restricted cash, restricted deposit, accounts
      receivable, exploration tax credit receivable and accounts payable and accrued
      liabilities approximates fair values because of the short maturity of these
      instruments.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commodity
      Price Risk:</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      ability of the Company to develop its properties and the future profitability
      of
      the Company is directly related to the market price of certain
      minerals.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
      exchange risk:</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company conducts some of its operating activities in Canadian dollar. The
      Company is therefore subject to gains or losses due to fluctuations in Canadian
      currency relative to the US dollar.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
      Financial Instruments</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      fair
      value of each of the Company&#8217;s long-term financial assets and debt instruments
      is based on the amount of future cash flows associated with each instrument
      discounted using an estimate of what the Company&#8217;s current borrowing rate for
      similar instruments of comparable maturity would be.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property,
      plant and equipment</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property,
      plant, and equipment are recorded at cost less accumulated amortization.
      Amortization is provided commencing in the month following acquisition using
      the
      following annual rate and method:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Computer
                  equipment</font></div>
              </td>
              <td align="justify" valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20%</font></div>
              </td>
              <td align="justify" valign="top" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">declining
                  balance method</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Furniture
                  and fixtures</font></div>
              </td>
              <td align="justify" valign="top" width="24%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20%</font></div>
              </td>
              <td align="justify" valign="top" width="17%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">declining
                  balance method</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Office
                  Equipment</font></div>
              </td>
              <td align="justify" valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20%</font></div>
              </td>
              <td align="justify" valign="top" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">declining
                  balance method</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">f)
      Operating and Capital Leases</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Costs
      associated with operating leases are expensed as incurred. The cost of assets
      acquired via capital leases are capitalized and amortized over their useful
      lives. An offsetting liability is established to reflect the future obligation
      under capital leases. This liability is reduced by the future principal
      payments.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">g)
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
      Currency Translation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company&#8217;s operating subsidiary is a foreign private company and maintains its
      books and records in Canadian dollars (the functional currency). The
      subsidiary&#8217;s financial statements are converted to US dollars for consolidation
      purposes. The translation method used is the current rate method, which is
      the
      method mandated by SFAS No. 52 where the functional currency is the foreign
      currency. Under the current rate method all assets and liabilities are
      translated at the current rate, stockholders&#8217; equity accounts are translated at
      historical rates and revenues and expenses are translated at average rates
      for
      the year.</font></div>

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    <div>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font><br></div>
    <p>
    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-CONT&#8217;D</font></p>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><p>

      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Due
      to
      the fact that items in the financial statements are being translated at
      different rates according to their nature, a translation adjustment is created.
      This translation adjustment has been included in Accumulated Other Comprehensive
      Income (Loss).</font></p>
      <p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">h)
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
      taxes</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company accounts for income taxes under the provisions of SFAS No. 109, which
      requires recognition of deferred tax assets and liabilities for the expected
      future tax consequences of events that have been included in the financial
      statements or tax returns. Deferred income taxes are provided using the
      liability method. Under the liability method, deferred income taxes are
      recognized for all significant temporary differences between the tax and
      financial statement bases of assets and liabilities.</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
      income tax expense (recovery) is the amount of income taxes expected to be
      payable (recoverable) for the current period. A deferred tax asset and/or
      liability is computed for both the expected future impact of differences between
      the financial statement and tax bases of assets and liabilities and for the
      expected future tax benefit to be derived from tax losses. Valuation allowances
      are established when necessary to reduce deferred tax asset to the amount
      expected to be &#8220;more likely than not&#8221; realized in future tax returns. Tax law
      and rate changes are reflected in income in the period such changes are
      enacted.</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue
      Recognition</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company&#8217;s revenue recognition policies are expected to follow common practice in
      the mining industry. Revenue is recognized when concentrate or dore bars, in
      the
      case of precious metals, is produced in a mill processing ore from one or more
      mines. The only condition for recognition of revenue in these instances is
      the
      production of the dore or concentrate. In order to get the ore to a concentrate
      stage the ore must be mined and transported to a mill where it is crushed and
      ground. The ground product is then processed by gravity separation and/or
      flotation to produce a concentrate. In some circumstances chemical treatment
      is
      used to extract the precious metals from the concentrate into a solution. This
      solution is then subjected to various processes to precipitate the precious
      metals back to a solid state that can be melted down and poured into a mould
      to
      produce a dore bar (a combination of gold and silver).</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">j)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comprehensive
      Income</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has adopted SFAS No. 130 Reporting Comprehensive Income. This standard
      requires companies to disclose comprehensive income in their consolidated
      financial statements. In addition to items included in net income, comprehensive
      income includes items currently charged or credited directly to stockholders&#8217;
equity, such as foreign currency translation adjustments.</font></a><p>
    <a name="eolPage23"/>
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">k)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-Lived
      Assets</font></a><p>
    <a name="eolPage23"/>
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with Financial Accounting Standard Board Statement No. 144, the
      Company records impairment of long-lived assets to be held and used or to be
      disposed of when indicators of impairment are present and the undiscounted
      cash
      flows estimated to be generated by those assets are less than the carrying
      amount. At April 30, 2007 and 2006, no impairments were recognized. Amortization
      expense for the years ended April 30, 2007 and 2006 was $12,731 and $1,942
      respectively. </font>

    </a>

      <p>
    <a name="eolPage23"/>
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">l)
      Acquisition, Exploration and Evaluation Expenditures</font></a><p>
    <a name="eolPage23"/>
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is an exploration stage mining company and has not yet realized any
      revenue from its operations. It is primarily engaged in the acquisition,
      exploration and development of mining properties. Mineral property acquisition
      and exploration costs are expensed as incurred. When it has been determined
      that
      a mineral property can be economically developed as a result of establishing
      proven and probable reserves, the costs incurred to develop such property,
      are
      capitalized. For the purpose of preparing financial information, all costs
      associated with a property that has the potential to add to the Company&#8217;s proven
      and probable reserves are expensed until a final feasibility study demonstrating
      the existence of proven and probable reserves is completed. No costs have been
      capitalized in the periods covered by these financial statements. Once
      capitalized, such costs will be amortized using the units-of-production method
      over the estimated life of the probable reserve.</font></div>

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    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%">
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB9" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES-CONT&#8217;D</font></a><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>
      <br>
    <a name="eolPage23"/>
      m) </a></font>
    <a name="eolPage23"/>
      <font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock
      Based Compensation</font></p>
      </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 16, 2004, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued FASB
      Statement No.123 (revised 2004), &#8220;Share-Based Payment&#8221; (&#8220;SFAS 123(R)&#8221;), which is
      a revision of FASB Statement No.123, Accounting for Stock-Based Compensation.
      SFAS 123(R) requires expense for all equity instruments given to employees
      and
      non-employees, including grants of employee stock options, to be recognized
      in
      the income statement based on their fair values. Pro forma disclosure is no
      longer an alternative. The Company had adopted the provisions of SFAS 123 (R)
      on
      May 1, 2005. As of April 30, 2007 there was $265,375 of unrecognized expense
      related to non-vested stock-based compensation arrangements granted. The total
      stock-based compensation expense relating to all employees and non employees
      for
      the years ended April 30, 2007 and 2006 was $451,273and $225,246 respectively.
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">n)
      Earnings or Loss per Share</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has adopted FAS No. 128, &#8220;Earnings per Share&#8221;, which requires disclosure
      on the financial statements of &#8220;basic&#8221; and &#8220;diluted&#8221; loss per share. Basic loss
      per share is computed by dividing net loss by the weighted average number of
      common shares outstanding for the year. Diluted loss per share is computed
      by
      dividing net loss by the weighted average number of common shares outstanding
      plus common stock equivalents (if dilutive) related to stock options and
      warrants for each year. There were no common equivalent shares outstanding
      at
      April 30, 2007 and 2006 that have been included in dilutive loss per share
      calculation as the effects would have been anti-dilutive. At April 30, 2007,
      there were 2,084,000 options from the 2003 Stock Option Plan and 400,000 options
      from the 2006 Stock Option Plan and 5,411,703 warrants outstanding. At April
      30,
      2006, there were 2,958,000 options and 4,651,270 warrants
      outstanding.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o)
      Flow-Through Financing</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has financed a portion of its exploration activities through the issue
      of flow-through shares, which transfer the Canadian tax deductibility of
      exploration expenditure to the investor. Proceeds received from the issuance
      of
      such shares are allocated between the offering of shares and the sale of tax
      benefits. The allocation is made based on the difference between the quoted
      price of the existing shares and the amount the investor pays for the shares.
      A
      liability is recognized for the difference.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Resource
      expenditure deductions for income tax purposes related to exploration and
      development activities funded by flow-through share arrangements are renounced
      to investors in accordance with the income tax legislation in Canada. On such
      renunciation, a deferred tax liability is created and the liability recognized
      at issuance reversed. The Company recognized the benefit of tax losses to offset
      the deferred tax liability resulting in an income tax recovery.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">p)
      Recent
      Pronouncements</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      July
      2006, the FASB issued Interpretation No. 48, &#8220;Accounting for Uncertainty in
      Income Taxes&#8221; (&#8220;FIN 48&#8221;). FIN 48 clarifies the accounting for uncertainty in
      income taxes recognized in enterprises&#8217; financial statements in accordance with
      SFAS No. 109, &#8220;Accounting for Income Taxes&#8221;. FIN 48 prescribes a recognition
      threshold and measurement attributable for the financial statement recognition
      and measurement of a tax position taken or expected to be taken in a tax return.
      FIN 48 also provides guidance on derecognizing, classification, interest and
      penalties, accounting in interim periods, disclosures and transitions. FIN
      48 is
      effective for fiscal years beginning after December 15, 2006. The Company is
      currently reviewing the effect, if any, FIN 48 will have on its financial
      position and operations.</font>&#160;</div>

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    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES-CONT&#8217;D</font></p>
      <p style="line-height: 100%">

      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the FASB issued SFAS No. 157, &#8220;Fair Value Measures&#8221; (&#8220;SFAS No.
      157&#8221;). SFAS No. 157 defines fair value, establishes a framework for measuring
      fair value in generally accepted accounting principles (&#8220;GAAP&#8221;), expands
      disclosures about fair value measurements, and applies under other accounting
      pronouncements that require or permit fair value measurements. SFAS No. 157
      does
      not require any new fair value measurements, however the FASB anticipates that
      for some entities, the application of SFAS No. 157 will change current practice.
      SFAS No. 157 is effective for financial statements issued for fiscal years
      beginning after November 15, 2007. The Company is currently reviewing the
      effect, if any, FIN 48 will have on its financial position and
      operations.</font></p>
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">p)
      Recent
      Pronouncements (Cont&#8217;d.)</font></a></div>
    <a name="eolPage23"/>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued SFAS
      No. 158, Employers&#8217; Accounting for Defined Benefit Pension and Other
      Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106, and
      132(R)&#8221;. This statement requires employers to recognize the overfunded or
      underfunded status of a defined benefit postretirement plan (other than a multi
      employer plan) as an asset or liability in its statement of financial position
      and to recognize changes in that funded status in the year in which the changes
      occur through comprehensive income of a business entity or changes in
      unrestricted net assets of a not-for-profit organization. This statement also
      requires an employer to measure the funded status of a plan as of the date
      of
      its year-end statement of financial position, with limited exceptions. The
      provisions of SFAS No. 158 are effective for employers with publicly traded
      equity securities as of the end of the fiscal year ending after December 15,
      2006. The adoption of this statement is not expected to have a material effect
      on the Company&#146;s future reported financial position or results of
      operations.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      February 2007, the FASB issued SFAS No. 159 (&#8220;SFAS 159&#8221;) - the fair value option
      for financial assets and liabilities including in amendment of SFAS
      115.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Statement permits entities to choose to measure many financial instruments
      and
      certain other items at fair value. The objective is to improve financial
      reporting by providing entities with the opportunity to mitigate volatility
      in
      reported earnings caused by measuring related assets and liabilities differently
      without having to apply complex hedge accounting provisions. This Statement
      is
      expected to expand the use of fair value measurement objectives for accounting
      for financial instruments. This Statement is effective as of the beginning
      of an
      entity&#8217;s first fiscal year that begins after November15, 2007, and interim
      periods within those fiscal years. Early adoption is permitted as of the
      beginning of a fiscal year that begins on or before November 15, 2007, provided
      the entity also elects to apply the provisions of FASB Statement No. 157, Fair
      value measurements. The Company is currently evaluating the impact of SFAS
      No.
      159 on its consolidated financial statements.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the Securities and Exchange Commission (&#8220;SEC&#8221;) issued Staff
      Accounting Bulletin No. 108 (Topic 1N), &#8220;Quantifying Misstatements in Current
      Year Financial Statements&#8221; (&#8220;SAB No. 108&#8221;). SAB No. 108 addresses how the effect
      of prior year uncorrected misstatements should be considered when quantifying
      misstatements in current year financial statements. SAB No. 108 requires SEC
      registrants (i) to quantify misstatements using a combined approach which
      considers both the balance sheet and income statement approaches; (ii) to
      evaluate whether either approach results in quantifying an error that is
      material in light of relevant quantitative and qualitative factors; and (iii)
      to
      adjust their financial statements if the new combined approach results in a
      conclusion that an error is material. SAB No. 108 addresses the mechanics of
      correcting misstatements that include effects from prior years. It indicates
      that the current year correction of a material error that includes prior year
      effects may result in the need to correct prior year financial statements even
      if the misstatement in the prior year or years is considered immaterial. Any
      prior year financial statements found to be materially misstated in years
      subsequent to the issuance of SAB No. 108 would be restated in accordance with
      SFAS No. 154, &#8220;Accounting Changes and Error Corrections.&#8221; Because the combined
      approach represents a change in practice, the SEC staff will not require
      registrants that followed an acceptable approach in the past to restate prior
      years&#8217; historical financial statements. Rather, these registrants can report the
      cumulative effect of adopting the new approach as an adjustment to the current
      year&#8217;s beginning balance of retained earnings. If the new approach is adopted in
      a quarter other than the first quarter, financial statements for prior interim
      periods within the year of adoption may need to be restated. SAB No. 108 is
      effective for fiscal years ending after November 15, 2006. The implementation
      of
      SAB No. 108 is not expected to have a material impact on the Company&#8217;s results
      of operations and financial condition. </font><br></div>

      <div id="FTR">
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      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center"><font size="2" face="Times New Roman">- 132 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5. COMPREHENSIVE
      INCOME (LOSS)</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      components of comprehensive loss are as follows:</font></div>

    <div>
      <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
                the year ended</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
                the year ended</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
                30, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
                30, 2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                loss</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(3,703,590</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,855,957</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                comprehensive income (loss) Foreign currency translation</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(58,446</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,687</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">&#160;</td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comprehensive
                loss</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(3,762,036</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1,858,644</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foreign currency translation adjustments are not currently adjusted for income
      taxes as the Company&#8217;s operating subsidiary is located in Canada and the
      adjustments relate to the translation of the financial statements from Canadian
      dollars into United States dollars, which are done as disclosed in note 4
      (g).</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.
      PREPAID EXPENSES AND OTHER</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Included
      in prepaid expenses and other is an amount of $27,280 (CDN$30,284) (prior year:
      $22,492 (CDN$25,146)) being Goods &amp; Services tax receivable from the Federal
      Government of Canada. Included in prepaid expenses and other is a deposit of
      $189,172 (CDN $210,000) (prior year: $44,723 (CDN $50,000)) with a contractor
      for start up and demobilization costs for diamond drilling at drill sites to
      be
      selected by the Company. Prepaid expense also includes $223,741(CDN$(248,374)
      being a deposit with a geological company for conducting exploration activities
      at the Mount Hinton and Marg properties.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 36pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXPLORATION
      TAX CREDIT RECEIVABLE</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has a claim to the Yukon exploration tax credit, since it maintains
      a
      permanent establishment in the Yukon and has incurred eligible mineral
      exploration expenses as defined by the federal income tax regulations of Canada.
      The Company&#8217;s expectation of receiving this credit of $483,258 (CDN$536,465) is
      based on the history of receiving past credits. The Company will be filing
      tax
      returns to claim the 2007 credit of $329,024 (CDN$365,249) and has previously
      filed for the 2006 credit of $154,234 (CDN$171,216).</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROPERTY,
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          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
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            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
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          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Computer
                Equipment</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">23,936
                </font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">22,322
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Furniture
                and fixtures</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">36,160
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">31,382
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
                leases:</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Office
                Equipment</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">15,566
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">15,456
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">&#160;</td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">75,662
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">69,160
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">&#160;</td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Less:
                Accumulated amortization</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">&#160;</td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Computer
                Equipment</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,723
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,035
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Furniture
                and fixtures</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">7,275
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">984
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
                leases:</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Office
                Equipment</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,113
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">&#160;</td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">19,111
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">6,019
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">&#160;</td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">56,551
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
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      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="right">&#160;</div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center"><font size="2" face="Times New Roman">- 133 -</font></td>
            </tr>
          </table>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
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      PAYABLE AND ACCRUED LIABILITIES</font></div>

    <div>
      <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
                30, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
                30, 2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
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                following:</font></div>
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            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trade
                payables</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">30,150
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">41,082
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
                liabilities</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">229,984</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">191,200
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">260,134
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">232,282
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb solid;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Authorized</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,000,000
      of Common shares, $0.0001 par value</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issued
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,883,137
      Common shares (16,366,728 in 2006)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)
      Changes to Issued Share Capital</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Year
      ended April 30, 2006</u></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      5, 2005 the board of directors authorized the issuance of 369,215 common shares
      and 184,608 share purchase warrants in settlement of a demand promissory note
      in
      the amount of $200,000 plus interest of $3,068.25. Each common share was priced
      at $0.545 and each full warrant at $0.01. Each share purchase warrant entitles
      the holder to purchase one common share for $1.00 per share on or before August
      5, 2007. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      23, 2005 the board of directors approved the issuance of 24,336 Units to an
      arms
      length investor and 12,168 Units to an officer of the Company at $0.55 per
      Unit,
      in settlement of an accounts payable for services, for a total of $20,077
      (CDN$24,398). Each Unit consists of one common share and one half-share purchase
      warrant. Each common share was priced at $0.545 and each full warrant at $0.01.
      Each full-share purchase warrant entitles the holder to purchase one common
      share at $1.00 per share for a period expiring on August 15, 2007. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      25, 2005 the Company entered into a Consulting Agreement with Endeavor Holdings,
      Inc. (Endeavor) of New York, New York to assist the Company in raising capital.
      Under the terms of this agreement the Company agreed to pay Endeavor 150,000
      common shares at the rate of 25,000 shares per month. Either party could cancel
      the agreement on 30 days notice. The Company issued 150,000 common shares valued
      at $130,500 to Endeavor.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      26, 2005 the board of directors approved the issuance of 490,909 Units at $0.55
      per Unit to an arms length accredited shareholder for a total of $270,000.
      Each
      Unit consists of one common share and one half-share purchase warrant. Each
      common share was priced at $0.545 and each full warrant at $0.01. Each
      full-share purchase warrant entitles the holder to purchase one common share
      at
      $1.00 per share, after one year and seven days following closing, for a period
      of two (2) years following the date that is one year and seven days after the
      closing. The Company received $20,000 of the subscription price on August 12,
      2005 as a loan to be applied to the subscription price and $100,000 on September
      15, 2005 and a promissory note for $150,000 due on or before October 1, 2005
      for
      the balance of the subscription price. The Promissory note was paid in full
      by
      the due date. This arms length shareholder subsequently became a director of
      the
      Company on November 2, 2005 and chairman of the Board on July 11,
      2006.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      29, 2005, the Company completed the sale of 149,867 Units at $0.55 per Unit
      to a
      director of the Company for $82,427 (CDN$100,000). Each Unit consists of one
      common share and one half-share purchase warrant. Each common share was priced
      at $0.545 and each full warrant at $0.01. Each full-share purchase warrant
      entitles the holder to purchase one common share at $1.00 per share for a period
      expiring on August 5, 2007. </font></div>


      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center"><font size="2" face="Times New Roman">- 134 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK-CONT&#8217;D</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
      to Issued Share Capital (cont&#8217;d)</font><br><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      31, 2005, the Company accepted subscriptions from four accredited investors
      and
      one accredited corporation, all residents of Canada, for a total of 200,000
      Units priced at $0.55 per Unit for a total of $110,000. Each Unit consists
      of
      one common share and one half-share purchase warrant. Each common share was
      priced at $0.545 and each full warrant at $0.01. Each full-share purchase
      warrant entitles the holder to purchase one common share at $1.00 per share
      for
      a period expiring August 31, 2007.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      October 18 and 24, 2005 the Company issued a total of 59,547 common shares
      and
      29,167 warrants covering the principal amount of $43,750 plus interest of $910
      on conversion of convertible promissory note issued on October 6, 2004. Refer
      to
      note 12 (b).</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      October 18, 2005 the Company authorized the issuance of 14,000 common shares
      for
      the exercise of 14,000 warrants from a warrant holder in consideration of
      $12,000. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 9, 2005, the accredited investor converted the promissory note,
      referred to in Note 12 (c) on its due date and the Company issued 76,525 common
      shares and 37,500 warrants covering the principal amount of $56,250 and interest
      in the amount of $1,143 in accordance with the conversion provisions of the
      notes. The expiry date of the warrants was extended to 15 months after the
      conversion date. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 5, 2005 the board of directors authorized the issuance of 150,000
      common shares and 150,000 share purchase warrants in consideration of $100,000
      cash and a promissory note for $51,500 due January 15, 2006 which was
      subsequently paid. Each common share was valued at $1.00 and each warrant at
      $0.01. Each warrant entitles the warrant holder to purchase one common share
      at
      $1.00 on or before December 4, 2006. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 6, 2005 the board of directors authorized the issuance of 133,333
      common shares in the amount of $100,000 for a property payment to Atna Resources
      Ltd., along with a cash payment of $43,406 (CDN$50,000) as per terms of the
      agreement. The common shares along with the cash payment were delivered to
      Atna
      Resources Ltd. on December 12, 2005. This entire payment of $143,406 was
      expensed in the consolidated statements of operations.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 7, 2005 the accredited investor converted the promissory notes,
      referred to in Note 12 (d) on their due dates and the Company issued 34,306
      common shares and 17,001 warrants covering the principal amounts of $25,500
      and
      interest in the amount of $409 in accordance with the conversion provisions
      of
      the notes. The expiry date of the warrants was extended to 15 months after
      the
      conversion date. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 7, 2005 the board of directors authorized the issuance of 10,000 common
      shares to a shareholder for the exercise of 10,000 warrants in consideration
      of
      $8,772 (CDN $10,000).</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 11, 2006 the accredited investor converted the promissory notes,
      referred to in Note 12 (e) on their due dates and the Company issued 101,150
      common shares and 50,000 warrants covering the principal amounts of $75,000
      and
      interest in the amount of $1,533 in accordance with the conversion provisions
      of
      the notes. The expiry date of the warrants was extended to 15 months after
      the
      conversion date. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      28, 2006 the Company completed a brokered private placement through the issuance
      of 5,331,327 common share units at a price of $0.60 per unit for gross proceeds
      of $3,198,799. The Company also completed the brokered private placement through
      the issuance of 25,000 flow-through shares at a price of $0.75 per share for
      gross proceeds of $ 18,750. Each Common share unit consists of one share and
      one-half of one common share purchase warrant. Each whole common share purchase
      warrant entitles the holder to purchase one common share at $0.90 per share
      for
      a period expiring on March 28, 2008. The agent received $289,579 in commissions
      as well as 533,133 broker warrants with a fair value of $347,956.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      warrant entitles them to purchase one common share and one-half share purchase
      warrant for $0.60 until March 28, 2008. Each full warrant is then exercisable
      at
      $0.90.Out of the gross proceeds received from flow-through shares, an amount
      of
      $3,750 was credited to Other Liabilities (Refer to Note 17).</font></div>


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    <p></p>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>

    </a>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <br>
    <a name="eolPage23"/>
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK-CONT&#8217;D</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
      to Issued Share Capital (cont&#8217;d)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      11, 2006 a director of the Company exercised the stock option to purchase 10,000
      common shares at the option price of $0.55 per share. The Company received
      the
      funds in cash and issued 10,000 common shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Year
      ended April 30, 2007</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      29, 2006 the Company issued 10,000 common shares for the exercise of 10,000
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $8,987
      (CDN$10,000).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      29, 2006 the Company issued 45,045 common shares for the exercise of 45,045
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $40,450
      (CDN$45,045).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      29, 2006 the Company issued 16,000 common shares for the exercise of 16,000
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $14,280
      (CDN$16,000).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      30, 2006 the Company issued 141,599 common shares for the settlement of an
      accrued liability to an ex officer and director. The accrued severance amount
      of
      $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80
      (CDN$0.91).</font></a><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>
&nbsp;</font></div>

    <a name="eolPage23"/>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      22, 2006 the Company issued 43,667 common shares for the exercise of 43,667
      warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $39,368
      (CDN$43,667).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      28, 2006 the Company issued 17,971 common shares for the exercise of 17,971
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $15,939
      (CDN$17,971).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      28, 2006 the Company issued 43,667 common shares for the exercise of 43,667
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $38,895
      (CDN$43,667).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      28, 2006 the Company issued 16,000 common shares for the exercise of 16,000
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $14,253
      (CDN$16,000).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      29, 2006 the Company issued 158,090 common shares for the exercise of 158,090
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $141,632
      (CDN$158,090).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      7, 2006 the Company issued 43,166 common shares in settlement of a property
      &#160; payment on the Mount Hinton property. The shares represent $53,845
      (CDN$60,000) payment and were valued &#160; $1.25 (CDN$1.39) each.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      7, 2006 the Company issued 64,120 common shares for the exercise of 64,120
      warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $57,869
      (CDN$64,120).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      17, 2006 the Company issued 61,171 common shares for the exercise of 61,171
      warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of $53,824
      (CDN$61,171).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      11, 2006 the Company held in escrow 817,980 restricted shares in total to three
      consultants for services relating to business promotion and development. These
      consultants assisted management in the preparation of financial offerings and
      in
      arranging meetings and making presentations to the brokerage community and
      institutional investors in both the United States and Canada. Except for 342,780
      common shares which were earned by these consultants as of October 31, 2006,
      the
      balance of 475,200 common shares held in escrow were to be released to each
      consultant in 8 monthly installments of 19,800 common shares commencing November
      1, 2006. Out of 475,200 common shares held in escrow, 356,400 common shares
      were
      returned to the Company for cancellation. (Refer to Note 12).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      September 7, 2006 the Company issued 24,000 shares to an officer upon exercising
      24,000 vested stock options at $0.75 for a total of $18,000.</font><br></div>

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    <p></p>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>

    </a>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      <br>

    <a name="eolPage23"/>

      10.</a></font><a name="eolPage23"/><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK-CONT&#8217;D</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
      to Issued Share Capital (cont&#8217;d)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      October 3, 2006, the Company completed a brokered private placement and issued
      400,000 units, where each unit consisted of a common share and a share purchase
      warrant. The units were priced at $1.00 per unit for a total of $400,000. The
      Company paid a finders fee of 6% and reimbursed expenses for 3% of the total
      consideration. The warrants have a two-year term and are exercisable at $1.50
      per share in the first twelve months of the term and $2.00 per share in the
      remaining twelve months of the term. .</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      October 3, 2006, the Company completed another brokered private placement and
      issued 550,000 units, where each unit consisted of a common share and a share
      purchase warrant. The units were priced at $1.00 per unit for a total of
      $550,000. The Company paid a finders fee of $33,000 and reimbursed expenses
      for
      $18,022 (CDN$20,000). The warrants have a two-year term and are exercisable
      at
      $1.50 per share in the first twelve months of the term and $2.00 per share
      in
      the remaining twelve months of the term.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 12, 2006 the Company issued 50,000 shares to a former officer upon
      exercising of 50,000 vested stock options at $0.75 for a total of
      $37,500.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 6, 2006 the board of directors authorized the issuance of 133,334
      common shares in the amount of $100,000 for a property payment to Atna Resources
      Ltd., along with a cash payment of $86,805 (CDN$100,000) as per terms of the
      agreement. The common shares along with the cash payment were delivered to
      Atna
      Resources Ltd. on December 12, 2006. This entire payment of $186,805 was
      expensed in the consolidated statements of operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 19, 2006 the Company issued 160,000 common shares to a consultant
      for
      services rendered. These services related to the consulting agreement dated
      March 21, 2006. As per terms of that agreement, the Consultant was to provide
      to
      the Company market and financial advice and expertise as may be necessary
      relating to the manner of offering and pricing of securities. The agreement
      was
      for a period of twelve months commencing the day of trading of the Company&#8217;s
      stock on the Toronto Stock Exchange (April 19, 2006). As per the agreement,
      the
      Consultant was to be compensated a fee equal to 240,000 restricted common shares
      of the Company with a fair value of $196,800 and was to receive these shares
      on
      a monthly basis. Each party was able to cancel the agreement on 30 days notice.
      The Company cancelled the agreement as of November 30, 2006 and on December
      19,
      2006 issued 160,000 common shares as full and final consideration.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 19, 2006 the Company issued 200,000 common shares in lieu of sale
      of
      200,000 Flow-Through Special Warrants made to a Canadian accredited investor,
      for $180,000 (CDN$205,020) on December 30, 2005. Each Flow-Through Special
      Warrant entitled the Holder to acquire one flow-through common share of the
      Company at no additional cost.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 28, 2006, the Company completed a private placement of 2,823,049
      flow-through special warrants (which qualify as flow-through shares for the
      purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per
      warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per
      warrant for aggregate gross proceeds to the Company of $2,801,610
      (CDN$3,264,996). Each flow-through special warrant entitles the holder to
      acquire, for no additional consideration, one common share of the Company.
      Each
      unit special warrant entitles the holder to acquire, for no additional
      consideration, one common share and one common share purchase warrant of the
      Company. Each common share purchase warrant entitles the holder to acquire
      one
      common share of the Company at a price of $0.90 (CDN$1.05) for a period of
      24
      months from the closing date. In connection with this private placement, the
      Company agreed to file a prospectus in Canada qualifying the issuance of the
      common shares and warrants issuable upon the exercise of the special warrants
      as
      well as those common shares issuable on exercise of the common share purchase
      warrants. In addition, the Company agreed to file a registration statement
      in
      the United States covering the re-sale of common shares underlying the units
      and
      warrants by the respective shareholders. In the event the Company fails to
      obtain effectiveness for the final prospectus and the registration statement
      by
      February 26, 2007 (60 days from the closing date), each flow-through special
      warrant will entitle the holder to acquire 1.1 common shares on exercise thereof
      and each unit special warrant will entitle the holder to acquire 1.1 common
      shares and 1.1 common share purchase warrants on exercise thereof. The
      flow-through and unit special warrants will be automatically exercised on the
      earlier of (i) the third business day after the issuance of a receipt for the
      final prospectus and the effectiveness of the registration statement, or (ii)
      the four month anniversary of the closing date of the private placement. On
      closing, Northern Securities Inc., the lead agent received a cash commission
      of
      $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options
      and
      23,395 unit compensation options. In addition, as part of the private placement,
      Limited Market Dealer Inc. received a cash commission of $25,862 (CDN$30,000)
      as
      well as 28,571 flow-through compensation options and Novadan Capital Ltd.
      received a cash payment of $28,362 (CDN$32,900) as well as 32,900 unit
      compensation options. Each flow-through compensation option entitles the holder
      to acquire, for no additional consideration, one flow-through compensation
      warrant, each exercisable into one common share of the Company at a price of
      $0.90 (CDN$1.05) for a period of 24 months from the closing date of December
      28,
      2006. Each unit compensation option entitles the holder to acquire, for no
      additional consideration, one unit compensation warrant, each exercisable at
      $0.81 (CDN$0.941) into one common share and one common share purchase warrant
      of
      the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the
      closing date of December 28, 2006. In the event the Company fails to obtain
      receipts for the final prospectus or effectiveness of the registration statement
      by February 26, 2007 (60 days from the closing date), each flow-through
      compensation option will entitle the holder to acquire 1.1 flow-through
      compensation warrants on exercise thereof and each unit compensation option
      granted to Northern Securities, Inc. will entitle the holder to acquire 1.1
      unit
      compensation warrants on exercise thereof. The private placement was exempt
      from
      registration under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;)
      pursuant to an exemption afforded by Regulation S promulgated under the
      Securities Act (&#8220;Regulation S&#8221;).</font><br></div>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK-CONT&#8217;D</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)
      Changes to Issued Share Capital (cont&#8217;d)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 11, 2007, the Company issued its obligated 400,000 common shares and
      an
      additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special
      Warrants to a Canadian accredited investor for $404,000 paid on December 15,
      2005. Each Special Warrant entitled its holder to acquire one common share
      of
      the Company and one common share purchase warrant at no additional cost. The
      Company was obligated to have a registration statement become effective within
      181 days of the closing. In the absence of a registration statement being
      declared effective within 181 days of the closing, the Company issued an
      additional 4,000 common shares to the Canadian accredited investor at no extra
      cost as a penalty. The Company expensed an amount of $5,000 to registration
      rights penalty expense under the head General and Administration and credited
      this to Additional paid in capital.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      25, 2007 the Company issued 2,823,049 common shares and an additional 282,309
      shares as a penalty, relating to the private placement of 2,823,049 flow-through
      special warrants on December 28, 2006 (refer to note above). The penalty shares
      were issued as the Company failed to obtain receipts for the final prospectus
      or
      effectiveness of the registration statement by February 26, 2007 (60 days from
      the closing date). The Company expensed an amount of $163,739 to registration
      rights penalty expense under the head General and Administration and credited
      this to Additional paid in capital.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      25, 2007 the Company issued 334,218 common shares and an additional 33,423
      shares as a penalty, relating to the private placement of 334,218 unit special
      warrants on December 28, 2006 (refer to note above). The penalty shares were
      issued as the Company failed to obtain receipts for the final prospectus or
      effectiveness of the registration statement by February 26, 2007 (60 days from
      the closing date). The Company expensed an amount of $19,386 to registration
      rights penalty expense under the head General and Administration and credited
      this to Additional paid in capital.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      YUKON GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK-CONT&#8217;D</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)
      Purchase Warrants </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>During
      the year 2005-2006 the following stock warrants were issued</u>:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">184,608
      stock warrants were issued on August 5, 2005. Each warrant is exercisable for
      one common share at $1.00 on or before August 5, 2007. These warrants were
      issued on settlement of a demand promissory note.</font></div>

</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,168
      stock warrants were issued to an arms length investor on August 23, 2005. Each
      warrant is exercisable for one common share at $1.00 per share on or before
      August 15, 2007. These warrants were issued in settlement of an accounts payable
      for services.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,084
      stock warrants were issued to an officer on August 23, 2005. Each warrant is
      exercisable for one common share at $1.00 per share on or before August 15,
      2007. These warrants were issued in settlement of an accounts payable for
      services.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">245,455
      stock warrants were issued to an arms length accredited shareholder on August
      26, 2005, who subsequently became a director of the Company and Chairman of
      the
      Board. Each warrant is exercisable for one common share at $1.00 per share
      on or
      before August 22, 2008. These warrants were issued as part of 490,909 common
      share units. Each common share unit consists of one share and one-half of one
      common share purchase warrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,934
      stock warrants were issued to a director of the Company on August 29, 2005.
      Each
      warrant is exercisable for one common share at $1.00 per share on or before
      August 5, 2007. These warrants were issued as part of 149,867 common share
      units. Each common share unit consists of one share and one-half of one common
      share purchase warrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100,000
      stock warrants were issued to four accredited investors and one accredited
      corporation, all residents of Canada on August 31, 2005. Each warrant is
      exercisable for one common share at $1.00 per share on or before August 31,
      2007. These warrants were issued as part of 200,000 common share units. Each
      common share unit consists of one share and one-half of one common share
      purchase warrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,500
      stock warrants were issued on October 14, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before January 14, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,667
      stock warrants were issued on October 24, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before January 24, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,500
      stock warrants were issued on November 9, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before February 9, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000
      stock warrants were issued on December 5, 2005. Each warrant is exercisable
      for
      one common share at $1.00 on or before December 5, 2006. These warrants were
      issued along with the issue of common shares for cash.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,001
      stock warrants were issued on December 7, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before March 7, 2007. These warrants were issued
      on conversion of a promissory note as per the terms of the original
      note.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,320
      stock warrants were issued on December 15, 2005. Each warrant is exercisable
      for
      one common share at $1.00 on or before December 15, 2006. These warrants were
      issued to the agent for arranging the subscription for 400,000 special
      warrants.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,000
      stock warrants were issued on January 11, 2006. Each warrant is exercisable
      for
      one common share at $ 1.25 on or before April 11, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK-CON&#8217;T</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase
      Warrants (cont&#8217;d)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">&nbsp;<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,665,669
      stock warrants were issued on March 28, 2006. Each warrant is exercisable for
      one common share at $0.90 on or before March 28, 2008. These warrants were
      issued as part of 5,331,327 common share units. Each common share unit consists
      of one share and one-half of one common share purchase warrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">533,133
      unit purchase warrants were issued on March 28, 2006. Each unit purchase warrant
      is exercisable for one common share and one-half share purchase warrant for
      $0.60 on or before March 28, 2008. Each full warrant is then exercisable at
      $0.90. These unit purchase warrants were issued to the agent or their assignees,
      for arranging the financing for 5,331,327 common shares units.</font></div>


      <p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>During
      the year 2006-2007 the following stock warrants were issued</u>:</font></a><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>
      </font>
    <a name="eolPage23"/>
      <br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">400,000
      stock warrants were issued on October 3, 2006. The warrants have a two-year
      term
      and are exercisable at $1.50 per share in the first twelve months of the term
      and $2.00 per share in the remaining twelve months of the term.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">550,000
      stock warrants were issued on October 3, 2006. The warrants have a two-year
      term
      and are exercisable at $1.50 per share in the first twelve months of the term
      and $2.00 per share in the remaining twelve months of the term.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">334,218
      stock warrants and an additional 33,423 stock warrants as a penalty were issued
      on April 25, 2007, relating to the private placement of 334,218 unit special
      warrants on December 28, 2006 (refer to note 10 above). The penalty warrants
      were issued as the Company failed to obtain receipts for the final prospectus
      or
      effectiveness of the registration statement by February 26, 2007 (60 days from
      the closing date). Each common share purchase warrant entitles the holder to
      acquire one common share of the Company at a price of $0.90 (CDN$1.05) for
      a
      period of 24 months from the closing date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,900
      unit compensation warrants were issued on April 25, 2007 relating to the Private
      Placement of December 28, 2006 (refer to note 10 above). Each unit compensation
      warrant is exercisable for a period of 24 months from the closing date of
      December 28, 2006 at $0.81 (CDN$0.941) into one common share and one common
      share purchase warrant of the Company which is further exercisable at a price
      of
      $0.90 (CDN$1.05) for a period of 24 months from the date of
      exercise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,395
      unit compensation warrants and an additional 2,340 unit compensation warrants
      as
      a penalty were issued on April 25, 2007 relating to the Private Placement of
      December 28, 2006 (refer to note 10 above). Each unit compensation warrant
      is
      exercisable for a period of 24 months from the closing date of December 28,
      2006
      at $0.81 (CDN$0.941) into one common share and one common share purchase warrant
      of the Company which is further exercisable at a price of $0.90 (CDN$1.05)
      for a
      period of 24 months from the date of exercise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">169,042
      flow-through compensation warrants and an additional 16,905 flow-through
      compensation warrants as a penalty were issued on April 25, 2007 relating to
      the
      Private Placement of December 28, 2006 (refer to note 10 above). Each
      flow-through compensation warrant is exercisable for a period of 24 months
      from
      the closing date of December 28, 2006 at a price of $0.90
      (CDN$1.05).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,571
      flow-through compensation warrants and an additional 2,858 flow-through
      compensation warrants as a penalty were issued on April 25, 2007 relating to
      the
      Private Placement of December 28, 2006 (refer to note 10 above). Each
      flow-through compensation warrant is exercisable for a period of 24 months
      from
      the closing date of December 28, 2006 at a price of $0.90
      (CDN$1.05).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center"><font size="2" face="Times New Roman">- 140 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CAPITAL
      STOCK-CON&#8217;T</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase
      Warrants (cont&#8217;d)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                of Warrants Granted</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercise
                Prices</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="18%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expiry
                Date</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="51%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="18%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Outstanding
                at April 30, 2005 and average exercise price</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">537,231
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.82</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">150,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.00</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">December
                5, 2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">32,320
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.00</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">December
                15, 2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">259,542
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.00</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">August
                5, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
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                31, 2007</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
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            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.25</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">January
                14, 2007</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">January
                25, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">37,500
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            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.25</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">February
                9, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,001
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.25</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">March
                7, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">50,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.25</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">April
                11, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,665,669
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.90</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">March
                28, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">533,133
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.60</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">March
                28, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercised
                in year 2005-2006</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(24,000</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb solid;">
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</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">&#160;
</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
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            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2006-2007</font></div>
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            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.90</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">December
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted
                in year 2006-2007</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.81</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">December
                28, 2008</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercised
                in year 2006-2007</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(306,773</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(0.89</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercised
                in year 2006-2007</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
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            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercised
                in year 2006-2007</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
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          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expired
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            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expired
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            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(1.00</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cancelled</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">&#160;
</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Outstanding
                at April 30, 2007 and average exercise price</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,411,703
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.97</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="17%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>

      </table>
    </div>
    <div align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      warrants do not confer upon the holders any rights or interest as a shareholder
      of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="right"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.
      SUBSCRIPTION FOR WARRANTS </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
            </td>
            <td align="justify" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                December 15, 2005 the Company completed the sale of 400,000 Special
                Warrants using the services of an agent at a subscription price of
                $1.01
                per Warrant to a Canadian accredited investor for $404,000. Each
                Special
                Warrant entitled its holder to acquire one common share of the Company
                and
                one common share purchase warrant at no additional cost. Each share
                purchase warrant entitled the holder to purchase one common share
                in the
                capital of the Company at a price of $1.00 per warrant share for
                a period
                of one year following the closing date. The agent received $32,320
                in
                commission as well as 32,320 warrants. Each warrant was exercisable
                for
                one common share at $ 1.00 until December 15, 2006 with a fair value
                of
                $9,995. The Company was obligated to have a registration statement
                become
                effective within 181 days of the closing. In the absence of a registration
                statement being declared effective within 181 days of the closing,
                the
                Company, effective June 15, 2006 was obligated to issue an additional
                4,000 common shares and 4,000 warrants to the accredited investor
                at no
                extra cost as a penalty. The Company issued 404,000 common shares
                on
                January 11, 2007 (see Note 10).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="right">&#160;</div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 141 -</font></td>
            </tr>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
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        </div>
      </div>

    </div>

    <p></p>
    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.
      SUBSCRIPTION FOR WARRANTS-CONT&#8217;D</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
            </td>
            <td align="justify" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                December 30, 2005 the Company completed the sale of 200,000 Flow-Through
                Special Warrants (&#8220;Special Warrants&#8221;) to a Canadian accredited investor,
                for gross proceeds of $180,000 (CDN$205,020). Each Special Warrant
                entitled the Holder to acquire one flow-through common share of the
                Company (&#8220;Flow-Through Shares&#8221;) at no additional cost. The Company issued
                200,000 common shares on December 19, 2006. (Refer to Note 10
                (c))</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
            </td>
            <td align="justify" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                On December 28, 2006 the Company completed the sale of 2,823,049
                Flow-Through Special Warrants (&#147;Special Warrants&#148;) using the
                services of an agent at a subscription price of $0.90 (CDN$1.05)
                per Special Warrant for gross proceeds of $2,543,505
                (CDN$2,964,201). On April 25, 2007 the Company issued 2,823,049
                common shares and an additional 282,309 shares as a penalty,
                relating to the private placement of 2,823,049 flow-through
                special warrants (refer to Note 10 (c)).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Flow-Through Shares&#8221; is significant for tax purposes in Canada because it
      enables the issuer to allocate certain exploration tax credit to the holders
      of
      such shares. As all Canadian Exploration expenses are incurred by the Company&#8217;s
      100% owned Canadian subsidiary, which conducts mining explorations in the Yukon
      Territory of Canada, for Canadian tax purposes, a similar Flow-Through
      subscription agreement was executed between the Company and its 100% Canadian
      subsidiary. The effective date of renunciation for Canadian Exploration expenses
      was December 31, 2006, which as per Canadian tax regulations requires the
      Canadian subsidiary to incur eligible Canadian exploration expenses for the
      entire subscription amount of $2,543,505 (CDN$2,964,201) on or before December
      31, 2007. The Company has renounced such eligible expenses to the Canadian
      accredited investors. Proceeds received from such warrants were allocated by
      the
      Company between the offering for shares and the sale of tax benefits. The amount
      of $366,996 attributable to the sale of taxable benefits was credited to Other
      Liabilities. On renunciation of eligible exploration expenses in January of
      2007, this Liability was reversed and included in income under Income tax
      recovery.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></div>
            </td>
            <td align="justify" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                December 28, 2006 the Company completed the sale of 334,218 Unit
                Special
                Warrants using the services of an agent at a subscription price of
                $0.77
                (CDN$0.90) per Unit Special Warrant for gross proceeds of $258,105
                (CDN$300,796). On April 25, 2007 the Company issued 334,218 common
                shares
                and an additional 33,423 shares as a penalty, relating to the private
                placement of 334,218 unit special warrants (Refer to Note
                10).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.
      STOCK
      BASED COMPENSATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Per
      SEC
      Staff Accounting Bulletin 107, Topic 14.F, &#8220;Classification of Compensation
      Expense Associated with Share-Based Payment Arrangements&#8221; stock based
      compensation expense is being presented in the same lines as cash compensation
      paid. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company adopted a new Stock Option Plan at its shareholders meeting on January
      19, 2007 (the &#8220;2006 Stock Option Plan&#8221;). The 2006 Stock Option Plan will be
      administered by the board of directors of the Company or, in the board of
      directors&#8217; discretion, by a committee appointed by the board of directors for
      that purpose. The TSX approved the 2006 Stock Option plan on March 9,
           2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
      to the provisions of the 2006 Stock Option Plan, the aggregate number of shares
      which may be issued under the 2006 Stock Option Plan shall not exceed 2,000,000
      shares ("Total Shares"). Any Stock Option granted under the 2006 Stock Option
      Plan which has been exercised shall again be available for subsequent grant
      under the 2006 Stock Option Plan, effectively resulting in a re-loading of
      the
      number of shares available for grant under the 2006 Stock Option Plan. Any
      shares subject to an option granted under the 2006 Stock Option Plan which
      for
      any reason is surrendered, cancelled or terminated or expires without having
      been exercised shall again be available for subsequent grant under the 2006
      Stock Option Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
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              <p align="center">



    <font size="2" face="Times New Roman">- 142 -</font></td>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
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    </div>

    <p></p>
    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.
      STOCK
      BASED COMPENSATION-CONT&#8217;D</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      the
      2006 Stock Option Plan, at no time shall: (i) the number of shares reserved
      for
      issuance pursuant to Stock Options granted to any one optionee exceed 10% of
      the
      Total Shares; (ii) the number of shares, together with all security based
      compensation arrangements of the Company in effect, reserved for issuance
      pursuant to Stock Options granted to any "insiders" (as that term is defined
      under the <em>Securities
      Act</em>
      (Ontario)) exceed 10% of the total number of issued and outstanding shares.
      In
      addition, the number of shares issued to insiders pursuant to the exercise
      of
      Stock Options, within any one year period, together with all security based
      compensation arrangements of the Company in effect, shall not exceed 10% of
      the
      total number of issued and outstanding shares.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      purchase price (the &#8220;Price&#8221;) per share under each Stock Option shall be
      determined by the board of directors or a committee, as applicable. The Price
      shall not be lower than the closing market price on the TSX, or another stock
      exchange where the majority of the trading volume and value of the Shares
      occurs, on the trading day immediately preceding the date of grant, or if not
      so
      traded, the average between the closing bid and asked prices thereof as reported
      for the trading day immediately preceding the date of the grant; provided that
      if the shares have not traded on the TSX or another stock exchange for an
      extended period of time, the &#8220;market price&#8221; will be the fair market value of the
      shares at the time of grant, as determined by the board of directors or
      committee. The board of directors or committee may determine that the Price
      may
      escalate at a specified rate dependent upon the date on which an option may
      be
      exercised by the Eligible Participant.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Options
      shall not be granted for a term exceeding ten<strong>&#160;</strong>years
      (or
      such shorter or longer period as is permitted by the TSX) (the &#8220;Option Period&#8221;). </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Year
      2005-2006.</u></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      28, 2005 the board of directors granted options to its two new directors to
      acquire 250,000 shares each, to vest at the rate of 1/24 per month for a term
      of
      two (2) years. The exercise price was set at $0.55 per share based on the
      closing share price on July 5, 2005. On January 19, 2007, the Company held
      an
      annual and special meeting of shareholders whereby the shareholders approved
      a
      resolution extending the expiry dates of these outstanding stock options from
      June 28, 2007 to June 28, 2010.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      September 26, 2005 the board of directors with agreement with a Consultant,
      reduced the number of options granted to the consultant from 75,000 to 20,000.
      The exercise price was set at $0.58 per share based on the closing price on
      August 16, 2005 and the options vested immediately and expire on April 15,
      2008.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 13, 2005 the board of directors granted options to its two new
      directors to acquire 250,000 shares each, to one officer to acquire 250,000
      shares, to one officer to acquire 200,000 shares and to one officer to acquire
      76,000 shares. The exercise price for all 1,026,000 options was set at $1.19
      per
      share based on the closing share price on December 13, 2005. These options
      vest
      at the rate of 1/24 per month for a term of two (2) years. On January 19, 2007,
      the Company held an annual and special meeting of shareholders whereby the
      shareholders approved a resolution extending the expiry dates of these
      outstanding stock options from December 13, 2007 to December 13,
      2010.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 17, 2006 the board of directors granted options to a consultant to
      acquire 88,000 shares, to vest at the rate of 1/24 per month for a term of
      two
      (2) years. The exercise price was set at $1.19 per share based on the closing
      price on December 13, 2005. . On January 19, 2007, the Company held an annual
      and special meeting of shareholders whereby the shareholders approved a
      resolution extending the expiry dates of these outstanding stock options from
      December 13, 2007 to December 13, 2010.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 20, 2006 the board of directors granted options to an officer and
      director to acquire 150,000 shares, to vest at the rate of 1/24 per month for
      a
      term of two (2) years. The exercise price was set at $0.85 per share based
      on
      closing price on January 20 2006. On January 19, 2007, the Company held an
      annual and special meeting of shareholders whereby the shareholders approved
      a
      resolution extending the expiry dates of these outstanding stock options from
      January 20, 2008 to January 20, 2011.</font></div>


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    <font size="2" face="Times New Roman">- 143 -</font></td>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
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        </div>
      </div>

    </div>

    <p></p>
    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.
      STOCK
      BASED COMPENSATION-CONT&#8217;D</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Year
      2006-2007.</u></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 19, 2007, the shareholders of the Company approved, subject to
      regulatory approval, the extension of 2,064,000 options held by all current
      officers, directors, consultants and employees in the 2003 Stock Option Plan
      and
      the adding of an additional 2,000,000 common shares of stock to the 2006 Stock
      Option Plan. The TSX approved the 2006 Stock Option plan on March 9,
      2007.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      20, 2007 the board of directors granted options to an officer and director
      to
      acquire 250,000 shares, to vest at the rate of 1/24 per month and can be
      exercised over a period of five (5) years. The exercise price was set at $0.43
      (CDN $ 0.50) per share. These options were granted under the Company&#8217;s 2006
      stock option plan. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      28, 2007 the board of directors granted options to a consultant to acquire
      150,000 shares, to vest at the rate of 1/12 per month and can be exercised
      over
      a period of five (5) years. The exercise price was set at $0.41 (CDN $ 0.47)
      per
      share. These options were granted under the Company&#8217;s 2006 stock option plan.
</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has adopted SFAS123 (Revised) commencing May 1, 2005.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      this
      year ended April 30, 2007, the Company has recognized in the financial
      statements, stock-based compensation costs as per the following details. The
      fair value of each option used for the purpose of estimating the stock
      compensation is based on the grant date using the Black-Scholes option pricing
      model with the following weighted average assumptions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="36%" style="border-bottom: medium none;">&#160;</td>
            <td width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13-Dec</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17-Jan</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20-Jan</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19-Jan</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20-Mar</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28-Mar</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: medium none;">
              <div>&#160;</div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="36%" style="border-bottom: #ffffff thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
            <td width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="left" colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Risk
                free rate</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3.25</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3.25</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3.25</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4.50</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4.50</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4.50</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Volatility
                factor</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">87.72</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">93.47</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">90.83</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">45.19</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">57.48</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">98.67</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">%</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expected
                dividends</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="36%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock-based
                compensation cost expensed during the year ended April 30,
                2007</font></div>
            </td>
            <td width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">210,663</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">11,294</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">22,585</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">199,211</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,060</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4,460</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">451,273</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
            <p align="right">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="36%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unexpended
                Stock -based compensation cost deferred over the vesting
                period</font></div>
            </td>
            <td width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">nil</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">171,830</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">50,122</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">43,423</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px">
                <p align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">265,375</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
            <p align="right">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      April 30, 2007 there was $265,375 of unrecognized expenses related to non-vested
      stock-based compensation arrangements granted. The stock-based compensation
      expense for the years ended April 30, 2007 and April 30, 2006 was $451,273
      and
      $225,246 respectively. </font>
      <p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table summarizes the options outstanding as at April 30:</font></div>
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    <div>
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          <tr>
            <td valign="bottom" width="57%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: #ffffff solid;">
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                Price </font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="5" valign="bottom" width="25%" style="border-bottom: black thin solid;">
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                of shares</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="57%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expiry
                Date</font></div>
            </td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Per
                Share</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                15, 2009</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.75
                </font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">250,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,100,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">January
                5, 2010</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.75
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">60,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">84,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June
                28, 2010</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.55
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">490,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">490,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">April
                15, 2008</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.58
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20,000</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                13, 2010</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.19
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,026,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,026,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                13, 2010</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1.19
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">88,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">88,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">January
                20, 2011</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.85
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">150,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">150,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                20, 2012</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.43
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">*250,000
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            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="57%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                28, 2012</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.41
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">**150,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">&#160;&#160;
</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="57%" style="border-bottom: white solid;">&#160;</td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,484,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,958,000
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" colspan="5" valign="bottom" width="73%" style="border-bottom: #f0efdb solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted
                average exercise price at end of year</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.86
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.89
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
      These
      options were granted at CDN $0.50 (US $0.43 on date of grant)</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**
      These
      options were granted at CDN $0.47 (US $0.41 on date of grant)</font></div>


      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 144 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.
      STOCK
      BASED COMPENSATION-CONT&#8217;D</font></div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="5" valign="bottom" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                of Shares</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006-2007</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2005-2006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Outstanding,
                beginning of year</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,958,000</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,834,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">400,000</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,784,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expired</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(800,000</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercised</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(74,000</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(10,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forfeited</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cancelled</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(650,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Outstanding,
                end of year</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,484,000</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,958,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exerciseable,
                end of year</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,625,786</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,269,450</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.
      RESTRICTED CASH</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      Canadian income tax regulations, a company is permitted to issue flow-through
      shares whereby the company agrees to incur qualifying expenditures and renounce
      the related income tax deductions to the investors. Notwithstanding that, there
      is no specific requirement to segregate the funds. The flow-through funds which
      are unexpended at the consolidated balance sheet date are considered to be
      restricted and are not considered to be cash or cash equivalents. As of April
      30, 2007, unexpended flow-through funds were $2,266,602
      (CDN $2,516,155). </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14.
      RESTRICTED DEPOSITS</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has a term deposit of $17,889 (CDN$20,000) with a Canadian financial
      institution which earns interest at 2.5% per annum with maturity on April 26,
      2007. This deposit has been assigned to the financial institution to enable
      the
      financial institution to issue an Irrevocable Letter of Credit to The First
      Nation of NaCho Nyak Dun (&#8220;NND&#8221;) which exercises certain powers over land use
      and environment protection within the Yukon Territory of Canada. The Company
      required access to move heavy equipment over the land controlled by NND and
      therefore posted this security bond so that if the Company fails to comply
      with
      reclamation requirements, then the security bond will be available to NND to
      complete the work or may form part of the compensation package. The term deposit
      was returned to the Company in May 2007 since the letter of credit expired.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="right"><br></div>

      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
            <tr>
              <td width="100%">&nbsp;</td>
            </tr>
            <tr>
              <td width="100%">
              <p align="center">



    <font size="2" face="Times New Roman">- 145 -</font></td>
            </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.</font><font id="TAB3" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OTHER
      LIABILITY</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Year
      ended April 30, 2006</u></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      28, 2006 the Company completed a brokered private placement through the issuance
      of 25,000 flow-through shares at a price of $0.75 per share for gross proceeds
      of $18,750. The proceeds raised were allocated between the offering of shares
      and the sale of tax benefits. The amount of $3,750 attributable to the sale
      of
      taxable benefits was credited to Other Liabilities. On renunciation of eligible
      exploration expenses in January of 2007, this Liability was reversed and
      included in income under Income tax recovery.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Year
      ended April 30, 2007</u></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 28, 2006, the Company completed a brokered private placement of
      2,823,049 flow-through special warrants (which qualify as flow-through shares
      for the purposes of the Canadian Income Tax Act) Proceeds received from such
      warrants were allocated by the Company between the offering for shares and
      the
      sale of tax benefits. The amount of $366,996 attributable to the sale of taxable
      benefits was credited to Other Liabilities. On renunciation of eligible
      exploration expenses in January of 2007, this Liability was reversed and
      included in income under Income tax recovery.</font></div>


      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMITMENTS
      AND CONTINGENCIES</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mount
      Hinton Property Mining Claims</font></div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 100%;">
            <td style="width: 18pt;">&#160;</td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                July 7, 2002 Yukon Gold Corp. (&#8220;YGC&#8221;) entered into an option agreement
                with the Hinton Syndicate
                to
                acquire a 75% interest in the 273 unpatented mineral claims covering
                approximately 14,000 acres in the Mayo Mining District of the Yukon
                Territory, Canada. This agreement was replaced with a revised and
                amended
                agreement (the &#8220;Hinton Option Agreement&#8221;) dated July 7, 2005 which
                superseded the original agreement and amendments thereto. The new
                agreement is between the Company, its wholly owned subsidiary YGC
                and the
                Hinton Syndicate.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YGC
      must
      make scheduled cash payments and perform certain work commitments to earn up
      to
      a 75% interest in the mineral claims, subject to a 2% net smelter return royalty
      in favor of the Hinton Syndicate, as further described below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      schedule of Property Payments and Work Programs are as follows: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>PROPERTY
      PAYMENTS</u></strong></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                  execution of the July 7, 2002 Agreement</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  19,693 (CDN$ 25,000) Paid</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                  July 7, 2003</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  59,078 (CDN$ 75,000) Paid</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                  July 7, 2004</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$118,157
                  (CDN$ 150,000) Paid</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                  January 2, 2006</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$125,313
                  (CDN$ 150,000) Paid</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                  July 7, 2006</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$134,512
                  (CDN$ 150,000) Paid </font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                  July 7, 2007</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$135,123
                  (CDN$ 150,000) Paid Subsequently</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                  July 7, 2008</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$135,123
                  (CDN$ 150,000)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="middle" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TOTAL&#160;</strong></font></td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="middle" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>$726,999
                (CDN $850,000)</strong></font></td>
            </tr>

        </table>
      </div>
    </div>


      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>

    </a>

        <div style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;<a name="eolPage23"/><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
          <tr>
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            <p align="center">



    <font size="2" face="Times New Roman">- 146 -</font></td>
          </tr>
          </table>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font><p>

      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.</font><font id="TAB4" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMITMENTS
      AND CONTINGENCIES (CONT&#146;D)</font></p>



    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>WORK
      PROGRAM-expenditures to be incurred in the following periods;
</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font size="2"><br></font>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">July
                  7/02 to July 6/03</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  118,157 (CDN$ 150,000) Incurred</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">July
                  7/03 to July 6/04</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  196,928 (CDN$ 250,000) Incurred</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">July
                  7/04 to July 6/05</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  256,006 (CDN$ 325,000) Incurred</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">July
                  7/05 to Dec. 31/06</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  667,795 (CDN$ 750,000) Amended</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jan.
                  1/07 to Dec. 31/07</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  900,820 (CDN$ 1,000,000)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jan.
                  1/08 to Dec. 31/08</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,126,025
                  (CDN$ 1,250,000)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jan.
                  1/09 to Dec. 31/09</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,351,230
                  (CDN$ 1,500,000)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">&#160;</td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TOTAL</strong></font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>$4,616,961(CDN $5,225,000)</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      By letter agreement dated August 17, 2006, the Hinton Syndicate agreed to
      allow the Company to defer a portion of the Work Program expenditure
      scheduled to be incurred by December 31, 2006. The agreement to defer such
      Work program expenditures was due to the mechanical break-down of drilling
      equipment and the unavailability of replacement drilling equipment at the
      Mount Hinton site. As a result, the Company is now allowed to defer the
      expenditure of approximately $212,074 (CDN$235,423) until December 31,
      2007. All other Property Payments and Work Program expenditures due have
      been made and incurred.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provided
      all Property Payments have been made that are due prior to the Work Program
      expenditure levels being attained, YGC shall have earned a:</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25%
      interest upon Work Program expenditures of $1,351,230
      (CDN$1,500,000)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50%
      interest upon Work Program expenditures of $2,252,049
      (CDN$2,500,000)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75%
      interest upon Work Program expenditures of $4,616,961
      (CDN$5,225,000)</font></div>

</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YGC
      has
      subsequent to the year end attained a 25% interest. In some cases, payments
      made
      to service providers include amounts advanced to cover the cost of future work.
      These advances are not loans but are considered "incurred" exploration expenses
      under the terms of the Hinton Option Agreement. Section 2.2(a) of the Hinton
      Option Agreement defines the term, &#8220;incurred&#8221; as follows:<em>&#160;</em>&#8220;Costs
      shall be deemed to have been &#8220;incurred&#8221; when YGC has contractually obligated
      itself to pay for such costs or such costs have been paid, whichever should
      first occur.&#8221; Consequently,
      the term, &#8220;incurred&#8221; includes amounts actually paid and amounts that YGC has
      obligated itself to pay. Under the Hinton Option Agreement there is also a
      provision that YGC must have raised and have available the Work Program funds
      for the period from July 7, 2005 to December 31, 2006, by May 15 of 2006. This
      provision was met on May 15, 2006.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Hinton Option Agreement contemplates that upon the earlier of: (i) a production
      decision or (ii) investment of $4,616,961 (CDN$5,225,000)
      or (iii)
      YGC has a minority interest and decides not to spend any more money on the
      project,
      YGC&#8217;s
      relationship with the Hinton Syndicate will become a joint venture for the
      further development of the property. Under the terms of the Hinton Option
      Agreement, the party with the majority interest would control the joint venture.
      Once the 75% interest is earned, as described above, YGC has a further option
      to
      acquire the remaining 25% interest in the mineral claims for a further payment
      of $4,504,099 (CDN$5,000,000).</font></div>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>


    <p>

    <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.</font><font id="TAB5" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMITMENTS
      AND CONTINGENCIES (CONT&#146;D)</font></p>
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<p style="line-height: 100%">



<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Hinton Option Agreement provides that the Hinton Syndicate receive a 2% &#8220;net
      smelter return royalty.&#8221; In the event that the Company exercises its option to
      buy-out the remaining 25% interest of the Hinton Syndicate (which is only
      possible if the Company has reached a 75% interest, as described above) then
      the
      "net smelter return royalty" would become 3% and the Hinton Syndicate would
      retain this royalty interest only. The &#8220;net smelter return royalty&#8221; is a
      percentage of the gross revenue received from the sale of the ore produced
      from
      the mine less certain permitted expenses.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Hinton Option Agreement entitles the Hinton Syndicate to recommend for
      appointment one member to the board of directors of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Hinton Option Agreement provides both parties (YGC and Hinton Syndicate) with
      rights of first refusal in the event that either party desires to sell or
      transfer its interest.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Hinton Syndicate members each have the option to receive their share of property
      payments in stock of the Company at a 10% discount to the market, once the
      Company has obtained a listing on a Canadian stock exchange. YGC and the Company
      have a further option to pay 40% of any property payment due after the payment
      on January 2, 2006 with common stock of the Company. The payment due on July
      7,
      2006 was made in accordance with this provision. </font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Hinton Syndicate Agreement pertains to an &#8220;area of interest&#8221; which includes the
      area within ten kilometers of the outermost boundaries of the 273 mineral
      claims, which constitute our mineral properties. Either party to the Hinton
      Syndicate Agreement may stake claims outside the 273 mineral claims, but each
      must notify the other party if such new claims are within the &#8220;area of
      interest.&#8221; The non-staking party may then elect to have the new claims included
      within the Hinton Syndicate Agreement. As of December 11, 2006, there were
      an
      additional 24 claims staked, known as the &#8220;Gram Claims&#8221; which became subject to
      the Hinton Syndicate Agreement.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Mount Hinton project totaling $1,279,164 (CDN$1,420,000) for
      the 2007 Work Program. The Company has approximately $67,561(CDN$75,000) on
      deposit left over from the 2006 cash call schedule.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Marg
      Property</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      March
      2005, the Company acquired rights to purchase 100% of the Marg Property, which
      consists of 402 contiguous mineral claims covering approximately 20,000 acres
      located in the Mayo Mining District of the Yukon Territory of Canada. Title
      to
      the claims is registered in the name of YGC.</font></p>
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company assumed the rights to acquire the Marg Property under a Property
      Purchase Agreement (&#8220;Agreement&#8221;) with Atna Resources Ltd. (&#8220;Atna&#148;).
      Under the terms of the Agreement the Company paid $119,189 (CDN$150,000)
      cash and 133,333 common shares as a down payment. The Company made
      payments under the Agreement for $43,406 (CDN$50,000) cash and an
      additional 133,333 common shares of the Company on December 12, 2005;
      $86,805 (CDN$100,000) cash and an additional 133,334 common shares of the
      Company on December 12, 2006.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has agreed to make subsequent payments under the Agreement of: (i)
      $90,082 (CDN$100,000) cash on or before December 12, 2007; and (ii) $180,164
      (CDN$200,000) in cash and/or common shares of the Company (or some combination
      thereof to be determined) on or before December 12, 2008. Upon the commencement
      of commercial production at the Marg Property, the Company will pay to Atna
      $900,820 (CDN$1,000,000) in cash and/or common shares of the Company, or some
      combination thereof to be determined.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Marg project totaling $2,864,607 (CDN$3,180,000) for the 2007
      Work Program. The Company had approximately $495,451(CDN$550,000) on deposit
      left over from the 2006 cash call schedule.</font></a></div>



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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font><p>

      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.</font><font id="TAB6" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMITMENTS
      AND CONTINGENCIES (CONT&#146;D)</font></div>




    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 100%;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)
                </font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company entered into flow-through share subscription agreements during
                the
                year ended April 30, 2007 whereby it is committed to incur on or
                before
                December 31, 2007, a total of $2,543,505 (CDN$2,964,200) of qualifying
                Canadian Exploration expenses as described in the Income Tax Act
                of
                Canada. As of April 30, 2007 an expenditure of $133,363 (CDN$148,046)
                has
                been incurred and $2,536,842 (CDN$2,816,154) has not yet been spent.
                Commencing March 1, 2007 the Company is liable to pay a tax of
                approximately 5% per annum, calculated monthly on the unspent portion
                of
                the commitment.</font></div>
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    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 100%;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)
                </font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company relocated its corporate office and entered into a five year
                lease
                which was executed on March 27, 2006. The lease commenced July 1,
                2006.
                Minimum lease commitments under the lease are as
                follows:</font></div>
            </td>
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      </table>
    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="33%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Years
                  ending April 30,</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minimum
                  lease commitment</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2008</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$43,010
                  (CDN $47,756)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2009</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$43,131
                  (CDN $47,880)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2010</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$44,807
                  (CDN $49,740)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2011</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%" bgcolor="#F0EFDB">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$45,142
                  (CDN $50,112)</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2012</font></div>
              </td>
              <td width="2%">&#160;</td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$
                  7,525 (CDN $ 8,353)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">&#160;<font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 100%;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company entered into a one year consulting agreement with a consultant
                on
                December 28, 2006 commencing January 1, 2007. As per terms of the
                agreement, the consultant was to provide consulting services which
                included market awareness, financial and strategic advice. The Company
                is
                to compensate the consultant a fee which equals to a total of 500,000
                restrictive shares over a period of twelve months with shares to
                be
                delivered on a monthly basis. The Company has accrued the cost in
                the
                statements, although in the opinion of the Company, it is not obligated
                to
                issue stock as the consultant is in breach of the contract due to
                non
                performance of the agreed services. The Company is discussing the
                contractual terms with the
                consultant.</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;<a name="eolPage23"/><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
          <tr>
            <td width="100%">
            <p align="center">



    <font size="2" face="Times New Roman">- 149 -</font></td>
          </tr>
          </table>
</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.
          OBLIGATION UNDER CAPITAL LEASE</font><p><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following is a summary of future minimum lease payments under the capital lease,
      together with the balance of the obligation under the lease:</font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Years
                ending April 30,</font></div>
            </td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="justify" colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2007</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="justify" colspan="2" valign="bottom" width="11%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2008</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,222</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$
                3,576</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2009</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,222</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$
                3,576</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2010</font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,222</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$
                3,576</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2011</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,222</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$
                3,576</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>2012</u></font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">806</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$
                894</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                minimum lease payments</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">13,694</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$15,198</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Less:
                Deferred Interest</u></font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,745</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$
                1,937</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">11,949</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$13,261</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#f0efdb">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Current
                Portion</u></font></div>
            </td>
            <td width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,812</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #f0efdb thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$
                3,121</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #f0efdb thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-Term
                Portion</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,137</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(CDN$10,140</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RELATED
      PARTY TRANSACTIONS</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>2005-2006</u></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company and its subsidiary expensed a total of $14,755 (CDN $17,500) in
      consulting fees to a Company Director, and $49,547 (CDN $57,170) to two of
      it&#8217;s
      officers. The Company issued 24,336 common share units @ $0.55 per unit in
      settlement of prior year accounts payable of $13,385 to a Director and also
      issued 12,168 common share units @ $0.55 per unit in settlement of a prior
      year
      accounts payable for the services rendered by an individual as president.
</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      directors participated in private placements during the year as
      follows:</a><br>
      <a name="eolPage23"/>One
      director subscribed for 490,909 common share units @ $0.55 per unit</a><br>
      <a name="eolPage23"/>One
      director subscribed for 149,867 common share units @ $0.55 per
      unit.</a></font><a name="eolPage23"/><br></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>2006-2007</u></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company and its subsidiary expensed a total of $208,855 in consulting fees
      to
      three Company Directors, and $94,504 to two of its officers.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company issued 141,599 common shares for the settlement of an accrued liability
      to an ex officer and director. The accrued severance amount of $113,130
      (CDN$128,855) was converted to 141,599 common shares at $0.80
      (CDN$0.91).</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      directors &amp; officers exercised stock options during the year as
      follows:</font></a><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>
      <a name="eolPage23"/>One
      former director exercised 50,000 stock options at $0.75 per common
      share.</a></font><br>
      <a name="eolPage23"/><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One
      officer exercised 24,000 stock options at $0.75 per common share.</font><br></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19.
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCOME
      TAXES</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has certain non-capital losses of approximately $6,085,000 available,
      which can be applied against future taxable income and which expires between
      2010 and 2027. The Company did not record any deferred tax asset as the losses
      are fully offset by a valuation allowance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div id="FTR">
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
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              <p align="center">



    <font size="2" face="Times New Roman">- 150 -</font></td>
            </tr>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </div>

    <p></p>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>YUKON
      GOLD CORPORATION, INC. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(An
      Exploration Stage Company)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notes
      to Consolidated Financial Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>April
      30, 2007 and April 30, 2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Amounts
      expressed in US Dollars)</strong></font></a><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%">
    <a name="eolPage23"/>
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20.</font><font id="TAB7" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUBSEQUENT
      EVENTS</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)</font><font id="TAB8" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subsequent
      issue of common shares:</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      7, 2007 the Company issued 136,364 common shares in settlement of a property
      payment on the Mount Hinton property. The shares represent $54,049 (CDN$60,000)
      which is 40% of the contracted payment and were valued at $0.40 (CDN$0.44)
      each.
</font></div>
    <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)
      Commitment to the proposed work program for Mount Hinton Property:</font><br>

</div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Mount Hinton project totaling $1,279,164 (CDN$1,420,000) for
      the 2007 Work Program. The Company had approximately $67,561(CDN $75,000) on
      deposit left over from the 2006 cash call schedule. On May 15, 2007 the Company
      paid $180,164 (CDN$200,000), on June 15, 2007 the Company paid $202,684
      (CDN$225,000), being two of the four cash call payments. The third payment
      of
      $540,492 (CDN$600,000) is due on July 31, 2007 and the fourth payment of
      $288,262 (CDN$320,000) is due on August 15, 2007.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commitment
      to the proposed work program for the Marg Property: </font>
      </p>
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Marg project totaling $2,864,607 (CDN$3,180,000) for the 2007
      Work Program. The Company had approximately $495,451(CDN $550,000) on deposit
      left over from the 2006 cash call schedule. On May 15, 2007 the Company paid
      $675,615 (CDN$750,000), on June 15, 2007 the Company paid $675,615
      (CDN$750,000), and on July 15, 2007 the Company paid $675,615 (CDN$750,000)
      being three of the four cash call payments. The fourth payment of $342,311
      (CDN$380,000) is due on August 15, 2007.</font><br></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)
      Subscription for shares</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company entered into a subscription agreement dated as of April 3, 2007 (the
      &#8220;Agreement&#8221;) with Industrial Minerals, Inc. (&#8220;Industrial Minerals&#8221;) to acquire
      (i) 5,000,000 common shares of Industrial Minerals at a price of $0.05 per
      share
      and (ii) a Warrant entitling the holder: (a) to purchase 5,000,000 common shares
      of Industrial Minerals at a purchase price of $0.05 per share (the &#8220;option
      price&#8221;) or, at the option of the holder, (b) to surrender the Warrant for a
      number of common shares to be determined by application of a formula which
      would
      result in a larger number of shares issued to the holder if the market price
      of
      the common stock is less than the option price at the time of exercise. The
      Warrant expires on April 3, 2008. The total subscription price paid by the
      Company was $250,000. The Company entered into the Agreement as of May 14,
      2007.
      The shares of Industrial Minerals are &#8220;restricted&#8221; shares and may not be readily
      re-sold by the Company. The common stock of Industrial Minerals is quoted on
      the
      Over-the-Counter Bulletin Board under the symbol, &#8220;IDSM.&#8221;</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="left">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e)
      Agreement for private placement (8-K filed with the SEC on June 27,
      2007)</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify">
      <p style="line-height: 100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      15, 2007 the Company entered into an agreement (the &#8220;Northern Agreement&#8221;) with
      Northern Securities Inc. (&#8220;Northern&#8221;), in connection with the private placement
      (the &#8220;Private Placement&#8221;) of CDN$500,000 of units (&#8220;Units&#8221;) and CDN$1,500,000 of
      flow-through common shares. Each Unit will consist of one common share and
      one
      half common share purchase warrant. The closing of the Private Placement is
      expected to occur in July of 2007. The offering has received the approval of
      the
      Toronto Stock Exchange. The Company will not offer any of the securities
      described herein to U.S. persons. This 8-K does not constitute an offer for
      sale
      of securities in the United States. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 100%; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div id="FTR">
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        </div>
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              <p align="center">



    <font size="2" face="Times New Roman">- 151 -</font></td>
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        <div style="WIDTH: 100%; TEXT-ALIGN: left">
          <hr color="#000000" size="5"><p Style='page-break-before:always'>
        </div>
      </div>

    </div>

    <p></p>
    </a>

<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">PART II</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=center>
<font size="2">INFORMATION NOT REQUIRED IN PROSPECTUS</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2">INDEMNIFICATION OF DIRECTORS</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Our by-laws indemnify each person (including the heirs, executors, administrators, or estate of such person) who is or was a director or officer of Yukon Gold to the fullest extent permitted or authorized by current or future legislation or judicial or administrative decision against all fines, liabilities, costs and expenses, including attorney&#146;s fees, arising out of his or her status as a director, officer, agent, employee or representative. &nbsp;The foregoing right of indemnification shall not be exclusive of other rights to which those seeking an indemnification may be entitled. &nbsp;Yukon Gold may maintain insurance, at its expense, to protect itself and all officers and directors against fines, liabilities, costs and expenses, whether or not Yukon Gold would have the legal power to indemnify them directly against such liability.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Costs, charges, and expenses (including attorney&#146;s fees) incurred by a person referred to above in defending a civil or criminal proceeding shall be paid by Yukon Gold in advance of the final disposition thereof upon receipt of any undertaking to repay all amounts advanced if it is ultimately determined that the person is not entitled to be indemnified by Yukon Gold and upon satisfaction of other conditions required by current or future legislation.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">If this indemnification or any portion of it is invalidated on any ground by a court of competent jurisdiction, Yukon Gold nevertheless indemnifies each person described above to the fullest extent permitted by all portions of this indemnification that have not been invalidated and to the fullest extent permitted by law.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
<font size="2">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Yukon Gold pursuant to the foregoing provisions, or otherwise, be advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2">The Company currently has directors and officers insurance in the amount of $5 million.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000"><B>
<font size="2">EXHIBITS INDEX</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
<font size="2">The following exhibits are filed as part of this registration statement.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">Exhibit
    No.</font></td>
    <td WIDTH="80%"><font FACE="Times New Roman" SIZE="2">Description</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top">
    <p style="margin-left: 15">&nbsp;</td>
    <td WIDTH="80%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.1</font></td>
    <td WIDTH="80%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Certificate of
    Incorporation (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.2</font></td>
    <td WIDTH="80%"><font FACE="Times New Roman" SIZE="2">By Laws (previously
    filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.3</font></td>
    <td WIDTH="80%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Certificate of
    Incorporation (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.4</font></td>
    <td WIDTH="85%"><font FACE="Times New Roman" SIZE="2">Certificate of
    Amendment of the Certificate of Incorporation of the Company dated August 3,
    2000, filed on August 4, 2000 with the Delaware Secretary of State, which
    changed the name of the Company to &quot;Optima 2000, Inc.&quot; (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.5</font></td>
    <td WIDTH="80%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Certificate of
    Amendment of the Certificate of Incorporation of the Company dated August
    28, 2000, filed on August 29, 2000, which changed the name of the Company to
    &quot;Optima International, Inc.&quot; (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.6</font></td>
    <td WIDTH="80%"><font FACE="Times New Roman" SIZE="2">Certificate of
    Amendment of the Certificate of Incorporation of the Company dated August
    28,2000, filed with the Delaware Secretary of State on September 27, 2000,
    which changed the name of the Company to &quot;Optima Global Corporation&quot;
    (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.7</font></td>
    <td WIDTH="80%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Certificate of Merger
    dated February 2, 2001 and filed with the Delaware Secretary of State on
    February 5, 2001, in which the Company is the surviving corporation
    (previously filed)</font></td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2">-  I -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<font color="#FFFFFF">*</font><table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.8</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Certificate of
    Amendment of the Certificate of Incorporation of the Company dated November
    20, 2002, filed with the Delaware Secretary of State on November 27, 2002,
    changing the name of the Company to &quot;Take-4, Inc.&quot; (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">3.9</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Certificate of
    Amendment of the Certificate of Incorporation of the Company dated October
    27, 2003, filed with the Delaware Secretary of State on October 29, 2003,
    changing the name of the Company to &quot;Yukon Gold Corporation, Inc.&quot;
    (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">4.1</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Instrument Defining
    Rights of Holders [pages from the By-Laws of Yukon Gold] (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">5.1</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Legal Opinion dated
    March 11, 2004 of Kavinoky &amp; Cook, LLP (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">5.2</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Legal Opinion dated
    May 20, 2004 of Kavinoky &amp; Cook, LLP (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">5.3</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Legal Opinion dated
    July 7, 2004 of Kavinoky &amp; Cook, LLP (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">5.4</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Legal Opinion dated
    August 30, 2006 of Kavinoky Cook LLP (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">5.5</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Legal Opinion dated
    October 30, 2006 of Kavinoky Cook LLP (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">5.6</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Legal Opinion dated
    February 2, 2007 of Kavinoky Cook LLP (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">
    <a href="yukon022608exh57.htm" style="text-decoration: none">5.7</a></font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <a href="yukon022608exh57.htm" style="text-decoration: none">Legal Opinion dated
    February 26, 2008 of Kavinoky Cook LLP</a></font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.1</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Share Purchase
    Agreement re: 3,000,000 Shares of Yukon Gold Corp. (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.2</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Assignment of
    Subscription Agreements (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.3</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Consulting Services
    Agreement (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.4</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Stock Option Plan
    (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.5</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Hinton Option
    Agreement (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.6</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Hinton Option
    Agreement with conformed signatures (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.7</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Form of Warrant issued
    to David J. Rittmueller (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.8</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Loan and Subscription
    Agreement with David J. Rittmueller (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.9</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Loan Agreement and
    Promissory Note issued to Stafford Kelley (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.10</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Loan Agreement and
    Promissory Note issued to J.L. Guerra, Jr. (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.11</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">List of Subsidiaries
    (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.12</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Letter Agreement with
    Hinton Syndicate dated August 17, 2006 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.13</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Agency Agreement dated
    December 28, 2006 between the Company and Northern Securities
    Inc.(previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.14</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Form of Subscription
    Agreement for subscriptions closed on December 28, 2006(previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.15</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Form of Flow-through
    Special Warrant issued on December 28, 2006(previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.16</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Form of Unit Special
    warrant issued on December 28, 2006(previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.17</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Form of Compensation
    Flow-through Option issued on December 28, 2006(previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.18</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Form of Compensation
    Unit Option issued on December 28, 2006(previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">10.19</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">2006 Stock Option Plan
    approved by shareholders on January 19, 2007(previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.1</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Rotenberg &amp;
    Co. LLP dated February 24, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.2</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Consent of Rotenberg &amp;
    Co. LLP dated May 13, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.3</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Schwartz
    Levitsky Feldman llp dated March 10, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.4</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Consent of Schwartz
    Levitsky Feldman llp dated May 18, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.5</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Archer,
    Cathro &amp; Associates (1981) Ltd. dated February 27, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.6</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Consent of Archer,
    Cathro &amp; Associates (1981) Ltd. to the reference of their firm as &quot;experts&quot;
    dated May 14, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.7</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Junior Mine
    Services Ltd. to the reference of their firm as &quot;experts&quot; dated May 14, 2004
    (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.8</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Letter Re: Change of
    Auditors from Rotenberg &amp; Co. LLP (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.9</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Schwartz
    Levitsky Feldman llp dated June 29, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.10</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Revised Consulting
    Services Agreement (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.11</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Schwartz
    Levitsky Feldman llp dated July 23, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.12</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Consent of Schwartz
    Levitsky Feldman llp dated September 7, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.13</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Schwartz
    Levitsky Feldman llp dated October 6, 2004 (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.14</font></td>
    <td WIDTH="93%"><font FACE="Times New Roman" SIZE="2">Letter of Hinton
    Syndicate dated September 24, 2004 regarding satisfaction of exploration
    expenses and option payments (previously filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" valign="top" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 15">23.15</font></td>
    <td WIDTH="93%" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Consent of Schwartz
    Levitsky Feldman llp dated November 11, 2004 (previously filed)</font></td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2">- II -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="15%" align="justify">
    <p style="margin-left: 15"><font FACE="Times New Roman" SIZE="2">23.16</font></td>
    <td WIDTH="93%" align="justify"><font FACE="Times New Roman" SIZE="2">
    Consent of Schwartz Levitsky Feldman llp dated August 30, 2006 (previously
    filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" align="justify" bgcolor="#F0EFDB">
    <p style="margin-left: 15"><font FACE="Times New Roman" SIZE="2">23.17</font></td>
    <td WIDTH="93%" align="justify" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    Consent of Schwartz Levitsky Feldman llp dated November 1, 2006 (previously
    filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" align="justify">
    <p style="margin-left: 15"><font FACE="Times New Roman" SIZE="2">23.18</font></td>
    <td WIDTH="93%" align="justify"><font FACE="Times New Roman" SIZE="2">
    Consent of Schwartz Levitsky Feldman llp dated February 9, 2007 (previously
    filed)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" align="justify" bgcolor="#F0EFDB">
    <p style="margin-left: 15"><font FACE="Times New Roman" SIZE="2">23.19</font></td>
    <td WIDTH="93%" align="justify" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">
    Consent of Kavinoky Cook LLP dated , 2008 (included in Exhibit 5.7)</font></td>
  </tr>
  <tr>
    <td WIDTH="15%" align="justify">
    <p style="margin-left: 15"><font FACE="Times New Roman" SIZE="2">
    <a href="yukon022608exh2320.htm" style="text-decoration: none">23.20</a></font></td>
    <td WIDTH="93%" align="justify"><font FACE="Times New Roman" SIZE="2">
    <a href="yukon022608exh2320.htm" style="text-decoration: none">Consent of Schwartz Levitsky Feldman llp dated
    February 28, 2008</a></font></td>
  </tr>
  <tr>
    <td WIDTH="15%" align="justify" bgcolor="#F0EFDB">
    <p style="margin-left: 15"><font FACE="Times New Roman" SIZE="2">99.2</font></td>
    <td WIDTH="93%" align="justify" bgcolor="#F0EFDB"><font FACE="Times New Roman" SIZE="2">Map of
    the Location of the Mount Hinton Property (previously filed)</font></td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">The following table sets forth expenses, incurred or expected to be incurred by Yukon Gold in connect with the registration of the securities being offered by the selling shareholders. &nbsp;Items marked with an asterisk (*) represent estimated expenses. &nbsp;We have agreed to pay all the costs and expenses of this registration. &nbsp;Selling security holders will not pay any part of these expenses.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<TABLE style="margin-left:0pt"><TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=283.2>&nbsp;</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=150>&nbsp;</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=283.2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">SEC Registration Fee</font></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=150>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;179</font></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=283.2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Legal Fees and Expenses*</font></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=150>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;&nbsp;&nbsp;10,000</font></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=283.2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Accounting Fees and Expenses*</font></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=150>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000</font></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=283.2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Printing</font></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=150>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000</font></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=283.2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">Miscellaneous*</font></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=150>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000</font></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width=283.2>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">TOTAL*</font></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-top:0.5pt solid #000000" align=left valign=top width=150>
  <P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
  <font size="2">$&nbsp;&nbsp;&nbsp; 17,179</font></P>
</TD></TR>
</TABLE>
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&nbsp;</P>
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<font size="2">RECENT SALE OF UNREGISTERED SECURITIES</font></P>
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&nbsp;</P>
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<font size="2">On August 16, 2007 the Company completed the first tranche of a private placement (the &#147;Financing&#148;) with Northern Securities Inc. (&#147;Northern&#148;), acting as agent. The Financing was comprised of the sale of 1,916,666 units (the &#147;Units&#148;) at $0.42 (CDN$0.45) per Unit (the &#147;Unit Issue Price&#148;) for gross proceeds of $808,446 &nbsp;(CDN$862,499.70) and the sale of 543,615 flow-through units (the &#147;Flow-Through Units&#148;) at $0.49 (CDN$0.52) per Flow-Through Unit (the &#147;Flow-Through Unit Issue Price&#148;) for gross proceeds of $264,979 (CDN$282,679.80), raising aggregate gross proceeds of approximately $1,073,425 (CDN$1,145,180). &nbsp;Each Unit consisted of one non-flow through common share (&quot;Common Share&quot;) and one half of one Common Share purchase warrant (each whole warrant, a &quot;Warrant&quot;). &nbsp;Each Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per share. &nbsp;Each Flow-Through Unit consisted of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an &quot;FT Warrant&quot;). &nbsp;Each FT Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share. &nbsp;Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds of the first tranche of the Financing and issued 153,333 &#147;Unit Compensation Options&#148; and 43,489 &#147;FT Unit Compensation Options&#148;. &nbsp;Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until August 16, 2009. &nbsp;Each FT Unit Compensation Option is exercisable into one Common Share and one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16, 2009. &nbsp;Yukon Gold also granted Northern an option (the &quot;Over-Allotment Option&quot;) exercisable until October 15, 2007 to offer for sale up to an additional $468,691 (CDN$500,000) of Units and/or Flow-Through Units on the same terms and conditions. &nbsp;The Company paid a $70,304 (CDN$75,000) due diligence fee to Northern at closing and reimbursed Northern for its expenses.
</font> </P>
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&nbsp;</P>
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<font size="2">On November 16, 2007 the Company completed the second part of the Financing with Northern, acting as agent. &nbsp;The Financing was comprised of the sale of 2,438,888 units (the &#147;Units&#148;) at $0.48 (CDN$0.45) per Unit (the &#147;Unit Issue Price&#148;) for gross proceeds of $1,161,744 (CDN$1,097,500) and the sale of 1,071,770 flow through units (the &#147;Flow-Through Units&#148;) at $0.55 (CDN$0.52) per Flow-Through Unit (the &#147;Flow-Through Unit Issue Price&#148;) for gross proceeds of $589,944 (CDN$557,320), raising aggregate gross proceeds of approximately $1,751,688 (CDN$1,654,820). &nbsp;The closing represented the final tranche of a $2,816,673 (CDN$2.8 million) private placement with Northern announced on July 24, 2007. &nbsp;Each Unit consists of one non-flow through common share (&quot;Common Share&quot;) and one half of one Common Share purchase warrant (each whole warrant, a &quot;Warrant&quot;). &nbsp;Each Warrant is exercisable into one Common Share until November 16, 2009 at an exercise price of $0.64 (CDN$0.60) per share. &nbsp;Each Flow-Through Unit consists of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an &quot;FT Warrant&quot;). &nbsp;Each FT Warrant is exercisable into one Common Share until November 16, 2009 at an exercise price of $0.74 (CDN$0.70) per share. &nbsp;Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds and issued 195,111 &#147;Unit Compensation Options&#148; and 85,741 &#147;FT Unit Compensation Options&#148;. &nbsp;Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until November 16, 2009. &nbsp;Each FT Unit Compensation Option is exercisable into one Common Share and one half of one Warrant at the Flow-Through Unit Issue Price until November 16, 2009. &nbsp;The proceeds of the Financing will be used for the exploration and development of Yukon Gold's properties, and for working capital.</font></P>
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&nbsp;</P>
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<font size="2">- III -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
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&nbsp;</P>
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<font size="2">The foregoing placements were undertaken pursuant to an exemption offered by Regulation S promulgated under the Securities Act of 1933, as amended.</font></P>
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&nbsp;</P>
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<font size="2">On July 7, 2007 the Company issued 136,364 common shares in settlement of a property payment on the Mount Hinton property. The shares represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were valued at $0.42 (CDN$0.44) each.</font></P>
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&nbsp;</P>
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<font size="2">On April 25, 2007 the Company issued 2,823,049 common shares and an additional 282,309 shares as a penalty, relating to the private placement of 2,823,049 flow-through special warrants on December 28, 2006 (refer to note below). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date). The Company expensed an amount of $163,739 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.</font></P>
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&nbsp;</P>
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<font size="2">On April 25, 2007 the Company issued 334,218 common shares and an additional 33,423 shares as a penalty, relating to the private placement of 334,218 unit special warrants on December 28, 2006 (refer to note above). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date).
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
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<font size="2">On January 11, 2007, the Company issued its obligated 400,000 common shares and an additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special Warrants to a Canadian accredited investor for $404,000 paid on December 15, 2005. Each Special Warrant entitled its holder to acquire one common share of the Company and one common share purchase warrant at no additional cost. The Company was obligated to have a registration statement become effective within 181 days of the closing. In the absence of a registration statement being declared effective within 181 days of the closing, the Company issued an additional 4,000 common shares to the Canadian accredited investor at no extra cost as a penalty. &nbsp;The Company expensed an amount of $5,000 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.</font></P>
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&nbsp;</P>
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<font size="2">On December 28, 2006, the Company completed a private placement of 2,823,049 flow-through special warrants (which qualify as flow-through shares for the purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per warrant for aggregate gross proceeds to the Company of $2,814,652 (CDN$3,264,996). &nbsp;Each flow-through special warrant entitles the holder to acquire, for no additional consideration, one common share of the Company. &nbsp;Each unit special warrant entitles the holder to acquire, for no additional consideration, one common share and one common share purchase warrant of the Company. &nbsp;Each common share purchase warrant entitles the holder to acquire one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date. &nbsp;In connection with this private placement, the Company agreed to file a prospectus in Canada qualifying the issuance of the common shares and warrants issuable upon the exercise of the special warrants as well as those common shares issuable on exercise of the common share purchase warrants. In addition, the Company agreed to file a registration statement in the United States covering the re-sale of common shares underlying the units and warrants by the respective shareholders. &nbsp;In the event the Company fails to obtain effectiveness for the final prospectus and the registration statement by February 26, 2007 (60 days from the closing date), each flow-through special warrant will entitle the holder to acquire 1.1 common shares on exercise thereof and each unit special warrant will entitle the holder to acquire 1.1 common shares and 1.1 common share purchase warrants on exercise thereof. &nbsp;The flow-through and unit special warrants will be automatically exercised on the earlier of (i) the third business day after the issuance of a receipt for the final prospectus and the effectiveness of the registration statement, or (ii) the four month anniversary of the closing date of the private placement. &nbsp;On closing, Northern Securities Inc., the lead agent received a cash commission of $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options and 23,395 unit compensation options. &nbsp;In addition, as part of the private placement, Limited Market Dealer Inc. received a cash commission granted to Northern Securities, Inc. as well as 28,571 flow-through compensation options and Novadan Capital Ltd. received a cash payment of $28,362 (CDN$32,900) as well as 32,900 unit compensation options. &nbsp;Each flow-through compensation option entitles the holder to acquire, for no additional consideration, one flow-through compensation warrant, each exercisable into one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date of December 28, 2006. &nbsp;Each unit compensation option entitles the holder to acquire, for no additional consideration, one unit compensation warrant, each exercisable at US$0.81 (CDN$0.941) into one common share and one common share purchase warrant of the Company at a price of US$0.90 (CDN$1.05<B>)</B> for a period of 24 months from the closing date of December 28, 2006. &nbsp;In the event the Company fails to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date), each flow-through compensation option will entitle the holder to acquire 1.1 flow-through compensation warrants on exercise thereof and each unit compensation option granted to Northern Securities, Inc. will entitle the holder to acquire 1.1 unit compensation warrants on exercise thereof. &nbsp;The Company will use the gross proceeds from the sale of flow-through special warrants for the exploration and development of its properties, located in the Mayo Mining District of the &nbsp;Province of Yukon, Canada. The Company will use the net proceeds from the sale of unit special warrants for general working capital purposes. &nbsp;The private placement was exempt from registration under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) pursuant to an exemption afforded by Regulation S promulgated under the Securities Act (&#147;Regulation S&#148;).</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2">- IV -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
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&nbsp;</P>
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<font size="2">On December 12, 2006, a former officer of the Company exercised 50,000 stock options at a price of $0.75 per share.</font></P>
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&nbsp;</P>
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<font size="2">On December 6, 2006, the Company issued to Atna Resources Ltd 133,334 common shares as part of a property payment for the Marg Property as provided in the Marg Acquisition Agreement. &nbsp;The property payment also included a cash payment in the amount of $43,406 (CDN$50,000). &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
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&nbsp;</P>
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<font size="2">In October of 2006 the Company completed a private placement of 550,000 units for consideration of $550,000. &nbsp;The units each consisted of (a) one common share of the Company and (b) one 2-year warrant to purchase a common share at a price of $1.50 per share for the first twelve (12) months from the date of closing and thereafter $2.00 per share for the remainder of the two-year term of the warrant. &nbsp;The purchasers of the units were non-U.S persons and the offering was conducted entirely in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;Each of the purchasers executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;A finder&#146;s fee of 6% and reimbursement of all expenses (subject to a cap) was paid to Novadan Capital Ltd., a Toronto, Ontario limited market dealer (&#147;Novadan&#148;) in connection with this private placement. On January 23, 2008 the Company extended the expiry date of the warrants to October 4, 2009.</font></P>
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&nbsp;</P>
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<font size="2">On September 7, 2006, an officer of the Company exercised 24,000 stock options at a price of $0.75 per share.</font></P>
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&nbsp;</P>
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<font size="2">On August 22, 2006, the Company completed a private placement of 400,000 units where each unit consisted of a common share and a share purchase warrant.&nbsp; &nbsp;The units were priced at $1.00 per unit for a total of $400,000. &nbsp;The Company will pay a finders fee equal to 6% of the gross proceeds. &nbsp;The warrants have a two-year term and are exercisable at $1.50 per share in the first twelve months of the term and $2.00 per share in the remaining twelve months of the term.&nbsp; Closing of this placement requires Toronto Stock Exchange approval.&nbsp; Conditional approval was given by the Toronto Stock Exchange on August 29, 2006. &nbsp;The purchaser of the units was a single accredited investor. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D. &nbsp;On January 23, 2008, the Company extended the expiry date of the warrants to October 4, 2009.</font></P>
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&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2">- V -</font></P>
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&nbsp;</P>
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<font size="2">On August 11, 2006 the Company issued 817,980 restricted shares in total to three consultants for services relating to business promotion and development. These consultants assisted management in the preparation of financial offerings and in arranging meetings and making presentations to the brokerage community and institutional investors in both the United States and Canada. Except for 342,780 common shares which were earned by these consultants as of October 31, 2006, the balance of 475,200 common shares were held in escrow to be released to each consultant in 8 monthly installments of 19,800 common shares commencing November 1, 2006. Out of 475,200 common shares held in escrow, the Company received back 356,400 common shares for cancellation.
</font> </P>
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&nbsp;</P>
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<font size="2">On July 17, 2006 the Company issued 61,171 common shares for the exercise of 61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of $53,824 (CDN$61,171). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D. &nbsp;</font></P>
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&nbsp;</P>
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<font size="2">On July 7, 2006 the Company issued 43,166 common shares and paid $80,501 (CDN$90,000) in cash in settlement of a property payment for the Mount Hinton Property. &nbsp;The shares were valued at $53,845 (CDN $60,000) $1.25 (CDN$1.39) each. &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with the Hinton Syndicate and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S. &nbsp;</font></P>
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&nbsp;</P>
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<font size="2">On July 7, 2006 the Company issued 64,120 common shares for the exercise of 64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $57,869 (CDN$64,120). &nbsp;The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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&nbsp;</P>
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<font size="2">On June 29, 2006 the Company issued 158,090 common shares for the exercise of 158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $141,632 (CDN$158,090). &nbsp;The securities were issued to a Canadian investor pursuant to an exemption under Regulation S.</font></P>
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&nbsp;</P>
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<font size="2">On June 28, 2006 the Company issued 17,971 common shares for the exercise of 17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $15,939 (CDN$17,971). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
</font> </P>
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&nbsp;</P>
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<font size="2">On June 28, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $38,895 (CDN$43,667). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation S.
</font> </P>
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&nbsp;</P>
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<font size="2">On June 28, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (and former officer of the Company) in consideration of $14,253 (CDN$16,000). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Regulation D.</font></P>
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&nbsp;</P>
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<font size="2">On June 22, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $39,368 (CDN$43,667). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
</font> </P>
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&nbsp;</P>
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<font size="2">- VI -</font></P>
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<font size="2">On May 30, 2006 the Company issued 141,599 common shares for the settlement of an accrued liability to an ex officer and director. &nbsp;The accrued severance amount of $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80 (CDN$0.91). &nbsp;The former officer is an accredited investor and a Canadian citizen. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Regulation D. &nbsp;The former officer was an accredited investor pursuant to Rule 501 of Regulation D (both in terms of net worth and as an executive of the Company).</font></P>
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<font size="2">On May 29, 2006 the Company issued 10,000 common shares for the exercise of 10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $8,987 (CDN$10,000). &nbsp;The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On May 29, 2006 the Company issued 45,045 common shares for the exercise of 45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $40,450 (CDN$45,045). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On May 29, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (a former Canadian director of the Company) in consideration of $14,280 (CDN$16,000). &nbsp;The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation D. &nbsp;The holder of the warrant was an accredited investor pursuant to Rule 501 Regulation D (both in terms of net worth and as an executive of the Company).</font></P>
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<font size="2">On April 11, 2006, a Canadian director of the Company exercised his option to purchase 10,000 common shares at the option price of $0.55 per share. &nbsp;The Company received payment and issued 10,000 common shares. &nbsp;The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
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<font size="2">On March 28, 2006 the Company completed a brokered private placement through the issuance of 5,331,327 common share units at a price of $0.60 per unit for gross proceeds of $3,198,799. The Company also completed a private placement through the issuance of 25,000 so-called &#147;flow-through&#148; shares at a price of $0.75 per share for gross proceeds of $ 18,750. &nbsp;&#147;Flow-through&#148; shares carry certain tax benefits to shareholders who are Canadian tax payers. &nbsp;The Company must use the proceeds from the placement of &#147;flow-through&#148; securities for exploration and development programs in order to enable the holders of &#147;flow-through&#148; shares to derive the tax benefits in Canada. &nbsp;Each Common share unit consists of one share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at $0.90 per share for a period expiring on March 28, 2008. &nbsp;Novadan (or its permitted assignees) received a commission in connection with this private placement consisting of cash equal to 9% of the proceeds of the private placement in Canada ($289,579.00) and 533,133 broker&#146;s warrants equaling 10% of the number of common share units sold. &nbsp;Each broker warrant entitles Novadan or its permitted assigns to purchase common shares and one-half share purchase warrant for $0.60 until March 28, 2008. &nbsp;Each full warrant is then exercisable for $0.90. &nbsp;In addition, Yukon Gold paid all of Novadan&#146;s expenses related to the private placement, subject to a cap of $20,000. &nbsp;The purchasers of 3,873,993 of these units were non-U.S persons pursuant to a private placement in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). &nbsp;Each purchaser in the Canadian private placement executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;The Purchasers of 1,482,334 of these units were United States citizens, all of whom were accredited investors as that term is used in Regulation D. &nbsp;The U.S. private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D promulgated pursuant to the Securities Act (&#147;Regulation D&#148;). &nbsp;&nbsp;As part of the agreement with Novadan in connection with this offering, the Company granted to Novadan a right-of-first refusal to act as underwriter or best-efforts placement agent in connection with any subsequent public or private offering by the Company within eighteen months of the closing. &nbsp;In addition, Yukon Gold entered into a Consulting Agreement with Novadan for ongoing financial and strategic advice. &nbsp;As compensation under the Consulting Agreement, Yukon Gold will issue to Novadan 240,000 shares of its common stock, such shares to be issued in equal installments over the twelve-month period of the Consulting Agreement. &nbsp;This Consulting Agreement was terminated as of October 23, 2006. &nbsp;On December 19, 2006 the Company issued 160,000 shares to Novadan. &nbsp;On January 24, 2008 the Company extended the expiry dates of the warrants issued in connection with this financing from March 28, 2008 to March 28, 2009.</font></P>
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<font size="2">- VII -</font></P>
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<font size="2">On January 11, 2006 a holder converted promissory notes of the Company on their due dates and the Company issued 101,150 common shares and 50,000 warrants covering the principal amounts of $75,000 and interest in the amount of $1,533 in accordance with the conversion provisions of the notes. &nbsp;The expiry date of the warrants was extended to 15 months after the conversion date. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On December 30, 2005, Yukon Gold completed a private placement of 200,000 flow-through special warrants to a single investor in Canada for consideration of $180,000 (CDN$205,000). &nbsp;Each such flow-through special warrant entitles the holder to acquire one &#147;flow-through&#148; common share of the Company for no additional consideration. &nbsp;So-called &#147;flow-through&#148; shares carry certain tax benefit to Canadian holders. &nbsp;On December 19, 2006, the Company issued 200,000 common shares. &nbsp;The purchaser of the flow-through special warrants was a non-U.S person pursuant to a private placement in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On December 15, 2005, the Company completed the sale of 400,000 special warrants to a single investor in Canada at a purchase price of $1.01 per special warrant for total consideration of $404,000. &nbsp;Each special warrant entitles the holder to purchase one common share of the Company and one additional common share purchase warrant at no additional cost. &nbsp;On January 12, 2007 the warrants were exercised and the Company issued 404,000 common shares (which included penalty shares). &nbsp;The purchaser of the special warrants was a non-U.S person pursuant to a private placement in Canada. &nbsp;The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On December 7, 2005 an accredited investor converted promissory notes of the Company on their due dates and the Company issued 34,306 common shares and 17,001 warrants covering the principal amounts of $25,500 and interest in the amount of $409 in accordance with the conversion provisions of the notes. &nbsp;The expiry date of the warrants was extended to 15 months after the conversion date. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On December 7, 2005 the board of directors authorized the issuance of 10,000 common shares to a shareholder upon the exercise of 10,000 warrants in consideration of $8,772 (CDN$10,000). &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On December 6, 2005 the board of directors authorized the issuance of 133,333 common shares valued at $100,000 for property payment to Atna Resources Ltd., along with a cash payment of $43,406 (CDN$50,000) as per terms of the Marg Acquisition Agreement. &nbsp;The common shares along with the cash payment were delivered to Atna Resources Ltd. on December 12, 2005. &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
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<font size="2">- VIII -</font></P>
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<font size="2">On December 5, 2005, the Company completed a private placement of 150,000 common shares and 150,000 warrants to a single accredited investor for consideration of $151,500. &nbsp;Each common share was priced at $1.00 and each warrant at $0.01. &nbsp;Each warrant entitles the holder to purchase one common share of the Company at an exercise price of $1.00 for a period of one year from the date of issuance. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On November 9, 2005, an accredited investor converted a promissory note on its due date and the Company issued 76,525 common shares and 37,500 warrants covering the principal amount of $56,250 and interest in the amount of $1,143 in accordance with the conversion provisions of the notes. &nbsp;The expiry date of the warrants was extended to 15 months after the conversion date. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D. &nbsp;</font></P>
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<font size="2">On October 18 and 24, 2005 the Company issued a total of 59,547 common shares and 29,167 warrants covering the principal amount of $43,750, plus interest of $910, on conversion of a convertible promissory note issued on October 6, 2004. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On October 18, 2005 the Company authorized the issuance of 14,000 common shares for the exercise of 14,000 warrants from a warrant holder in consideration of $12,000. &nbsp;The holder of the warrants was an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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<font size="2">On August 31, 2005, the Company accepted subscriptions from four accredited investors and one accredited corporation, all residents of Canada, for a total of 200,000 units priced at $0.55 per unit for a total of $110,000. &nbsp;Each unit consists of one common share and one-half share purchase warrant. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring August 31, 2007. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Regulation S. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On August 29, 2005, the Company completed the sale of 149,867 units at $0.55 per unit to a Canadian director of the Company for $82,427 (CDN$100,000). &nbsp;Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 5, 2007. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;</font></P>
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<font size="2">On August 26, 2005 the board of directors approved the issuance of 490,909 units at $0.55 per unit to J.L. Guerra, Jr., then an arms length accredited shareholder for a total of $270,000. &nbsp;Each unit consists of one common share and one-half share purchase warrant. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share, after one year and seven days following closing, for a period of two (2) years following such date. &nbsp;The Company received $20,000 of the subscription price on August 12, 2005 as a loan to be applied to the subscription price and $100,000 on September 15, 2005 and a promissory note for $150,000, due on or before October 1, 2005, for the balance of the subscription price. &nbsp;The promissory note was paid in full by the due date. &nbsp;Mr. Guerra subsequently became a director of the Company on November 2, 2005 and then became chairman of the board on July 11, 2006. &nbsp;Mr. Guerra is an accredited investor. &nbsp;This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On August 25, 2005 the Company entered into a Consulting Agreement with Endeavor Holdings, Inc. (&#147;Endeavor&#148;), based in New York, New York to assist the Company in raising capital. &nbsp;Under the terms of this agreement the Company agreed to pay Endeavor 150,000 common shares at the rate of 25,000 shares per month. &nbsp;&nbsp;Either party could cancel the agreement upon 30 days notice. &nbsp;The Company issued 150,000 common shares valued at $130,500 to Endeavor. &nbsp;Endeavor is an accredited investor. &nbsp;The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">- IX -</font></P>
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<font size="2">On August 23, 2005 the board of directors approved the issuance of 24,336 units to an arms length investor and 12,168 units to an officer of the Company at $0.55 per unit, in settlement of an accounts payable for services, for a total of $20,077 (CDN$24,398). &nbsp;Each unit consists of one common share and one-half share purchase warrant. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 15, 2007. &nbsp;The issuance of these securities was undertaken pursuant to negotiated agreements and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S. &nbsp;</font></P>
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<font size="2">On August 5, 2005 the board of directors authorized the issuance of 369,215 common shares and 184,608 share purchase warrants in settlement of a demand promissory note in the amount of $200,000 plus interest of $3,068.25. &nbsp;Each common share was priced at $0.545 and each full warrant at $0.01. &nbsp;Each share purchase warrant entitles the holder to purchase one common share for $1.00 per share on or before August 5, 2007. &nbsp;&nbsp;This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act. &nbsp;The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States. &nbsp;</font></P>
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<font size="2">On March 2, 2005 the Company issued 76,204 common shares on conversion of a convertible promissory note. &nbsp;The holder of the promissory note was an accredited investor. &nbsp;The issuance of shares was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.</font></P>
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<font size="2">On March 1, 2005 the Company issued 133,333 common shares to Atna &nbsp;as a property payment in the amount of $100,000 for the Marg Property. &nbsp;The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.</font></P>
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<font size="2">UNDERTAKINGS</font></P>
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<font size="2">The undersigned Registrant hereby undertakes:</font></P>
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<font size="2">To file, during any period in which it offers or sells securities, a post-effective amendment to this registration statement to:</font></P>
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<font size="2">(i) &nbsp;&nbsp;&nbsp;&nbsp;Include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</font></P>
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<font size="2">(ii) &nbsp;&nbsp;Reflect in the prospectus any facts or events which, individually or together, represent a fundamental change in the information in the registration statement. &nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &quot;Calculation of Registration Fee&quot; table in the effective registration statement;
</font> </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(iii) &nbsp;Include any additional or changed material information on the plan of distribution; and</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2">- X -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">(iv) &nbsp;Remove from registration any of the securities that remain unsold at the end of the offering.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">That, for determining liability under the Securities Act, the Registrant shall treat each post-effective amendment as a new registration statement of the securities offered, and the offering of the securities at that time to be the initial bona fide offering.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In the event that a claim for indemnification against such liabilities, (other than the payment by the Registrant of expenses incurred and paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding), is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification &nbsp;by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font></P>
<P style="margin:0pt; padding-left:0pt; padding-top:0pt; padding-right:-36.05pt; padding-bottom:0pt; text-indent:0pt; line-height:12pt; font-size:10pt; color:#000000" align=center>&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2">- XI -</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000"><B>
<font size="2">SIGNATURES</font></B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000" align=justify>
<font size="2">In accordance with the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements of filing on Form S-1 and authorized this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Toronto, Canada on February
26, 2008.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify>
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; line-height:13pt; color:#000000">
<font size="2">YUKON GOLD CORPORATION, INC.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:36pt; line-height:13pt; color:#000000">
<font size="2">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp; /s/ Ronald K. Mann&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:72pt; line-height:13pt; color:#000000">
<font size="2">Name: &nbsp;Ronald K. Mann</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:72pt; line-height:13pt; color:#000000">
<font size="2">Title: &nbsp;Director, President and CEO</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
<font size="2">In accordance with the requirements of the Securities Act of 1933, this registration statement was signed by the following persons in the capacities and on the dates stated.</font></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:13pt; color:#000000">
&nbsp;</P>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">NAME</font></td>
    <td WIDTH="33%" align="center"><font FACE="Times New Roman" SIZE="2">TITLE</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">DATE</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><u><font face="Times New Roman" size="2">
    /s/ Ronald K. Mann&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Ronald K. Mann</font></td>
    <td WIDTH="33%" align="center"><font FACE="Times New Roman" SIZE="2">
    Director, President and Chief Executive Officer</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">
    February 26, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><u><font face="Times New Roman" size="2">/s/ Kenneth Hill&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font></u></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Kenneth Hill</font></td>
    <td WIDTH="33%" align="center"><font FACE="Times New Roman" SIZE="2">
    Director</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">
    February 26, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><u><font face="Times New Roman" size="2">/s/ Howard Barth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font></u></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Howard Barth</font></td>
    <td WIDTH="33%" align="center"><font face="Times New Roman" size="2">
    Director</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">
    February 26, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><u><font face="Times New Roman" size="2">/s/ Jose L. Guerra,
    Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font></u></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Jose L. Guerra, Jr.</font></td>
    <td WIDTH="33%" align="center"><font FACE="Times New Roman" SIZE="2">
    Director, Chairman of Board</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">
    February 26, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><u><font face="Times New Roman" size="2">/s/ Robert E. Van
    Tassell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font></u></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Robert E. Van Tassell</font></td>
    <td WIDTH="33%" align="center"><font FACE="Times New Roman" SIZE="2">
    Director</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">
    February 26, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><u><font face="Times New Roman" size="2">/s/ G.E. (Ted)
    Creber&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font></u></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">G.E. (Ted) Creber Q.C</font></td>
    <td WIDTH="33%" align="center"><font FACE="Times New Roman" SIZE="2">
    Director</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">
    February 26, 2008</font></td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%">&nbsp;</td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><u><font face="Times New Roman" size="2">/s/ Rakesh Malhotra&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font></u></td>
    <td WIDTH="33%" align="center">&nbsp;</td>
    <td WIDTH="34%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%"><font FACE="Times New Roman" SIZE="2">Rakesh Malhotra</font></td>
    <td WIDTH="33%" align="center"><font FACE="Times New Roman" SIZE="2">Chief
    Financial Officer</font></td>
    <td WIDTH="34%" align="center"><font FACE="Times New Roman" SIZE="2">
    February 26, 2008</font></td>
  </tr>
</table>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
&nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">
<font size="2">- XII -</font></P>
<hr color="#000000" size="5">
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; color:#000000" align="center">&nbsp;</P>
</BODY>
</HTML>
[{"type": "S-1", "sequence": "1", "filename": "yukon022608fs1.htm", "description": "FORM S-1", "secsgml_size_bytes": 3366469}]
{"company-data": {"conformed-name": "YUKON GOLD CORP INC", "cik": "0001280396", "assigned-sic": "1000", "irs-number": "980413063", "state-of-incorporation": "DE", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-149459", "film-number": "08654504"}, "business-address": {"street1": "55 YORK STREET", "street2": "SUITE 401", "city": "TORONTO ONTARIO", "state": "A6", "zip": "M5J 1R7", "phone": "416-642-0537"}, "mail-address": {"street1": "55 YORK STREET", "street2": "SUITE 401", "city": "TORONTO ONTARIO", "state": "A6", "zip": "M5J 1R7"}}
Yukon Gold Corporation, Inc.: Form S-1 - Prepared by TNT Filings Inc.
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON
February __, 2008
REGISTRATION NO. 333-___________
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER THE
SECURITIES ACT OF 1933
YUKON GOLD CORPORATION, INC.
(name of small business issuer in its charter)
DELAWARE
(State of incorporation)
1000
(Primary Standard Industrial
Classification Code Number)
52-2243048
(I.R.S. Employer
Identification No.)
YUKON GOLD CORPORATION, INC.
55 York Street
Suite 401
Toronto, ON M5J 1R7
Telephone: 416-865-9790
Facsimile: 416-865-1250
(Name, address, including zip code, and
telephone number, including
area code, of agent for service)
Copies of communications to:
Jonathan H. Gardner
Kavinoky Cook LLP
726 Exchange Street; Suite 800
Buffalo, New York 14210
Approximate date of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box.
Q
If this Form is filed to register additional securities pursuant to Rule 462(b)
under the Securities Act, please check the following box and list the Securities
Act Registration Statement number of the earlier effective Registration
Statement for the same offering.
£
- 1 -
If  this  Form is a post-effective amendment filed pursuant to Rule 462(c) under
the  Securities Act, check the following box  and  list the Securities Act
Registration Statement  number of the earlier effective Registration Statement
for the  same offering.
£
If  this  Form is a post-effective amendment filed pursuant to Rule 462(d) under
the  Securities Act, check the following  box and list the Securities Act
Registration Statement number of the earlier effective Registration Statement
for the same offering.
£
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer and "smaller reporting company" in Rule 12b-2 of the Exchange Act (Check one):
Large accelerated filer
£
Accelerated filer
£
Non-accelerated filer
£
Smaller reporting company
Q
- 2 -
CALCULATION OF REGISTRATION FEE
Title Of Each Class Of Securities To Be Registered*
Amount to be registered
Proposed maximum offering price per share (9)
Proposed maximum aggregate offering price (9)
Amount of registration fee
Common Stock (1)
5,970,939
$0.25
$1,492,735
$58.66
Common Stock, issuable upon exercise of Flow-through Warrants of the Company (2)
807,692
$0.70
$  565,384
$22.22
Common Stock issuable upon exercise of Unit Warrants of the Company (3)
2,177,775
$0.60
$1,306,665
$51.35
Common Stock issuable upon exercise of Flow-through Compensation Options (4)
129,230
$0.52
$  67,200
$2.64
Common Stock issuable upon exercise of Unit Compensation Options (5)
348,444
$0.45
$  156,800
$6.16
Common Stock issuable upon exercise of Unit Compensation Warrants (6)
174,221
$0.60
$  104,533
$4.11
Common Stock issuable upon exercise of Flow-through Compensation Warrants (6)
64,614
$0.70
$   45,230
$1.78
Common Stock issuable upon exercise of Warrants (7)
500,000
$0.24
$  120,000
$4.72
Common Stock issuable upon exercise of Stock Options  (8)
2,000,000
$0.35
$  700,000
$27.51
Total
12,172,915
$4,558,547
$179.15
- 3 -
*This registration statement also includes an indeterminate amount of securities which may be issued in the event of a stock split, stock dividend or other recapitalization of the Company's capital stock.
(1)  Represents shares of common stock issued by the Company on August 16, 2007 and November 16, 2007 as part of its Flow Through Units and Units placed with investors.
(2)  Represents shares of common stock issuable by the Company upon exercise of Flow-through Warrants.  Each Flow-through Warrant has a two-year term that ends on August 16, 2009 or November 16, 2009, as the case may be, and is exercisable at a price of $0.70 (CDN$0.70) per share.
(3)  Represents shares of common stock issuable by the Company upon exercise of Unit Warrants.  Each Unit Warrant has a two-year term that ends on August 16, 2009 or November 16, 2009, as the case may be, and is exercisable at a price of $0.60 (CDN$0.60) per share.
(4)  Represents shares of common stock underlying Flow-through Compensation Options issued to the placement agent for private placements completed on August 16, 2007 and November 16, 2007.  Each Flow-through Compensation Option is exercisable for a two-year period at a price of $0.52 (CDN$0.52) per share.  In the case of the Flow-through Compensation Options, exercise of the option entitles the placement agent to one share of  common stock and one-half of one common share purchase warrant exercisable at $0.70 (CDN$0.70) per whole share.  The shares listed in this row represent shares that are issuable upon exercise of the Flow-through Compensation Options.
(5)  Represents shares of common stock underlying Unit Compensation Options issued to the placement agent for private placements completed on August 16, 2007 and November 16, 2007.  Each Unit Compensation Option is exercisable at a price of $0.45 (CDN$0.45) per share.  The options are exercisable for a two-year period, beginning on the closing dates of the respective private placements.  In the case of the Unit Compensation Options, exercise of the option entitles the placement agent to one share of common stock and one-half of one common share purchase warrant exercisable at $0.60 (CDN$0.60) per whole share.  The shares listed in this row represent shares that are issuable upon exercise of the Unit Compensation Options.
(6)  The placement agent for the private placements completed on August 16, 2007 and November 16, 2007 received Unit Compensation Options exercisable at $0.45 (CDN$0.45) per option and Flow-through Compensation Options exercisable at $0.52 (CDN$0.52) per option.  In both cases, the options are exercisable for a two-year period, beginning on the closing dates of the respective private placements.  In the case of the Unit Compensation Options, exercise of the option entitles the placement agent to one share of common stock and one half-share purchase warrant exercisable at $0.60 (CDN$0.60) per whole share.  In the case of the Flow-though Compensation Options, exercise of the option entitles the placement agent to one share of  common stock and one-half
of one common share purchase warrant exercisable at $0.70 (CDN$0.70) per whole share.  The shares listed in these rows represent shares that are issuable upon exercise of the underlying Unit Compensation Warrants and the underlying Flow-through Compensation Warrants.
(7)  Represents shares of common stock underlying warrants of the Company.  Each warrant is exercisable at $0.24 (CDN$0.24) per share until December 17, 2012.
(8)  Represents shares underlying stock options issued pursuant to the 2006 Stock Option Plan.  The maximum price shown in the table is the average of the exercise prices for such stock options.
(9)  The offering price has been estimated for the purpose of calculating the registration fee pursuant to Rule 457(c) based upon: (i) in the case of common stock, the closing sale price of the Company's common stock on the OTC Bulletin Board® as of February 12, 2008 and (ii) in the case of convertible securities, the price paid by investors in private placements by the Company completed on August 16, 2007 and November 16, 2007.  In the case of shares to be issued upon exercise of warrants, the offering price is based upon the exercise price of the warrants.  U.S. dollar amounts reflected above are based upon the conversion ratio of CDN$1.00 equals US$1.00 as of January 31, 2008.
- 4 -
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may  determine.
- 5 -
PRELIMINARY PROSPECTUS
SUBJECT TO COMPLETION
The information in this prospectus is not complete and may be changed.  This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
YUKON GOLD CORPORATION, INC.
12,172,915 SHARES
BY SELLING SHAREHOLDERS
The selling shareholders of Yukon Gold Corporation, Inc., a Delaware corporation ("Yukon Gold" or the "Company") named in this prospectus are offering up to 12,172,915 shares of Yukon Gold's common stock, par value $0.0001 per share ("Shares").  Our Shares are traded on the  OTC Bulletin Board®  (the "OTC") under the symbol "YGDC."  In addition, our Shares are traded on the Toronto Stock Exchange (the "TSX") under the symbol "YK" and on the Frankfurt Stock Exchange under the symbol "W8Y."  The Company will not receive any of the proceeds of the sale of our Shares by the selling shareholders.  We will pay all of the costs associated with this registration statement and prospectus.  See "PLAN OF DISTRIBUTION."
On February 12, 2008, the closing price of our shares on the OTC was US$0.25 and the closing price of our shares on the TSX was CDN$0.275.
Before buying the shares of common stock, carefully read this prospectus, especially the section entitled "Risk Factors."  The purchase of our securities involves a high degree of risk.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus.  Any representation to the contrary is a criminal offense.
The information in this prospectus is not complete and may be changed.  The Selling Shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.  This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
The date of this prospectus is  ____, 2008.
- 6 -
TABLE OF CONTENTS
Page
Prospectus Summary
9
Summary Financial Data
10
Risk Factors
10
Determination of Offering Price
12
Dilution
12
Description of Business
12
Regulations Governing Mining in Canada
21
Copper Price Volatility
24
Fiscal Year
24
Transfer Agent
24
Employees
25
Stock Option Plan
25
Competition
30
Management's Discussion and Analysis or Plan of Operation
31
Controls and Procedures
36
Market for Common Equity and Related Stockholder Matters
36
Directors, Executive Officers, Promoters, Control Persons
49
Executive Compensation
54
Security Ownership of Certain Beneficial Owners and Management
57
Certain Relationships and Related Transactions
58
Organization Within the Last Five Years
59
Description of Securities
60
Use of Proceeds
60
Determination of Offering Price
60
Selling Shareholders and Plan of Distribution
60
Legal Proceedings
66
- 7 -
Legal Matters
66
Experts
66
Change In Auditors
66
Disclosure of Commission Position on Indemnification for
  Securities Act Liabilities
67
How To Get More Information
67
Glossary
67
List of Mount Hinton Claims
73
Index to Financial Statements
80
Financial Statements for the six-month period ended October 31, 2007 (unaudited)
81
Financial Statements for the three- month period ended July 31, 2007 (unaudited)
103
Financial Statements for the year ended April 30, 2007 (audited)
121
Until ______________, 2008, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.  This is in addition to the dealer's obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
- 8 -
PROSPECTUS SUMMARY
History and Business.
Our name is
Yukon Gold Corporation, Inc. and we sometimes refer to ourselves in this prospectus as "Yukon Gold" or as "we," "our," or "us."  We are an exploration stage mining company.  Our objective is to exploit our interest in the mineral claims in Yukon, Canada which we hold directly and through our wholly-owned subsidiary named "Yukon Gold Corp."  Our wholly-owned subsidiary is referred to in this prospectus as "YGC."  We were incorporated in the state of Delaware on May 31, 2000 under the name "RealDarts International, Inc."  Our executive offices are at 55 York Street, Suite 401, Toronto, Ontario Canada M5J 1R7.  Our telephone number is 416-865-9790 and our fax number is 416-865-1250.  Our wholly owned subsidiary, YGC, was incorporated on May 16, 2002 in the Province of Ontario, Canada and is licensed to do business in the Province of Yukon, Canada.  All of our business activities are undertaken through YGC.
Risk Factors.
You should read the "RISK FACTORS" section as well as the other cautionary statements throughout this prospectus so that you understand the risks associated with an investment in our securities.  Any investment in our securities should be considered a high-risk investment because of the nature of mineral exploration and development.  Only investors who can afford to lose their entire investment should invest in these securities.
Currency.
References to dollars are to United States dollars (US$) unless otherwise indicated as being Canadian dollars (CDN$).  As of February 12, 2008, the currency exchange rate was approximately US$1.00 equals CDN$1.00 based upon information available at
http://www.bankofcanada.ca
.  As of the Company's quarter ended October 31, 2007, the date of our most recent quarterly financial statements, the currency exchange rate was approximately US$1.00 equals CDN$1.12 based upon information available at
http://www.bankofcanada.ca.
As many of our expenses are in Canadian dollars, the amounts at October 31, 2007 have been converted to US dollar equivalents based on the October 31, 2007 conversion rate for amounts to be paid in the future.  Where the US dollar amounts for expenses for the quarter ended October 31, 2007 are expressed in the financial statements, the three month average conversion rates were used to convert to US dollar equivalents.
Expenses of Offering.
We are paying all of the expenses relating to the registration of the selling shareholders' shares.  We will not pay any commissions or actual expenses of the sale of the shares by the selling shareholders.
- 9 -
SUMMARY FINANCIAL DATA
The following summary financial data should be read in conjunction with MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION and the unaudited CONSOLIDATED FINANCIAL STATEMENTS OF YUKON GOLD for the six months ended October 31, 2007 and October 31, 2006, together with the audited CONSOLIDATED FINANCIAL STATEMENTS OF YUKON GOLD for the years ended April 30, 2007 and April 30, 2006, including the notes thereto contained elsewhere in this Prospectus.
SELECTED INFORMATION
Three months ended
Three months ended
October 31, 2007
October 31, 2006
Revenues
Nil
Nil
Net Loss
$2,419,329
$1,436,458
Loss per share-basic and diluted
$ (0.09)
$ (0.08)
Six months ended
Six months ended
October 31, 2007
October 31, 2006
Revenues
Nil
Nil
Net Loss
$3,471,873
$2,865,185
Loss per share-basic and diluted
$(0.14)
$ (0.17)
As at
As at
October 31, 2007
April 30, 2007
Total Assets
$2,240,365
$4,225,107
Total Liabilities
$238,594
$272,083
Cash dividends declared per share
Nil
Nil
RISK FACTORS
1.
WE DO NOT HAVE AN OPERATING BUSINESS.
The Company has rights in certain mineral claims located in the Yukon Province.  To date we have done limited exploration of the property covered by our mineral claims.  We do not have a mine or a mining business of any kind.  There is no assurance that we will develop an operating business in the future.
2.
WE HAVE NO SOURCE OF OPERATING REVENUE AND EXPECT TO INCUR SIGNIFICANT EXPENSES BEFORE ESTABLISHING AN OPERATING COMPANY, IF WE ARE ABLE TO ESTABLISH AN OPERATING COMPANY AT ALL.
- 10 -
Currently, we have no source of revenue, we do not have sufficient working capital to complete our exploration programs (including feasibility studies) and we do not have any commitments to obtain additional financing.  Further, we do not have enough working capital to meet all of our contractual commitments to acquire our mineral properties.  We have no operating history upon which an evaluation of our future success or failure can be made.  Our ability to achieve and maintain profitability and positive cash flow is dependent upon:
•
further exploration of the Mount Hinton Property and the results of that exploration;
•
our ability to raise the capital necessary to conduct this exploration and preserve our interest in these mineral claims; and
•
our ability to raise capital to explore the Marg Property.
Because we have no operating revenue, we expect to incur operating losses in future periods as we continue to expend funds to explore and develop the Mount Hinton and Marg Properties.  Failure to raise the necessary capital to continue exploration and development could cause us to go out of business.
3.
OUR STOCK PRICE WILL BE HEAVILY INFLUENCED BY THE RESULTS OF DRILLING TESTS.
We cannot predict the results of the drilling tests as exploration of our properties proceeds.  The results of these tests will heavily influence our decisions on further exploration at the Marg Property and the Mount Hinton Property and are likely to affect the trading price of our stock.
4.
WE MUST MAKE REGULAR ONGOING INVESTMENTS IN ORDER TO MAINTAIN OUR MINERAL CLAIMS.
We have an option agreement with a private syndicate, known as the Hinton Syndicate, to acquire an interest in the mineral claims described in this report as the "Mount Hinton Property".  Our agreement with the Hinton Syndicate requires us to make regular ongoing investments.  If we fail to make these investments, we will not earn an interest in these mineral claims and we may lose all of our rights in the Mount Hinton Property.  The Marg Acquisition Agreement also requires the Company to make material deferred payments. If we are unable to raise sufficient capital to make these payments we may lose all of our rights in the Marg Property.
5.
WEATHER INTERRUPTIONS MAY DELAY OUR PROPOSED EXPLORATION OPERATIONS.
Weather factors will significantly affect our exploration efforts.  Currently, we can only work above ground at the Mount Hinton and Marg Properties from late May until early October of each year, depending upon how early snowfall occurs.
6.
WE COULD ENCOUNTER REGULATORY AND PERMITTING DELAYS.
We could face delays in obtaining permits to operate on the Mount Hinton and Marg Properties.  Such delays could jeopardize financing, if any is available, in which case we would have to delay or abandon work on one or both of the properties.
7.
GOING CONCERN QUALIFICATION
The Company has included a "going concern" qualification in the Consolidated Interim Financial Statements to the effect that we are an exploration stage company and have no established sources of revenue.  In the event that we are unable to raise additional capital and/or locate mineral resources, as to which in each case there can be no assurance, we may not be able to continue our operations.  In addition, the existence of the "going concern" qualification in our auditor's report may make it more difficult for us to obtain additional financing.  If we are unable to obtain additional financing, you may lose all or part of your investment.
- 11 -
8.
THERE ARE PENNY STOCK SECURITIES LAW CONSIDERATIONS THAT COULD LIMIT YOUR ABILITY TO SELL YOUR SHARES.
Our common stock is considered a "penny stock" and the sale of our stock by you will be subject to the "penny stock rules" of the Securities and Exchange Commission.  The penny stock rules require broker-dealers to take steps before making any penny stock trades in customer accounts.  As a result, our shares could be illiquid and there could be delays in the trading of our stock which would negatively affect your ability to sell your shares and could negatively affect the trading price of your shares.
9.
OUR BUSINESS IS AFFECTED BY CHANGES IN COMMODITY PRICES.
Our ability to develop our mineral properties and the future profitability of the Company is directly related to the market price of certain minerals.  The sharp rise in commodity prices over the past year has resulted in increased investor interest in mineral exploration companies.  The Company has benefited from this trend, but like other companies in this sector, the Company would be negatively affected if commodity prices were to fall.
10.
OUR BUSINESS IS SUBJECT TO CURRENCY RISKS.
The Company conducts the majority of its business activities in Canadian dollars.  Consequently, the Company is subject to gains or losses due to fluctuations in Canadian currency relative to the U.S. dollar.
DETERMINATION OF OFFERING PRICE
The offering price has been estimated solely for the purpose of calculating the registration fee payable to the Securities and Exchange Commission in connection with this prospectus.
DILUTION
We will likely be required to issue more common stock from treasury in order to raise additional capital.  If common stock is issued to raise additional capital or from the exercise of warrants it will result in the dilution of the existing shareholders.
DESCRIPTION OF BUSINESS
Yukon Gold explores and, if warranted and feasible, develops mining properties that are in areas with rich histories of past production and whose future potential requires a committed focus for a full realization of value.  Yukon Gold is committed to moving projects diligently and efficiently towards production.  We are an exploration stage company.  The Company has mineral claims located in the Mayo Mining District of the Yukon, Canada which we refer to herein as (i) the "Marg Property", or "Marg Deposit," an advanced stage copper/zinc/lead/silver/gold deposit and  (ii) the "Mount Hinton Property,"
both of which we hold through our wholly owned subsidiary, YGC.  The Company is actively seeking and reviewing other mining properties elsewhere in Canada and other parts of the world.  All of our exploration activities are undertaken through YGC.  As of the date of this prospectus, we have no mineral reserves.  There is no assurance that commercially viable mineral deposits exist on any of our mineral claims and further exploration will be required before a final evaluation as to economic and legal feasibility is determined.
- 12 -
Description of Property
The Marg Property
The Marg Property consists of 402 contiguous mineral claims covering approximately 20,000 acres.  Access to the claim group is possible either by helicopter, based in Mayo, Yukon, Canada, located approximately 80 km to the southwest or by small aircraft to a small airstrip located near the Marg deposit.  A 50 kilometer winter road from Keno City to the property boundary was completed in 1997.  The camp site and some equipment remain intact at the site.
- 13 -
The claims, held in the name of our wholly owned subsidiary YGC are registered in the Mining Recorders Office in the Mayo Mining District of the Province of Yukon and give us the right to explore and mine minerals from the property covered by the claims.  These claims are tabulated below.
Marg Property Claims
held by
Yukon Gold Corp.
Claim Name
Claim Number
Grant Number
Expiry Date
Tudl
1 to 32
YA76768-YA76799
January 14, 2016
Marg
1 to 86
YB02385-YB02470
January 14, 2015
Marg
87 to 116
YB02471-YB02500
January 14, 2011
Marg
117 to 144
YB02501-YB02528
January 14, 2011
Marg
145 to 158
YB02529-YB02593
January 14, 2011
Marg
159 to 178
YB02594-YB02613
January 14, 2011
Marg
179 to 190
YB02944-YB02955
January 14, 2015
Marg
191 to 290
YB03107-YB03206
January 14, 2015
Marg
291 to 370
YB03606-YB03685
January 14, 2015
- 14 -
Marg Acquisition Agreement
In March of 2005, our wholly owned Canadian subsidiary, YGC, acquired from Medallion Capital Corp. ("Medallion") all of Medallion's rights to purchase and develop the Marg Property which consists of 402 contiguous mineral claims covering approximately 20,000 acres located in the central area of Yukon, Canada.  The price paid by the Company was Medallion's cost to acquire the interest.  Medallion is owned and controlled by a former director of the Company, Stafford Kelley.  The rights acquired by YGC arise under a Property Purchase Agreement between Medallion and Atna Resources Ltd. ("Atna"), hereinafter referred to as the "Marg Acquisition Agreement."  Under the terms of the Marg Acquisition Agreement the Company paid $119,189 (CDN$150,000) cash and 133,333 common shares as a down payment.  The Company made payments under the Marg Acquisition Agreement of $50,000 (CDN$50,000) cash and an additional 133,333 common shares of the Company on December 12, 2005; $100,000 (CDN$100,000) cash and an additional 133,334 common shares of the Company on December 12, 2006 and $100,000 (CDN$100,000) in cash on December 12, 2007.  The Company has agreed to make subsequent payments under the Marg Acquisition Agreement of $200,000 (CDN$200,000) in cash and/or common shares of the Company (or some combination thereof to be determined) on or before December 12, 2008.  Upon the commencement of commercial production at the Marg Property (if possible), the Company will pay to Atna $1,000,000 (CDN$1,000,000) in cash and/or common shares of the Company, or some combination thereof to be determined.
Our expenditures for exploration on the Marg Property are as follows:  On May 16, 2006 the Company accepted a proposed work program, budget and cash call schedule for the Marg Property totaling $1,674,866 (CDN$1,872,500) for the 2006 Work Program. On May 15, 2006 the Company paid $199,016 (CDN$222,500) to the contractor, on June 1, 2006 the Company paid $536,673 (CDN$600,000) to the contractor, and on July 20, 2006 the Company paid $357,782 (CDN$400,000) to the contractor.  The fourth payment of $357,782 (CDN$400,000) was paid on August 20, 2006 and the fifth payment of $223,613 (CDN$250,000) paid on September 20, 2006.  On April 2, 2007 the Company accepted a proposed work program, budget and cash call schedule for the Marg project totaling $3,026,916 (CDN$3,180,000) for the 2007 Work Program. The Company had approximately $515,561(CDN $550,000) on deposit left over from the 2006 cash call schedule. On May 15, 2007 the Company paid $703,037 (CDN$750,000), on June 15, 2007 the Company paid $703,037 (CDN$750,000), and on July 15, 2007 the Company paid $703,037 (CDN$750,000) being three of the four cash call payments.  The fourth and final payment of $402,244 (CDN$380,000) was paid on August 15, 2007.  On August 31, 2007 the Company re-allocated $537,864 (CDN$508,120) being the balance of the third cash call payment for the Mount Hinton 2007 Work Program from cash call funds previously allocated to the Marg Project. These re-allocated funds were not needed for the Marg Project.
Exploration at Marg Property
Yukon Gold started its exploration efforts in 2006.  The program was managed by Archer Cathro & Associates (1981) and completed 2,986m of diamond drilling in nine holes. This work was designed to test the "down-dip" extent of the mineralization.
A "Canadian National Instrument 43-101" compliant estimate on the Marg mineralization prepared  by G. Giroux and R. Carne (July, 2007) used a block model method.  The mineralization is contained in four zones with strike lengths from 650 metres to 1,200 metres.  Results of this estimate, reported as an indicated resource, are tabulated below:
- 15 -
Giroux/Carne
Cut-Off
0.5% Cu
1.00% Cu
Mineralized Material Tonnes
1,930,000
1,720,000
% Copper
1.84
1.97
% Zinc
4.34
4.59
% Lead
2.28
2.40
Silver (g/t)
56.66
59.72
Gold (g/t)
0.90
0.95
The reader is cautioned that the terms "resource," "indicated" and "inferred" are not terms recognized by the Securities and Exchange Commission's (the "SEC") guidelines for disclosure of mineral properties, however, they are recognized defined terms under Canadian disclosure guidelines.  Generally, "indicated" and "inferred" estimates do not rise to the level of certainty required by SEC guidelines.  The mineralized material described in the report is not considered a "reserve" as that term is used in the mining industry and in SEC disclosure guidelines.
During the summer of 2006, we undertook an exploration program at the Marg Property to extend the currently known mineralization toward a target of 9 to 10 million tons, which we believe to be the required threshold to proceed with the next stage which includes a definitive feasibility study.  The drilling results of the nine holes drilled at the Marg Property in the summer of 2006 are generally consistent with the previous results from prior drilling programs reflected in the Company's mineral report. We continue to hit mineralization to the west of known resources.
In, December of 2007, Yukon Gold, announced the results of the 2007 diamond drill program.  With a skid mounted rig, 2,395 metres were drilled in 7 holes to test the extension of the known mineralization.  Highlights of the drill results are outlined below:
Hole
Sulphide Horizon
Depth
Interval
Weighted Average Assay Results
from
To
metres
Cu (%)
Zn (%)
Pb (%)
Ag (g/t)
Au (g/t)
M07-097
D2
346.6
347.0
0.4
2.7
5.8
1.9
67.1
0.47
D1
349.2
356.5
7.3
2.7
4.4
2.1
60.3
0.88
A1
422.7
423.0
0.3
1.3
3.1
1.4
56.6
0.22
M07-100
B5
355.9
359.1
3.2
1.2
2.9
1.1
30.4
0.36
B4
376.7
379.4
2.7
1.0
4.3
1.8
34.4
0.80
M07-101
D1
338.7
339.4
0.7
3.0
5.7
1.7
44.2
0.39
B4
415.2
415.8
0.6
0.5
1.4
0.6
14.9
0.06
B3
426.1
426.7
0.6
0.2
1.0
0.4
8.5
0.04
B1
437.8
439.1
1.3
1.1
3.9
1.6
54.2
0.31
M07-107
D2'
345.4
346.1
0.7
2.7
7.9
3.8
63.8
0.72
D2
347.9
348.5
0.6
0.6
0.7
0.5
23.4
0.52
D1
356.3
357.5
1.2
1.5
3.1
1.0
31.2
0.15
- 16 -
This drill program continued to expand the limits of the Marg mineralization down dip and along strike, which is very encouraging.
An additional 603m was drilled with a heli-portable rig to test outlying targets defined by soil geochemical sampling and the VTEM survey which was flown over the property last year.  Two of these holes were lost in deep overburden.  A third hole, offset from the Jane Zone, intersected a carbonate rich exhalative horizon.  Such exhalative horizons are often associated with mineralized sulphide horizons and this is encouraging.  The last hole intersected strata with thin lamellae of pyrite and pyrrhotite but with no copper or zinc values.  There still are 17 other VTEM anomalies identified on the property that are associated with soil geochemical anomalies which have to be drill tested.
In February 2008, Yukon Gold announced the results of an internal review of the 100% owned Marg Deposit dated February 1, 2008.
The internal review postulates that a positive production decision might be feasible based on a 2700 tonne per day mining and processing operation over a minimum mine life of seven (7) years.  The internal review, amongst other items, recommends metallurgical test work and further exploration to expand the resource base which will provide additional mine life.
Yukon Gold stated in a Press Release that it will retain an independent "Qualified Person" (as that term is used in Canada) to prepare a formal scoping study in accordance with the requirements for a preliminary assessment pursuant to Canadian National Instrument  43-101.
The foregoing internal review was based on the 43-101 Technical Report by Archer Cathro/Giroux, July 2007, with "indicated" resources of 1.72M tons of 1.97% Copper, 2.40% Lead, 4.59% Zinc, 59.72g/t Silver, 0.95g/t Gold and inferred resources of 4.8M tons of 1.81% Copper, 2.28% Lead, 4.64% Zinc, 54.47g/t Silver, 0.77g/t Gold at a 1% copper cut off.  This report also expressed the belief that exploration potential of the Marg deposit is very high.  Again, the reader is cautioned that the term "indicated" is not a term that is recognized by the SEC's guidelines for disclosure of mineral properties, however, it is a recognized defined term under Canadian disclosure guidelines.  Generally, an "indicated" estimate does not rise to the level of certainty required by SEC guidelines.  Also, the internal review was based on comparisons with proximate deposits and associated feasibility studies at current metal prices, estimated trucking and shipping costs, industry treatment and refining costs, average metallurgical recoveries and concentrate grades from five VMS deposits.  The internal review has not been analyzed by an independent Qualified Person and therefore the results of this review should not be relied upon. Yukon Gold believes that the internal review provides an indication of the potential of the Marg deposit and is relevant to ongoing exploration.
Presently the hydroelectric power grid terminates at Keno City some 50km to the southwest and water is available from the Keno Ladue River which flows through the property.
The Mount Hinton Property
The Mount Hinton Property consists of 273 mineral claims covering approximately 14,000 acres in the Mayo Mining District of  Yukon, Canada.  Our claims are registered in the Mining Recorders Office in the Mayo Mining District of the Province of Yukon, Canada and give us the right to explore and mine minerals from the property covered by the claims. The claims are located adjacent to the Keno Hill Mining Camp, approximately 6 miles southeast of Keno City and about 37 miles northeast of the village of Mayo Yukon, Canada.
- 17 -
For a list of the Mount Hinton Claims held by Yukon Gold, see "LIST OF MOUNT HINTON CLAIMS."
Agreement with Hinton Syndicate
Our wholly owned Canadian subsidiary, YGC, holds an option from the Hinton Syndicate (the "Hinton Option Agreement"), a private syndicate consisting of four individuals, with whom we have an agreement to acquire a 75% interest in the 273 mineral claims covering approximately 14,000 acres in the Mayo Mining District located in Yukon, Canada.
YGC must make scheduled cash payments and perform certain work commitments to earn up to a 75% interest in the mineral claims, subject to a 2% net smelter return royalty in favor of the Hinton Syndicate.  The terms of the Hinton Option Agreement are outlined below.  The Hinton Option Agreement was entered into in July of 2002 and amended as of July 7, 2005.
The schedule of Property Payments and Work Programs and the status of payment are as follows:
PROPERTY PAYMENTS
On execution of the July 7, 2002 Agreement
$ 19,693  (CDN$   25,000)  Paid
On July 7, 2003
$ 59,078  (CDN$   75,000)  Paid
On July 7, 2004
$118,157 (CDN$ 150,000)  Paid
On January 2, 2006
$125,313 (CDN$ 150,000)  Paid
On July 7, 2006
$134,512 (CDN$ 150,000)  Paid
On July 7, 2007
$141,979 (CDN$ 150,000)  Paid
On July 7, 2008
$158,781 (CDN$ 150,000)
TOTAL
$757,513 (CDN$ 850,000)
- 18 -
WORK PROGRAM-expenditures to be incurred in the following periods;
July 7/02 to July 6/03
$ 118,157   (CDN$    150,000) Incurred
July 7/03 to July 6/04
$ 196,928   (CDN$    250,000) Incurred
July 7/04 to July 6/05
$ 256,006   (CDN$    325,000) Incurred
July 7/05 to Dec. 31/06
$ 667,795   (CDN$    750,000) Incurred
Jan. 1/07 to Dec. 31/07
$ 937,383   (CDN$ 1,000,000) Incurred
Jan. 1/08 to Dec. 31/08
$1,323,171 (CDN$ 1,250,000)
Jan. 1/09 to Dec. 31/09
$1,587,806 (CDN$ 1,500,000)
TOTAL
$5,087,246 (CDN$ 5,225,000)
By letter agreement dated August 17, 2006, the Hinton Syndicate agreed to allow the Company to defer a portion of the Work Program expenditure scheduled to be incurred by December 31, 2006. The agreement to defer such Work program expenditures was due to the mechanical break-down of drilling equipment and the unavailability of replacement drilling equipment at the Mount Hinton site.  As a result, the Company was allowed to defer the expenditure of approximately $220,681 (CDN$235,423) until December 31, 2007. The Company has incurred that expenditure in addition to the expenditure for January 1 to December 31, 2007 as at October 31, 2007.  All other Property Payments and Work Program expenditures due have been made and incurred.
Provided all Property Payments have been made that are due prior to the Work Program expenditure levels being attained, YGC shall have earned a:
25% interest upon completion of Work Program expenditures of $1,587,806 (CDN$1,500,000);
50% interest upon completion of Work Program expenditures of $2,646,343 (CDN$2,500,000); and
75% interest upon completion of Work Program expenditures of $5,087,246 (CDN$5,225,000).
YGC earned a 50% interest in the claims covered by the Hinton Option Agreement as at October 31, 2007.  In some cases, payments made to service providers include amounts advanced to cover the cost of future work. These advances are not loans but are considered "incurred" exploration expenses under the terms of the Hinton Option Agreement.  Section 2.2(a) of the Hinton Option Agreement defines the term, "incurred" as follows:
"Costs shall be deemed to have been "incurred" when YGC has contractually obligated itself to pay for such costs or such costs have been paid, whichever should first occur."  Consequently, the term, "incurred" includes amounts actually paid and amounts that YGC has obligated itself to pay.  Under the Hinton Option Agreement there is also a provision that YGC must have raised and have available the Work Program funds for the period from July 7, 2005 to December 31, 2006, by May 15 of 2006.  This provision was met on May 15, 2006.
All Property Payments and Work Program expenditures due as of the date of this prospectus have been made and incurred.
The Hinton Option Agreement contemplates that upon the earlier of: (i) a production decision or (ii) investment of $4,616,961 (CDN$5,225,000) or (iii) YGC has a minority interest and decides not to spend any more money on the project, YGC's relationship with the Hinton Syndicate will become a joint venture for the further development of the property.  Under the terms of the Hinton Option Agreement, the party with the majority interest would control the joint venture.  Once the 75% interest is earned, as described above, YGC has a further option to acquire the remaining 25% interest in the mineral claims for a further payment of $4,504,099 (CDN$5,000,000).
- 19 -
The Hinton Option Agreement provides that the Hinton Syndicate receive a 2% "net smelter returns royalty."  In the event that we exercise our option to buy the entire interest of the Hinton Syndicate (which is only possible if we have reached a 75% interest, as described above) then the "net smelter return royalty" would become 3% and the Hinton Syndicate would retain this royalty interest only.  The "net smelter returns royalty" is a percentage of the gross revenue received from the sale of the ore produced from our mine less certain permitted expenses.
The Hinton Option Agreement entitles the Hinton Syndicate to recommend for appointment (but not nominate) one member to the board of directors of the Yukon Gold.
The Hinton Syndicate members each have the option to receive their share of property payments in stock of Yukon Gold at a 10% discount to the market.  YGC and Yukon Gold also have the option to pay 40% of any property payment due after the payment on January 2, 2006 with common stock of Yukon Gold.  As of July 7, 2006, Yukon Gold issued to the Hinton Syndicate 43,166 shares of its common stock, based upon a valuation adopted by the Board of Yukon Gold of $1.24 (CDN$1.39) per share, as partial payment of the July 7, 2006 Property Payment.  On July 7, 2006 the Company issued 43,166 common shares and paid $80,501 (CDN$90,000) in cash in settlement of the property payment due on July 7, 2006 on the Mount Hinton Property.  The shares represented 40% of the total $134,168 (CDN$150,000) payment and were valued at $1.24 (CDN$1.39) each.  The payment due on July 7, 2007 was made subsequent to the year end.
The Hinton Option Agreement pertains to an "area of interest" which includes the area within ten kilometers of the outermost boundaries of the 273 mineral claims, which constitute our mineral properties.  Either party to the Hinton Option Agreement may stake claims outside the 273 mineral claims, but each must notify the other party if such new claims are within the "area of interest."  The non-staking party may then elect to have the new claims included within the Hinton Option Agreement.  As of December 11, 2006, there were an additional 24 claims staked, known as the "Gram Claims" which became subject to the Hinton Option Agreement.
The Hinton Option Agreement provides both parties (YGC and the Hinton Syndicate) with rights of first refusal in the event that either party desires to sell or transfer its interest.
Under the Hinton Option Agreement, the Hinton Syndicate is responsible for any environmental liability claims arising from the status of the property prior to the effective date of the Hinton Option Agreement.
Under the terms of the Hinton Option Agreement three of the syndicate members are entitled to bid on work we propose to carry out and if their price is competitive they are entitled to do the work.  There is no requirement in the Hinton Option Agreement that these parties perform exploration work.
Exploration at the Mount Hinton Property
Yukon Gold started its exploration efforts on the property in 2002 and Archer Cathro & Associates (1981) was retained to manage this work.  Initially this consisted of geochemical soil sampling, prospecting, limited hand trenching and re-sampling of old workings as well as minor bulldozer trenching, excavator trenching and road building.  In 2006 heavy equipment was used to excavated trenches and prepare drill pads.  Two reverse circulation drill holes were also attempted.  The drill was unable to complete either due to a combination of operator inexperience and mechanical problems and the drill program was terminated.
Though the property is without known mineral reserves, Yukon Gold believes that exploration potential within the Mount Hinton Property is good.  Presently there are no standing facilities or infrastructure on the property, hydroelectric power grid terminates at Keno City, approximately 10km to the west and water is available from the various creeks that flow from the property.  Mount Hinton has elevations of approximately 6,500 ft. above sea level.  Our ability to conduct surface exploration at this latitude and elevation is limited to the period each year from late May to late October.
- 20 -
During the summer of 2006, we undertook an exploration program to delineate the vertical and lateral extent of some of the known vein structures at the site utilizing a reverse circulation drill and to carry out the geochemical surveys, prospecting and trenching that would help identify additional mineralized targets for future drilling and exploration programs.  A second objective of the summer 2006 exploration program was to determine whether it would be more effective and feasible to evaluate the deposits by diamond drilling from an underground adit/ramp and where best to locate this underground exploration if feasible.
The 2006 summer program commenced on July 5, 2006 and was terminated on August 20, 2006 due to mechanical problems with the drilling equipment and difficulties in drilling through thick overburden.  Prior to termination of the program, over 3000 soil samples were taken to identify potentially mineralized targets in unexplored areas of the property but generally in the headwaters of successful placer mining operations.  In addition, at least six new veins were exposed or partially exposed by road construction during this year's program.  New road construction totaling 3.2 km created direct access to new surface drill sites and to a potential portal site from which underground exploration and diamond drilling could be considered.
On November 28, 2007, Yukon Gold announced the results of its 2007 trenching program at the Hinton Property.  Five trenches were excavated with heavy equipment to a maximum depth of 5m, for a combined length of 1.39km.  Four of the trenches were located in the floor of McNeil Gulch and sited to be along strike from known veins exposed on the north face of Mt .Hinton and a newly discovered vein on the ridge opposite Mt Hinton.  The trenches are approximately a kilometre from any previously known veins and vary between 50m and 500m apart.
Trench #3 exposed two sheared / crushed quartz veins with significant silver mineralization.  One vein with minor galena, grades a weighted average of 1.36g/t gold, 183g/t silver and 2.1% Pb over 6m of chip sampling.  A grab sample from this vein with galena stringers returned values of 1.17g/t Au and 2,370g/t Ag.  The second vein grades 0.41g/t gold,110g/t silver and 0.9% Pb over a metre.  The attitudes of the veins dip between vertical and 60°.
Trench #4 exposed a highly mineralized vein that has a weighted average grade of 1.27g/t Au, 116g/t Ag and 1.7% Pb over 3.1m of chip sampling.  Grab samples of the coarse grained galena, arsenopyrite and tetrahedrite contain 2.25, 2.67, 3.92g/t Au and 6,900 3,900 11,397g/t Ag respectively.
These trenches, in an area that was never previously tested, are encouraging and indicate that the mineralized system at Mt. Hinton has a considerably longer strike extent than previously thought.  Veins now have been found over a two kilometer strike length.  .
In February of 2008 the Company elected to defer exploration work commitments in 2008 on the Mt Hinton property into 2009, as it is permitted to do under the Hinton Option Agreement.
REGULATIONS GOVERNING MINING IN CANADA
GOVERNING LAW
The mining industry in Canada operates under both federal and provincial or territorial legislation governing the exploration, development, production and decommissioning of mines.  Such legislation relates to such matters as the method of acquisition and ownership of mining rights, labor, health and safety standards, royalties, mining and income taxes, exports, reclamation and rehabilitation of mines, and other matters.  The mining industry in Canada is also subject to legislation at both the federal and provincial or territorial levels concerning the protection of the environment.  Legislation imposes high standards on the mining industry to reduce or eliminate the effects of waste generated by extraction and processing operations and subsequently deposited on the ground or emitted into the air or water.  The design of mines and mills, and the conduct of extraction and processing operations, are subject to regulatory restrictions.  The exploration, construction, development and operation of a mine, mill or refinery require compliance with environmental legislation and regulatory reviews, and the obtaining of land use and other permits, water licenses and similar authorizations from various governmental agencies.  Legislation is in place for lands under federal jurisdiction or located in certain provinces and territories that provides for the preparation of costly environmental impact assessment reports prior to the commencement of any mining operations.  These reports require a detailed technical and scientific assessment as well as a prediction of the impact on the environment of proposed mine exploration and development.
- 21 -
Failure to comply with the requirements of environmental legislation may result in regulatory or court orders being issued that could result in the cessation, curtailment or modification of operations or that could require the installation of additional facilities or equipment to protect the environment.  Violators may be required to compensate those suffering loss or damage by reason of mining activities and the violators, including our officers and directors, may be fined or, in some cases, imprisoned if convicted of an offense under such legislation.  Provincial and territorial mining legislation establishes requirements for the decommissioning, reclamation and rehabilitation of mining properties that are closed.  Closure requirements relate to the protection and restoration of the environment and the protection of public safety.  Some former mining properties must be managed for a long time following closure in order to fulfill regulatory closure requirements.  The cost of closure of existing and former mining properties and, in particular, the cost of long-term management of open or closed mining properties can be substantial.
Mineral exploration is subject to the Canadian Mineral Tenure Act Regulation.  This act sets forth rules for: locating claims, posting claims, working claims and reporting work performed.  We will be required to obtain permits from the Yukon Ministry of the Environment before we commence mining operations at the Mount Hinton Property or the Marg Property.
With respect to the legislation, rules and regulations referred to above, we believe that we, and the Mount Hinton Property and the Marg Property, are currently in compliance in all material respects with applicable legislation, rules and regulations.
The Company does not foresee having to expend material amounts in order to comply with environmental laws during the exploration phase of its operations.  The Company is obligated to restore surface disturbances created by exploration.  These restoration efforts typically involve the back filing of trenches, pits, or other excavations created for purposes of exploration.
Underground exploration, which the Company contemplates in the future, will require additional cost related to the storage of excavated material.  Until the Company knows the amount of material it will have to store, it cannot estimate this cost.  There will be material costs of environmental compliance if the Company develops a mine in the future.  However, the Company cannot reasonably estimate that environmental compliance cost at this time.
We have carried out all reclamation work, required by applicable regulations, where our exploration disturbed the surface of the ground and to the best of our knowledge we are in full compliance with all rules and regulations.
- 22 -
It is not possible to estimate the cost of meeting the rules and regulations for a mining operation at this time.  Those costs will only be determined when a mine plan and the required studies are completed to apply for a mining permit.
GOVERNMENT PERMITTING
The Company is committed to complying and, to its knowledge, is in compliance with all governmental and environmental regulations.  Permits from a variety of regulatory authorities are required for many aspects of mine operation and reclamation.  Our exploration work is subject to the Mining Land Use Regulations of the Yukon Quartz Mining Act.  This Act requires us to obtain permits prior to performing significant exploration programs.  We are currently conducting exploration under a Class III Permit LQ00106, which is valid until August 7, 2008 and a Class III Permit LQ002222 which is valid until October 30, 2012.  No other permits are required at this time or for the exploration work contemplated in the foreseeable future.  Further permitting will be required if we propose to commence a mining operation, but cannot be applied for until ore reserves calculations and a mine plan are prepared.
The Company cannot predict the extent to which future legislation and regulation could cause additional expense, capital expenditures, restrictions, and delays in the development of the Company's Canadian properties, including those with respect to mining claims.  The Company's activities are not only subject to extensive federal and territorial regulations controlling the mining of and exploration for mineral properties, but also the possible effects of such activities upon the environment.  Streams draining the property make their way to the Mayo River which contains wildlife.  We will be obligated to take steps to ensure that such streams draining the property do not become contaminated as a result of our activities on the property.  We are not aware of any environmental problems on the property as of the date of this prospectus.  We have commenced the required baseline studies of drainage courses originating on our property in anticipation of underground development.
- 23 -
COPPER PRICE VOLATILITY
The volatility of the market price of copper is illustrated by the following table which sets forth for the periods indicated the high and low of the London PM (afternoon) fix of the price of copper in U.S. dollars per ounce (rounded to the nearest dollar), as published by Kitco Base Metals Company of Canada at www.Kitcometals.com, Copper Prices per pound (US$).
On February 22, 2008, the high was $3.7837 per pound and the low was $3.7220 per pound according to www.kitcometals.com.
FISCAL YEAR
Our fiscal year end is April 30.
TRANSFER AGENT
Our transfer agent is Equity Transfer and Trust Services, Inc. with offices at 200 University Avenue, Suite 400, Toronto, Ontario M5H 4H1, phone number 416-361-0152, as transfer agent for our shares of common stock.  The transfer agent is responsible for all record-keeping and administrative functions in connection with the common shares of stock.
- 24 -
EMPLOYEES
We have two full-time employees, our Corporate Secretary and our Accounting Manager.  We rely primarily upon consultants for certain services.  Our Chief Executive Officer and President and our Chief Financial Officer are employed as consultants.  Our Chief Executive Officer provides services on full-time basis.  Our Chief Financial Officer provides services on an "as needed" basis.  We are not subject to a union labor contract or collective bargaining agreement.  We have no employment agreements with any of our employees and we carry no key-man life insurance.
STOCK OPTION PLAN
On October 28, 2003, we adopted the 2003 Stock Option Plan (the "2003 Plan") under which our officers, directors, consultants, advisors and employees may receive stock options.  The aggregate number of shares of common stock that may be issued under the 2003 Plan is 5,000,000.  Options granted under the 2003 Plan will were either "incentive stock options", intended to qualify as such under the provisions of section 422 of the Internal Revenue Code of 1986, as from time to time amended (the "Code") or "unqualified stock options".  The 2003 Plan is administered by the Board of Directors.
On May 23, 2005, Yukon Gold filed a registration statement on Form S-8 with the SEC pursuant to which it registered 3,300,000 shares of common stock reserved for issuance upon exercise of options granted pursuant to the 2003 Plan.  On February 10, 2006 the board of directors adopted a policy of not accepting promissory notes from option holders as payment for the exercise of options.
The Company adopted a new Stock Option Plan at its shareholders meeting on January 19, 2007 (the "2006 Stock Option Plan").  The Company cannot issue any further options under the 2003 Plan.  The purpose of the 2006 Stock Option Plan is to develop and increase the interest of certain Eligible Participants (as defined below) in the growth and development of the Company by providing them with the opportunity to acquire a proprietary interest in the Company through the grant of options ("Stock Options") to acquire Shares.
Under the 2006 Stock Option Plan, Stock Options may be granted to Eligible Participants or to any registered savings plan established for the sole benefit of an Eligible Participant or any company which, during the currency of an option, is wholly-owned by an Eligible Participant.  The term "Eligible Participant" includes directors, senior officers and employees of the Company or an Affiliated Entity (as defined below) and any person engaged to provide services under a written contract for an initial, renewable or extended period of twelve months or more (a "Consultant"), other than services provided in relation to a distribution of securities, who spends or will spend a significant amount of time on the business and affairs of the Company and who is knowledgeable about the business and affairs of the Company. An "Affiliated Entity" means a person or company that is controlled by the Company.
The 2006 Stock Option Plan is administered by the board of directors of the Company.  At the option of the board, it may be administered by a committee appointed by the board of directors for that purpose.
Upon adoption in 2006, the aggregate number of Shares which could be issued under the 2006 Stock Option Plan was limited to 2,000,000 Shares, then representing approximately 10.63% of the then currently issued and outstanding Shares.  A proposal will be submitted to the shareholders of the Company at the next meeting of shareholders to increase the total number of Shares available for issuance under the 2006 Stock Option Plan to 2,899,044, representing approximately 10% of the issued and outstanding Shares.  If approved, the 2006 Stock Option Plan would be further amended to provide that any future increase in the maximum number of Shares reserved for issuance will require shareholder approval
.
- 25 -
Any Stock Option granted under the 2006 Stock Option Plan which has been exercised shall again be available for subsequent grant under the 2006 Stock Option Plan, effectively resulting in a re-loading of the number of Shares available for grant under the 2006 Stock Option Plan.  Any Shares subject to an option granted under the 2006 Stock Option Plan which for any reason is surrendered, cancelled or terminated or expires without having been exercised shall again be available for subsequent grant under the 2006 Stock Option Plan.
Under the 2006 Stock Option Plan, at no time shall: (i) the number of Shares reserved for issuance pursuant to Stock Options granted to any one optionee exceed 10% of the Total Shares; (ii) the number of Shares, together with all security based compensation arrangements of the Company in effect, reserved for issuance pursuant to Stock Options granted to any "insiders" (as that term is defined under the
Securities Act
(Ontario)) exceed 10% of the total number of issued and outstanding Shares. In addition, the number of Shares issued to insiders pursuant to the exercise of Stock Options, within any one year period, together with all security based compensation arrangements of the Company in effect, shall not exceed 10% of the total number of issued and outstanding Shares.
The purchase price (the "Price") per Share under each Stock Option shall be determined by the board of directors or a committee, as applicable. The Price shall not be lower than the closing market price on the TSX, or another stock exchange where the majority of the trading volume and value of the Shares occurs, on the trading day immediately preceding the date of grant, or if not so traded, the average between the closing bid and asked prices thereof as reported for the trading day immediately preceding the date of the grant; provided that if the Shares have not traded on the TSX or another stock exchange for an extended period of time, the "market price" will be the fair market value of the shares at the time of grant, as determined by the board of directors or committee. The board of directors or committee may determine that the Price may escalate at a specified rate dependent upon the date on which an option may be exercised by the Eligible Participant.
Options shall not be granted for a term exceeding ten
years (or such shorter or longer period as is permitted by the TSX) (the "Option Period"). Options may be exercised by an Eligible Participant in whole at any time, or in part from time to time, during the Option Period, subject to the provisions of the 2006 Stock Option Plan. Options granted under the 2006 Stock Option Plan may be assigned or otherwise transferred by a participant pursuant to a will, or by the laws of descent and distribution, or as otherwise permitted under the 2006 Stock Option Plan. Options granted under the 2006 Stock Option Plan may vest at the discretion of the board of directors of the Company or committee, as applicable.
The directors of the Company or committee, as applicable, may from time to time amend the 2006 Stock Option Plan, without further approval of the shareholders of the Company, subject to pre-clearance with the TSX and compliance with the rules of the TSX and any other regulatory authority having jurisdiction over the securities of the Company, to the extent that such amendments relate to:
(a)
altering, extending or accelerating the terms of vesting applicable to any Stock Options;
(b)
altering the terms and conditions of vesting applicable to any Stock Options;
(c)
extending the term of Stock Options held by a person other than a person who, at the time of the extension, is an insider of the Company, provided that the term does not extend beyond ten years from the date of grant;
(d)
reducing the exercise price of Stock Options held by a person other than a person who, at the time of the reduction, is an insider of the Company, provided that the exercise price is not less than the market price at the time of the reduction;
(e)
accelerating the expiry date in respect of Stock Options;
- 26 -
(f)
determining the adjustment provisions in accordance with the Stock Option Plan;
(g)
amending the definitions contained within the Plan;
(h)
amending or modifying the mechanics of exercise of the Stock Options; or
(i)
amendments of a "housekeeping" nature.
The directors of the Company or committee, as applicable, may terminate the 2006 Stock Option Plan subject to pre-clearance with the TSX and compliance with the rules of the TSX and any other regulatory authority having jurisdiction over the securities of the Company.
In the event of the death of a participant prior to an option's expiry date, the option may be exercised by the legal representatives of such participant at any time up to and including the date which is the first anniversary of the date of death of such participant or the expiry date of such option, whichever is the earlier, after which the option shall in all respects cease and terminate. In the event a participant is discharged as an employee or senior officer of the Company or an Affiliated Entity by reason of a wilful and substantial breach of such participant's employment duties, all options granted to such participant under the 2006 Stock Option Plan which are then outstanding (whether vested or unvested) shall cease and terminate in accordance with the provisions of the 2006 Stock Option Plan. In the event of a termination of employment or engagement of a participant (including the expiry of an agreement or engagement between the Company and a Consultant) other than in the event of death, such participant may exercise each option then held by such participant under the 2006 Stock Option Plan at any time up to and including the 90
th
day (or such later date as the board of directors or committee in its sole discretion may determine) following the effective date upon which the participant ceases to be an Eligible Participant or the expiry date of such option, whichever is earlier, after which the option shall in all respects cease and terminate.
On January 19, 2007, the shareholders of the Company approved, subject to regulatory approval, the extension of 2,064,000 options held by all current officers, directors, consultants and employees in the 2003 Stock Option Plan and the adding of an additional 2,000,000 common shares of stock to the 2006 Stock Option Plan.  The TSX approved the 2006 Stock Option plan on March 9, 2007.
The following summarizes options outstanding as at April 30, 2007:
Option Price
Number of shares
Expiry Date
Per Share $
2007
2006
December 15, 2009
$0.75
250,000
1,100,000
January 5, 2010
$0.75
60,000
84,000
June 28, 2010
$0.55
490,000
490,000
April 15, 2008
$0.58
20,000
20,000
December 13, 2010
$1.19
1,026,000
1,026,000
December 13, 2010
$1.19
88,000
88,000
January 20, 2011
$0.85
150,000
150,000
March 20, 2012
$0.43
*250,000
March 28, 2012
$0.41
**150,000
2,484,000
2,958,000
Weighted average exercise price at end of year
0.86
0.89
* These options were granted at CDN$0.50 (US$0.43 on date of grant)
** These options were granted at CDN$0.47 (US$0.41 on date of grant)
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Number of Shares
2006-2007
2005-2006
Outstanding, beginning of year
2,958,000
1,834,000
Granted
400,000
1,784,000
Expired
(800,000)
-
Exercised
(74,000)
(10,000)
Forfeited
-
Cancelled
(650,000)
Outstanding, end of year
2,484,000
2,958,000
Exercisable, end of year
1,625,786
1,269,450
Number of shares
2006
2005
Outstanding, beginning of year
1,834,000
-
Granted
1,784,000
1,834,000
Expired
-
-
Exercised
(10,000)
-
Forfeited
-
-
Cancelled
(650,000)
-
Outstanding, end of year
2,958,000
1,834,000
Exercisable, end of year
1,269,450
302,176
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Stock options granted to the named executive officers during the fiscal year ended April 30, 2007 are provided in the table below:
Name
Securities
Under
Options/SARs
Granted
(#)
% of Total
Options/SARs
Granted to
Employees in
Fiscal year (1)
Exercise or
Base Price
($/Security)
Market Value of Securities Underlying Options/SARs on the Date of Grant
($/Security)
Expiration
Date
Paul A. Gorman,
Former CEO
250,000
62.5%
$0.43
$0.41
March 20, 2012
(1)
Based on total number of options granted to directors/officers/consultants of the Company pursuant to the 2006 Stock Option plan during the fiscal year ended April 30, 2007.
During the fiscal year ended April 30, 2007 there has been no re-pricing of stock options held by any Named Executive Officer
- 29 -
OPTIONS/SAR EXERCISED DURING THE MOST RECENTLY COMPLETED FISCAL YEAR
The following table provides detailed information regarding options exercised by the named executive officers during the fiscal year ended April 30, 2007 and options held by the named executive officers as at February 1, 2008.
Name and
Principal
Position
Shares
acquired on
Exercise (#)
Value
Realized
($)
# of shares under-
lying options
at year end
Ronald Mann
President and Chief Executive Officer (1)
500,000
Kenneth J. Hill
Former President and CEO
0
N/A
600,000
Howard S. Barth
Former President & CEO
0
N/A
340,000
Rakesh Malhotra
CFO
0
N/A
325,000
Brian Robertson
Former President
50,000
$37,500
NIL
Lisa Rose
Corporate Secretary
24,000
$18,000
251,000
Paul A. Gorman
Former CEO
0
N/A
498,000
(1)  Mr. Mann was granted warrants to purchase up to 500,000 shares at a purchase price of $0.24 per share.  The warrant was granted on December 17, 2007 and expires on December 17, 2012.  The warrants were not issued pursuant to the Company's Stock Option Plan.
COMPETITION
There is aggressive competition within the industry to discover and acquire properties considered to have commercial potential.  We compete with other companies for exploration resources including equipment and drilling teams available to work in the Province of Yukon.  In addition, we compete with others in efforts to obtain financing to explore and develop mineral properties.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Discussion of Operations & Financial Condition
Yukon Gold has no source of revenue, operates at a loss, and  expects operating losses to continue as long as it remains in an exploration stage and perhaps thereafter.  As at October 31, 2007, the Company had accumulated losses of $10,407,255.  Our ability to emerge from the exploration stage and conduct mining operations is dependent, in large part, upon raising additional equity financing.
The Company's major endeavor over the quarter ended October 31, 2007 was its effort to raise additional capital to meet its ongoing obligations under both the Marg Acquisition Agreement and  the Hinton Option Agreement and to pursue its exploration activities.
Having obtained material financing, the Company conducted an internal review of the Marg Property and the Mt. Hinton property exploration results.  As a result of this internal review, we plan to conduct a scoping study as a first step toward production at our Marg Deposit. We announced this intention on February 5, 2008.  Our internal review postulates that a positive production decision might be feasible based on a 2700 ton per day mining and processing operation over a minimum mine life of seven (7) years.  The internal review, amongst other items, recommends metallurgical test work and further exploration to expand the resource base which will provide additional mine life.  On February 5, 2008, we also announced that we will retain an independent Qualified Person to prepare a formal scoping study in accordance with the requirements for a preliminary assessment pursuant to
Canadian  National Instrument 43-101.
Our internal review was based on a Canadian National Instrument 43-101 Technical Report by Archer Cathro/Giroux, July 2007 with indicated resources of 1.72M tonnes of 1.97% Copper, 2.40% Lead, 4.59% Zinc, 59.72g/t Silver, 0.95g/t Gold and inferred resources of 4.8M tonnes of 1.81% Copper, 2.28% Lead, 4.64% Zinc, 54.47g/t Silver, 0.77g/t Gold at a 1% copper cut off.  This report also expressed the belief that exploration potential of the Marg deposit is very high.  The reader is cautioned that the terms "resource," "indicated" and "inferred" are not terms recognized by the SEC guidelines for disclosure of mineral properties, however, they are recognized defined terms under Canadian disclosure guidelines.  Generally, "indicated" and "inferred" estimates do not rise to the level of certainty required by SEC guidelines.  The mineralized material described in the report is not considered a "reserve" as that term is used in the mining industry and in SEC disclosure guidelines.
Our internal review was based on comparisons with proximate deposits and associated feasibility studies at current metal prices, estimated trucking and shipping costs, industry treatment and refining costs, average metallurgical recoveries and concentrate grades from five VMS deposits.  The internal review has not been analyzed by an independent Qualified Person and therefore the results of this review should not be relied upon. We believe that the internal review provides an indication of the potential of the Marg deposit and is relevant to ongoing exploration.
In regard to the Mt Hinton property  the Company issued a Press Release in February of 2008 stated that it was deferring work commitments on this property pursuant to the Hinton Syndicate Agreement into 2009.
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SELECTED INFORMATION
Three months ended
Three months ended
October 31, 2007
October 31, 2006
Revenues
Nil
Nil
Net Loss
$2,419,329
$1,436,458
Loss per share-basic and diluted
$ (0.09)
$ (0.08)
Six months ended
Six months ended
October 31, 2007
October 31, 2006
Revenues
Nil
Nil
Net Loss
$3,471,873
$2,865,185
Loss per share-basic and diluted
$(0.14)
$ (0.17)
As at
As at
October 31, 2007
April 30, 2007
Total Assets
$2,240,365
$4,225,107
Total Liabilities
$238,594
$272,083
Cash dividends declared per share
Nil
Nil
Revenues
No revenue was generated by the Company's operations during the quarter and six month period ended October 31, 2007 and the quarter and six month period ended October 31, 2006.
Net Loss
The Company's expenses are reflected in the Consolidated Statements of Operations under the category of Operating Expenses. To meet the criteria of United States generally accepted accounting principles ("GAAP"), all exploration and general and administrative costs related to projects are charged to operations in the year incurred.
The significant components of expense that have contributed to the total operating expense are discussed as follows:
(a)
General and Administrative Expense
Included in operating expenses for the six months ended October 31, 2007 is general and administrative expense of $466,973 as compared to $1,163,024 for the six months ended October 31, 2006. General and administrative expense represents approximately 13.5% of the total operating expense for the six months ended October 31, 2007 and approximately 40.6% of the total operating expense for the six months ended October 31, 2006.
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(b)
Project Expense
Included in operating expenses for the six months ended October 31, 2007 is project expenses of $2,997,811 as compared with $1,695,854 for the six months ended October 31, 2006. Project expense is a significant expense and it represents approximately 86.3% of the total operating expense for the six months ended October, 2007 and approximately 59.2% of the total operating expense for the six months ended October 31, 2006.
Exploration Expenditures at the Company's Properties
See "DESCRIPTION OF BUSINESS – Exploration at Marg Property" and "DESCRIPTION OF BUSINESS - Exploration at Mount Hinton Property" herein.
Liquidity and Capital Resources
The following table summarizes the Company's cash flows and cash in hand:
October 31, 2007
October 31, 2006
Cash and cash equivalent
$ 574,620
$ 963,382
Working capital (deficiency)
$ 1,910,988
$ 1,703,188
Cash used in operating activities
$ 1,207,525
$ 2,711,711
Cash used in investing activities
$ 151,520
$ 1,437
Cash provided in financing activities
$ 924,927
$ 1,304,986
Off-Balance Sheet Arrangement
The Company has no Off-Balance Sheet Arrangement as of October 31, 2007.
Contractual Obligations and Commercial Commitments
In addition to the contractual obligations and commitments of the Company to acquire its mineral properties as described in Note 8 to our Financial Statements included with this report, the Company has additional commitments for its office lease and to pay minimum lease payments under its capital lease. Refer to our annual financial statements for April 30, 2007 for future obligation payments.
Flow-Through and Unit Share Subscriptions
On August 16, 2007 the Company completed a first tranche of a private placement (the "Financing") with Northern Securities Inc. ("Northern"), acting as agent. The Financing was comprised of the sale of 1,916,666 units (the "Units") at $0.42 (CDN$0.45) per Unit (the "Unit Issue Price") for gross proceeds of $802,101 (CDN$862,499.70) and the sale of 543,615 flow-through units (the "Flow-Through Units" which qualify as flow-through shares for the purposes of the Canadian Income Tax Act) at $0.49 (CDN$0.52) per Flow-Through Unit (the "Flow-Through Unit Issue Price") for gross proceeds of $262,884 (CDN$282,680). The proceeds raised were allocated between the offering of shares and the sale of tax benefits. A liability of $35,381 was recognized for the sale of taxable benefits, which will be reversed and credited to income when  the Company renounces resource expenditure deduction to the investor. Each Unit consisted of one non-flow through common share ("Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant").  Each Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per share.  Each Flow-Through Unit consisted of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an "FT Warrant").  Each FT Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share.  The Company paid Northern a commission equal to 8% of the aggregate gross proceeds which amounted to $85,199 (CDN$91,614) and issued 153,333 "Unit Compensation Options" and 43,489 "FT Unit Compensation Options".  Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until August 16, 2009.  Each FT Unit Compensation Option is exercisable into one Common Share and one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16, 2009.  The Company reimbursed Northern expenses of $18,600 (CDN $20,000).
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On November 16, 2007 the Company completed the second tranche of the Financing with Northern acting as agent for gross proceeds from the sale of Units of $1,161,744 (CDN$1,097,500) and gross proceeds from the sale of Flow Through Units of $589,944 (CDN$557,320), raising aggregate gross proceeds of approximately $1,751,688 (CDN$1,654,820).  Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds and issued 195,111 Unit Compensation Options and 85,741 FT Unit Compensation Options.
The proceeds of the Financing will be used for the exploration and development of Yukon Gold's properties, and for working capital.
On January 23, 2008, Yukon Gold announced the extension of the term of the Company's 2,665,669 outstanding warrants that were issued in connection with the Company's March 2006 private placement financing (the "March 2006 Warrants").  Also extended were (a) the term of the 533,133 outstanding broker warrants that were issued in connection with such March 2006 private placement (the "March 2006 Broker Warrants" and (b) the term of the Company's 950,000 outstanding warrants that were issued in connection with the Company's October 2006 private placement financing (the "October 2006 Warrants").
Each March 2006 Warrant entitles the holder thereof to purchase one common share of the Company at a price of US$0.90 until March 28, 2008.  Each March 2006 Broker Warrant entitles the holder thereof to purchase one unit of securities of the Company (each a "Unit") at a price of US$0.60 per Unit until March 28, 2008.  Each Unit consists of one common share and one-half of a common share purchase warrant, where each whole warrant (an "Underlying Warrant") is exercisable to acquire one common share at a price of US$0.90 until March 28, 2008.  Each October 2006 Warrant entitles the holder thereof to purchase one common share at a price of US$2.00 until October 4, 2008.  The March 2006 Warrants and the October 2006 Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008 and October 4, 2008, respectively, to extend the term of such warrants until March 28, 2009 and October 4, 2009, respectively.  The March 2006 Broker Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008, to extend the term of such warrants and the Underlying Warrants until March 28, 2009.  All other provisions of the March 2006 Warrants, the March 2006 Broker Warrants and the October 2006 Warrants were unaffected.
Consulting Agreements
On August 15, 2007 the Company entered into an investor relations marketing agreement with a consultant for a one year term, with the option to renew for an additional 12 months.  In return for services rendered, the Company agreed to pay the consultant $2,000 (CDN$2,000) per month.  On August 31, 2007 the Company paid $3,787 (CDN$3,787) representing the first and last payments of the contract.  On September 15, 2007 the Company paid $1,941 (CDN$1,941), on October 15, 2007 the Company paid $2,00 (CDN$2,000) on November 15, 2007 the Company paid $2,000 (CDN$2,000), on December 15, 2007 the Company paid $2,000 (CDN$2,000) and on January 15, 2008 the Company paid $2,000 (CDN$2,000) being the second through the sixth payments, respectively under this agreement.  being the fourth payment of the contract. .In addition, the consultant has been granted an option to purchase 125,000 shares of the Company at $0.48 (CDN$0.45) per share, with the option vesting in equal quarterly amounts of 31,250 shares on November 15, 2007, February 15, 2008, May 15, 2008 and August 15, 2008, and the first exercise date being August 15, 2008 and an expiry date of August 15, 2010.  This contract was terminated on February 15, 2008.
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On August 22, 2007 the Company entered into an agreement with a consultant.  In return for services rendered, the Company agreed to pay the consultant $37,608 (CDN$40,000) in installments as set out in the agreement.  The first installment was paid on August 22, 2007 for $12,537 (CDN$13,333), the second installment was paid on October 1, 2007 for $4,483 (CDN$4,444), the third installment was paid on November 1, 2007 for $4,444 (CDN$4,444), the fourth installment was paid on December 1, 2007 for $4,444 (CDN$4,444), the fifth installment was paid on January 1, 2008 for $4,444 (CDN$4,444) and the sixth installment was paid on February 1, 2008 for $4,444 (CDN$4,444).  The final installment is due on March 1, 2008 for $4,444 (CDN $4,444), respectively.
On December 5, 2007 the Company entered into an agreement with a consultant to create investor awareness for a period of five months, commencing on December 5, 2007 and continuing through May 6, 2008 for a fee of $20,000 and 300,000 restricted common shares to be issued in equal tranches of 50,000 shares at the end of each month during the term of the agreement.  On December 6, 2007 the Company received conditional approval from the TSX to issue the 300,000 restricted shares as per the terms of the agreement.  The consulting fee of $20,000 was paid on December 11, 2007.
Effective as of December 15, 2007 the Company entered into a consulting agreement with Ronald Mann (the "Mann Agreement"), pursuant to which Mr. Mann was retained as the Company's President and Chief Executive Officer. The Board of Directors of the Company appointed Mr. Mann to fill a vacancy on the Board of Directors, also effective as of December 15, 2007.  The Mann Agreement has a one year term commencing on December 15, 2007, and is  automatically renewable thereafter, unless terminated pursuant to the terms of the Mann Agreement.  Pursuant to the Mann Agreement, Mr. Mann will receive an annual consulting fee of $150,000.  In addition, Mr. Mann received 500,000 options to purchase shares of the Company's common stock (the "Mann Options").  The Mann Options shall have a term of 5 years and an exercise price of the fair market value of the Company's common stock on the date of issuance of the Mann Options.  250,000 of the Mann Options were fully vested upon issuance, with the remaining 250,000 vesting 6 months from the date of issuance.
As of December 18, 2007 the Company entered into a consulting agreement with Cletus Ryan (the "Ryan Agreement") pursuant to which Mr. Ryan was retained as the Company's Vice President, Corporate Development.  Mr. Ryan's appointment became effective as of December 20, 2007.  The Ryan Agreement has a six-month term commencing on December 18, 2007 and is  automatically renewable thereafter, unless terminated pursuant to the terms of the Ryan Agreement.  Pursuant to the Ryan Agreement, Mr. Ryan will receive an annual consulting fee of $150,000.  In addition, Mr. Ryan received 200,000 options to purchase shares of the Company's common stock (the "Ryan Options").  The Ryan Options were fully vested upon the date of issuance.
Critical Accounting Policies
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of the financial statements, the reported amount of revenues and expenses during the reporting period and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, particularly those related to the determination of the estimated Canadian exploration tax credit receivable and accrued liabilities. To the extent actual results differ from those estimates, our future results of operations may be affected. Besides this critical accounting policy on use of estimates, we believe the following critical accounting policy affects the preparation of our consolidated financial statements.
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Acquisition, Exploration and Evaluation Expenditures
Mineral property acquisition costs will be capitalized in accordance with the FASB Emerging Issues Task Force ("EITF") Issue 04-2 when management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified and that adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development expenditures.  Mineral property acquisition costs are expensed as incurred if the criteria for capitalization is not met.
To date, mineral property exploration costs have been expensed as incurred.  If it is determined that a mineral property can be economically developed as a result of establishing proven and probable reserves (if ever), the costs incurred to develop such property will be capitalized.  As of the date of these financial statements, the Company has incurred only acquisition and exploration costs which have been expensed.  To date the Company has not established any proven or probable reserves on its mineral properties.
CONTROLS AND PROCEDURES
(a)
Disclosure Controls and Procedures
.  The Company's management, with the participation of the principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined  in Rules  13a-15(e) and 15d-15(e) under the  Securities Exchange Act of 1934, as amended  (the  "Exchange  Act") as of the end of the June 30, 2006.  Based on such evaluation, the principal executive officer and principal financial officer of the Company, respectively, have concluded that, as of the year end, the Company's disclosure controls and procedures are effective.
(b)
Internal Control Over Financial Reporting
.  There have not been any changes in the Company's internal control over financial reporting (as such term is defined in Rules  13a-15(f) and 15d-15(f)  under the Exchange  Act) during the year ended April 30, 2006 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Limitations on the Effectiveness of Controls
.  We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
As of February 12, 2008, there are 28,990,440 shares of common stock outstanding, held by 723 shareholders of record.
On January 23, 2008, Yukon Gold announced the extension of the term of the Company's 2,665,669 outstanding warrants that were issued in connection with the Company's March 2006 private placement financing (the "March 2006 Warrants").  Also extended were (a) the term of the 533,133 outstanding broker warrants that were issued in connection with such March 2006 private placement (the "March 2006 Broker Warrants" and (b) the term of the Company's 950,000 outstanding warrants that were issued in connection with the Company's October 2006 private placement financing (the "October 2006 Warrants").
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Each March 2006 Warrant entitles the holder thereof to purchase one common share of the Company at a price of US$0.90 until March 28, 2008.  Each March 2006 Broker Warrant entitles the holder thereof to purchase one unit of securities of the Company (each a "Unit") at a price of US$0.60 per Unit until March 28, 2008.  Each Unit consists of one common share and one-half of a common share purchase warrant, where each whole warrant (an "Underlying Warrant") is exercisable to acquire one common share at a price of US$0.90 until March 28, 2008.  Each October 2006 Warrant entitles the holder thereof to purchase one common share at a price of US$2.00 until October 4, 2008.  The March 2006 Warrants and the October 2006 Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008 and October 4, 2008, respectively, to extend the term of such warrants until March 28, 2009 and October 4, 2009, respectively.  The March 2006 Broker Warrants have been amended, effective immediately prior to the expiry of such warrants on March 28, 2008, to extend the term of such warrants and the Underlying Warrants until March 28, 2009.  All other provisions of the March 2006 Warrants, the March 2006 Broker Warrants and the October 2006 Warrants were unaffected.
On August 16, 2007 the Company completed the first tranche of a private placement (the "Financing") with Northern Securities Inc. ("Northern"), acting as agent. The Financing was comprised of the sale of 1,916,666 units (the "Units") at $0.42 (CDN$0.45) per Unit (the "Unit Issue Price") for gross proceeds of $808,446  (CDN$862,499.70) and the sale of 543,615 flow-through units (the "Flow-Through Units") at $0.49 (CDN$0.52) per Flow-Through Unit (the "Flow-Through Unit Issue Price") for gross proceeds of $264,979 (CDN$282,679.80), raising aggregate gross proceeds of approximately $1,073,425 (CDN$1,145,180).  Each Unit consisted of one non-flow through common share ("Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant").  Each Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per share.  Each Flow-Through Unit consisted of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an "FT Warrant").  Each FT Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share.  Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds of the first tranche of the Financing and issued 153,333 "Unit Compensation Options" and 43,489 "FT Unit Compensation Options".  Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until August 16, 2009.  Each FT Unit Compensation Option is exercisable into one Common Share and one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16, 2009.  Yukon Gold also granted Northern an option (the "Over-Allotment Option") exercisable until October 15, 2007 to offer for sale up to an additional $468,691 (CDN$500,000) of Units and/or Flow-Through Units on the same terms and conditions.  The Company paid a $70,304 (CDN$75,000) due diligence fee to Northern at closing and reimbursed Northern for its expenses.
On November 16, 2007 the Company completed the second tranche of the Financing with Northern acting as agent for gross proceeds from the sale of Units of $1,161,744 (CDN$1,097,500) and gross proceeds from the sale of Flow Through Units of $589,944 (CDN$557,320), raising aggregate gross proceeds of approximately $1,751,688 (CDN$1,654,820).  Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds and issued 195,111 Unit Compensation Options and 85,741 FT Unit Compensation Options.  The proceeds of the Financing will be used for the exploration and development of Yukon Gold's properties, and for working capital.
The foregoing private placements were undertaken pursuant to an exemption offered by Regulation S promulgated under the Securities Act of 1933, as amended.
On July 7, 2007 the Company issued 136,364 common shares in settlement of a property payment on the Mount Hinton property. The shares represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were valued at $0.42 (CDN$0.44) each.
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On April 25, 2007 the Company issued 2,823,049 common shares and an additional 282,309 shares as a penalty, relating to the private placement of 2,823,049 flow-through special warrants on December 28, 2006 (refer to note below). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date). The Company expensed an amount of $163,739 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.
On April 25, 2007 the Company issued 334,218 common shares and an additional 33,423 shares as a penalty, relating to the private placement of 334,218 unit special warrants on December 28, 2006 (refer to note above). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date).
On January 11, 2007, the Company issued its obligated 400,000 common shares and an additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special Warrants to a Canadian accredited investor for $404,000 paid on December 15, 2005. Each Special Warrant entitled its holder to acquire one common share of the Company and one common share purchase warrant at no additional cost. The Company was obligated to have a registration statement become effective within 181 days of the closing. In the absence of a registration statement being declared effective within 181 days of the closing, the Company issued an additional 4,000 common shares to the Canadian accredited investor at no extra cost as a penalty.  The Company expensed an amount of $5,000 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.
On December 28, 2006, the Company completed a private placement of 2,823,049 flow-through special warrants (which qualify as flow-through shares for the purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per warrant for aggregate gross proceeds to the Company of $2,814,652 (CDN$3,264,996).  Each flow-through special warrant entitles the holder to acquire, for no additional consideration, one common share of the Company.  Each unit special warrant entitles the holder to acquire, for no additional consideration, one common share and one common share purchase warrant of the Company.  Each common share purchase warrant entitles the holder to acquire one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date.  In connection with this private placement, the Company agreed to file a prospectus in Canada qualifying the issuance of the common shares and warrants issuable upon the exercise of the special warrants as well as those common shares issuable on exercise of the common share purchase warrants. In addition, the Company agreed to file a registration statement in the United States covering the re-sale of common shares underlying the units and warrants by the respective shareholders.  In the event the Company fails to obtain effectiveness for the final prospectus and the registration statement by February 26, 2007 (60 days from the closing date), each flow-through special warrant will entitle the holder to acquire 1.1 common shares on exercise thereof and each unit special warrant will entitle the holder to acquire 1.1 common shares and 1.1 common share purchase warrants on exercise thereof.  The flow-through and unit special warrants will be automatically exercised on the earlier of (i) the third business day after the issuance of a receipt for the final prospectus and the effectiveness of the registration statement, or (ii) the four month anniversary of the closing date of the private placement.  On closing, Northern Securities Inc., the lead agent received a cash commission of $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options and 23,395 unit compensation options.  In addition, as part of the private placement, Limited Market Dealer Inc. received a cash commission of $25,862 (CDN$30,000) as well as 28,571 flow-through compensation options and Novadan Capital Ltd. received a cash payment of $28,362 (CDN$32,900) as well as 32,900 unit compensation options.  Each flow-through compensation option entitles the holder to acquire, for no additional consideration, one flow-through compensation warrant, each exercisable into one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date of December 28, 2006.  Each unit compensation option entitles the holder to acquire, for no additional consideration, one unit compensation warrant, each exercisable at US$0.81 (CDN$0.941) into one common share and one common share purchase warrant of the Company at a price of US$0.90 (CDN$1.05
)
for a period of 24 months from the closing date of December 28, 2006.  In the event the Company fails to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date), each flow-through compensation option granted to Northern Securities, Inc. will entitle the holder to acquire 1.1 flow-through compensation warrants on exercise thereof and each unit compensation option will entitle the holder to acquire 1.1 unit compensation warrants on exercise thereof. The Company will use the gross proceeds from the sale of flow-through special warrants for the exploration and development of its properties, located in the Mayo Mining District of Yukon, Canada. The Company will use the net proceeds from the sale of unit special warrants for general working capital purposes.  The private placement was exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") pursuant to an exemption afforded by Regulation S promulgated under the Securities Act ("Regulation S").
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On December 12, 2006, a former officer of the Company exercised 50,000 stock options at a price of $0.75 per share.
On December 6, 2006, the Company issued to Atna Resources Ltd 133,334 common shares as part of a property payment for the Marg Property as provided in the Marg Acquisition Agreement.  The property payment also included a cash payment in the amount of $43,406 (CDN$50,000).  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
In October of 2006 the Company completed a private placement of 550,000 units for consideration of $550,000.  The units each consisted of (a) one common share of the Company and (b) one 2-year warrant to purchase a common share at a price of $1.50 per share for the first twelve (12) months from the date of closing and thereafter $2.00 per share for the remainder of the two-year term of the warrant.  The purchasers of the units were non-U.S persons and the offering was conducted entirely in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.  Each of the purchasers executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.  A finder's fee of 6% and reimbursement of all expenses (subject to a cap) was paid to Novadan Capital Ltd., a Toronto, Ontario limited market dealer ("Novadan") in connection with this private placement.  On January 23, 2008 the Company extended the expiry date of the warrants to October 4, 2009.
On September 7, 2006, an officer of the Company exercised 24,000 stock options at a price of $0.75 per share.
On August 22, 2006, the Company completed a private placement of 400,000 units where each unit consisted of a common share and a share purchase warrant.   The units were priced at $1.00 per unit for a total of $400,000.  The Company paid a finders fee equal to 6% of the gross proceeds.  The warrants have a two-year term and are exercisable at $1.50 per share in the first twelve months of the term and $2.00 per share in the remaining twelve months of the term.  Closing of this placement requires Toronto Stock Exchange approval.  Conditional approval was given by the Toronto Stock Exchange on August 29, 2006.  The purchaser of the units was a single accredited investor.  The private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.  On January 23, 2008, the Company extended the expiry date of the share warrants to October 4, 2009.
On August 11, 2006 the Company issued 817,980 restricted shares in total to three consultants for services relating to business promotion and development.  These consultants assisted management in the preparation of financial offerings and in arranging meetings and making presentations to the brokerage community and institutional investors in both the United States and Canada.  Except for 342,780 common shares which were earned by these consultants as of October 31, 2006, the balance of 475,200 common shares were held in escrow to be released to each consultant in 8 monthly installments of 19,800 common shares commencing November 1, 2006.  Out of 475,200 common shares held in escrow, the Company received back 356,400 common shares for cancellation.
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On July 17, 2006 the Company issued 61,171 common shares for the exercise of 61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of $53,824 (CDN$61,171).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On July 7, 2006 the Company issued 43,166 common shares and paid $80,501 (CDN$90,000) in cash in settlement of a property payment for the Mount Hinton Property.  The shares were valued at $53,845 (CDN $60,000) $1.25 (CDN$1.39) each.  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with the Hinton Syndicate and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
On July 7, 2006 the Company issued 64,120 common shares for the exercise of 64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $57,869 (CDN$64,120).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On June 29, 2006 the Company issued 158,090 common shares for the exercise of 158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $141,632 (CDN$158,090).  The securities were issued to a Canadian investor pursuant to an exemption under Regulation S.
On June 28, 2006 the Company issued 17,971 common shares for the exercise of 17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $15,939 (CDN$17,971).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On June 28, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $38,895 (CDN$43,667).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On June 28, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (and former officer of the Company) in consideration of $14,253 (CDN$16,000).  The holder of the warrants was an accredited investor.  The securities were issued to a Canadian investor pursuant to an exemption under Regulation S.
On June 22, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $39,368 (CDN$43,667).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On May 30, 2006 the Company issued 141,599 common shares for the settlement of an accrued liability to an ex officer and director.  The accrued severance amount of $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80 (CDN$0.91).  The former officer is an accredited investor and a Canadian citizen.  The issuance was undertaken pursuant to an exemption from registration under Regulation D.  The former officer was an accredited investor pursuant to Rule 501 of Regulation D (both in terms of net worth and as an executive of the Company).
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On May 29, 2006 the Company issued 10,000 common shares for the exercise of 10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $8,987 (CDN$10,000).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On May 29, 2006 the Company issued 45,045 common shares for the exercise of 45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $40,450 (CDN$45,045).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On May 29, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (a former Canadian director of the Company) in consideration of $14,280 (CDN$16,000).  The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation D.  The holder of the warrant was an accredited investor pursuant to Rule 501 Regulation D (both in terms of net worth and as an executive of the Company).
On April 11, 2006, a Canadian director of the Company exercised his option to purchase 10,000 common shares at the option price of $0.55 per share.  The Company received payment and issued 10,000 common shares.  The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
On March 28, 2006 the Company completed a brokered private placement through the issuance of 5,331,327 common share units at a price of $0.60 per unit for gross proceeds of $3,198,799. The Company also completed a private placement through the issuance of 25,000 so-called "flow-through" shares at a price of $0.75 per share for gross proceeds of $ 18,750.  "Flow-through" shares carry certain tax benefits to shareholders who are Canadian tax payers.  The Company must use the proceeds from the placement of "flow-through" securities for exploration and development programs in order to enable the holders of "flow-through" shares to derive the tax benefits in Canada.  Each common share unit consists of one share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at $0.90 per share for a period expiring on March 28, 2008.  Novadan (or its permitted assignees) received a commission in connection with this private placement consisting of cash equal to 9% of the proceeds of the private placement in Canada ($289,579.00) and 533,133 broker's warrants equaling 10% of the number of common share units sold.  Each broker warrant entitles Novadan or its permitted assigns to purchase common shares and one-half share purchase warrant for $0.60 until March 28, 2008.  Each full warrant is then exercisable for $0.90.  In addition, Yukon Gold paid all of Novadan's expenses related to the private placement, subject to a cap of $20,000.  The purchasers of 3,873,993 of these units were non-U.S persons pursuant to a private placement in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act of 1933, as amended (the "Securities Act").  Each purchaser in the Canadian private placement executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.  The Purchasers of 1,482,334 of these units were United States citizens, all of whom were accredited investors as that term is used in Regulation D.  The U.S. private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D promulgated pursuant to the Securities Act ("Regulation D").   As part of the agreement with Novadan in connection with this offering, the Company granted to Novadan a right-of-first refusal to act as underwriter or best-efforts placement agent in connection with any subsequent public or private offering by the Company within eighteen months of the closing.  In addition, Yukon Gold entered into a Consulting Agreement with Novadan for ongoing financial and strategic advice.  As compensation under the Consulting Agreement, Yukon Gold agreed to issue to Novadan 240,000 shares of its common stock, such shares to be issued in equal installments over the twelve-month period of the Consulting Agreement.  This Consulting Agreement was terminated as of October 23, 2006.  On December 19, 2006, Yukon Gold issued 160,000 shares to Novadan.  On January 23, 2008 the Company extended the expiry dates of the warrants issued in connection with this financing to March 28, 2009.
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On January 11, 2006 a holder converted promissory notes of the Company on their due dates and the Company issued 101,150 common shares and 50,000 warrants covering the principal amounts of $75,000 and interest in the amount of $1,533 in accordance with the conversion provisions of the notes.  The expiry date of the warrants was extended to 15 months after the conversion date.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On December 30, 2005, Yukon Gold completed a private placement of 200,000 flow-through special warrants to a single investor in Canada for consideration of $180,000 (CDN$205,000).  Each such flow-through special warrant entitles the holder to acquire one "flow-through" common share of the Company for no additional consideration.  So-called "flow-through" shares carry certain tax benefit to Canadian holders.  On December 19, 2006 the Company issued 200,000 common shares.  The purchaser of the flow-through special warrants was a non-U.S person pursuant to a private placement in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On December 15, 2005, the Company completed the sale of 400,000 special warrants to a single investor in Canada at a purchase price of $1.01 per special warrant for total consideration of $404,000.  Each special warrant entitles the holder to purchase one common share of the Company and one additional common share purchase warrant at no additional cost.  On January 12, 2007 the warrants were exercised and the Company issued 404,000 common shares (which included penalty shares).  The purchaser of the special warrants was a non-U.S person pursuant to a private placement in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On December 7, 2005 an accredited investor converted promissory notes of the Company on their due dates and the Company issued 34,306 common shares and 17,001 warrants covering the principal amounts of $25,500 and interest in the amount of $409 in accordance with the conversion provisions of the notes.  The expiry date of the warrants was extended to 15 months after the conversion date.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On December 7, 2005 the board of directors authorized the issuance of 10,000 common shares to a shareholder upon the exercise of 10,000 warrants in consideration of $8,772 (CDN$10,000).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On December 6, 2005 the board of directors authorized the issuance of 133,333 common shares valued at $100,000 for property payment to Atna Resources Ltd., along with a cash payment of $43,406 (CDN$50,000) as per terms of the Marg Acquisition Agreement.  The common shares along with the cash payment were delivered to Atna Resources Ltd. on December 12, 2005.  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
On December 5, 2005, the Company completed a private placement of 150,000 common shares and 150,000 warrants to a single accredited investor for consideration of $151,500.  Each common share was priced at $1.00 and each warrant at $0.01.  Each warrant entitles the holder to purchase one common share of the Company at an exercise price of $1.00 for a period of one year from the date of issuance.  This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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On November 9, 2005, an accredited investor converted a promissory note on its due date and the Company issued 76,525 common shares and 37,500 warrants covering the principal amount of $56,250 and interest in the amount of $1,143 in accordance with the conversion provisions of the notes.  The expiry date of the warrants was extended to 15 months after the conversion date.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On October 18 and 24, 2005 the Company issued a total of 59,547 common shares and 29,167 warrants covering the principal amount of $43,750, plus interest of $910, on conversion of a convertible promissory note issued on October 6, 2004.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On October 18, 2005 the Company authorized the issuance of 14,000 common shares for the exercise of 14,000 warrants from a warrant holder in consideration of $12,000.  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On August 31, 2005, the Company accepted subscriptions from four accredited investors and one accredited corporation, all residents of Canada, for a total of 200,000 units priced at $0.55 per unit for a total of $110,000.  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring August 31, 2007.  This private placement was undertaken pursuant to an exemption from registration under Regulation S.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On August 29, 2005, the Company completed the sale of 149,867 units at $0.55 per unit to a Canadian director of the Company for $82,427 (CDN$100,000).  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 5, 2007.  This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.
On August 26, 2005 the board of directors approved the issuance of 490,909 units at $0.55 per unit to J.L. Guerra, Jr., then an arms length accredited shareholder for a total of $270,000.  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share, after one year and seven days following closing, for a period of two (2) years following such date.  The Company received $20,000 of the subscription price on August 12, 2005 as a loan to be applied to the subscription price and $100,000 on September 15, 2005 and a promissory note for $150,000, due on or before October 1, 2005, for the balance of the subscription price.  The promissory note was paid in full by the due date.  Mr. Guerra subsequently became a director of the Company on November 2, 2005 and then became chairman of the board on July 11, 2006.  Mr. Guerra is an accredited investor.  This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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On August 25, 2005 the Company entered into a Consulting Agreement with Endeavor Holdings, Inc. ("Endeavor"), based in New York, New York to assist the Company in raising capital.  Under the terms of this agreement the Company agreed to pay Endeavor 150,000 common shares at the rate of 25,000 shares per month.   Either party could cancel the agreement upon 30 days notice.  The Company issued 150,000 common shares valued at $130,500 to Endeavor.  Endeavor is an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On August 23, 2005 the board of directors approved the issuance of 24,336 units to an arms length investor and 12,168 units to an officer of the Company at $0.55 per unit, in settlement of an accounts payable for services, for a total of $20,077 (CDN$24,398).  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 15, 2007.  The issuance of these securities was undertaken pursuant to negotiated agreements and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
On August 5, 2005 the board of directors authorized the issuance of 369,215 common shares and 184,608 share purchase warrants in settlement of a demand promissory note in the amount of $200,000 plus interest of $3,068.25.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each share purchase warrant entitles the holder to purchase one common share for $1.00 per share on or before August 5, 2007.   This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On March 2, 2005 the Company issued 76,204 common shares on conversion of a convertible promissory note.  The holder of the promissory note was an accredited investor.  The issuance of shares was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On March 1, 2005 the Company issued 133,333 common shares to Atna  as a property payment in the amount of $100,000 for the Marg Property.  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
Purchase Warrants
The following table summarizes the warrants outstanding as of the year ended April 30, 2007.
Number of Warrants Granted
Exercise Prices
Expiry Date
$
Outstanding at April 30, 2005 and average exercise price
537,231
0.82
Granted in year 2005-2006
150,000
1.00
December 5, 2006
Granted in year 2005-2006
32,320
1.00
December 15, 2006
Granted in year 2005-2006
259,542
1.00
August 5, 2007
Granted in year 2005-2006
18,252
1.00
August 15, 2007
Granted in year 2005-2006
245,455
1.00
August 22, 2007
Granted in year 2005-2006
100,000
1.00
August 31, 2007
Granted in year 2005-2006
12,500
1.25
January 14, 2007
Granted in year 2005-2006
16,667
1.25
January 25, 2007
Granted in year 2005-2006
37,500
1.25
February 9, 2007
Granted in year 2005-2006
17,001
1.25
March 7, 2007
Granted in year 2005-2006
50,000
1.25
April 11, 2007
Granted in year 2005-2006
2,665,669
0.90
March 28, 2007
Granted in year 2005-2006
533,133
0.60
March 28, 2007
Exercised in year 2005-2006
(24,000)
(0.82)
Expired in year 2005-2006
Cancelled in year 2005-2006
Outstanding at April 30, 2006 and average exercise price
4,651,270
0.88
Granted in year 2006-2007
950,000
1.50
October 4, 2008
Granted in year 2006-2007
367,641
0.90
December 28, 2008
Granted in year 2006-2007
276,011
0.81
December 28, 2008
Exercised in year 2006-2007
(306,773)
(0.89)
Exercised in year 2006-2007
(107,787)
(0.90)
Exercised in year 2006-2007
(61,171)
(0.88)
Expired in year 2006-2007
(171,168)
(1.25)
Expired in year 2006-2007
(186,320)
(1.00)
Cancelled
-
Outstanding at April 30, 2007 and average exercise price
5,411,703
$0. 97
The warrants do not confer upon the holders any rights or interest as a shareholder of the Company.
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Outstanding Share Data
As of February 12, 2008, there are 28,990,440 shares of common stock outstanding, held by 723 shareholders of record.
Of the options to purchase common shares issued to the Company's directors, officers and consultants under the Company's 2003 stock option plan, 2,084,000 remained outstanding with exercise prices ranging from $0.55 to $1.19 and expiry dates ranging from April 15, 2008 to January 20, 2011.  If exercised, 2,084,000 common shares of the Company would be issued, generating proceeds of $1,966,760.
Of the options to purchase common shares issued to the Company's directors, officers and consultants under the Company's 2006 stock option plan, 400,000 remained outstanding with exercise prices ranging from to $0.41(CDN$0.47) to $0.43 (CDN$0.50) and expiry dates ranging from March 20, 2012 to March 28, 2012.  If exercised, 400,000 common shares of the Company would be issued, generating proceeds of $169,000 (CDN$195,500).
On April 30, 2007, 5,411,703 share purchase warrants were outstanding with exercise prices ranging from $0.60 to $1.50 and expiring between August 5, 2007 and December 28, 2008.  If exercised, 5,411,703 common shares would be issued, generating proceeds of $5,249,352
Number of securities to be issued upon exercise of outstanding options, warrants and rights
Weighted-average exercise price of outstanding options, warrants and rights
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(a)
(b)
(c)
Equity compensation plans approved by security holders
7,875,703
$0.93
1,600,000
Equity compensation plans not approved by securities holders
N/A
N/A
N/A
Total
7,875,703
$0.93
1,600,000
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To date we have not paid any dividends on our common stock and we do not expect to declare or pay any dividends on our common stock in the foreseeable future.  Payment of any dividends will depend upon our future earnings, if any, our financial condition, and other factors deemed relevant by the board of directors.
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The Company's common stock is traded on the Over the Counter Bulletin Board sponsored by the National Association of Securities Dealers, Inc. under the symbol "YGDC."  The Over the Counter Bulletin Board does not have any quantitative or qualitative standards such as those required for companies listed on the Nasdaq Small Cap Market or National Market System.  Our high and low sales prices of our common stock  are as follows.  The following quotations represent inter-dealer prices, without mark-up, mark-down or commission and may not represent actual transactions.
FISCAL YEAR 2005
HIGH
LOW
First Quarter
N/A
N/A
Second Quarter
N/A
N/A
Third Quarter
$0.80
$0.10
Fourth Quarter
$1.28
$0.60
FISCAL YEAR 2006
HIGH
LOW
First Quarter
$1.05
$0.42
Second Quarter
$1.12
$0.52
Third Quarter
$1.45
$0.60
Fourth Quarter
$2.25
$0.67
FISCAL YEAR 2007
First Quarter
$1.70
$1.05
Second Quarter
$1.36
$0.81
Third Quarter
$1.10
$0.58
Fourth Quarter
$0.59
$0.20
FISCAL YEAR 2008
First Quarter
$0.35
$0.20
As of April 19, 2006, our stock began trading on the Toronto Stock Exchange under the symbol "YK."  The high and low trading prices for our common stock for the fiscal year periods indicated below are as follows:
FISCAL YEAR 2006
HIGH
LOW
Fourth Quarter
US$2.25 (CDN$2.40)
US$0.67 (CDN$0.75)
FISCAL YEAR 2007
First Quarter
$1.70 (CDN$1.97)
$1.05 (CDN$1.29)
Second Quarter
$1.55 (CDN$1.80)
$0.82 (CDN$1.00)
Third Quarter
$1.20 (CDN$1.39)
$0.74 (CDN$0.86)
Fourth Quarter
$0.47 (CDN$0.47)
$0.20 (CDN$0.20)
FISCAL YEAR 2008
First Quarter
$0.45 (CDN$0.45)
$0.20 (CDN$0.20)
Our Transfer Agent
Our transfer agent is Equity Transfer and Trust Services, Inc. with offices at 200 University Avenue, Suite 400, Toronto, Ontario M5H 4H1.  Their phone number is 416-361-0152.  The transfer agent is responsible for all record-keeping and administrative functions in connection with the common shares of stock.
Dividends
The Company has not declared any cash dividends on our common stock.  The Company plans to retain any future earnings, if any, for exploration programs, administrative expenses and development of the Company and its assets.
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Securities Authorized for Issuance Under Equity Compensation Plans.
See  section entitled "STOCK OPTION PLAN" herein.
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DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS
The following table represents the Board of Directors and the senior management of the Company as of the date of this Prospectus.  Each director will serve until the next meeting of shareholders or until replaced. Each officer serves at the discretion of the Board of Directors.  Each individual's background is of material importance to Yukon Gold and is described below.
Name
Age
Position
Position Held Since
J.L. Guerra, Jr.
51
Director,
Chairman of the Board
November 2, 2005,
July 11, 2006
Howard S. Barth
55
Director
May 11, 2005
Kenneth J. Hill
68
Director (2)
December 15, 2004
Robert E. Van Tassell
72
Director
May 30, 2005
Ronald K. Mann
57
President, Chief Executive Officer, and Director (1)
December 20, 2007
G.E. (Ted) Creber Q.C.
76
Director
February 21, 2008
Rakesh Malhotra
51
Chief Financial Officer
November 2, 2005
Lisa Rose
33
Secretary (3)
September 7, 2005
(1)
Mr. Mann was appointed to be the President of the Company and the President of the Company's wholly owned subsidiary, YGC, as of December 15, 2007.
(2)
Mr. Hill is also a director of YGC.
(3)
Mrs. Rose was appointed Secretary of YGC on August 20, 2007.
Reorganization of Officers and Directors
On February 21, 2008, G.E. (Ted) Creber, Q.C. was appointed to fill a vacancy on the Board of Directors.
On December 15, 2007, the Company entered into a consulting agreement with Ronald K. Mann pursuant to which Mr. Mann was retained as Yukon Gold's Chief Executive Officer and President.  The consulting agreement has a one year term commencing as of December 15, 2007 and automatically renews thereafter, unless terminated pursuant to the terms of the agreement or not renewed by the board.  Mr. Mann will receive an annual base consulting fee of CDN$150,000.  In addition, Mr. Mann received 500,000 warrants to purchase Shares (the "Mann Warrants").  The Mann Warrants have a term of 5 years and an exercise price equal to the fair market value of the Company's Shares on the date of issuance.  Of the total warrants granted, 250,000 of the Mann Warrants were fully vested upon issuance, with the remaining 250,000 vesting 6 months from the date of issuance.
On December 18, 2007, the Company entered into a consulting agreement with Cletus Ryan pursuant to which Mr. Ryan became Yukon Gold's Vice-President, Corporate Development.  The consulting agreement has a six-month term commencing as of December 18, 2007 and automatically renews thereafter, unless terminated pursuant to the terms of the agreement or not renewed by the board.  Mr. Ryan will receive an annual base consulting fee of CDN$120,000.  In addition, Mr. Ryan received 200,000 options to purchase Shares (the "Ryan Options").  The Ryan Options have a term of 5 years and an exercise price equal to the fair market value of the Company's Shares on the date of issuance.  The Ryan Options were fully vested as of the date of issuance.
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Yukon Gold accepted the resignation of Paul A. Gorman as Chief Executive Officer and as a director on December 13, 2007.  There were no disagreements between the Company and Mr. Gorman with respect to the Company's operations, policies or practices.
Yukon Gold accepted the resignation of Chester (Chet) Idziszek as of October 22, 2007. There were no disagreements between the Company and Mr. Idziszek with respect to the Company's operations, policies or practices.
As of October 24, 2006, Paul Gorman became the Chief Executive Officer of the Company following the resignation of Howard Barth as Chief Executive Officer and President.  Mr. Barth continues as a Director of the Company.  Prior to becoming the Company's Chief Executive Officer, Mr. Gorman was the Company's Vice President – Corporate Development.  As of October 24, 2006, Mr. Gorman also became a director of the Company.  There were no disagreements between the Company and Mr. Barth with respect to the Company's operations, policies or practices.
As of June 29, 2006, Ken Hill resigned as President and CEO of the Company and was replaced by Howard Barth as President and CEO.  Mr. Barth is also a director of the Company.  Mr. Hill became Vice President – Mining Operations of the Company.  Subsequently, Mr. Hill resigned as Vice President – Mining Operations as of December 18, 2006, but remained on the Board of Directors.  There were no disagreements between the Company and Mr. Hill with respect to the Company's operations, policies or practices.  Mr. Hill, who was a Director as of December of 2004, was appointed to the position of President and CEO as of January 17, 2005 following the resignation of W. Warren Holmes as CEO and the resignation of Brian Robertson as President.
Yukon Gold accepted the resignation of W. Warren Holmes as a director and Chairman of the board of directors and his resignation as a director and officer of the Company's wholly owned subsidiary, Yukon Gold Corp., an Ontario corporation, in each case effective as of July 11, 2006.  As of that date, J.L. Guerra, Jr. became Chairman of the Board of Directors of the Company.  There were no disagreements between the Company and Mr. Holmes with respect to the Company's operations, policies or practices.
As of January 17, 2006, Brian Robertson resigned as a director and President of the Company.  There were no disagreements between the Company and Mr. Robertson with respect to the Company's operations, policies or practices.
On January 17, 2006, Warren Holmes resigned as Chief Executive Officer of the Company.  There were no disagreements between the Company and Mr. Holmes with respect to the Company's operations, policies or practices.
As of November 17, 2005, Rene Galipeau resigned as a director and as the chief financial officer of the Company.  He was appointed to that position as of May 11, 2005.  His position as chief financial officer was filled by Rakesh Malhotra.  The vacancy on the board was filled by the appointment of Chet Idziszek.   There were no disagreements between the Company and Mr. Galipeau with respect to the Company's operations, policies or practices.
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As of November 7, 2005, Paul Gorman was appointed to the position of Vice President – Corporate Development and subsequently on October 24, 2006, was appointed as the Chief Executive Officer and as a director.
As of November 2, 2005, J.L. Guerra, Jr. was appointed to fill a vacancy on the board of directors of the Company.
As of September 7, 2005, Lisa Rose was appointed to the position of Corporate Secretary.
As of May 11, 2005, Stafford Kelley resigned as a director and as Secretary-Treasurer of the Company.  There were no disagreements between the Company and Mr. Kelley with respect to the Company's operations, policies or practices.
As of May 30, 2005, Richard Ewing resigned as a director of the Company.  There were no disagreements between the Company and Mr. Ewing with respect to the Company's operations, policies or practices.  Robert ("Dutch") Van Tassell was appointed to fill the vacancy on the board of directors left by Mr. Ewing as of May 30, 2005.
Of our six directors, three directors are independent directors.  The Company believes its new board members add strength to the management team.
The following is a description of each member of our Board of Directors and our management.
Ronald K. Mann, Director, Chief Executive Officer and President
Mr. Mann has 25 years of experience in the investment industry with an emphasis, in the last decade, on mining and mining related companies.  In the last three years Mr. Mann held an executive position at a Toronto-based asset manager and merchant bank involved extensively in Mining.  Mr. Mann is currently also a Director of Superior Canadian Resources Inc. (TSX-V: CAD) and has been a member of the Law Society of Upper Canada since 1977.  In the late 1980's, Mr. Mann was Assistant General Manager Corporate Finance, Investment Bank, CIBC, as well as Vice President and Director with CIBC Securities Inc.  Mr. Mann is 57 years old.
J.L. Guerra, Jr., Director, Chairman of the Board
Mr. Guerra has over twenty years of experience operating his own businesses in the real estate brokerage, acquisition and development business in San Antonio, Texas.  Mr. Guerra has acquired and sold industrial buildings, warehouses, office buildings and raw land for investors and investment entities.  His current projects include acquisition, planning and development of residential, golf and resort properties, specifically Canyon Springs in San Antonio, Texas.  Mr. Guerra also has experience with venture capital projects and has raised substantial capital for numerous projects in mining, hi-tech and other areas.  Mr. Guerra lives in San Antonio, Texas.  Mr. Guerra is 50 years old.
Howard Barth, Director
Howard Barth became President and CEO of the Company on
June 29, 2006 and resigned as such as of October 24, 2006.  Mr. Barth continues with the Company as a Director.  Mr. Barth graduated with a B.A. in Geography at York University, in Toronto, Ontario.  He continued his studies at York University through the Schulich School of Business and graduated with a Masters degree in Business Administration in 1976.  Upon graduation Mr. Barth worked for William Eisenburg & Company (now PricewaterhouseCoopers), a large Toronto accounting firm and attained his C.A. designation.  After spending the next few years working with different firms in the Greater Toronto area, Mr. Barth started his own accounting practice in 1984 and subsequently expanded his firm by adding two partners.  In his 25 years of public practice Mr. Barth has had direct involvement in a number of industries and is familiar with all aspects of accounting for small to medium sized businesses.  His diverse clientele includes businesses in the construction, retail, manufacturing, and restaurant sectors.  Since 1979 Mr. Barth has been a member of the Canadian Institute of Chartered Accountants and the Ontario Institute of Chartered Accountants.  Mr. Barth is 54 years old.
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Robert E. "Dutch" Van Tassell, Director
Robert E. "Dutch" Van Tassell was born in 1935 in Digby, Nova Scotia and graduated with a degree in Geology from Mount Allison University in 1958.  Mr. Van Tassell began his mining career in 1956 as a summer student with Giant Yellowknife Mines, in the North West Territories of Canada.  Mr. Van Tassell remained with Giant Yellowknife Mines from 1956 to 1962 where he was involved with mining and exploration geology.  In 1962, Mr. Van Tassell was employed with Denison Mines located in Elliot Lake, Ontario for a short period of time as an underground geologist.  In 1963 he joined United Keno Hill Mines in Yukon, Canada and was a key participant in the discovery of the Husky Mine in 1967, which produced over 17 million ounces of silver.  In 1969 Mr. Van Tassell set up a Yukon regional exploration office in Whitehorse which in 1972 discovered the Minto Copper Deposit, employing helicopter supported two man prospecting crews in tree covered areas.  While in Whitehorse Mr. Van Tassell served as a director for the Yukon Chamber of Mines for eleven years, two as its president.  He also served four terms on the Northern Resources Conference which is held every three years and sponsored by the Yukon Chamber of Mines and Whitehorse Chamber of Commerce, two of these as Chairman.  He also served as Chairman of the Whitehorse branch of the Canadian Institute of Mining and Metallurgy (the "CIM").  He also gave introductory and advanced prospecting courses for the Chamber of Mines.  In 1982 Mr. Van Tassell joined Dickenson Mines in Toronto, Ontario as Vice President of Exploration.  In 1984 he was involved with the discovery of additional reserves at the then active silver, lead, zinc Silvana Mine at Sandon, B.C.  In 1988 he also played a part in Dickenson's acquisition of the Wharf Mine in South Dakota.  While in Toronto Mr. Van Tassell also served as a Board member of the Prospector's and Developers Association of Canada (PDAC) from 1984 to 1993 serving as Chairman on the Program and Environmental Committees.  Mr. Van Tassell is a Life member of the CIM and a member of The Geological Association of Canada.  In March, 2000 he was presented with a lifetime Achievement Award by the PDAC for his contribution to the Mining Industry.  Mr. Van Tassell retired in 1998 to assist with family maters.  Mr. Van Tassell is 71 years old.  Mr. Van Tassell is also a director of Colombia Goldfields Ltd., Lexam Explorations Inc., Plato Gold Corp., Red Lake Resources and Rupert Resources Ltd.
Ken Hill, Director
Mr. Hill came to Yukon Gold with over forty years of experience in the mining industry.  Mr. Hill is a registered professional engineer and graduated with a degree in Geological Engineering from the Michigan Technological University.  He also holds a degree in Mining Technology from the Haileybury School of Mines.
Mr. Hill is the founder of ProMin Consulting Associates Inc., a Canadian company that provides independent consulting and project management services to the global minerals industry.  Prior to his involvement with ProMin Consulting Associates Inc., Mr. Hill held senior positions involving mine design, mine development and mine operations with Inmet Mining Corp., Northgate Exploration Ltd., Dome Mines Ltd. (now Placer Dome Inc.) and J.S. Redpath Ltd.  Mr. Hill is 67 years old.
G.E. (Ted) Creber, Q.C., Director
Mr. Creber was appointed to fill a vacancy on the Company's Board of Directors on February 21, 2008.  He currently is an investor in, and is involved in management of, several private Canadian companies.  He is a former managing director and President of George Weston Limited and President and CEO of the Consumers Gas Company (now Enbridge).  He has at various times served as a director of a number of major Canadian companies including among others, George Weston Limited, Loblaw Groceterias Inc., Home Oil of Canada Limited, Canada Trust Company (now part of the Toronto Dominion Bank), Union Oil Company of Canada, Burns Foods Limited, International Pursuit Corporation and World Point Terminals Inc.  Mr. Creber graduated from the University of Toronto with a degree in political science and economics and from Osgoode Hall with a degree in law.  He was appointed a Queen's Counsel in 1965.  He has practiced law in the field of corporate and securities law with several major Canadian law firms.  He is 76 years old.
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Officers
Rakesh Malhotra, Chief Financial Officer
Mr. Malhotra is a United States certified public accountant and a Canadian chartered accountant with considerable finance and accounting experience.  Mr. Malhotra graduated with a Bachelor of Commerce (Honours) from the University of Delhi (India) and worked for a large accounting firm A.F Ferguson & Co. (Indian correspondent for KPMG) and obtained his CA designation in India.  Having practiced as an accountant for over 10 years in New Delhi, he moved to the Middle East and worked for 5 years with the highly successful International Bahwan Group of Companies in a senior finance position.  Mr. Malhotra is a CPA (Illinois) and also holds a Canadian CA designation.  He worked as a Chartered Accountant with a mid-sized Chartered Accounting firm in Toronto doing audits of Public Companies and has worked for over four years as vice president of finance for a private group of service companies in Toronto.  Mr. Malhotra has more than 20 years of experience in accounting and finance.  He has substantial experience with consolidations, treasury management and financial statement audit.  He is also a certified Masters by Oracle for Oracle Financials (ERP).  Mr. Malhotra is 50 years old.
Cletus Ryan, Vice President, Corporate Development
Mr. Ryan has over twenty years in executive positions for several major fund companies and wealth management companies.  Since 2000, he has assisted mining companies in financing their exploration activities.
Lisa Rose, Corporate Secretary
Mrs. Rose (formerly Lisa Lacroix) has spent fourteen years working in a variety of fields ranging from retail to merchant banking.  She attended Etobicoke Collegiate Institute and her studies focused on Business Administration and Law.  Upon graduating in 1992 she began her career working for an accounting firm that specialized in Off-shore Investing and assisted in conducting seminars on the benefits of such investments.
In 1997 she began working for the Harten Group, a conglomerate of 11 companies owned by one family.  The companies included a telecommunications firm, a natural gas provider, a private funding corporation (loans and mortgages), commercial/residential property management, an art gallery and professional race horses.
In 1999 Mrs. Rose joined Medallion Capital Corp.  Beginning in January of 2005 Yukon Gold employed Lisa as a full time employee.  She was appointed Corporate Secretary on September 7, 2005.  Mrs. Rose is 33 years old.
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EXECUTIVE COMPENSATION
The following table shows the compensation paid during the last three fiscal years ended April 30, 2007, 2006 and 2005 for the Chief Executive Officer, the Chief Financial Officer and the next four most highly compensated officers of the Company.
SUMMARY COMPENSATION TABLE
Name and Principal Position
Year
April 30,
Annual Compensation
Long-Term Compensation
All Other Compensation
($)
Salary
($)
Bonus
($)
Other Annual Compensation ($)
Awards
Payout
Restricted Stock
Award(s)
($)
Securities Underlying Options/SAR
Granted
(#)
LTIP Payouts
($)
Ronald K. Mann, President and CEO (1)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Kenneth Hill Former President and CEO (2)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
36,230
14,755
Nil
Nil
Nil
Nil
Nil
150,000
250,000
Nil
Nil
Nil
Nil
Nil
Nil
W. Warren Holmes,
Former CEO (3)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
250,000
Nil
Nil
Nil
Nil
Nil
Nil
Rakesh
Malhotra
CFO (4)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
45,603
15,107
Nil
Nil
Nil
Nil
Nil
250,000
Nil
Nil
Nil
Nil
Nil
Nil
Nil
- 55 -
Rene
Galipeau
Former CFO (5)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
250,000
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Lisa Rose
Corporate Secretary (6)
2007
2006
2005
48,901
25,858
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
76,000
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Paul Gorman
Former
CEO (7)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
123,016
34,440
Nil
Nil
Nil
Nil
250,000
200,000
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Howard S. Barth Former President & CEO (8)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
49,610
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Cletus Ryan Vice President Corporate Development (9)
2007
2006
2005
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
1.
Mr. Mann became President and CEO on December 15, 2007.  He received no compensation in the year ended April 30, 2007.
2.
Mr. Hill became President and CEO of the Company following the resignation of both, W. Warren Holmes as CEO and Brian Robertson as President, on January 17, 2006. Mr. Hill resigned as President & CEO on June 29, 2006 as was replaced by Howard Barth.  Mr. Hill became the Vice-President, Mining Operations on June 29, 2006 and resigned that position on December 18, 2006.  Mr. Hill remains a director of the Company.
3.
Mr. Holmes' stock options expired on December 15, 2006.
4.
Mr. Malhotra became the Chief Financial Officer of the Company following the resignation of Rene Galipeau on November 17, 2005.
5.
Mr. Galipeau's stock options expired on December 15, 2006.
- 56 -
6.
Mrs. Rose became Corporate Secretary of the Company on September 7, 2005.
7.
Mr. Gorman became Vice-President, Corporate Development of the Company on November 7, 2005.  On October 24, 2006 Mr. Howard Barth resigned as President and CEO and was replaced by Mr. Gorman as CEO.  On December 13, 2007 Mr. Gorman resigned as CEO and as a director of the Company.
8.
Mr. Barth became President and CEO following the resignation of Mr. Hill on June 29, 2006.  Mr. Barth resigned as President and CEO on October 24, 2006 and was replaced by Mr. Gorman as CEO.
9.
Mr. Ryan became Vice President, Corporate Development on December 18, 2007.  He received no compensation in the year ended April 30, 2007.
The Company does not have a long term incentive plan, pursuant to which cash or non-cash compensation intended to serve as an incentive for performance (whereby performance is measured by reference to financial performance or the price of the Company's securities), was paid or distributed to any executive officers during the three most recent completed years.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The Company has 28,990,440 shares of common stock issued and outstanding.  Consequently, for purposes of describing shareholder voting rights, we have included in the table below the number of common shares of Yukon Gold Corporation, Inc. (Yukon Gold) held by the officers and directors of Yukon Gold.  The last column of the table below reflects the voting rights of each officer and/or director as a percentage of the total voting shares (common shares of Yukon Gold) as of January 31, 2008.
Name and Address
Of Beneficial Owner
Number of Shares of Common Stock
Percentage of Class Held
Ronald K. Mann
18 Yorkville Avenue, Suite No. 1602
Toronto, Ontario M4Y 2N6
50,000
0.17% of Yukon Gold Common Shares
Kenneth J. Hill
2579 Jarvis Street
Mississauga, ON  L5C 2P9
0
0% of Yukon Gold Common Shares
Rakesh Malhotra
5658 Sparkwell Drive
Mississauga, ON  L5R 3N9
0
0% of Yukon Gold Common Shares
Robert E. Van Tassell
421 Riverside Drive N.W.
High River AB  T1V 1T5
0
0% of Yukon Gold Common Shares
G.E. (Ted) Creber, Q.C.
114 – 1091 Kingston Road
Toronto, Ontario, M1N 4B5
0
0% of Yukon Gold Common Shares
Lisa Rose
4-6780 Formentera Ave.
Mississauga, ON L5N 2L1
0
0% of Yukon Gold Common Shares
Jose L. Guerra, Jr.
1611 Greystone Ridge
San Antonio, TX
USA  78258
2,260,854
7.80% of Yukon Gold Common Shares
Howard Barth
16 Sycamore Drive
Thornhill, ON  L3T 5V4
5,500
0.02% of Yukon Gold Common Shares
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Paul A. Gorman
Former Director and CEO
1308 Roundwood Cres.
Oakville, ON L6M 4A2
114,900
0.40% of Yukon Gold Common Shares
Cletus J. Ryan
Vice President, Corporate Development
178 Weybourne Rd.
Oakville, ON L6K 2T7
5,000
0.02% of Yukon Gold Common Shares
TOTAL
2,436,254
8.41%
As a group Management and the Directors own 8.41% of the issued and outstanding shares of Yukon Gold.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Year ended April 30, 2007
The Company and its subsidiary expensed a total of $36,230 (CDN$41,223) in consulting fees to a corporation controlled by Kenneth Hill, a director of the Company.  In addition the Company paid $123,016 to a corporation controlled by Paul Gorman, the Company's CEO and $45,603 to Rakesh Malhotra, the Company's Chief Financial Officer.  Also the Company paid a total of $48,901 (CDN$55,640) to Lisa Rose, our Corporate Secretary.  The Company paid a total of $49,610 (CDN$55,650) in consulting fees to Howard Barth, a director of the Company.
Year ended April 30, 2006
The Company and its subsidiary expensed a total of $14,755 in consulting fees to a corporation controlled by Kenneth Hill, a director of the Company.  Mr. Hill was Vice President - Mining Operations prior to his resignation on December 18, 2006.  Mr. Hill remains as a Director of the Company.  In addition the Company paid $34,440  to a corporation controlled by Paul Gorman, then the Company's Vice President, Corporate Development and currently the Company's CEO, and $15,107 to Rakesh Malhotra, the Company's Chief Financial Officer.  The Company issued 12,168 common share units at $0.55 per unit in settlement of a prior year accounts payable for the services rendered by Brian Robertson, a former president of the Company.
The directors participated in private placements during the year as follows:
J.L. Guerra, Jr., a director of the Company, subscribed for 490,909 common share units at $0.55 per unit; and
W. Warren Holmes, a former director of the Company, subscribed for 149,867 common share units at $0.55 per unit.
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Year ended April 30, 2005
The Company and its subsidiary expensed a total of $88,526 (CDN$111,875) for fees which include office rental, equipment rental, bookkeeping services, secretarial services, out of pocket expenses and consulting services for the preparation documents and other administrative matters from Medallion Capital Corp.  The Company also expensed $5,702 (CDN$7,050) for interest on the note for CDN$250,000 to Medallion Capital Corp.  The Company expensed $26,332 (CDN$32,500) for the time devoted by a related individual to the administration of the Company to S.K. Kelley & Associates Inc.  Medallion Capital Corp. and S.K. Kelley & Associates Inc. are owned by Stafford Kelley, a former officer and director of the Company.  This individual has subsequent to the year end resigned as an officer and director.
For services rendered by an individual as president of the Company, the Company expensed the invoice from a related company for $18,382 (CDN$23,326) plus travel expenses for this individual and another director in the amount of $2,405 (CDN$3,053).
ORGANIZATION WITHIN THE LAST FIVE YEARS
History
The Company was incorporated in the State of Delaware on May 31, 2000 under the name, "RealDarts International, Inc."  The Company was formed to affect a plan of merger with a Florida corporation which was, at the time, negotiating to acquire marketing rights to an electronic scoreboard system for the game of darts.  On August 3, 2000, the Company changed its name to "Optima 2000, Inc." On August 8, 2000 it changed its name to "Optima International, Inc."  On August 8, 2000 the Company again changed its name to "Optima Global Corporation."  On February 5, 2001, the Company merged with the Florida Corporation that was pursuing the rights to the electronic scoreboard and the Company was the surviving corporation.  In connection with that merger, the Company issued common stock to the shareholders of the Florida Corporation on a one-for-one basis.  The Company terminated the plan to acquire the rights to the electronic scoreboard system after determining that there was an insufficient market for this product and that financing could not be obtained.  On November 20, 2002, the Company changed its name to "Take 4, Inc." with no specific business plan.
On October 29, 2003 the Company changed its name to "Yukon Gold Corporation, Inc.". On November 17, 2003, the Company concluded a series of transactions whereby it acquired 3,000,000 (100%) common shares of Yukon Gold Corp (herein referred to as "YGC"), a private Ontario Canada Corporation registered to carry on business in the Province of Yukon.  In consideration of this acquisition, the Company issued 4,027,932 common shares to the former shareholders of YGC, which represented 59.5% of the outstanding common shares of the company on that date.
On December of 2004 the Company became a reporting issuer with the United States Securities and Exchange Commission (the "SEC").  The Company's shares began to trade on the NASDAQ OTC Bulletin Board on
January 9, 2005.  The Company commenced trading on the Toronto Stock Exchange effective April 19, 2006.
The shareholders have been asked to approve at the next meeting of shareholders an amendment to the Company's Certificate of Incorporation that would increase the total number of authorized common shares to 150,000,000 common shares.
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DESCRIPTION OF SECURITIES
The following description is a summary of the material terms of our common stock.  This summary is subject to and qualified in its entirety by our Articles of Incorporation as amended, our Bylaws and by the applicable provisions of the State of Delaware law. Our authorized capital stock consists of 50,000,000 shares of Common Stock having a par value of $0.0001 per share.  There is no cumulative voting for the election of directors.  There are no preemptive rights to purchase shares. The holders of shares of common stock are entitled to dividends, out of funds legally available therefore, when and as declared by the Board of Directors.  The Board of Directors has never declared a dividend and do not anticipate declaring a dividend in the future.  Each outstanding share of common stock entitles the holder thereof to one vote per share on all matters presented to the shareholders for a vote. In the event of liquidation, dissolution or winding up of our affairs, holders are entitled to receive, ratably, our net assets available to shareholders after payment of all creditors. All of our issued and outstanding shares of common stock are duly authorized, validly issued, fully paid, and non-assessable. To the extent that our unissued shares of common stock are subsequently issued, the relative interests of existing shareholders will be diluted.
USE OF PROCEEDS
We will not receive any of the proceeds of the sale of shares by the Selling Shareholders.  We will pay the cost of registering under the Securities Exchange Act of 1933 the shares offered by this prospectus.
SELLING SHAREHOLDER S AND PLAN OF DISTRIBUTION
The registration statement, of which this prospectus forms a part, relates to our registration of an aggregate of 12,172,915
number of shares of common stock offered by the selling shareholders named below.
Shareholder
No. of Shares Owned
Relationship With Issuer
Shares owned After Offering*
Polar Securities Inc.
372 bay Street
21
st
Floor
Toronto, Ontario
M5H 2W9    (1)
983,332
None
0
Pinetree Resource Partnership
2500-130 King Street West
Toronto, Ontario
M5X 1A9    (2)
1,875,000
None
0
GGOF 2007 Mining
Flow-Through L.P.
77 King Street West
Suite 4200
Toronto, Ontario
M5K 1JS   (3)
975,000
None
0
- 60 -
Vic Alboini
95 Glengowan Rd.
Toronto, Ontario
M4N 1G5
219,951
None
0
John Kirby
386 Bumanthorpe Rd.
Etobicoke, Ontario
M9B 2A6
49,999
None
0
Jaguar Financial Inc.
150 York Street
Suite 1800
Toronto, Ontario
M5H 3S5    (4)
750,000
None
0
Roger Glasco
Willow Hollaw
2597 Salem Road
Ajax, Ontario
L1T 4V5
412,704
None
0
709178 Alberta Ltd.
7545 Elkron Dr. SW
Calgary, Alberta
T3H 3X3    (5)
58,500
None
0
Mavrix A/C 207
26 Lombard Street
Suite 400
Toronto, Ontario
M5C 3G8    (6)
576,922
None
0
Vitor Fonsesca
216 Kinglsake Rd.
Toronto, Ontario
M2J 3G8
30,000
None
0
Tony Dyck
8299 Okangan Landing Rd.
Vernon, BC
V1H 1J5
150,000
None
0
Whalehaven Capital Fund Limited
3
rd
Floor, 14 Par-La-Ville Rd.
Hamilton, Bermuda
HM08     (7)
833,332
None
0
- 61 -
Juno Special Situations Corporation
70 York Street Suite 1410
Toronto, Ontario
M5J 1S9     (8)
1,666,666
None
0
Peter Curkovic Ltd.
1390 Lexington St.
Ottawa, Ontario
K2C 1R9
300,000
None
0
William Grant
3 Faircroft Blvd.
Toronto, Ontario
M1M 2W9
75,000
None
0
Ronald K. Mann
18 Yorkville Avenue
Suite No. 1602
Toronto, ON M4Y 2N6
500,000
President, CEO and Director
0
Cletus Ryan
178 Weybourne Road
Oakville, ON L6K 2T7
200,000
Vice President, Development
0
Lisa Rose
6780 Formentera Avenue
Unit 4
Mississauga, ON L5N 2L1
175,000
Corporate Secretary
0
Kathy Chapman
567 Paris Road
RR # 1
Paris, ON N3L 3E1
75,000
Accounting Manager
0
Paul Gorman
1308 Roundwood Cres.
Oakville, ON L6M 4A2
250,000
Former CEO
0
Bruce Hodgman
1264 Grandview Drive
Oakville, ON L6M 4A2
150,000
Consultant
0
Agoracom Investor Relations Corp.
505 Consumers' Road
Suite 1000
Toronto, ON M2J 4V8  (10)
125,000
Consultant
0
Stuart Fumerton
28 Wolf Drive
Redwood Meadows, Alberta T3C 1A3
200,000
Former Vice President – Exploration
0
J.L. Guerra, Jr.
1611 Greystone Ridge
San Antonio, TX 78258
200,000
Director
0
Kenneth Hill
2579 Jarvis Street
Mississauga, ON L5C 2P9
200,000
Director
0
Howard Barth
16 Sycamore Drive
Thornhill, ON L3T 5V4
100,000
Director
0
Robert Van Tassell
421 Riverside Drive NW
High River, Alberta
T1V 1T5
100,000
Director
0
Rakesh Malhotra
4580 Beaufort Terrace
Mississauga, ON L5M 3H7
75,000
Chief Financial Officer
0
G.E. (Ted) Creber, Q.C.
114 – 1091 Kingston Road
Toronto, Ontario, M1N 4B5
150,000
Director
0
Northern Securities
150 York Street
Suite 1800
Toronto, ON M5H 3S5  (9)
716,509
Placement Agent
0
Total
12,172,915
* Assumes the sale of all of our shares offered in this prospectus. However, we do not know whether the Selling Shareholders will sell all or less than all of their shares.
(1)
The natural person who controls Polar Securities Inc. is Robyn
Schultz of Toronto, Ontario.
(2)
Pinetree Resource Partnership is owned by three companies: Pinetree Capital Ltd., Emerald Capital Corp. and Genvest Inc.  Emerald Capital Corp. and Genvest Inc. are wholly owned subsidiaries of  Pinetree Capital Limited, a publicly traded company that is controlled by its board of directors.
(3)
The natural person who controls GGOF 2007 Mining Flow-Through L.P. is
William Belloway of Toronto, Ontario.
- 63 -
(4)
The natural person who controls Jaguar Financial Inc. is Vic Albioni of Toronto, Ontario.
(5)
The natural person who controls 708178 Alberta Ltd. is Gord Welch
of Calgary, Alberta.
(6)
The natural person who controls Mavrix A/C 207 is Melvin Spooner
of Toronto, Ontario.
(7)
The natural person who controls Whalehaven Capital Fund Limited is Arthur Jones
of Bermuda.
(8)
The natural person who controls Juno Special Situations
Corporation is Michael Campbell of Toronto, Ontario.
(9)
The natural person who controls Northern Securities Inc. is Vic Albioni of Toronto, Ontario.
Northern Securities Inc. is a registered investment dealer in Canada.
(10)  The natural person who controls Agoracom Investor Relations Corp. is Scott Purkis of Toronto, Ontario.
The sale of the Selling Shareholders' shares by the Selling Shareholders may be effected from time to time in transactions, which may include block transactions by or for the account of the Selling Shareholders, in the over-the-counter market or in negotiated transactions, or through the writing of options on the selling shareholders' shares, a combination of these methods of sale, or otherwise.  Sales may be made at market prices prevailing at the time of sale, or at negotiated prices. We are not aware of any underwriting arrangements that have been entered into by the Selling Shareholders.  We will file a post-effective amendment to our registration statement with the SEC if any Selling Shareholder enters into an agreement to sell shares through broker-dealers acting as principals after the date of this prospectus.
The Selling Shareholders, during the time each is engaged in distributing shares covered by this prospectus, must comply with the requirements of Regulation M under the Exchange Act.  Generally, under those rules and regulations they may not: (i) engage in any stabilization activity in connection with our securities, and (ii) bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities other than as permitted under the Exchange Act.
The Selling Shareholders and broker-dealers, if any, acting in connection with these sales might be deemed to be "underwriters" within the meaning of Section 2(11) of the Securities Act.  Any commission they receive and any profit upon the resale of the securities might be deemed to be underwriting discounts and commissions under the Securities Act.
Rules 15g-1 through 15g-9 promulgated under the Securities Exchange Act of 1934, as amended, impose sales practice and disclosure requirements on NASD broker-dealers who make a market in "a penny stock".  A penny stock generally includes any non-NASDAQ equity security that has a market price of less than $5.00 per share. Our shares may be quoted on the OTC Bulletin Board or the Toronto Stock Exchange, and the price of our shares may fall within a range which would cause our shares to be considered a "penny stock."  The additional sales practice and disclosure requirements imposed upon broker-dealers handling "penny stocks" may discourage broker-dealers from effecting transactions in our shares, which could severely limit the market liquidity of the shares and impede the sale of our shares in the market.
Under the "penny stock" regulations, a broker-dealer selling "penny stocks" to anyone other than an established customer or "accredited investor" (generally, an individual with net worth in excess of $1,000,000 or an annual income exceeding $200,000, or $300,000 together with his or her spouse) must make a special suitability determination for the purchaser and must receive the purchaser's written consent to the transaction prior to purchase, unless the broker-dealer or the transaction is otherwise exempt.
In addition, the "penny stock" regulations require the broker-dealer to deliver, prior to any transaction involving a "penny stock", a disclosure schedule prepared by the Commission relating to the "penny stock" market, unless the broker-dealer or the transaction is otherwise exempt. A broker-dealer is also required to disclose commissions payable to the broker-dealer and the registered representative and current quotations for the securities.  Finally, a broker-dealer is required to send monthly statements disclosing recent price information with respect to the "penny stock" held in a customer's account and information with respect to the limited market in "penny stocks."
- 64 -
All of the foregoing may affect the marketability of the securities.
Sales of any shares of common stock by the selling shareholders may depress the price of the common stock in any market that may develop for the common stock.
Under the Securities Exchange Act of 1934, as amended, and its regulations, any person engaged in the distribution of shares of common stock offered by this prospectus may not simultaneously engage in market-making activities with respect to the common stock during the applicable "cooling off" period prior to the commencement of this distribution. In addition, and without limiting the foregoing, the selling shareholders will be subject to applicable provisions of the Exchange Act and its rules and regulations, including without limitation Regulation M promulgated under the Exchange Act, in connection with transactions in the shares, which provisions may limit the timing of purchases and sales of shares of common stock by the selling shareholders.
The above table sets forth information known to us regarding ownership of our common stock by each of the Selling Shareholders as of the date hereof and as adjusted to reflect the sale of shares offered by this prospectus.  None of the Selling Shareholders has had any position with, held any office of, or had any other material relationship with us during the past three years except J. Malcolm Slack and Richard Ewing, both of whom were directors of the Company.
We believe, based on information supplied by the Selling Shareholders and our own records, that the persons named in the above table have sole voting and investment power with respect to all shares of common stock which they beneficially own.
Blue Sky Restrictions on Resale
The selling shareholders named in this prospectus may offer and sell the Shares covered by this prospectus only in States in the United States where exemptions from registration under State securities laws are available.  The Company has obtained an exemption, known as the "manual exemption," in approximately 38 States where such exemption is available.  Generally, the manual exemption is available to issuers that maintain an up-to-date listing that includes certain information about the issuer in a recognized securities manual.  The Company has a listing in "Standard & Poor's Corporation Records," a recognized securities manual.  The States that provide the manual exemption include: Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Guam, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Texas, U.S. Virgin Islands, Utah, Washington, West Virginia, and Wyoming.  Each State's law is different.  Some of the States provide a general exemption for issuers' securities that are listed in a "recognized securities manual" (or similar language) while other States have provisions that name the recognized securities manuals that qualify an issuer for the exemption in that State.  Investors and securities professionals are advised to check each State's securities laws and regulations (known as "Blue Sky" laws) or to check with Yukon Gold to ascertain whether an exemption exists for the Company's shares in a particular State.
Expenses of the Offering
Yukon Gold will pay the entire expenses of the offering which are estimated to be
approximately $17,179.
- 65 -
We intend to keep this prospectus effective until all of the Warrants of the Company, Flow-Through Unit Warrants of the Company, Unit Warrants of the Company, Flow-Through Compensation Warrants of the Company and Unit Compensation Warrants of the Company have been exercised or the resale of the shares covered by this prospectus by the Selling Shareholders is covered by an exemption from registration under the Securities Act of 1933.
LEGAL PROCEEDINGS
We are not a party to any pending legal proceeding or litigation and none of our property is the subject of a pending legal proceeding.
LEGAL MATTERS
The validity of the issuance of the common stock offered in this prospectus has been passed upon by Kavinoky Cook LLP, Buffalo, New York.
EXPERTS
The consolidated financial statements of Yukon Gold Corporation, Inc. for the years ended April 30, 2006 and April 30, 2005 were audited by Schwartz Levitsky Feldman LLP, independent auditors, as set forth in their report thereon appearing in this prospectus, and are included in reliance upon such report given upon the authority of such firm as experts in accounting and auditing.  Reports regarding the mineral properties at the Mount Hinton site have been prepared for us by Junior Mine Services, Inc. and by Archer, Cathro & Associates (1981) Limited and much of the information about the Mount Hinton Property contained in this prospectus has been obtained from those reports with their consent.  Reports regarding the mineral properties at the Marg Property site were prepared by Peter Holbek, M.Sc., P.Geo. of Viking GeoScience and much of the information about the Marg Property contained in this prospectus has been obtained from those reports with their consent.
CHANGE IN AUDITORS
As of November 20, 2003, the board of Yukon Gold unanimously approved the replacement of Rotenberg & Co., LLP with Schwartz Levitsky Feldman LLP.  Yukon Gold's principal independent auditors are Schwartz Levitsky Feldman LLP.
Prior to the consummation of the Share Purchase Agreement, when our company was known as "TAKE-4, Inc." Rotenberg & Co., LLP acted as our independent auditors.  Following the consummation of the Share Purchase Agreement with YGC, Yukon Gold chose to replace Rotenberg & Co., LLP with Schwartz Levitsky Feldman LLP because Schwartz Levitsky Feldman LLP had experience with respect to the Canadian mining industry, the requirements of U.S. GAAP relating to the mining industry and in addition, Schwartz Levitsky Feldman LLP had audited the financial statements of our subsidiary, YGC.
Yukon Gold neither had nor has any disagreements with Rotenberg & Co. LLP on any matter of accounting principles or practice, financial statement disclosure, or auditing scope or procedures till the date of this prospectus, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion of the subject matter of the disagreement.
The audit reports of Rotenberg & Co., LLP for all years and periods of audit, did not contain any adverse opinion nor were they qualified or modified as to uncertainty, audit scope, or accounting principles except for a "going concern" qualification.
- 66 -
During Yukon Gold's two most recent fiscal years ended April 30, 2007, Yukon Gold has not consulted with Schwartz Levitsky Feldman LLP regarding any of the matters specified in Item 304(a)(2) of Reg. S-K.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
The Delaware Business Corporation Act and our by-laws, provide that we shall indemnify our officers and directors and hold harmless each person who was, is or is threatened to be made a party to or is otherwise involved in any threatened proceedings by reason of the fact that he or she is or was our director or officer, against losses, claims, damages, liabilities and expenses actually and reasonably incurred or suffered in connection with such proceeding. However, the statutory indemnity does not apply to: (a) acts or omissions of the director finally adjudged to be intentional misconduct or a knowing violation of law; (b) unlawful distributions; or (c) any transaction with respect to which it was finally adjudged that such director personally received a benefit in money, property, or services to which the director was not legally entitled.  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the forgoing provisions or otherwise, we have been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in that Act and is, therefore, unenforceable.
HOW TO GET MORE INFORMATION
We have filed with the Securities and Exchange Commission a registration statement on Form S-1 under the Securities Act with respect to the securities offered by this prospectus.  This prospectus, which forms a part of the registration statement, does not contain all the information set forth in the registration statement, as permitted by the rules and regulations of the Commission.  For further information with respect to us and the securities offered by this prospectus, reference is made to the registration statement.  The material terms of all exhibits have been expressed in this prospectus.  Statements contained in this prospectus as to the contents of any contract or other document that we have filed as an exhibit to the registration statement are qualified in their entirety by reference to the exhibits for a complete statement of their terms and conditions.  The registration statement and other information may be read and copied at the Commission's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.  The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330.  The Commission maintains a web site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission and you can reach us at info@yukongoldcorp.com.  Cletus Ryan acts as the Information Officer for the Company and can be reached at 416-865-9790.
Upon effectiveness of the registration statement, we will be subject to the reporting and other requirements of the Exchange Act and we intend to furnish our stockholders annual reports containing financial statements audited by our independent auditors and to make available quarterly reports containing unaudited financial statements for each of the first three quarters of each year.
GLOSSARY
In this registration statement, we use certain capitalized and abbreviated terms, as well as technical terms, which are defined below.
Adit
A horizontal or nearly horizontal passage driven from the surface for the purpose of the exploration or mining of a mineralized zone or ore body.
- 67 -
Air photo
analysis
Use of aerial photography to determine or estimate geological features.
Alluvial Material
Eroded material such as soil, sand, granite and other materials above the bedrock.
Anomaly
Pertaining to the data set resulting from geochemical or geophysical surveys; a deviation from uniformity or regularity.
Arenite
General term for sedimentary rock consisting of sand-sized particles.
Assay
To analyse the proportions of metals in a specimen of rock or other geological material.  Results of a test of the proportions of metals in a specimen of rock or other geological material.
Bedding
The arrangement of a sedimentary or metamorphic rock in beds or layers of varying thickness and character.
Bedrock
A general term for the rock, usually solid, that underlies soil or other unconsolidated superficial material.
Break
A general term used in mining geology for any discontinuity in the rock, such as a fault or fracture.
Bulldozer trenching
A method of exposing bedrock by use of a bulldozer.
Channel sample
A sample composed of pieces of vein or mineral deposit that have been cut out of a small trench or channel, usually about one inch deep and 4 inches wide.
Cirque
A deep, steep walled, flat or gently floored, half bowl like recess, variously described as crescent shaped or semicircular in plan, typically situated high on the north side of a mountain and commonly at the head of a glacial valley, and produced by the erosive activity of mountain glaciers.
Coarse reject
Pertaining to assay and geochemical analytical procedures where a rock sample is initially crushed before a subsample is separated for further analysis.  The coarse reject may be retained for a check assay or for additional analysis.
Collar
The start or beginning of a drill hole or the mouth of an underground working entrance.
crosscut
An underground passage excavated across an ore body to test its width and value.
Devonian
A geologic period of the Paleozoic era spanning from roughly 416 to 359 million years ago.
Diamond drilling
The act or process of drilling boreholes using bits inset with diamonds as the rock cutting tool.  The bits are rotated by various types and sizes of mechanisms motivated by electric, compressed air or internal combustion engines or motors.
Dip
The angle at which a bed, stratum, vein or other structure is inclined from the horizontal, measured perpendicular to the strike and in the vertical plane.
- 68 -
Drill core
A cylindrical or columnar piece of solid rock, usually 1 to 6 inches (2.5 cm to 40 cm) in diameter and less than 10 feet (3 m) in length, taken as a sample of an underground formation by a cylindrical drill bit, and brought to the surface for examination or analysis.
Drift
n.  A horizontal opening in or near a mineralized body and parallel to the long dimension of the vein or mineralized body.  v.  The act of excavating a drift.
Economic
The portion of a mineralized body that can be profitably exploited.
Excavator trenching
A method of exposing bedrock by use of a hydraulic excavator.
Fault
A fracture or fracture zone in rock along which there has been displacement of the two sides relative to each other and parallel to the fracture.
Felsic
a term used in geology to refer to silicate minerals, magmas, and rocks which are enriched in the lighter elements such as silicon, oxygen, aluminum, sodium, and potassium.
Float
A general term for loose fragments of rock; especially on a hillside below an outcropping mineralized zone.
Float train
A general term for the downslope distribution of float below a mineralized zone.
Foxhole
A small pit excavated in overburden by hand to expose bedrock.
Fracture
A general term for any break in a rock, whether or not it causes displacement.
Geochemical
sampling
The collection of soil, silt, vegetation or rock samples for analysis as a guide to the presence of areas of anomalous mineral of metal content in bedrock.
Geological
mapping
In mineral exploration, the collection of geological data such as the description and orientation of various types of bedrock.
Geophysical survey
In mineral exploration,
the collection of seismic, gravitational, electrical, radiometric, density or magnetic data to aid in the evaluation of the mineral potential of a particular area.
Graphitic
Containing graphite.
Greenstone
A general term applied to any compact dark green, altered or metamorphosed mafic igneous rock (e.g. gabbro or diorite).
g/t
Abbreviation for gram per tonne; equivalent to one part per million (ppm).
Hand trenching
A method of exposing bedrock by hand excavation.
Headwall
A steep slope at the head of a valley, especially the rock cliff at the back of a cirque.
- 69 -
Hydrothermal
Of or pertaining to hot water, to the action of hot water, or to the products of this action, such as a mineral deposit precipitated from a hot aqueous solution, with or without demonstrable association with igneous processes.
Igneous
Said of a rock or mineral that solidified from molten or partly molten material; also applied to processes leading to, or resulting from the formation of such rocks.
Metallurgical test
A general term for a number of mechanical or chemical processes that are employed to test the amenability of separating metals from their ores.
Metasedimentary
A sediment or sedimentary rock that shows evidence of being subjected to metamorphism.
Mineralization
The process or processes by which a mineral or minerals are introduced into a rock, resulting in an enriched deposit; or the result of these processes.
Mineralized
Rock that has undergone the process of mineralization.
Mining camp
A term loosely applied to an area of relatively abundant mines that have some relationship to each other in terms of the type of deposit or the variety of ore produced.
Mississippian
An epoch of the Carboniferous Period lasting from roughly 360 to 325 million years ago.
Net Smelter
Return royalty
A general term for a residual benefit that is a percentage of the value for which a smelter will reimburse the provider of ore to the smelter, after deduction for various smelting fees and penalties and, often after cost of transportation has been deducted.
Ore
The naturally occurring material from which a mineral or minerals of economic value can be extracted profitably or to satisfy social or political objectives.
Outcrop
The part of a rock formation that appears at the surface of the ground.
Overburden
Loose soil, sand, gravel, broken rock, etc. that lies above the bedrock.
oz/ton
Abbreviation for troy ounce per ton.
Percussion drill
Drilling method by which the drill bit falls by force or is driven by force into the bedrock.
Permafrost
A permanently frozen layer of soil or subsoil, or even bedrock, which occurs to variable depths below the Earth's surface in arctic or subarctic regions.
Phyllite
A type of foliated metamorphic rock primarily composed of quartz, sericite mica, and chlorite.
Placer gold
Gold occurring in more or less coarse grains or flakes and obtainable by washing the sand, gravel, etc. in which it is found.  Also called alluvial gold.
Placer mining
The extraction and concentration of heavy metals or minerals (usually gold) from alluvial deposits by various methods, generally using running water.
- 70 -
ppb
Abbreviation for part per billion.
ppm
Abbreviation for part per million.
Prospecting
Pertaining to the search for outcrops or surface exposures of mineral deposits, primarily by nonmechanical methods.
Quartz
A glassy silicate and common rock forming mineral (SiO2).
Quartz diorite
A group of plutonic rocks having the composition of diorite but with appreciable quartz and feldspar, i.e. between 5 and 20%.
Quartz gabbro
A group of plutonic rocks having the composition of gabbro but with appreciable quartz.
Quartzite
A metamorphosed sandstone or rock composed of quartz grains so completely cemented with secondary silica that the rock breaks across or through the grains rather than around them.
Reserve
That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.
Resource
Pertaining to the quantity or bulk of mineralized material without reference to the economic viability of its extraction (see reserve).
Saddle
A low point along the crestline of a ridge.
Sediment
Fragmental material that originates from weathering of rocks and that is transported by air, water, ice or other natural agents, and that forms in layers on the Earth's surface at ordinary temperatures in a loose, unconsolidated form; e.g. silt, sand, gravel, etc.
Sedimentary rock
A rock resulting from the consolidation of loose sediment.
Shaft
An approximately vertical mine working of limited area compared with its depth.
Siderite
A light or dark brown mineral of the calcite group (FeCO3).
Soil sampling
(see Geochemical sampling).
Strata
Beds or layers of rock.
Strike
The course or bearing of the outcrop of an inclined bed, vein or fault plane on a level surface; the direction of a horizontal line perpendicular to the dip.
Trace
Pertaining to assay values; as used in this report, this term refers to gold grades of less than 0.01 oz/ton (0.3 g/t).
Underground
exploration
The process of excavating underground workings and drilling from these excavations to establish the continuity, thickness and grade of a mineral deposit.
- 71 -
Vein
An epigenetic mineral filling of a fault or other fracture in a host rock, in tabular or sheetlike form, often as a precipitate from a hydrothermal fluid.
Vein fault
A term used in the Keno Hill mining camp to describe quartz vein material and associated fault gouge that are contained within a fault zone.
VLF-EM
An abbreviation for the Very Low Frequency-Electromagnetic geophysical survey technique.
Weighted average
Value calculated from a number of samples, each of which has been "weighted" by a factor of the individual sample width.
Working
A general term for any type of excavation carried out during the course of mining or mining exploration.
- 72 -
LIST OF MOUNT HINTON CLAIMS
Mount Hinton Property Claims
held by
Yukon Gold Corp
Claim
Claim
Grant
Claim Owner
Claim
Name
Name
Number
Expiry Date
Granite
1
YC11769
Yukon Gold Corp - 100%.
2011-03-09
Granite
2
YC11770
Yukon Gold Corp - 100%.
2011-03-09
Granite
3
YC11771
Yukon Gold Corp - 100%.
2011-03-09
Granite
4
YC11772
Yukon Gold Corp - 100%.
2011-03-09
Granite
5
YC11773
Yukon Gold Corp - 100%.
2011-03-09
Granite
6
YC11774
Yukon Gold Corp - 100%.
2011-03-09
Granite
7
YC11775
Yukon Gold Corp - 100%.
2011-03-09
Granite
8
YC11776
Yukon Gold Corp - 100%.
2011-03-09
Granite
9
YC11777
Yukon Gold Corp - 100%.
2011-03-09
Granite
10
YC11778
Yukon Gold Corp - 100%.
2011-03-09
Granite
11
YC11779
Yukon Gold Corp - 100%.
2011-03-09
Granite
12
YC11780
Yukon Gold Corp - 100%.
2011-03-09
Granite
13
YC11781
Yukon Gold Corp - 100%.
2011-03-09
Granite
14
YC11782
Yukon Gold Corp - 100%.
2011-03-09
Granite
15
YC11783
Yukon Gold Corp - 100%.
2011-03-09
Granite
16
YC11784
Yukon Gold Corp - 100%.
2011-03-09
Granite
17
YC11785
Yukon Gold Corp - 100%.
2011-03-09
Granite
18
YC11786
Yukon Gold Corp - 100%.
2011-03-09
Granite
19
YC11787
Yukon Gold Corp - 100%.
2011-03-09
Granite
20
YC11788
Yukon Gold Corp - 100%.
2011-03-09
Granite
21
YC11789
Yukon Gold Corp - 100%.
2011-03-09
Granite
22
YC11790
Yukon Gold Corp - 100%.
2011-03-09
Granite
23
YC11791
Yukon Gold Corp - 100%.
2011-03-09
Hinton
1
YC00401
Yukon Gold Corp - 100%.
2011-11-01
Hinton
2
YC00402
Yukon Gold Corp - 100%.
2011-11-01
Hinton
3
YC00403
Yukon Gold Corp - 100%.
2011-11-01
Hinton
4
YC00404
Yukon Gold Corp - 100%.
2011-11-01
Hinton
5
YC00405
Yukon Gold Corp - 100%.
2011-11-01
Hinton
6
YC00406
Yukon Gold Corp - 100%.
2011-11-01
Hinton
7
YC00407
Yukon Gold Corp - 100%.
2011-11-01
Hinton
8
YC00408
Yukon Gold Corp - 100%.
2011-11-01
- 73 -
Hinton
9
YC00409
Yukon Gold Corp - 100%.
2011-11-01
Hinton
10
YC00410
Yukon Gold Corp - 100%.
2011-11-01
Hinton
11
YC00411
Yukon Gold Corp - 100%.
2011-11-01
Hinton
12
YC00412
Yukon Gold Corp - 100%.
2011-11-01
Hinton
13
YC00413
Yukon Gold Corp - 100%.
2011-11-01
Hinton
14
YC00414
Yukon Gold Corp - 100%.
2011-11-01
Hinton
15
YC00415
Yukon Gold Corp - 100%.
2011-11-01
Hinton
16
YC00416
Yukon Gold Corp - 100%.
2011-11-01
Hinton
17
YC00417
Yukon Gold Corp - 100%.
2011-11-01
Hinton
18
YC00418
Yukon Gold Corp - 100%.
2011-11-01
Hinton
19
YC00419
Yukon Gold Corp - 100%.
2011-11-01
Hinton
20
YC00420
Yukon Gold Corp - 100%.
2011-11-01
Hinton
21
YC00421
Yukon Gold Corp - 100%.
2011-11-01
Hinton
22
YC00422
Yukon Gold Corp - 100%.
2011-11-01
Hinton
23
YC00423
Yukon Gold Corp - 100%.
2011-11-01
Hinton
24
YC00424
Yukon Gold Corp - 100%.
2011-11-01
Hinton
25
YC00425
Yukon Gold Corp - 100%.
2011-11-01
Hinton
26
YC00426
Yukon Gold Corp - 100%.
2011-11-01
Hinton
27
YC00427
Yukon Gold Corp - 100%.
2011-11-01
Hinton
28
YC00428
Yukon Gold Corp - 100%.
2011-11-01
Hinton
29
YC00429
Yukon Gold Corp - 100%.
2011-11-01
Hinton
30
YC00430
Yukon Gold Corp - 100%.
2011-11-01
Hinton
31
YC00431
Yukon Gold Corp - 100%.
2011-11-01
Hinton
32
YC00432
Yukon Gold Corp - 100%.
2011-11-01
Hinton
33
YC00433
Yukon Gold Corp - 100%.
2011-11-01
Hinton
34
YC00434
Yukon Gold Corp - 100%.
2011-11-01
Hinton
35
YC01091
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
1
YC01126
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
2
YC01127
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
3
YC01128
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
4
YC01129
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
5
YC01130
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
6
YC01131
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
7
YC01132
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
8
YC01133
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
9
YC01134
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
10
YC01135
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
11
YC01136
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
12
YC01137
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
13
YC01138
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
14
YC01139
Yukon Gold Corp - 100%.
2011-11-01
- 74 -
Hinton II
15
YC01140
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
16
YC01141
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
17
YC01142
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
18
YC01143
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
19
YC01144
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
20
YC01145
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
21
YC01146
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
22
YC01147
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
23
YC01148
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
24
YC01149
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
25
YC01150
Yukon Gold Corp - 100%.
2011-11-01
Hinton II
26
YC01151
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
1
YC01152
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
2
YC01153
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
3
YC01154
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
4
YC01155
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
5
YC01156
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
6
YC01157
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
7
YC01158
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
8
YC01159
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
9
YC01160
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
10
YC01161
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
11
YC01162
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
12
YC01163
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
13
YC01164
Yukon Gold Corp - 100%.
2011-11-01
Hinton III
14
YC01165
Yukon Gold Corp - 100%.
2011-11-01
Hinton IV
1
YC01424
Yukon Gold Corp - 100%.
2011-11-01
Hinton IV
2
YC01425
Yukon Gold Corp - 100%.
2011-11-01
Hinton IV
3
YC01426
Yukon Gold Corp - 100%.
2011-11-01
Hinton IV
4
YC01427
Yukon Gold Corp - 100%.
2011-11-01
Hinton IV
5
YC01428
Yukon Gold Corp - 100%.
2011-11-01
Hinton IV
6
YC01429
Yukon Gold Corp - 100%.
2011-11-01
Hinton V
1
YC01417
Yukon Gold Corp - 100%.
2011-11-01
Hinton V
2
YC01418
Yukon Gold Corp - 100%.
2011-11-01
Hinton V
3
YC01419
Yukon Gold Corp - 100%.
2011-11-01
Hinton V
4
YC01420
Yukon Gold Corp - 100%.
2011-11-01
Hinton V
5
YC01421
Yukon Gold Corp - 100%.
2011-11-01
Hinton V
6
YC01422
Yukon Gold Corp - 100%.
2011-11-01
Hinton V
7
YC01423
Yukon Gold Corp - 100%.
2011-11-01
Key
1
YC10609
Yukon Gold Corp - 100%.
2012-11-01
Key
2
YC10610
Yukon Gold Corp - 100%.
2012-11-01
- 75 -
Key
3
YC10611
Yukon Gold Corp - 100%.
2012-11-01
Key
4
YC10612
Yukon Gold Corp - 100%.
2012-11-01
Key
5
YC10613
Yukon Gold Corp - 100%.
2012-11-01
Key
6
YC10614
Yukon Gold Corp - 100%.
2012-11-01
Key
7
YC10615
Yukon Gold Corp - 100%.
2012-11-01
Key
8
YC10616
Yukon Gold Corp - 100%.
2012-11-01
Key
9
YC10617
Yukon Gold Corp - 100%.
2012-11-01
Key
10
YC10618
Yukon Gold Corp - 100%.
2012-11-01
Key
11
YC10619
Yukon Gold Corp - 100%.
2012-11-01
Key
12
YC10620
Yukon Gold Corp - 100%.
2012-11-01
Key
13
YC10621
Yukon Gold Corp - 100%.
2012-11-01
Key
14
YC10622
Yukon Gold Corp - 100%.
2012-11-01
Key
15
YC10623
Yukon Gold Corp - 100%.
2012-11-01
Key
16
YC10624
Yukon Gold Corp - 100%.
2012-11-01
Key
17
YC10625
Yukon Gold Corp - 100%.
2012-11-01
Key
18
YC10626
Yukon Gold Corp - 100%.
2012-11-01
Key
27
YC10627
Yukon Gold Corp - 100%.
2012-11-01
Key
28
YC10628
Yukon Gold Corp - 100%.
2012-11-01
Key
29
YC10629
Yukon Gold Corp - 100%.
2012-11-01
Key
30
YC10630
Yukon Gold Corp - 100%.
2012-11-01
Key
31
YC10631
Yukon Gold Corp - 100%.
2012-11-01
Key
32
YC10632
Yukon Gold Corp - 100%.
2012-11-01
Key
33
YC10633
Yukon Gold Corp - 100%.
2012-11-01
Key
34
YC10634
Yukon Gold Corp - 100%.
2012-11-01
Key
35
YC10635
Yukon Gold Corp - 100%.
2012-11-01
Key
36
YC10636
Yukon Gold Corp - 100%.
2012-11-01
Key
37
YC10637
Yukon Gold Corp - 100%.
2012-11-01
Key
38
YC10638
Yukon Gold Corp - 100%.
2012-11-01
Key
39
YC10639
Yukon Gold Corp - 100%.
2012-11-01
Key
40
YC10640
Yukon Gold Corp - 100%.
2012-11-01
Key
41
YC10641
Yukon Gold Corp - 100%.
2012-11-01
Key
42
YC10642
Yukon Gold Corp - 100%.
2012-11-01
Key
43
YC10643
Yukon Gold Corp - 100%.
2012-11-01
Key
44
YC10644
Yukon Gold Corp - 100%.
2012-11-01
Key
45
YC10645
Yukon Gold Corp - 100%.
2012-11-01
Key
46
YC10646
Yukon Gold Corp - 100%.
2012-11-01
Key
47
YC10647
Yukon Gold Corp - 100%.
2012-11-01
Key
48
YC10648
Yukon Gold Corp - 100%.
2012-11-01
Key
49
YC10649
Yukon Gold Corp - 100%.
2013-11-01
Key
50
YC10650
Yukon Gold Corp - 100%.
2013-11-01
Key
57
YC10651
Yukon Gold Corp - 100%.
2013-11-01
- 76 -
Key
58
YC10652
Yukon Gold Corp - 100%.
2013-11-01
Key
59
YC10653
Yukon Gold Corp - 100%.
2013-11-01
Key
60
YC10654
Yukon Gold Corp - 100%.
2013-11-01
Key
61
YC10655
Yukon Gold Corp - 100%.
2013-11-01
Key
62
YC10656
Yukon Gold Corp - 100%.
2013-11-01
Key
63
YC10657
Yukon Gold Corp - 100%.
2012-11-01
Key
64
YC10658
Yukon Gold Corp - 100%.
2012-11-01
Key
65
YC10659
Yukon Gold Corp - 100%.
2012-11-01
Key
66
YC10660
Yukon Gold Corp - 100%.
2012-11-01
Key
67
YC10661
Yukon Gold Corp - 100%.
2012-11-01
Key
68
YC10662
Yukon Gold Corp - 100%.
2012-11-01
Key
69
YC10663
Yukon Gold Corp - 100%.
2012-11-01
Key
70
YC10664
Yukon Gold Corp - 100%.
2012-11-01
Key
71
YC10665
Yukon Gold Corp - 100%.
2012-11-01
Key
72
YC10666
Yukon Gold Corp - 100%.
2012-11-01
Key
73
YC10667
Yukon Gold Corp - 100%.
2012-11-01
Key
74
YC10668
Yukon Gold Corp - 100%.
2012-11-01
Key
75
YC10669
Yukon Gold Corp - 100%.
2012-11-01
Key
76
YC10670
Yukon Gold Corp - 100%.
2012-11-01
Key
77
YC10671
Yukon Gold Corp - 100%.
2012-11-01
Key
78
YC10672
Yukon Gold Corp - 100%.
2012-11-01
Key
79
YC10673
Yukon Gold Corp - 100%.
2012-11-01
Key
80
YC10674
Yukon Gold Corp - 100%.
2012-11-01
Key
81
YC10675
Yukon Gold Corp - 100%.
2012-11-01
Key
82
YC10676
Yukon Gold Corp - 100%.
2012-11-01
Key
89
YC10677
Yukon Gold Corp - 100%.
2012-11-01
Key
90
YC10678
Yukon Gold Corp - 100%.
2012-11-01
Key
91
YC10679
Yukon Gold Corp - 100%.
2012-11-01
Key
92
YC10680
Yukon Gold Corp - 100%.
2012-11-01
Key
100
YC10693
Yukon Gold Corp - 100%.
2012-11-01
Key
101
YC10694
Yukon Gold Corp - 100%.
2012-11-01
Key
102
YC10695
Yukon Gold Corp - 100%.
2012-11-01
Key
103
YC10696
Yukon Gold Corp - 100%.
2012-11-01
Key
104
YC10697
Yukon Gold Corp - 100%.
2012-11-01
Lock
1
YC32229
Yukon Gold Corp - 100%.
2011-02-23
Lock
2
YC32230
Yukon Gold Corp - 100%.
2011-02-23
Lock
3
YC32231
Yukon Gold Corp - 100%.
2011-02-23
Lock
4
YC32232
Yukon Gold Corp - 100%.
2011-02-23
Lock
5
YC32233
Yukon Gold Corp - 100%.
2011-02-23
Lock
6
YC32234
Yukon Gold Corp - 100%.
2011-02-23
Lock
7
YC32235
Yukon Gold Corp - 100%.
2011-02-23
- 77 -
Lock
8
YC32236
Yukon Gold Corp - 100%.
2011-02-23
Lock
9
YC32237
Yukon Gold Corp - 100%.
2011-02-23
Lock
10
YC32238
Yukon Gold Corp - 100%.
2011-02-23
Lock
11
YC32239
Yukon Gold Corp - 100%.
2011-02-23
Lock
12
YC32240
Yukon Gold Corp - 100%.
2011-02-23
Lock
13
YC32241
Yukon Gold Corp - 100%.
2011-02-23
Lock
14
YC32242
Yukon Gold Corp - 100%.
2011-02-23
Lock
15
YC32243
Yukon Gold Corp - 100%.
2011-02-23
Lock
16
YC32244
Yukon Gold Corp - 100%.
2011-02-23
Lock
17
YC32245
Yukon Gold Corp - 100%.
2011-02-23
Lock
18
YC32246
Yukon Gold Corp - 100%.
2011-02-23
Lock
19
YC32247
Yukon Gold Corp - 100%.
2011-02-23
Lock
20
YC32248
Yukon Gold Corp - 100%.
2011-02-23
Lock
21
YC32249
Yukon Gold Corp - 100%.
2011-02-23
Lock
22
YC32250
Yukon Gold Corp - 100%.
2011-02-23
Lock
23
YC32251
Yukon Gold Corp - 100%.
2011-02-23
Lock
24
YC32252
Yukon Gold Corp - 100%.
2011-02-23
Lock
25
YC32253
Yukon Gold Corp - 100%.
2011-02-23
Lock
26
YC32254
Yukon Gold Corp - 100%.
2011-02-23
Lock
27
YC32255
Yukon Gold Corp - 100%.
2011-02-23
Lock
28
YC32256
Yukon Gold Corp - 100%.
2011-02-23
Lock
29
YC32257
Yukon Gold Corp - 100%.
2011-02-23
Lock
30
YC32258
Yukon Gold Corp - 100%.
2011-02-23
Lock
31
YC32259
Yukon Gold Corp - 100%.
2011-02-23
Lock
32
YC32260
Yukon Gold Corp - 100%.
2011-02-23
Lock
33
YC32261
Yukon Gold Corp - 100%.
2011-02-23
Lock
34
YC32262
Yukon Gold Corp - 100%.
2011-02-23
Lock
35
YC32263
Yukon Gold Corp - 100%.
2011-02-23
Lock
36
YC32264
Yukon Gold Corp - 100%.
2011-02-23
Lock
37
YC32265
Yukon Gold Corp - 100%.
2011-02-23
Lock
38
YC32266
Yukon Gold Corp - 100%.
2011-02-23
Lock
39
YC32267
Yukon Gold Corp - 100%.
2011-02-23
Lock
40
YC32268
Yukon Gold Corp - 100%.
2011-02-23
Lock
41
YC32269
Yukon Gold Corp - 100%.
2011-02-23
Lock
42
YC32270
Yukon Gold Corp - 100%.
2011-02-23
Lock
43
YC32271
Yukon Gold Corp - 100%.
2011-02-23
Lock
44
YC32272
Yukon Gold Corp - 100%.
2011-02-23
Lock
45
YC32273
Yukon Gold Corp - 100%.
2011-02-23
Lock
46
YC32274
Yukon Gold Corp - 100%.
2011-02-23
Lock
47
YC32275
Yukon Gold Corp - 100%.
2011-02-23
Lock
48
YC32276
Yukon Gold Corp - 100%.
2011-02-23
Lock
49
YC32277
Yukon Gold Corp - 100%.
2011-02-23
- 78 -
Lock
50
YC32278
Yukon Gold Corp - 100%.
2011-02-23
Lock
51
YC32279
Yukon Gold Corp - 100%.
2011-02-23
Lock
52
YC32280
Yukon Gold Corp - 100%.
2011-02-23
Lock
53
YC32281
Yukon Gold Corp - 100%.
2011-02-23
Lock
54
YC32282
Yukon Gold Corp - 100%.
2011-02-23
Lock
55
YC32283
Yukon Gold Corp - 100%.
2011-02-23
Lock
56
YC32284
Yukon Gold Corp - 100%.
2011-02-23
Lock
57
YC32285
Yukon Gold Corp - 100%.
2011-02-23
Lock
58
YC32286
Yukon Gold Corp - 100%.
2011-02-23
Lock
59
YC32287
Yukon Gold Corp - 100%.
2011-02-23
Lock
60
YC32288
Yukon Gold Corp - 100%.
2011-02-23
Lock
61
YC32289
Yukon Gold Corp - 100%.
2011-02-23
Lock
62
YC32290
Yukon Gold Corp - 100%.
2011-02-23
Lock
63
YC32291
Yukon Gold Corp - 100%.
2011-02-23
Lock
64
YC32292
Yukon Gold Corp - 100%.
2011-02-23
Moon
1
YC10957
Yukon Gold Corp - 100%.
2011-09-09
Moon
2
YC10958
Yukon Gold Corp - 100%.
2011-09-09
Moon
3
YC10959
Yukon Gold Corp - 100%.
2011-09-09
Moon
4
YC10960
Yukon Gold Corp - 100%.
2011-09-09
Moon
5
YC10961
Yukon Gold Corp - 100%.
2011-09-09
Moon
6
YC10962
Yukon Gold Corp - 100%.
2011-09-09
Moon
7
YC10963
Yukon Gold Corp - 100%.
2011-09-09
Moon
8
YC10964
Yukon Gold Corp - 100%.
2011-09-09
Moon
9
YC10965
Yukon Gold Corp - 100%.
2011-09-09
Moon
10
YC10966
Yukon Gold Corp - 100%.
2011-09-09
Moon
11
YC10967
Yukon Gold Corp - 100%.
2011-09-09
Moon
12
YC10968
Yukon Gold Corp - 100%.
2011-09-09
Red
1
YC10948
Yukon Gold Corp - 100%.
2011-09-09
Red
2
YC10949
Yukon Gold Corp - 100%.
2011-09-09
Red
3
YC10950
Yukon Gold Corp - 100%.
2011-09-09
Red
4
YC10951
Yukon Gold Corp - 100%.
2011-09-09
Red
5
YC10952
Yukon Gold Corp - 100%.
2011-09-09
Red
6
YC10953
Yukon Gold Corp - 100%.
2011-09-09
Red
7
YC10954
Yukon Gold Corp - 100%.
2011-09-09
Red
8
YC10955
Yukon Gold Corp - 100%.
2011-09-09
Red
9
YC10956
Yukon Gold Corp - 100%.
2011-09-09
- 79 -
INDEX TO FINANCIAL STATEMENTS
Financial Statements for the six-month period ended October 31, 2007 (unaudited)
81
Financial Statements for the three- month period ended July 31, 2007 (unaudited)
103
Financial Statements for the year ended April 30, 2007 (audited)
121
- 80 -
YUKON GOLD CORPORATION, INC.
(AN EXPLORATION STAGE COMPANY)
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
OCTOBER 31, 2007
(Amounts expressed in US Dollars)
(Unaudited-Prepared by Management)
TABLE OF CONTENTS
Page No
Interim Consolidated Balance Sheets as of October 31, 2007 and April 30,
    2007
82
-83
Interim Consolidated Statements of Operations for the six months and three
    months ended October 31, 2007 and October 31, 2006
84
Interim Consolidated Statements of Cash Flows for the six months ended
    October 31, 2007 and October 31, 2006
85
Interim Consolidated Statements of Changes in Stockholders' Equity for the
    six months ended October 31, 2007 and the year ended April 30, 2007
86
Condensed Notes to Interim Consolidated Financial Statements
89-102
- 81 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated Balance
Sheets
As at October 31, 2007 and April 30, 2007
(Amounts expressed in US Dollars)
(Unaudited)
ASSETS
October 31,
April 30,
2007
2007
$
$
CURRENT ASSETS
Cash and cash equivalents
574,620
936,436
Prepaid expenses and other (note 10)
787,389
464,371
Exploration Tax Credit Receivable (note 4)
567,868
483,258
Short-term investment in available-for-sale
    securities (note 9)
210,000
–
Restricted Deposit
–
17,889
2,139,877
1,901,954
RESTRICTED CASH (note 5)
–
2,266,602
PROPERTY, PLANT AND EQUIPMENT
100,488
56,551
2,240,365
4,225,107
See condensed notes to the interim consolidated financial
statements.
APPROVED ON BEHALF OF THE BOARD
/s/ Kenneth J. Hill
Kenneth J. Hill, Director
/s/ J.L. Guerra, Jr
J.L. Guerra, Jr., Director
- 82 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated Balance Sheets
As at October 31, 2007 and April 30, 2007
(Amounts expressed in US Dollars)
(Unaudited)
LIABILITIES
October 31,
April 30,
2007
2007
$
$
CURRENT LIABILITIES
Accounts payable and accrued liabilities (note
    11)
190,571
260,134
Other Liability (note 12
)
35,381
–
Obligation under Capital Leases
2,937
2,812
Total
    Current Liabilities
228,889
262,946
Long –Term Portion of:
Obligation under Capital Lease
9,705
9,137
TOTAL LIABILITIES
238,594
272,083
SHAREHOLDERS' EQUITY
CAPITAL STOCK
2,547
2,288
ADDITIONAL PAID-IN CAPITAL
12,128,784
10,949,726
ACCUMULATED OTHER COMPREHENSIVE INCOME
    (LOSS)
277,695
(63,608)
DEFICIT, ACCUMULATED DURING THE EXPLORATION STAGE
(10,407,255)
(6,935,382)
2,001,771
3,953,024
2,240,365
4,225,107
See condensed notes to the interim consolidated financial
statements.
- 83 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated
Statements of Operations
For the six months and three months ended October 31, 2007 and October 31, 2006
(Amounts expressed in US Dollars)
(Unaudited)
For the
For the
For the
For the
six months
six months
three
    months
three
    months
Cumulative
ended
ended
ended
ended
since
October 31,
October
    31,
October
    31,
October
    31,
inception
2007
2006
2007
2006
$
$
$
$
$
OPERATING EXPENSES
General and administration
4,572,175
466,973
1,163,024
392,087
609,342
Project expenses
6,806,615
2,997,811
1,695,854
2,023,086
823,967
Exploration Tax Credit
(605,716)
–
–
–
–
Amortization
25,023
7,089
6,307
4,156
3,149
Loss on sale/disposal of capital
    assets
5,904
–
–
–
–
_
TOTAL OPERATING EXPENSES
10,804,001
3,471,873
2,865,185
2,419,329
1,436,458
LOSS BEFORE INCOME TAXES
(10,804,001)
(3,471,873)
(2,865,185)
(2,419,329)
(1,436,458)
Income
    taxes recovery
396,746
–
–
–
–
NET LOSS
(10,407,255)
(3,471,873)
(2,865,185)
(2,419,329)
(1,436,458)
Loss per share – basic and
    diluted
(0.14)
(0.17)
(0.09)
(0.08)
Weighted average common shares
    outstanding
23,999,421
17,151,588
25,078,649
17,646,550
See condensed notes to the interim consolidated financial statements.
- 84 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated
Statements of Cash Flows
For the six months ended October 31, 2007 and October 31, 2006
(Amounts expressed in US Dollars)
(Unaudited)
For the
For the
six months
six months
Cumulative
ended
ended
since
October 31,
October 31,
inception
2007
2006
$
$
$
CASH FLOWS FROM OPERATING
    ACTIVITIES
Net loss for the year
(10,407,255)
(3,471,873)
(2,865,185)
Items not requiring an
    outlay of cash:
Amortization
25,023
7,089
6,307
Loss on sale/disposal of
    capital assets
5,904
–
–
Registration rights penalty
    expense
188,125
–
–
Shares issued for property
    payment
525,339
57,252
53,845
Common shares issued for
    Settlement of severance liability to ex-officer
113,130
–
113,130
Stock-based compensation
872,778
196,259
170,646
Issue of shares for
    professional services
852,523
–
438,759
Issue of units against
    settlement of debts
20,077
–
–
Increase in prepaid
    expenses and deposits
(788,305)
(215,720)
(699,319)
Increase in exploration tax
    credit receivable
(567,868)
–
–
Increase (Decrease) in
    accounts payable and accrued liabilities
190,081
(100,404)
(48,169)
Decrease in restricted cash
–
2,266,602
118,275
Decrease in restricted
    deposit
–
17,889
–
Increase in other
    liabilities
35,581
35,381
–
NET CASH USED IN OPERATING
    ACTIVITIES
(8,934,867)
(1,207,525)
(2,711,711)
CASH FLOWS FROM INVESTING
    ACTIVITIES
Purchase of property, plant
    and equipment
(122,258)
(41,520)
(1,437)
Investment in available for
    sale securities
(250,000)
(250,000)
–
Sale of available for sale
    securities
140,000
140,000
–
NET CASH USED IN INVESTING
    ACTIVITIES
(232,258)
(151,520)
(1,437)
CASH FLOWS FROM FINANCING
    ACTIVITIES
Repayments from a
    shareholder
1,180
–
–
Proceeds from demand
    promissory notes
200,000
–
–
Proceeds from Convertible
    promissory notes converted
200,500
–
–
Proceeds from exercise of
    stock options
61,000
–
18,000
Proceeds from exercise of
    warrants-net
450,309
–
–
Proceeds from subscription
    of warrants-net
525,680
–
425,497
Proceeds from issuance of
    units /shares-net
8,114,808
925,807
862,978
Proceeds (Repayments) from
    capital lease obligation
11,069
(880)
(1,489)
NET CASH PROVIDED BY
    FINANCING ACTIVITIES
9,564,546
924,927
1,304,986
EFFECT OF FOREIGN CURRENCY
    EXCHANGE RATE CHANGES
177,199
72,302
(40,582)
NET INCREASE (DECREASE) IN
    CASH AND CASH EQUIVALENTS FOR THE YEAR
574,620
(361,816)
(1,448,744)
Cash and cash equivalents,
    beginning of year
–
936,436
2,412,126
CASH AND CASH EQUIVALENTS,
    END OF PERIOD
574,620
574,620
963,382
INCOME TAXES PAID
–
–
INTEREST PAID
–
–
See condensed notes to the interim consolidated financial
statements.
- 85 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated
Statements of Changes in Stockholders' Equity
From Inception to October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
Number of Common Shares
Common Shares Amount
Additional Paid-in
Capital
Subscription for
Warrants
Deficit,
Accumulated during the Exploration Stage
Comprehen-
sive
Income
(loss)
Accumulated
Other Comprehen-
sive
Income
(loss)
#
$
$
$
$
$
$
Issuance of Common shares
2,833,377
154,063
–
–
–
–
–
Issuance of warrants
–
–
1,142
–
–
–
–
Foreign currency
    translation
–
–
–
–
604
604
Net loss for the year
–
–
–
(124,783)
(124,783)
–
Balance as of April 30,
    2003
2,833,377
154,063
1,142
–
(124,783)
(124,179)
604
Issuance of Common shares
1,435,410
256,657
–
–
–
–
Issuance of warrants
–
–
2,855
–
–
–
Shares repurchased
(240,855)
(5,778)
–
–
–
–
Recapitalization pursuant
    to reverse acquisition
2,737,576
(404,265)
404,265
–
–
–
Issuance of Common shares
1,750,000
175
174,825
–
–
–
Issuance of Common shares
    for Property Payment
300,000
30
114,212
–
–
–
Foreign currency
    translation
–
–
–
–
–
(12,796)
(12,796)
Net loss for the year
–
–
–
–
(442,906)
(442,906)
–
Balance as of April 30,
    2004
8,815,508
882
697,299
–
(567,689)
(455,702)
(12,192)
Issuance of Common shares
    for Property Payment
133,333
13
99,987
–
–
–
–
Issuance of common shares
    on Conversion of Convertible Promissory note
76,204
8
57,144
–
–
–
–
Foreign currency
    translation
–
–
–
–
–
9,717
9,717
Net loss for the year
–
–
–
–
(808,146)
(808,146)
–
Balance as of April 30,
    2005
9,025,045
903
854,430
–
(1,375,835)
(798,429)
(2,475)
Stock based compensation -
    Directors and officers
216,416
Stock based compensation -
    Consultants
8,830
Issue of common shares and
    Warrants on retirement of Demand Promissory note
369,215
37
203,031
Units issued to an outside
    company for professional services settlement
24,336
2
13,384
- 86
-
Units issued to an officer
    for professional services settlement
12,168
1
6,690
Issuance of common shares
    for professional services
150,000
15
130,485
Units issued to shareholder
490,909
49
269,951
Units issued to a director
149,867
15
82,412
Units issued to outside
    subscribers
200,000
20
109,980
Issuance of common shares
    on Conversion of Convertible Promissory notes
59,547
6
44,654
Issuance of common shares
    on Exercise of warrants
14,000
2
11,998
Issuance of common shares
    on Conversion of Convertible Promissory notes
76,525
8
57,386
Private placement of shares
150,000
15
151,485
Issuance of Common shares
    for property payment
133,333
13
99,987
Issuance of common shares
    on Conversion of Convertible Promissory notes
34,306
4
25,905
Issuance of common shares
    on Exercise of warrants
10,000
1
8,771
Issuance of common shares
    on Conversion of Convertible Promissory notes
101,150
10
76,523
Issue of 400,000 Special
    Warrants net
371,680
Issue of 200,000 flow
    through warrants
154,000
Brokered private placement
    of shares- net
5,331,327
533
2,910,375
Brokered Private placement
    of flow through Shares- net
25,000
2
13,310
Exercise of stock options
10,000
1
5,499
Foreign currency
    translation
–
–
–
(2,687)
(2,687)
Net loss for the year
–
–
–
(1,855,957)
(1,855,957)
–
Balance as of April 30,
    2006
16,366,728
1,637
5,301,502
525,680
(3,231,792)
(1,858,644)
(5,162)
Exercise of warrants
10,000
1
8,986
Exercise of warrants
45,045
5
40,445
Exercise of warrants
16,000
2
14,278
Common shares issued for
    settlement of severance liability to ex-officer
141,599
14
113,116
Exercise of warrants
43,667
4
39,364
Exercise of warrants
17,971
2
15,937
Exercise of warrants
43,667
4
38,891
Exercise of warrants
16,000
2
14,251
Exercise of warrants
158,090
16
141,616
Issue of common shares for
    property payment
43,166
4
53,841
Exercise of warrants
64,120
6
57,863
- 87
-
*
Exercise of warrants
61,171
6
53,818
Exercise of stock options
24,000
2
17,998
Issuance of common shares
    for professional services
342,780
34
438,725
Brokered private placement
    of units-net
400,000
40
363,960
Brokered private placement
    of units-net
550,000
55
498,923
Stock based
    compensation-Directors and Officers
451,273
Exercise of stock options
50,000
5
37,495
Issuance of common shares
    for property payment
133,334
13
99,987
Issuance of common shares
    for professional services
160,000
16
131,184
Issuance of common shares
    for professional services
118,800
12
152,052
Issue of shares for
    flow-through warrants
200,000
20
153,980
(154,000)
Issue of shares for special
    warrants
404,000
41
375,679
(371,680)
Issue of 2,823,049 flow-
    through warrants -net
1,916,374
Issue of 334,218 unit
    special warrants-net
230,410
Issue of 3,105,358 common
    shares for 2,823,049 flow through warrants
3,105,358
310
1,916,064
(1,916,374)
Issue of 367,641 common
    shares for 334,218 unit special warrants
367,641
37
230,373
(230,410)
Registration rights penalty
    expense
188,125
Foreign currency
    translation
(58,446)
(58,446)
Net loss for the year
(3,703,590)
(3,703,590)
Balance as of April 30,
    2007
22,883,137
2,288
10,949,726
–
(6,935,382)
(3,762,036)
(63,608)
Issuance of common shares
    for property payment
136,364
13
57,239
–
–
–
Stock based compensation
196,259
–
–
Unrealized gain on
    available-for-sale securities
100,000
100,000
Realized gain on
    available-for-sale securities
(40,000)
(40,000)
Issue of 543,615 flow
    through units
543,615
54
227,450
Issue of 1,916,666 units –
    net
1,916,666
192
698,110
Foreign currency
    translation
281,303
281,303
Net loss for the period
(3,471,873)
(3,471,873)
Balance as of October
    31, 2007
25,479,782
2,547
12,128,784
(10,407,255)
(3,130,570)
277,695
- 88 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed
Notes to
Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial
statements do not include all the information and footnotes required by
generally accepted accounting principles for complete financial statements. In
the opinion of management, all adjustments (consisting of all recurring
accruals) considered necessary for fair presentation have been included.
Operating results for the interim period are not necessarily indicative of the
results that may be expected for the year ended April 30, 2008. Interim
financial statements should be read in conjunction with the Company's annual
audited financial statements.
The interim consolidated financial statements include the
accounts of Yukon Gold Corporation, Inc. (the "Company") and its wholly owned
subsidiary Yukon Gold Corp. ("YGC"). All material inter-company accounts and
transactions have been eliminated.
2. GOING CONCERN
The Company has no source for operating revenue and expects
to incur significant expenses before establishing operating revenue. The Company
has a need for equity capital and financing for working capital and exploration
and development of its properties. Because of continuing operating losses, the
Company's continuance as a going concern is dependent upon its ability to obtain
adequate financing and to reach profitable levels of operation. The Company's
future success is dependent upon its continued ability to raise sufficient
capital, not only to maintain its operating expenses, but to explore for ore
reserves and develop those it has on its mining claims. There is no guarantee
that such capital will continue to be available on acceptable terms, if at all
or if the Company will attain profitable levels of operation.
Management has initiated plans to raise equity funding
through the issuance of common shares including flow-through shares. The Company
was successful in raising funds (net) of approximately $4 million during the
year ended April 30, 2006, which assisted the Company in meeting its commitments
and requirements for project expenses and general and administrative expenses.
The Company also raised (net) approximately $1.3 million during the six months
ended October 31, 2006. The company raised (net) approximately $1.9 million
through subscription of flow-through special warrants and raised (net)
approximately $230,000 through subscription of unit special warrants during the
three months ended January 31, 2007. The company further raised an additional
approximately $262,000 through subscription of flow-through units and raised
(net) approximately $698,000 through subscription of units during the three
months ended October 31, 2007. The Company's common shares are listed on the
Toronto Stock Exchange (the "TSX") and included for quotation on the
Over-The-Counter Bulletin Board maintained by the NASD in the United States. The
trading of the Company's stock in both the United States and Canada has expanded
its investor base, as the Company continues to explore sources of funding from
both the United States and Canada.
3. NATURE OF OPERATIONS
The Company is an exploration stage mining company and has
not yet realized any revenue from its operations. It is primarily engaged in
acquisition, exploration and development of its two mining properties, both
located in the Yukon Territory in Canada. The Company has not yet determined
whether these properties contain mineral reserves that are economically
recoverable. The business of mining and exploring for minerals involves a high
degree of risk and there can be no assurances that current exploration programs
will result in profitable mining operations.
- 89 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
4. EXPLORATION TAX CREDIT RECEIVABLE
The Company has a claim to the Yukon exploration tax credit,
since it maintains a permanent establishment in the Yukon and has incurred
eligible mineral exploration expenses as defined by the federal income tax
regulations of Canada. The Company's expectation of receiving this credit of
$567,868 (CDN$536,465) is based on the history of receiving past credits. The
Company will file tax returns to claim the 2007 credit of $386,630 (CDN$365,249)
and has previously filed for the 2006 credit of $181,238 (CDN$171,216).
5. RESTRICTED CASH
Under Canadian
income tax regulations, a company is permitted to issue flow-through shares
whereby the company agrees to incur qualifying expenditures and renounce the
related income tax deductions to the investors. Notwithstanding that, there is
no specific requirement to segregate the funds. The flow-through funds, which
are unexpended at the consolidated balance sheet date are considered to be
restricted and are not considered to be cash or cash equivalents. As of October
31, 2007 and April 30, 2007, unexpended flow-through funds were $nil and
$2,266,602 (CDN$2,516,155) respectively.
6. STOCK BASED COMPENSATION
Per SEC Staff Accounting Bulletin 107, Topic 14.F,
"Classification of Compensation Expense Associated with Share-Based Payment
Arrangements" stock based compensation expense is being presented in the same
lines as cash compensation paid.
The Company adopted a new Stock Option Plan at its
shareholders meeting on January 19, 2007 (the "2006 Stock Option Plan"). The
2006 Stock Option Plan will be administered by the board of directors of the
Company or, in the board of directors' discretion, by a committee appointed by
the board of directors for that purpose. The TSX approved the 2006 Stock Option
plan on March 9, 2007.
Subject to the provisions of the 2006 Stock Option Plan, the
aggregate number of shares which may be issued under the 2006 Stock Option Plan
shall not exceed 2,000,000 shares ("Total Shares"). Any Stock Option granted
under the 2006 Stock Option Plan which has been exercised shall again be
available for subsequent grant under the 2006 Stock Option Plan, effectively
resulting in a re-loading of the number of shares available for grant under the
2006 Stock Option Plan. Any shares subject to an option granted under the 2006
Stock Option Plan which for any reason is surrendered, cancelled or terminated
or expires without having been exercised shall again be available for subsequent
grant under the 2006 Stock Option Plan.
Under the 2006 Stock Option Plan, at no time shall: (i) the
number of shares reserved for issuance pursuant to Stock Options granted to any
one optionee exceed 10% of the Total Shares; (ii) the number of shares, together
with all security based compensation arrangements of the Company in effect,
reserved for issuance pursuant to Stock Options granted to any "insiders" (as
that term is defined under the
Securities Act
(Ontario)) exceed 10% of
the total number of issued and outstanding shares. In addition, the number of
shares issued to insiders pursuant to the exercise of Stock Options, within any
one year period, together with all security based compensation arrangements of
the Company in effect, shall not exceed 10% of the total number of issued and
outstanding shares.
- 90 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
6. STOCK BASED COMPENSATION-Cont'd
The purchase price (the "Price") per share under each Stock
Option shall be determined by the board of directors or a committee, as
applicable. The Price shall not be lower than the closing market price on the
TSX, or another stock exchange where the majority of the trading volume and
value of the Shares occurs, on the trading day immediately preceding the date of
grant, or if not so traded, the average between the closing bid and asked prices
thereof as reported for the trading day immediately preceding the date of the
grant; provided that if the shares have not traded on the TSX or another stock
exchange for an extended period of time, the "market price" will be the fair
market value of the shares at the time of grant, as determined by the board of
directors or committee. The board of directors or committee may determine that
the Price may escalate at a specified rate dependent upon the date on which an
option may be exercised by the Eligible Participant. The Company has adopted
SFAS123 (Revised) commencing May 1, 2005. During the six month period ended
October 31, 2007, the following stock options were granted under the 2006 stock
option plan:
a)
On August 15,
2007 Stock options to one consultant to purchase 125,000 common shares each at
an exercise price of $0.42 (CND $0.45) per share. These options were granted in
accordance with the terms of the Company's 2006 Stock Option Plan and shall vest
at 31,250 options each on November 15, 2007, February 15, 2008, May 15, 2008 and
August 15, 2008 respectively. The first exercise date of the option is August
15, 2008 and these options shall expire on August 15, 2010.
b)
On September 28,
2007 Stock Options to one officer to purchase 200,000 common shares at a price
of $0.38 (CDN$0.38) and to one employee to purchase 100,000 common shares at a
price of $0.39 (CDN$0.39) per share. These options were granted in accordance
with the terms of the Company's 2006 Stock Option Plan. Options to the officer
shall vest at the rate of one twelfth (1/12) each month, commencing, on the 1
st
day of October 2007, for a period of twelve months. The options granted shall be
for a term of 5 years. Options to the employee shall vest at the rate of one
twenty-forth (1/24) each month, commencing on October 28, 2007, for a period of
24 months. The options granted shall be for a term of 5 years.
- 91 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
6. STOCK BASED COMPENSATION-Cont'd
For the six month period ended October 31, 2007, the Company
recognized in the financial statements, stock-based compensation costs as per
the following details. The fair value of each option used for the purpose of
estimating the stock compensation is based on the grant date using the Black-Scholes
option pricing model with the following weighted average assumptions:
19-Jan
20-Mar
28-Mar
15-Aug
28-Sept
2007
2007
2007
2007
2007
TOTAL
Risk free rate
4.5%
4.5%
4.5%
4.5%
4.5%
Volatility factor
45.19%
57.48%
98.67%
71.49%
49.04%
Stock-based compensation cost expensed
    during the six month period ended October 31, 2007
$146,738
$13,296
$23,942
$5,110
$7,173
$196,259
Unexpended Stock –based compensation cost deferred over the vesting period
$25,092
$36,826
$19,481
$19,111
$49,230
$149,740
As of October 31, 2007 there was $149,740 of unrecognized
expenses related to non-vested stock-based compensation arrangements granted.
The stock-based compensation expense for the six month period ended October 31,
2007 was $196,259.
7. ISSUANCE OF COMMON SHARES
Year ended April 30, 2007
On May 29, 2006 the Company issued 10,000 common shares for
the exercise of 10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $8,987 (CDN$10,000).
On May 29, 2006 the Company issued 45,045 common shares for
the exercise of 45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $40,450 (CDN$45,045).
On May 29, 2006 the Company issued 16,000 common shares for
the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $14,280 (CDN$16,000).
On May 30, 2006 the Company issued 141,599 common shares for
the settlement of an accrued liability to an ex officer and director. The
accrued severance amount of $113,130 (CDN$128,855) was converted to 141,599
common shares at $0.80 (CDN$0.91).
- 92 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
7. ISSUANCE OF COMMON SHARES-Cont'd
On June 22, 2006 the Company issued 43,667 common shares for
the exercise of 43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in
consideration of $39,368 (CDN$43,667).
On June 28, 2006 the Company issued 17,971 common shares for
the exercise of 17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $15,939 (CDN$17,971).
On June 28, 2006 the Company issued 43,667 common shares for
the exercise of 43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $38,895 (CDN$43,667).
On June 28, 2006 the Company issued 16,000 common shares for
the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in
consideration of $14,253 (CDN$16,000).
On June 29, 2006 the Company issued 158,090 common shares for the exercise of
158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$141,632 (CDN$158,090).
On July 7, 2006 the Company issued 43,166 common shares in settlement of a
property payment on the Mount Hinton property. The shares represent $53,845
(CDN$60,000) payment and were valued $1.25 (CDN$1.39) each.
On July 7, 2006 the Company issued 64,120 common shares for the exercise of
64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of
$57,869 (CDN$64,120).
On July 17, 2006 the Company issued 61,171 common shares for the exercise of
61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of
$53,824 (CDN$61,171).
On August 11, 2006 the Company issued 817,980 restricted
shares in total to three consultants for services relating to business promotion
and development. These consultants assisted management in the preparation of
financial offerings and in arranging meetings and making presentations to the
brokerage community and institutional investors in both the United States and
Canada. Except for 342,780 common shares which were earned by these consultants
as of October 31, 2006, the balance of 475,200 common shares were held in escrow
to be released to each consultant in 8 monthly installments of 19,800 common
shares commencing November 1, 2006. Out of 475,200 common shares held in escrow,
the Company received back 356,400 common shares for cancellation.
On September 7, 2006 the Company issued 24,000 shares to an officer upon
exercising 24,000 vested stock options at $0.75 for a total of $18,000.
On October 3, 2006, the Company completed a brokered private
placement and issued 400,000 units, where each unit consisted of a common share
and a share purchase warrant. The units were priced at $1.00 per unit for a
total of $400,000. The Company paid a finders fee of 6% and reimbursed expenses
for 3% of the total consideration. The warrants have a two-year term and are
exercisable at $1.50 per share in the first twelve months of the term and $2.00
per share in the remaining twelve months of the term.
- 93 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
7. ISSUANCE OF COMMON SHARES-Cont'd
On October 3, 2006, the Company completed another brokered
private placement and issued 550,000 units, where each unit consisted of a
common share and a share purchase warrant. The units were priced at $1.00 per
unit for a total of $550,000. The Company paid a finders fee of $33,000 and
reimbursed expenses for $18,022 (CDN$20,000). The warrants have a two-year term
and are exercisable at $1.50 per share in the first twelve months of the term
and $2.00 per share in the remaining twelve months of the term.
On December 12, 2006 the Company issued 50,000 shares to a former officer
upon exercising of 50,000 vested stock options at $0.75 for a total of $37,500.
On December 6, 2006 the board of directors authorized the
issuance of 133,334 common shares in the amount of $100,000 for a property
payment to Atna Resources Ltd., along with a cash payment of $86,805
(CDN$100,000) as per terms of the agreement. The common shares along with the
cash payment were delivered to Atna Resources Ltd. on December 12, 2006. This
entire payment of $186,805 was expensed in the consolidated statements of
operations.
On December 19, 2006 the Company issued 160,000 common shares
to a consultant for services rendered. These services related to the consulting
agreement dated March 21, 2006. As per terms of that agreement, the Consultant
was to provide to the Company market and financial advice and expertise as may
be necessary relating to the manner of offering and pricing of securities. The
agreement was for a period of twelve months commencing the day of trading of the
Company's stock on the Toronto Stock Exchange (April 19, 2006). As per the
agreement, the Consultant was to be compensated a fee equal to 240,000
restricted common shares of the Company with a fair value of $196,800 and was to
receive these shares on a monthly basis. Each party was able to cancel the
agreement on 30 days notice. The Company cancelled the agreement as of November
30, 2006 and on December 19, 2006 issued 160,000 common shares as full and final
consideration.
On December 19, 2006 the Company issued 200,000 common shares
in lieu of sale of 200,000 Flow-Through Special Warrants made to a Canadian
accredited investor, for $180,000 (CDN$205,020) on December 30, 2005. Each
Flow-Through Special Warrant entitled the Holder to acquire one flow-through
common share of the Company at no additional cost.
On December 28, 2006, the Company completed a private
placement of 2,823,049 flow-through special warrants (which qualify as
flow-through shares for the purposes of the Canadian Income Tax Act) at a price
of $0.90 (CDN$1.05) per warrant and 334,218 unit special warrants at a price of
$0.77 (CDN$0.90) per warrant for aggregate gross proceeds to the Company of
$2,801,610 (CDN$3,264,996). Each flow-through special warrant entitles the
holder to acquire, for no additional consideration, one common share of the
Company. Each unit special warrant entitles the holder to acquire, for no
additional consideration, one common share and one common share purchase warrant
of the Company. Each common share purchase warrant entitles the holder to
acquire one common share of the Company at a price of $0.90 (CDN$1.05) for a
period of 24 months from the closing date. In connection with this private
placement, the Company agreed to file a prospectus in Canada qualifying the
issuance of the common shares and warrants issuable upon the exercise of the
special warrants as well as those common shares issuable on exercise of the
common share purchase warrants. In addition, the Company agreed to file a
registration statement in the United States covering the re-sale of common
shares underlying the units and warrants by the respective shareholders. The
Company subsequently declined to file a prospectus in Canada but did file the
registration statement in the United States. As a result of the Company's
decision not to file a prospectus in Canada, primarily because of the cost
involved, the Company was obligated to pay a penalty to the holders of the
securities issued in the private placement. As a result of the penalty, (i) each
flow-through special warrant entitles the holder to acquire 1.1 common shares on
exercise thereof and (ii) each unit special warrant entitles the holder to
acquire 1.1 common shares and 1.1 common share purchase warrants on exercise
thereof. In connection with the private placement, Northern Securities Inc., the
lead agent, received a cash commission of $171,164 (CDN$198,550) as well as
169,042 flow-through compensation options and 23,395 unit compensation options.
In addition, as part of the private placement, Limited Market Dealer Inc.
received a cash commission of $25,862 (CDN$30,000) as well as 28,571
flow-through compensation options and Novadan Capital Ltd. received a cash
payment of $28,362 (CDN$32,900) as well as 32,900 unit compensation options.
Each flow-through compensation option entitles the holder to acquire, for no
additional consideration, one flow-through compensation warrant, each
exercisable into one common share of the Company at a price of $0.90 (CDN$1.05)
for a period of 24 months from the closing date of December 28, 2006. Each unit
compensation option entitles the holder to acquire, for no additional
consideration, one unit compensation warrant, each exercisable at $0.81
(CDN$0.941) into one common share and one common share purchase warrant of the
Company at a price of $0.90 (CDN$1.05
)
for a period of 24 months from the
closing date of December 28, 2006. As a result of the penalty, (i) each
flow-through compensation option entitles the holder to acquire 1.1 flow-through
compensation warrants on exercise thereof and (ii) each unit compensation option
granted to Northern Securities, Inc. entitles the holder to acquire 1.1 unit
compensation warrants on exercise thereof. The private placement was exempt from
registration under the Securities Act of 1933, as amended (the "Securities Act")
pursuant to an exemption afforded by Regulation S promulgated under the
Securities Act ("Regulation S").
- 94 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
7. ISSUANCE OF COMMON SHARES-Cont'd
On January 11, 2007, the Company issued its obligated 400,000
common shares and an additional 4,000 common shares as penalty, in lieu of sale
of 400,000 Special Warrants to a Canadian accredited investor for $404,000 paid
on December 15, 2005. Each Special Warrant entitled its holder to acquire one
common share of the Company and one common share purchase warrant at no
additional cost. The Company was obligated to have a registration statement
become effective within 181 days of the closing. In the absence of a
registration statement being declared effective within 181 days of the closing,
the Company issued an additional 4,000 common shares to the Canadian accredited
investor at no extra cost as a penalty. The Company expensed an amount of $5,000
to registration rights penalty expense under the head General and Administration
and credited this to Additional paid in capital.
On April 25, 2007 the Company issued 2,823,049 common shares
and an additional 282,309 shares as a penalty, relating to the private placement
of 2,823,049 flow-through special warrants on December 28, 2006 (refer to note
above). The penalty shares were issued as the Company failed to obtain receipts
for the final prospectus or effectiveness of the registration statement by
February 26, 2007 (60 days from the closing date). The Company expensed an
amount of $163,739 to registration rights penalty expense under the head General
and Administration and credited this to Additional paid in capital.
On April 25, 2007 the Company issued 334,218 common shares
and an additional 33,423 shares as a penalty, relating to the private placement
of 334,218 unit special warrants on December 28, 2006 (refer to note above). The
penalty shares were issued as the Company failed to obtain receipts for the
final prospectus or effectiveness of the registration statement by February 26,
2007 (60 days from the closing date). The Company expensed an amount of $19,386
to registration rights penalty expense under the head General and Administration
and credited this to Additional paid in capital.
- 95 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
7. ISSUANCE OF COMMON SHARES-Cont'd
Six Months ended October 31, 2007
On July 7, 2007 the Company issued 136,364 common shares in
settlement of a property payment on the Mount Hinton property. The shares
represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were
valued at $0.42 (CDN$0.44) each.
On August 16, 2007 the Company completed a private placement
(the "Financing") with Northern Securities Inc. ("Northern"), acting as agent.
The Financing was comprised of the sale of 1,916,666 units (the "Units") at
$0.42 (CDN$0.45) per Unit (the "Unit Issue Price") for gross proceeds of
$802,101 (CDN$862,499.70) and the sale of 543,615 flow-through units (the
"Flow-Through Units" which qualify as flow-through shares for the purposes of
the Canadian Income Tax Act) at $0.49 (CDN$0.52) per Flow-Through Unit (the
"Flow-Through Unit Issue Price") for gross proceeds of $262,884 (CDN$282,680).
The proceeds raised were allocated between the offering of shares and the sale
of tax benefits. A liability of $35,381 was recognized for the sale of taxable
benefits, which will be reversed and credited to income when the Company
renounces resource expenditure deduction to the investor. Each Unit consisted of
one non-flow through common share ("Common Share") and one half of one Common
Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is
exercisable into one Common Share until August 16, 2009 at an exercise price of
$0.56 (CDN$0.60) per share. Each Flow-Through Unit consisted of one flow-through
common share and one half of one Common Share purchase warrant (each whole
warrant, an "FT Warrant"). Each FT Warrant is exercisable into one Common Share
until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share. The
Company paid Northern a commission equal to 8% of the aggregate gross proceeds
which amounted to $85,199 (CDN$91,614) and issued 153,333 "Unit Compensation
Options" and 43,489 "FT Unit Compensation Options". Each Unit Compensation
Option is exercisable into one Unit at the Unit Issue Price until August 16,
2009. Each FT Unit Compensation Option is exercisable into one Common Share and
one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16,
2009. The Company reimbursed Northern expenses of $18,600 (CDN $20,000).
8. COMMITMENTS AND CONTINGENCIES
(a)  Mount
Hinton Property Mining Claims
On July 7, 2002 Yukon Gold Corp. ("YGC")
entered into an option agreement with the Hinton Syndicate to acquire a 75%
interest in the 273 unpatented mineral claims covering approximately 14,000
acres in the Mayo Mining District of the Yukon Territory, Canada. This agreement
was replaced with a revised and amended agreement (the "Hinton Option
Agreement") dated July 7, 2005 which superseded the original agreement and
amendments thereto. The new agreement is between the Company, its wholly owned
subsidiary YGC and the Hinton Syndicate.
YGC must make scheduled cash
payments and perform certain work commitments to earn up to a 75% interest in
the mineral claims, subject to a 2% net smelter return royalty in favor of the
Hinton Syndicate, as further described below.
- 96
-
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
8. COMMITMENTS AND CONTINGENCIES-Cont'd
The schedule of Property Payments
and Work Programs are as follows:
PROPERTY
    PAYMENTS
On
    execution of the July 7, 2002 Agreement
$ 19,693
(CDN$   25,000) Paid
On July 7, 2003
$ 59,078
(CDN$   75,000) Paid
On
    July 7, 2004
$118,157
(CDN$ 150,000) Paid
On January 2, 2006
$125,313
(CDN$ 150,000) Paid
On
    July 7, 2006
$134,512
(CDN$ 150,000) Paid
On July 7, 2007
$141,979
(CDN$ 150,000) Paid
On
    July 7, 2008
$158,781
(CDN$ 150,000)
TOTAL
$757,513
(CDN$ 850,000)
WORK PROGRAM-expenditures to be incurred in the following
    periods;
July
    7/02 to July 6/03
$ 118,157
(CDN$     150,000) Incurred
July 7/03 to July 6/04
$ 196,928
(CDN$     250,000) Incurred
July
    7/04 to July 6/05
$ 256,006
(CDN$     325,000) Incurred
July 7/05 to Dec.
    31/06
$ 667,795
(CDN$     750,000) Incurred
Jan.
    1/07 to Dec. 31/07
$ 937,383
(CDN$  1,000,000) Incurred
Jan. 1/08 to Dec.
    31/08
$1,323,171
(CDN$  1,250,000)
Jan.
    1/09 to Dec. 31/09
$1,587,806
(CDN$  1,500,000)
TOTAL
$5,087,246
(CDN$ 5,225,000)
By letter agreement dated August
17, 2006, the Hinton Syndicate agreed to allow the Company to defer a portion of
the Work Program expenditure scheduled to be incurred by December 31, 2006. The
agreement to defer such Work program expenditures was due to the mechanical
break-down of drilling equipment and the unavailability of replacement drilling
equipment at the Mount Hinton site. As a result, the Company was allowed to
defer the expenditure of approximately $220,681 (CDN$235,423) until December 31,
2007. The Company has incurred that expenditure in addition to the expenditure
for January 1 to December 31, 2007 as at October 31, 2007. All other Property
Payments and Work Program expenditures due have been made and incurred.
Provided all Property Payments have
been made that are due prior to the Work Program expenditure levels being
attained, YGC shall have earned a:
25% interest upon completion of
Work Program expenditures of $1,587,806 (CDN$1,500,000)
50% interest upon completion of
Work Program expenditures of $2,646,343 (CDN$2,500,000)
75% interest upon completion of
Work Program expenditures of $5,087,246 (CDN$5,225,000)
YGC earned a 50% interest in the
claims covered by the Hinton Option Agreement as at October 31, 2007. In some
cases, payments made to service providers include amounts advanced to cover the
cost of future work. These advances are not loans but are considered "incurred"
exploration expenses under the terms of the Hinton Option Agreement. Section
2.2(a) of the Hinton Option Agreement defines the term, "incurred" as follows:
"Costs shall be deemed to have been "incurred" when YGC has contractually
obligated itself to pay for such costs or such costs have been paid, whichever
should first occur." Consequently, the term, "incurred" includes amounts
actually paid and amounts that YGC has obligated itself to pay. Under the Hinton
Option Agreement there is also a provision that YGC must have raised and have
available the Work Program funds for the period from July 7, 2005 to December
31, 2006, by May 15 of 2006. This provision was met on May 15, 2006.
- 97 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
8. COMMITMENTS AND CONTINGENCIES-Cont'd
The Hinton Option Agreement
contemplates that upon the earlier of: (i) a production decision or (ii)
investment of $5,087,246 (CDN$5,225,000) or (iii) YGC has a minority interest
and decides not to spend any more money on the project, YGC's relationship with
the Hinton Syndicate will become a joint venture for the further development of
the property. Under the terms of the Hinton Option Agreement, the party with the
majority interest would control the joint venture. Although YGC has earned a 50%
interest as at October 31, 2007, if the relationship is converted to a joint
venture currently, YGC's interest would automatically be reduced to a 45%
interest in the joint venture (by the terms of the Hinton Option Agreement) and
the Hinton Syndicate would control the joint venture. Once the 75% interest is
earned, as described above, YGC has a further option to acquire the remaining
25% interest in the mineral claims for a further payment of $5,292,685
(CDN$5,000,000).
The Hinton Option Agreement
provides that the Hinton Syndicate receive a 2% "net smelter return royalty." In
the event that the Company exercises its option to buy-out the remaining 25%
interest of the Hinton Syndicate (which is only possible if the Company has
reached a 75% interest, as described above) then the "net smelter return
royalty" would become 3% and the Hinton Syndicate would retain this royalty
interest only. The "net smelter return royalty" is a percentage of the gross
revenue received from the sale of the ore produced from the mine less certain
permitted expenses.
The Hinton Option Agreement
entitles the Hinton Syndicate to recommend for appointment one member to the
board of directors of the Company.
The Hinton Option Agreement
provides both parties (YGC and the Hinton Syndicate) with rights of first
refusal in the event that either party desires to sell or transfer its interest.
The Hinton Syndicate members each
have the option to receive their share of property payments in stock of the
Company at a 10% discount to the market. YGC and the Company have a further
option to pay 40% of any property payment due after the payment on January 2,
2006 with common stock of the Company. On July 7, 2007 the Company issued
136,364 common shares, with the approval of the TSX, in settlement of 40% of the
property payment due on July 7, 2007. The shares represent $57,252 (CDN$60,000)
which is 40% of the contracted payment and were valued at $0.42 (CDN$0.44) each.
The $84,727 (CDN$90,000) balance was paid in cash to the members of the Hinton
Syndicate on July 7, 2007. This entire issuance of shares and cash payment was
expensed as project expense.
The Hinton Option Agreement
pertains to an "area of interest" which includes the area within ten kilometers
of the outermost boundaries of the 273 mineral claims, which constitute our
mineral properties. Either party to the Hinton Option Agreement may stake claims
outside the 273 mineral claims, but each must notify the other party if such new
claims are within the "area of interest." The non-staking party may then elect
to have the new claims included within the Hinton Option Agreement. As of
December 11, 2006, there were an additional 24 claims staked, known as the "Gram
Claims" which became subject to the Hinton Option Agreement.
- 98 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
8. COMMITMENTS AND CONTINGENCIES-Cont'd
On April 2, 2007 the Company
accepted a proposed work program, budget and cash call schedule for the Mount
Hinton project which was revised on May 15, 2007, totaling $1,517,194
(CDN$1,505,200) for the 2007 Work Program. The Company had approximately $70,304
(CDN$75,000) on deposit left over from the 2006 cash call schedule. On May 15,
2007 the Company paid $180,164 (CDN$200,000), on June 15, 2007 the Company paid
$202,684 (CDN$225,000), being two of the four cash call payments. Due to delays
in the drilling program the third payment of $635,123 (CDN$600,000) which was
due on July 31, 2007 was changed to August 31, 2007. On August 15, 2007 the
Company paid $97,259 (CDN$91,880) towards the third cash call payment for the
Mount Hinton 2007 Work Program. On August 31, 2007 the Company re-allocated
$537,864 (CDN$508,120) being the balance of the third cash call payment from
cash call funds previously allocated to the Marg Project. These re-allocated
funds were not needed for the Marg Project. The fourth payment of $428,919
(CDN$405,200) which was originally due on August 15, 2007 was changed to and
paid on September 15, 2007.
b)  The Marg
Property
In March 2005, the Company acquired
rights to purchase 100% of the Marg Property, which consists of 402 contiguous
mineral claims covering approximately 20,000 acres located in the Mayo Mining
District of the Yukon Territory of Canada. Title to the claims is registered in
the name of YGC.
The Company assumed the rights to
acquire the Marg Property under a Property Purchase Agreement ("Agreement") with
Atna Resources Ltd. ("Atna"). Under the terms of the Agreement the Company paid
$119,189 (CDN$150,000) cash and 133,333 common shares as a down payment. The
Company made payments under the Agreement for $43,406 (CDN$50,000) cash and an
additional 133,333 common shares of the Company on December 12, 2005; $86,805
(CDN$100,000) cash and an additional 133,334 common shares of the Company on
December 12, 2006.
The Company has agreed to make
subsequent payments under the Agreement of: (i) $105,854 (CDN$100,000) cash on
or before December 12, 2007 and this cash payment was made subsequently; and
(ii) $211,708 (CDN$200,000) in cash and/or common shares of the Company (or some
combination thereof to be determined) on or before December 12, 2008. Upon the
commencement of commercial production at the Marg Property, the Company will pay
to Atna $1,058,537 (CDN$1,000,000) in cash and/or common shares of the Company,
or some combination thereof to be determined.
On April 2, 2007 the Company
accepted a proposed work program, budget and cash call schedule for the Marg
project totaling $3,026,916 (CDN$3,180,000) for the 2007 Work Program. The
Company had approximately $515,561 (CDN$550,000) on deposit left over from the
2006 cash call schedule. On May 15, 2007 the Company paid $703,037
(CDN$750,000), on June 15, 2007 the Company paid $703,037 (CDN$750,000), and on
July 15, 2007 the Company paid $703,037 (CDN$750,000) being three of the four
cash call payments. The fourth and final payment of $402,244 (CDN$380,000) was
paid on August 15, 2007. On August 31, 2007 the Company re-allocated $537,864
(CDN$508,120) being the balance of the third cash call payment for the Mount
Hinton 2007 Work Program from cash call funds previously allocated to the Marg
Project. These re-allocated funds were not needed for the Marg Project.
- 99 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
8. COMMITMENTS AND CONTINGENCIES-Cont'd
c) On August 15, 2007 the Company
entered into an investor relations marketing agreement with a consultant for a
one year term, with the option to renew for an additional 12 months. In return
for services rendered, the Company will pay the consultant $2,117 (CDN$2,000)
per month. On August 31, 2007 the Company paid $3,787 (CDN$4,000) being the
first and last payments of the contract. On September 15, 2007 the Company paid
$1,941 (CDN$2,000) and on October 15, 2007 the Company paid $2,048 (CDN$2,000),
being the second and third payments respectively. Subsequently on November 15,
2007 the Company paid $2,117 (CDN$2,000) being the fourth payment of the
contract. .In addition, the consultant has been granted an option to purchase
125,000 shares of the Company at $0.48 (CDN$0.45) per share, with the option
vesting in equal quarterly amounts of 31,250 shares on November 15, 2007,
February 15, 2008, May 15, 2008 and August 15, 2008, and the first exercise date
being August 15, 2008 and an expiry date of August 15, 2010.
9. SHORT-TERM INVESTMENT IN AVAILABLE- FOR- SALE SECURITIES
The Company entered into a subscription agreement dated as of
April 3, 2007 (the "Agreement") with Industrial Minerals, Inc. ("Industrial
Minerals") to acquire (i) 5,000,000 common shares of Industrial Minerals at a
price of $0.05 per share and (ii) a Warrant entitling the holder: (a) to
purchase 5,000,000 common shares of Industrial Minerals at a purchase price of
$0.05 per share (the "option price") or, at the option of the holder, (b) to
surrender the Warrant for a number of common shares to be determined by
application of an anti-dilution formula which would result in a larger number of
shares issued to the holder if the market price of the common stock is less than
the option price at the time of exercise. The Warrant expires on April 3, 2008.
The total subscription price paid by the Company was $250,000. The Company
entered into the Agreement as of May 14, 2007. The common stock of Industrial
Minerals is quoted on the Over-the-Counter Bulletin Board under the symbol, "IDSM."
The Company accounted for this investment as a short term investment in
available-for-sale securities. The unrealized gain of $100,000 as at October 31,
2007 has been excluded from earnings and reported as 'Other Comprehensive
Income'. On August 17, 2007, the Company entered into an agreement with Global
Capital SPE-1 LLC ("Global") pursuant to which Global agreed to purchase 2
million shares of Industrial Minerals Inc. ("IDSM") held by the Company for
consideration of $140,000. Pursuant to the Agreement, Global has the option to
purchase from the Company an additional 3 million shares of IDSM for
consideration of $210,000. The Company also assigned to Global 5 million
warrants to purchase IDSM stock. The Company will receive up to $100,000 in the
event that Global exercises all or a portion of the warrants. Global consummated
the purchase of the first 2 million shares of IDSM on September 6, 2007 and paid
the Company $140,000. The Company accounted for $40,000 as realized gain on sale
of securities as a credit to the general and administrative expenses and reduced
the unrealized gain of $100,000 by $40,000.
10. PREPAID EXPENSES AND OTHER
Included in prepaid expenses and other is an amount of
$189,017 (CDN$178,564) being Goods and Services tax receivable from the Federal
Government of Canada. Included in prepaid expenses and other is a deposit of
$543,871 (CDN $513,795) with a geological company for conducting exploration
activities at the Mount Hinton and Marg properties.
- 100 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
The Company entered into a one year consulting agreement with
a consultant on December 28, 2006 commencing January 1, 2007. As per terms of
the agreement, the consultant was to provide consulting services which included
market awareness, financial and strategic advice. The Company was to compensate
the consultant with a fee of 500,000 restrictive shares over a period of twelve
months with shares to be delivered on a monthly basis. The Company had accrued
the cost of $136,668 in the April 30, 2007 statements, although in the opinion
of the Company, it was not obligated to issue stock as the consultant was in
breach of the contract due to non performance of the agreed services. The
Company received a cancellation and waiver of the agreement from the consultant
and reversed this accrual to the credit of general and administrative expense
during the quarter ended July 31, 2007.
On August 22, 2007 the Company entered into an agreement with
a consultant. In return for services rendered, the Company will pay the
consultant $37,608 (CDN$40,000) in installments as set out in the agreement. The
first installment was paid on August 22, 2007 for $12,537 (CDN$13,333) and the
second installment was paid on October 1, 2007 for $4,483 (CDN$4,444). The third
and fourth installments were each paid subsequently on November 1, 2007 and
December 1, 2007 for $4,704 (CDN$4,444). The balance is payable on January 1,
February 1 and March 1, 2008 for $4,704 (CDN $4,444) respectively.
12. OTHER LIABILITY
On August 16, 2007 the Company completed a brokered private
placement through the issuance of 543,615 flow-through units at a price of $0.49
(CDN$0.52) per Flow-Through Unit for gross proceeds of $262,884 (CDN$282,680).
The proceeds raised were allocated between the offering of shares and the sale
of tax benefits. A liability of $35,381 was recognized for the sale of taxable
benefits, which will be reversed and credited to income when the Company
renounces resource expenditure deduction to the investor.
13. CHANGES IN OFFICERS AND DIRECTORS
On October 30, 2007, the Company's Board of Directors
accepted the resignation of Chester Idziszek in his capacity as director,
effective as of October 22, 2007. Mr. Idziszek stated in his resignation that
due to other commitments he can no longer serve the Company as director. There
were no disagreements between the Company and Mr. Idziszek with respect to the
Company's operations, policies or practices.
14. SUBSEQUENT EVENTS
a) Subsequent issue of common shares:
On November 19, 2007 the Company announced that it completed
the second part of a private placement (the "Financing") with Northern
Securities Inc. ("Northern"), acting as agent. The Financing was comprised of
the sale of 2,438,888 units (the "Units") at $0.48 (CDN$0.45) per Unit (the
"Unit Issue Price") for gross proceeds of $1,161,744 (CDN$1,097,500) and the
sale of 1,071,770 flow through units (the "Flow-Through Units") at $0.55
(CDN$0.52) per Flow-Through Unit (the "Flow-Through Unit Issue Price") for gross
proceeds of $589,944 (CDN$557,320), raising aggregate gross proceeds of
approximately $1,751,688 (CDN$1,654,820). The closing represented the final
tranche of a $2,816,673 (CDN$2.8 million) private placement with Northern
announced on July 24, 2007. Each Unit consists of one non-flow through common
share ("Common Share") and one half of one Common Share purchase warrant (each
whole warrant, a "Warrant"). Each Warrant is exercisable into one Common Share
until November 16, 2009 at an exercise price of $0.64 (CDN$0.60) per share. Each
Flow-Through Unit consists of one flow-through common share and one half of one
Common Share purchase warrant (each whole warrant, an "FT Warrant"). Each FT
Warrant is exercisable into one Common Share until November 16, 2009 at an
exercise price of $0.74 (CDN$0.70) per share. Yukon Gold paid Northern a
commission equal to 8% of the aggregate gross proceeds and issued 195,111 "Unit
Compensation Options" and 85,741 "FT Unit Compensation Options". Each Unit
Compensation Option is exercisable into one Unit at the Unit Issue Price until
November 16, 2009. Each FT Unit Compensation Option is exercisable into one
Common Share and one half of one Warrant at the Flow-Through Unit Issue Price
until November 16, 2009. The proceeds of the Financing will be used for the
exploration and development of Yukon Gold's properties, and for working capital.
- 101 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
October 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
b) Subsequent Commitments & Contingencies:
Under the terms of a Property Purchase Agreement
("Agreement") with Atna Resources Ltd. ("Atna"), the Company paid a Property
Payment of $105,854 (CDN$100,000) cash on December 12, 2007. (Refer to Note 8
b))
On December 5, 2007 the Company entered into an agreement
with a consultant to create investor awareness for a period of five months,
commencing on December 5, 2007 and continuing through May 6, 2008 for a fee of
$20,000 and 300,000 restricted common shares to be issued in equal tranches of
50,000 shares at the end of each month during the term of the agreement. On
December 6, 2007 the Company received conditional approval from the TSX to issue
the 300,000 restricted shares as per the terms of the agreement. The consulting
fee of $20,000 was paid on December 11, 2007.
c) Subsequent Changes in Officers and Directors
On December 6, 2007 the board appointed Howard Barth to fill
the vacancy left by Chester Idziszek on the Audit Committee. The term of such
appointment shall expire on April 30, 2008.
On December 13, 2007, Paul A. Gorman resigned as the Chief
Executive Officer and as a director of the Company. There were no disagreements
between the Company and Mr. Gorman with respect to the Company's operations,
policies or practices.
d) Subsequent Extension of Warrant Expiry Dates
On November 27, 2007 the board of directors passed a motion to extend the
expiry dates of the following warrants by one (1) year:
1.
those expiring on March 28, 2008
exercisable at $0.90 per warrant to March 28, 2009;
2.
those expiring on October 4, 2008 which
are exercisable at $2.00 per warrant to October 4, 2009; and
3.
those Broker warrants expiring on March
28, 2008 exercisable at $0.60 per Unit to March 28, 2009
- 102 -
YUKON GOLD CORPORATION, INC.
(AN EXPLORATION STAGE COMPANY)
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
JULY 31, 2007
(Amounts expressed in US Dollars)
(Unaudited )
TABLE OF CONTENTS
Page No
Interim Consolidated Balance Sheets as of July 31, 2007 and April 30, 2007
104-105
Interim Consolidated Statements of Operations for the three months ended
    July 31, 2007 and July 31, 2006
106
Interim Consolidated Statements of Cash Flows for the three months ended
    July 31, 2007 and July 31, 2006
107
Interim Consolidated Statements of Changes in Stockholders' Equity for the
    three months ended July 31, 2007 and the year ended April 30, 2007
108-110
Condensed Notes to Interim Consolidated Financial Statements
111-120
- 103 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated Balance
Sheets
As of July 31, 2007 and April 30, 2007
(Amounts expressed in US Dollars)
(Unaudited)
July 31, 2007
April 30, 2007
$
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
256,223
936,436
Prepaid expenses and other (Note 10)
2,225,787
464,371
Exploration tax credit receivable (Note 4)
483,258
483,258
Short-term investment in
    available- for- sale securities (Note 9)
350,000
-
Restricted Deposit
-
17,889
3,315,268
1,901,954
RESTRICTED CASH (Note 5)
-
2,266,602
PROPERTY, PLANT AND EQUIPMENT
58,663
56,551
3,373,931
4,225,107
See condensed notes to the interim consolidated financial statements.
APPROVED ON BEHALF OF THE BOARD
/s/ Paul Gorman
Paul Gorman, Director
/s/ J. L. Guerra, Jr.
J. L. Guerra, Jr., Director
- 104 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated Balance Sheets
As of July 31, 2007 and April 30, 2007
(Amounts expressed in US Dollars)
(Unaudited)
July 31, 2007
April 30, 2007
$
$
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities (Note 11)
146,909
260,134
Obligation under Capital Lease
2,858
2,812
Total Current Liabilities
149,767
262,946
Long -Term Portion of:
Obligation under Capital Lease
9,304
9,137
TOTAL LIABILITIES
159,071
272,083
COMMITMENTS AND CONTINGENCIES (Note 8)
SHAREHOLDERS' EQUITY
CAPITAL STOCK
2,301
2,288
ADDITIONAL PAID-IN CAPITAL
11,124,135
10,949,726
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
76,350
(63,608)
DEFICIT, ACCUMULATED DURING THE EXPLORATION STAGE
(7,987,926)
(6,935,382)
3,214,860
3,953,024
3,373,931
4,225,107
See condensed notes to the interim consolidated financial statements.
- 105 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated
Statements of Operations
For the three months ended July 31, 2007 and July 31, 2006
(Amounts expressed in US Dollars)
(Unaudited)
Cumulative since inception
For the quarter
ended
July 31, 2007
For the quarter
ended
July 31, 2006
$
$
$
OPERATING EXPENSES
General and administration
4,180,088
74,886
553,682
Project expenses
4,783,529
974,725
871,887
Exploration Tax Credit
(605,716)
-
-
Amortization
20,867
2,933
3,158
Loss on sale/disposal of capital assets
5,904
-
-
TOTAL OPERATING EXPENSES
8,384,672
1,052,544
1,428,727
LOSS BEFORE INCOME TAXES
(8,384,672)
(1,052,544)
(1,428,727)
Income taxes recovery
396,746
-
-
NET LOSS
(7,987,926)
(1,052,544)
(1,428,727)
Loss per share - basic and diluted
(0.05)
(0.08)
Weighted average common shares outstanding
22,920,192
16,656,627
See condensed notes to the interim consolidated financial statements.
- 106 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated
Statements of Cash Flows
For the three months ended July 31, 2007 and July 31, 2006
(Amounts expressed in US Dollars)
(Unaudited)
Cumulative Since Inception
For the Quarter
ended
July 31, 2007
For the Quarter
ended
July 31, 2006
$
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the year
(7,987,926)
(1,052,544)
(1,428,727)
Items not requiring an outlay of cash:
Amortization
20,867
2,933
3,158
Loss on sale/disposal of property, plant, equipment
5,904
-
-
Registration rights penalty expense
188,125
-
-
Shares issued for property payment
525,339
57,252
53,845
Common shares issued for settlement of severance liability to
    ex-officer
113,130
-
113,130
Stock-based compensation
793,689
117,170
85,323
Issue of shares for professional services
852,523
-
-
Issue of units against settlement of debts
20,077
-
-
Increase in prepaid expenses and other
(2,226,703)
(1,763,489)
(979,710)
Increase in exploration tax credit receivable
(483,258)
-
-
Increase (Decrease) in accounts payable and accrued
    liabilities
146,419
(113,225)
130,661
Decrease (Increase) in restricted cash
-
2,266,602
118,275
Decrease in restricted deposit
-
17,889
-
NET CASH USED IN OPERATING ACTIVITIES
(8,031,814)
(467,412)
(1,904,045)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(83,498)
(2,760)
-
Investment in available- for- sale securities
(250,000)
(250,000)
-
NET CASH USED IN INVESTING ACTIVITIES
(333,498)
(252,760)
-
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments from a shareholder
1,180
-
-
Proceeds (Repayments) from Demand promissory notes
200,000
-
-
Proceeds from Convertible promissory notes converted
200,500
-
-
Proceeds from the exercise of stock options
61,000
-
-
Proceeds from exercise of warrants - net
450,309
-
-
Proceeds from subscription of warrants - net
525,680
-
-
Proceeds from issuance of units/shares - net
7,189,001
-
425,497
Proceeds (Repayments) from capital lease obligation
11,949
-
-
NET CASH PROVIDED BY FINANCING ACTIVITIES
8,639,619
-
425,497
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES
(18,084)
39,959
(44,013)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FOR THE
    YEAR
256,223
(680,213)
(1,522,561)
Cash and cash equivalents, beginning of year
-
936,436
2,412,126
CASH AND CASH EQUIVALENTS, END OF YEAR
256,223
256,223
889,565
INCOME TAXES PAID
-
-
INTEREST PAID
-
-
See condensed notes to the interim consolidated financial statements.
- 107 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated Statements of Changes in Stockholders' Equity
From Inception to July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
Number of Common Shares
Common Shares Amount
Additional Paid-in Capital
Subscription for Warrants
Deficit, Accumulated during the Exploration Stage
Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss)
#
$
$
$
$
$
$
Issuance of Common shares
2,833,377
154,063
-
-
-
-
-
Issuance of warrants
-
-
1,142
-
-
-
-
Foreign currency translation
-
-
-
-
604
604
Net loss for the year
-
-
-
(124,783)
(124,783)
-
Balance as of April 30, 2003
2,833,377
154,063
1,142
-
(124,783)
(124,179)
604
Issuance of Common shares
1,435,410
256,657
-
-
-
-
Issuance of warrants
-
-
2,855
-
-
-
Shares repurchased
(240,855)
(5,778)
-
-
-
-
Recapitalization pursuant to reverse acquisition
2,737,576
(404,265)
404,265
-
-
-
Issuance of Common shares
1,750,000
175
174,825
-
-
-
Issuance of Common shares for Property Payment
300,000
30
114,212
-
-
-
Foreign currency translation
-
-
-
-
-
(12,796)
(12,796)
Net loss for the year
-
-
-
-
(442,906)
(442,906)
-
Balance as of April 30, 2004
8,815,508
882
697,299
-
(567,689)
(455,702)
(12,192)
Issuance of Common shares for Property Payment
133,333
13
99,987
-
-
-
-
Issuance of common shares on Conversion of Convertible Promissory note
76,204
8
57,144
-
-
-
-
Foreign currency translation
-
-
-
-
-
9,717
9,717
Net loss for the year
-
-
-
-
(808,146)
(808,146)
-
Balance as of April 30, 2005
9,025,045
903
854,430
-
(1,375,835)
(798,429)
(2,475)
Stock based compensation - Directors and officers
216,416
Stock based compensation - Consultants
8,830
Issue of common shares and Warrants on retirement of Demand Promissory note
369,215
37
203,031
Units issued to an outside company for professional services settlement
24,336
2
13,384
Units issued to an officer for professional services settlement
12,168
1
6,690
Issuance of common shares for professional services
150,000
15
130,485
Units issued to shareholder
490,909
49
269,951
Units issued to a director
149,867
15
82,412
Units issued to outside subscribers
200,000
20
109,980
Issuance of common shares on Conversion of Convertible Promissory notes
59,547
6
44,654
Issuance of common shares on Exercise of warrants
14,000
2
11,998
Issuance of common shares on Conversion of Convertible Promissory notes
76,525
8
57,386
Private placement of shares
150,000
15
151,485
Issuance of Common shares for property payment
133,333
13
99,987
Issuance of common shares on Conversion of Convertible Promissory notes
34,306
4
25,905
- 108 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated Statements of Changes in Stockholders' Equity
From Inception to July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
Issuance of common shares on Exercise of warrants
10,000
1
8,771
Issuance of common shares on Conversion of Convertible Promissory notes
101,150
10
76,523
Issue of 400,000 Special Warrants net
371,680
Issue of 200,000 flow through warrants
154,000
Brokered private placement of shares- net
5,331,327
533
2,910,375
Brokered Private placement of flow through Shares- net
25,000
2
13,310
Exercise of stock options
10,000
1
5,499
Foreign currency translation
-
-
-
(2,687)
(2,687)
Net loss for the year
-
-
-
(1,855,957)
(1,855,957)
-
Balance as of April 30, 2006
16,366,728
1,637
5,301,502
525,680
(3,231,792)
(1,858,644)
(5,162)
Exercise of warrants
10,000
1
8,986
Exercise of warrants
45,045
5
40,445
Exercise of warrants
16,000
2
14,278
Common shares issued for settlement of severance liability to ex-officer
141,599
14
113,116
Exercise of warrants
43,667
4
39,364
Exercise of warrants
17,971
2
15,937
Exercise of warrants
43,667
4
38,891
Exercise of warrants
16,000
2
14,251
Exercise of warrants
158,090
16
141,616
Issue of common shares for property payment
43,166
4
53,841
Exercise of warrants
64,120
6
57,863
Exercise of warrants
61,171
6
53,818
Exercise of stock options
24,000
2
17,998
Issuance of common shares for professional services
342,780
34
438,725
Brokered private placement of units-net
400,000
40
363,960
Brokered private placement of units-net
550,000
55
498,923
Stock based compensation-Directors and Officers
451,273
Exercise of stock options
50,000
5
37,495
Issuance of common shares for property payment
133,334
13
99,987
Issuance of common shares for professional services
160,000
16
131,184
Issuance of common shares for professional services
118,800
12
152,052
Issue of shares for flow-through warrants
200,000
20
153,980
(154,000)
Issue of shares for special warrants
404,000
41
375,679
(371,680)
Issue of 2,823,049 flow- through warrants -net
1,916,374
Issue of 334,218 unit special warrants-net
230,410
Issue of 3,105,358 common shares for 2,823,049 flow through warrants
3,105,358
310
1,916,064
(1,916,374)
Issue of 367,641 common shares for 334,218 unit special warrants
367,641
37
230,373
(230,410)
Registration rights penalty expense
188,125
Foreign currency translation
(58,446)
(58,446)
- 109 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Interim Consolidated Statements of Changes in Stockholders' Equity
From Inception to July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
Net loss for the year
(3,703,590)
(3,703,590)
Balance as of April 30, 2007
22,883,137
2,288
10,949,726
-
(6,935,382)
(3,762,036)
(63,608)
Issuance of common shares for property payment
136,364
13
57,239
-
-
-
Stock based compensation-Directors and Officers
117,170
-
-
Foreign currency translation
39,958
39,958
Unrealized gain on available-for-sale securities
100,000
100,000
Net loss for the  quarter
____________
_________
___________
___________
(1,052,544
)
(1,052,544
)
_______
Balance as of July 31, 2007
23, 019, 501
2,301
11,124,135
7,987,926
(912,586)
76,350
See condensed notes to the interim consolidated financial statements.
- 110 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed
Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
1.
BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial statements do not
include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of all recurring accruals) considered
necessary for fair presentation have been included. Operating results for the
interim period are not necessarily indicative of the results that may be
expected for the year ended April 30, 2008. Interim financial statements should
be read in conjunction with the Company's annual audited financial statements.
The interim consolidated financial statements include the accounts of Yukon Gold
Corporation, Inc. (the "Company") and its wholly owned subsidiary Yukon Gold
Corp. ("YGC"). All material inter-company accounts and transactions have been
eliminated.
2.
GOING CONCERN
The Company has no source for operating revenue and expects to incur significant
expenses before establishing operating revenue. The Company has a need for
equity capital and financing for working capital and exploration and development
of its properties. Because of continuing operating losses, the Company's
continuance as a going concern is dependent upon its ability to obtain adequate
financing and to reach profitable levels of operation. The Company's future
success is dependent upon its continued ability to raise sufficient capital, not
only to maintain its operating expenses, but to explore for ore reserves and
develop those it has on its mining claims. There is no guarantee that such
capital will continue to be available on acceptable terms, if at all or if the
Company will attain profitable levels of operation.
Management has initiated plans to raise equity funding through the issuance of
common shares including flow-through shares. The Company was successful in
raising funds (net) of approximately $4 million during the year ended April 30,
2006, which assisted the Company in meeting its commitments and current
requirements for project expenses and general and administrative expenses. The
Company also raised (net) approximately $1.3 million during the six months ended
October 31, 2006. The company further raised (net) an additional approximately
$1.9 million through subscription of flow-through special warrants and raised
(net) approximately $230,000 through subscription of unit special warrants
during the three months ended January 31, 2007. The Company's common shares are
listed on the Toronto Stock exchange and included on the Over-The-Counter
Bulletin Board maintained by NASDAQ in the United States. The trading of the
Company's stock in both the United States and Canada has expanded its investor
base, as the Company continues to explore sources of funding from both the
United States and Canada.
3.
NATURE OF OPERATIONS
The Company is an exploration stage mining company and has not yet realized any
revenue from its operations. It is primarily engaged in acquisition, exploration
and development of its two mining properties, both located in the Yukon
Territory in Canada. The Company has not yet determined whether these properties
contain mineral reserves that are economically recoverable. The business of
mining and exploring for minerals involves a high degree of risk and there can
be no assurances that current exploration programs will result in profitable
mining operations.
4.
EXPLORATION TAX CREDIT RECEIVABLE
The Company has a claim to the Yukon exploration tax credit, since it maintains
a permanent establishment in the Yukon and has incurred eligible mineral
exploration expenses as defined by the federal income tax regulations of Canada.
The Company's expectation of receiving this credit of $483,258 (CDN$536,465) is
based on the history of receiving past credits. The Company will be filing tax
returns to claim the 2007 credit of $329,024 (CDN$365,249) and has previously
filed for the 2006 credit of $154,234 (CDN$171,216).
- 111 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
5.
RESTRICTED CASH
Under Canadian income tax regulations, a company is permitted to issue
flow-through shares whereby the company agrees to incur qualifying expenditures
and renounce the related income tax deductions to the investors. Notwithstanding
that, there is no specific requirement to segregate the funds. The flow-through
funds, which are unexpended at the consolidated balance sheet date are
considered to be restricted and are not considered to be cash or cash
equivalents. As of July 31, 2007 and April 30, 2007, unexpended flow-through
funds were $nil and $2,266,602 (CDN$2,516,155) respectively.
6.
STOCK BASED COMPENSATION
Per SEC Staff Accounting Bulletin 107, Topic 14.F, "Classification of
Compensation Expense Associated with Share-Based Payment Arrangements" stock
based compensation expense is being presented in the same lines as cash
compensation paid.
The Company adopted a new Stock Option Plan at its shareholders meeting on
January 19, 2007 (the "2006 Stock Option Plan"). The 2006 Stock Option Plan will
be administered by the board of directors of the Company or, in the board of
directors' discretion, by a committee appointed by the board of directors for
that purpose. The TSX approved the 2006 Stock Option plan on March 9, 2007.
Subject to the provisions of the 2006 Stock Option Plan, the aggregate number of
shares which may be issued under the 2006 Stock Option Plan shall not exceed
2,000,000 shares ("Total Shares"). Any Stock Option granted under the 2006 Stock
Option Plan which has been exercised shall again be available for subsequent
grant under the 2006 Stock Option Plan, effectively resulting in a re-loading of
the number of shares available for grant under the 2006 Stock Option Plan. Any
shares subject to an option granted under the 2006 Stock Option Plan which for
any reason is surrendered, cancelled or terminated or expires without having
been exercised shall again be available for subsequent grant under the 2006
Stock Option Plan.
Under the 2006 Stock Option Plan, at no time shall: (i) the number of shares
reserved for issuance pursuant to Stock Options granted to any one optionee
exceed 10% of the Total Shares; (ii) the number of shares, together with all
security based compensation arrangements of the Company in effect, reserved for
issuance pursuant to Stock Options granted to any "insiders" (as that term is
defined under the
Securities Act
(Ontario)) exceed 10% of the total
number of issued and outstanding shares. In addition, the number of shares
issued to insiders pursuant to the exercise of Stock Options, within any one
year period, together with all security based compensation arrangements of the
Company in effect, shall not exceed 10% of the total number of issued and
outstanding shares.
The purchase price (the "Price") per share under each Stock Option shall be
determined by the board of directors or a committee, as applicable. The Price
shall not be lower than the closing market price on the TSX, or another stock
exchange where the majority of the trading volume and value of the Shares
occurs, on the trading day immediately preceding the date of grant, or if not so
traded, the average between the closing bid and asked prices thereof as reported
for the trading day immediately preceding the date of the grant; provided that
if the shares have not traded on the TSX or another stock exchange for an
extended period of time, the "market price" will be the fair market value of the
shares at the time of grant, as determined by the board of directors or
committee. The board of directors or committee may determine that the Price may
escalate at a specified rate dependent upon the date on which an option may be
exercised by the Eligible Participant. The Company has adopted SFAS123 (Revised)
commencing May 1, 2005.
- 112 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
For the quarter ended July 31, 2007, the Company recognized in the financial
statements, stock-based compensation costs as per the following details. The
fair value of each option used for the purpose of estimating the stock
compensation is based on the grant date using the Black-Scholes option pricing
model with the following weighted average assumptions:
19-Jan
20-Mar
28-Mar
2007
2007
2007
Total
Risk free rate
4.50
%
4.50
%
4.50
%
Volatility factor
45.19
%
57.48
%
98.67
%
Expected dividends
nil
nil
nil
Stock-based compensation cost expensed during the quarter ended July 31,
    2007
$
98,551
$
6,648
$
11,971
$
117,170
Unexpended Stock -based compensation cost  deferred over the period
$
73,279
$
43,474
$
31,452
$
148,205
As of July 31, 2007 there was $148,205 of unrecognized expenses related to
non-vested stock-based compensation arrangements granted. The stock-based
compensation expense for the quarter ended July 31, 2007 was $117,170.
7.
ISSUANCE OF COMMON SHARES
Year ended April 30, 2007
On May 29, 2006 the Company issued 10,000 common shares for the exercise of
10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$8,987 (CDN$10,000).
On May 29, 2006 the Company issued 45,045 common shares for the exercise of
45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$40,450 (CDN$45,045).
On May 29, 2006 the Company issued 16,000 common shares for the exercise of
16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$14,280 (CDN$16,000).
On May 30, 2006 the Company issued 141,599 common shares for the settlement of
an accrued liability to an ex officer and director. The accrued severance amount
of $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80
(CDN$0.91).
On June 22, 2006 the Company issued 43,667 common shares for the exercise of
43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of
$39,368 (CDN$43,667).
On June 28, 2006 the Company issued 17,971 common shares for the exercise of
17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$15,939 (CDN$17,971).
On June 28, 2006 the Company issued 43,667 common shares for the exercise of
43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$38,895 (CDN$43,667).
On June 28, 2006 the Company issued 16,000 common shares for the exercise of
16,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$14,253 (CDN$16,000).
On June 29, 2006 the Company issued 158,090 common shares for the exercise of
158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of
$141,632 (CDN$158,090).
On July 7, 2006 the Company issued 43,166 common shares in settlement of a
property   payment on the Mount Hinton property. The shares represent $53,845
(CDN$60,000) payment and were valued   $1.25 (CDN$1.39) each.
On July 7, 2006 the Company issued 64,120 common shares for the exercise of
64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of
$57,869 (CDN$64,120).
- 113 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
7.
ISSUANCE OF COMMON SHARES-Cont'd
On July 17, 2006 the Company issued 61,171 common shares for the exercise of
61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of
$53,824 (CDN$61,171).
On August 11, 2006 the Company issued 817,980 restricted shares in total to
three consultants for services relating to business promotion and development.
These consultants assisted management in the preparation of financial offerings
and in arranging meetings and making presentations to the brokerage community
and institutional investors in both the United States and Canada. Except for
342,780 common shares which were earned by these consultants as of October 31,
2006, the balance of 475,200 common shares were held in escrow to be released to
each consultant in 8 monthly installments of 19,800 common shares commencing
November 1, 2006. Out of 475,200 common shares held in escrow, the Company
received back 356,400 common shares for cancellation.
On September 7, 2006 the Company issued 24,000 shares to an officer upon
exercising 24,000 vested stock options at $0.75 for a total of $18,000.
On October 3, 2006, the Company completed a brokered private placement and
issued 400,000 units, where each unit consisted of a common share and a share
purchase warrant. The units were priced at $1.00 per unit for a total of
$400,000. The Company paid a finders fee of 6% and reimbursed expenses for 3% of
the total consideration. The warrants have a two-year term and are exercisable
at $1.50 per share in the first twelve months of the term and $2.00 per share in
the remaining twelve months of the term.
On October 3, 2006, the Company completed another brokered private placement and
issued 550,000 units, where each unit consisted of a common share and a share
purchase warrant. The units were priced at $1.00 per unit for a total of
$550,000. The Company paid a finders fee of $33,000 and reimbursed expenses for
$18,022 (CDN$20,000). The warrants have a two-year term and are exercisable at
$1.50 per share in the first twelve months of the term and $2.00 per share in
the remaining twelve months of the term.
On December 12, 2006 the Company issued 50,000 shares to a former officer upon
exercising of 50,000 vested stock options at $0.75 for a total of $37,500.
On December 6, 2006 the board of directors authorized the issuance of 133,334
common shares in the amount of $100,000 for a property payment to Atna Resources
Ltd., along with a cash payment of $86,805 (CDN$100,000) as per terms of the
agreement. The common shares along with the cash payment were delivered to Atna
Resources Ltd. on December 12, 2006. This entire payment of $186,805 was
expensed in the consolidated statements of operations.
On December 19, 2006 the Company issued 160,000 common shares to a consultant
for services rendered. These services related to the consulting agreement dated
March 21, 2006. As per terms of that agreement, the Consultant was to provide to
the Company market and financial advice and expertise as may be necessary
relating to the manner of offering and pricing of securities. The agreement was
for a period of twelve months commencing the day of trading of the Company's
stock on the Toronto Stock Exchange (April 19, 2006). As per the agreement, the
Consultant was to be compensated a fee equal to 240,000 restricted common shares
of the Company with a fair value of $196,800 and was to receive these shares on
a monthly basis. Each party was able to cancel the agreement on 30 days notice.
The Company cancelled the agreement as of November 30, 2006 and on December 19,
2006 issued 160,000 common shares as full and final consideration.
On December 19, 2006 the Company issued 200,000 common shares in lieu of sale of
200,000 Flow-Through Special Warrants made to a Canadian accredited investor,
for $180,000 (CDN$205,020) on December 30, 2005. Each Flow-Through Special
Warrant entitled the Holder to acquire one flow-through common share of the
Company at no additional cost.
- 114 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
7.
ISSUANCE OF COMMON SHARES-Cont'd
On December 28, 2006, the Company completed a private placement of 2,823,049
flow-through special warrants (which qualify as flow-through shares for the
purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per
warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per
warrant for aggregate gross proceeds to the Company of $2,801,610
(CDN$3,264,996).  Each flow-through special warrant entitles the holder to
acquire, for no additional consideration, one common share of the Company.  Each
unit special warrant entitles the holder to acquire, for no additional
consideration, one common share and one common share purchase warrant of the
Company.  Each common share purchase warrant entitles the holder to acquire one
common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24
months from the closing date.  In connection with this private placement, the
Company agreed to file a prospectus in Canada qualifying the issuance of the
common shares and warrants issuable upon the exercise of the special warrants as
well as those common shares issuable on exercise of the common share purchase
warrants. In addition, the Company agreed to file a registration statement in
the United States covering the re-sale of common shares underlying the units and
warrants by the respective shareholders.  The Company subsequently declined to
file a prospectus in Canada but did file the registration statement in the
United States.  As a result of the Company's decision not to file a prospectus
in Canada, primarily because of the cost involved, the Company was obligated to
pay a penalty to the holders of the securities issued in the private placement. 
As a result of the penalty, (i) each flow-through special warrant entitles the
holder to acquire 1.1 common shares on exercise thereof and (ii) each unit
special warrant entitles the holder to acquire 1.1 common shares and 1.1 common
share purchase warrants on exercise thereof.  In connection with the private
placement, Northern Securities Inc., the lead agent, received a cash commission
of $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options
and 23,395 unit compensation options.  In addition, as part of the private
placement, Limited Market Dealer Inc. received a cash commission of $25,862
(CDN$30,000) as well as 28,571 flow-through compensation options and Novadan
Capital Ltd. received a cash payment of $28,362 (CDN$32,900) as well as 32,900
unit compensation options.  Each flow-through compensation option entitles the
holder to acquire, for no additional consideration, one flow-through
compensation warrant, each exercisable into one common share of the Company at a
price of $0.90 (CDN$1.05) for a period of 24 months from the closing date of
December 28, 2006.  Each unit compensation option entitles the holder to
acquire, for no additional consideration, one unit compensation warrant, each
exercisable at $0.81 (CDN$0.941) into one common share and one common share
purchase warrant of the Company at a price of $0.90 (CDN$1.05
)
for a
period of 24 months from the closing date of December 28, 2006.  As a result of
the penalty, (i) each flow-through compensation option entitles the holder to
acquire 1.1 flow-through compensation warrants on exercise thereof and (ii) each
unit compensation option granted to Northern Securities, Inc. entitles the
holder to acquire 1.1 unit compensation warrants on exercise thereof.  The
private placement was exempt from registration under the Securities Act of 1933,
as amended (the "Securities Act") pursuant to an exemption afforded by
Regulation S promulgated under the Securities Act ("Regulation S").
On January 11, 2007, the Company issued its obligated 400,000 common shares and
an additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special
Warrants to a Canadian accredited investor for $404,000 paid on December 15,
2005. Each Special Warrant entitled its holder to acquire one common share of
the Company and one common share purchase warrant at no additional cost. The
Company was obligated to have a registration statement become effective within
181 days of the closing. In the absence of a registration statement being
declared effective within 181 days of the closing, the Company issued an
additional 4,000 common shares to the Canadian accredited investor at no extra
cost as a penalty.  The Company expensed an amount of $5,000 to registration
rights penalty expense under the head General and Administration and credited
this to Additional paid in capital.
On April 25, 2007 the Company issued 2,823,049 common shares and an additional
282,309 shares as a penalty, relating to the private placement of 2,823,049
flow-through special warrants on December 28, 2006 (refer to note above). The
penalty shares were issued as the Company failed to obtain receipts for the
final prospectus or effectiveness of the registration statement by February 26,
2007 (60 days from the closing date). The Company expensed an amount of $163,739
to registration rights penalty expense under the head General and Administration
and credited this to Additional paid in capital.
- 115 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
7.
ISSUANCE OF COMMON SHARES-Cont'd
On April 25, 2007 the Company issued 334,218 common shares and an additional
33,423 shares as a penalty, relating to the private placement of 334,218 unit
special warrants on December 28, 2006 (refer to note above). The penalty shares
were issued as the Company failed to obtain receipts for the final prospectus or
effectiveness of the registration statement by February 26, 2007 (60 days from
the closing date). The Company expensed an amount of $19,386 to registration
rights penalty expense under the head General and Administration and credited
this to Additional paid in capital.
Three Months ended July 31, 2007
On July 7, 2007 the Company issued 136,364 common shares in settlement of a
property payment on the Mount Hinton property. The shares represent $57,252
(CDN$60,000) which is 40% of the contracted payment and were valued at $0.42
(CDN$0.44) each.
8.
COMMITMENTS AND CONTINGENCIES
(a)
Mount Hinton Property Mining Claims
On July 7, 2002 Yukon Gold Corp. ("YGC") entered into an option agreement with
the Hinton Syndicate to acquire a 75% interest in the 273 unpatented mineral
claims covering approximately 14,000 acres in the Mayo Mining District of the
Yukon Territory, Canada. This agreement was replaced with a revised and amended
agreement (the "Hinton Option Agreement") dated July 7, 2005 which superseded
the original agreement and amendments thereto. The new agreement is between the
Company, its wholly owned subsidiary YGC and the Hinton Syndicate.
YGC must make scheduled cash payments and perform certain work commitments to
earn up to a 75% interest in the mineral claims, subject to a 2% net smelter
return royalty in favor of the Hinton Syndicate, as further described below.
The schedule of Property Payments and Work Programs are as follows:
PROPERTY PAYMENTS
On execution of the July 7, 2002 Agreement
$ 19,693       (CDN$   25,000)  Paid
On July 7, 2003
$ 59,078       (CDN$   75,000)  Paid
On July 7, 2004
$118,157      (CDN$ 150,000)  Paid
On January 2, 2006
$125,313      (CDN$ 150,000)  Paid
On July 7, 2006
$134,512      (CDN$ 150,000)  Paid
On July 7, 2007
$141,979      (CDN$ 150,000)  Paid
On July 7, 2008
$140,607      (CDN$ 150,000)
TOTAL
$739,339    (CDN$ 850,000)
WORK PROGRAM-expenditures to be incurred in the following periods;
July 7/02 to July 6/03
$ 118,157     (CDN$    150,000) Incurred
July 7/03 to July 6/04
$ 196,928     (CDN$    250,000) Incurred
July 7/04 to July 6/05
$ 256,006     (CDN$    325,000) Incurred
July 7/05 to Dec. 31/06
$ 667,795     (CDN$    750,000) Incurred
Jan. 1/07 to Dec. 31/07
$ 937,383     (CDN$ 1,000,000) Incurred
Jan. 1/08 to Dec. 31/08
$1,171,729   (CDN$ 1,250,000)
Jan. 1/09 to Dec. 31/09
$1,406,074   (CDN$ 1,500,000)
TOTAL
$4,754,072 (CDN$ 5,225,000)
- 116 -
YUKON GOLD CORPORATION,
INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
By letter agreement dated August 17, 2006, the Hinton Syndicate agreed to allow
the Company to defer a portion of the Work Program expenditure scheduled to be
incurred by December 31, 2006. The agreement to defer such Work program
expenditures was due to the mechanical break-down of drilling equipment and the
unavailability of replacement drilling equipment at the Mount Hinton site. As a
result, the Company was allowed to defer the expenditure of approximately
$220,681 (CDN$235,423) until December 31, 2007. All other Property Payments and
Work Program expenditures due have been made and incurred.
Provided all Property Payments have been made that are due prior to the Work
Program expenditure levels being attained, YGC shall have earned a:
25% interest upon completion of Work Program expenditures of $1,262,321
(CDN$1,500,000)
50% interest upon Work Program expenditures of $2,343,457
(CDN$2,500,000)
75% interest upon  Work Program expenditures of $4,754,072
(CDN$5,225,000)
YGC has attained a 25% interest as at July 31, 2007. In some cases, payments
made to service providers include amounts advanced to cover the cost of future
work. These advances are not loans but are considered "incurred" exploration
expenses under the terms of the Hinton Option Agreement. Section 2.2(a) of the
Hinton Option Agreement defines the term, "incurred" as follows:
"Costs
shall be deemed to have been "incurred" when YGC has contractually obligated
itself to pay for such costs or such costs have been paid, whichever should
first occur." Consequently, the term, "incurred" includes amounts actually paid
and amounts that YGC has obligated itself to pay. Under the Hinton Option
Agreement there is also a provision that YGC must have raised and have available
the Work Program funds for the period from July 7, 2005 to December 31, 2006, by
May 15 of 2006. This provision was met on May 15, 2006.
The Hinton Option Agreement contemplates that upon the earlier of: (i) a
production decision or (ii) investment of $4,754,072 (CDN$5,225,000) or (iii)
YGC has a minority interest and decides not to spend any more money on the
project, YGC's relationship with the Hinton Syndicate will become a joint
venture for the further development of the property. Under the terms of the
Hinton Option Agreement, the party with the majority interest would control the
joint venture. Once the 75% interest is earned, as described above, YGC has a
further option to acquire the remaining 25% interest in the mineral claims for a
further payment of $4,686,914 (CDN$5,000,000).
The Hinton Option Agreement provides that the Hinton Syndicate receive a 2% "net
smelter return royalty." In the event that the Company exercises its option to
buy-out the remaining 25% interest of the Hinton Syndicate (which is only
possible if the Company has reached a 75% interest, as described above) then the
"net smelter return royalty" would become 3% and the Hinton Syndicate would
retain this royalty interest only. The "net smelter return royalty" is a
percentage of the gross revenue received from the sale of the ore produced from
the mine less certain permitted expenses.
The Hinton Option Agreement entitles the Hinton Syndicate to recommend for
appointment one member to the board of directors of the Company.
The Hinton Option Agreement provides both parties (YGC and Hinton Syndicate)
with rights of first refusal in the event that either party desires to sell or
transfer its interest.
The Hinton Syndicate members each have the option to receive their share of
property payments in stock of the Company at a 10% discount to the market, once
the Company has obtained a listing on a Canadian stock exchange. YGC and the
Company have a further option to pay 40% of any property payment due after the
payment on January 2, 2006 with common stock of the Company. On July 7, 2007 the
Company issued 136,364 common shares, with the approval of the TSX,  in
settlement of 40% of the property payment due on July 7, 2007. The shares
represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were
valued at $0.42 (CDN$0.44) each.  The $84,727 (CDN$90,000) balance was paid in
cash to the members of the Hinton Syndicate on July 7, 2007. This entire
issuance of shares and cash payment was expensed as project expense.
- 117 -
YUKON GOLD CORPORATION,
INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
The Hinton Syndicate Agreement pertains to an "area of interest" which includes
the area within ten kilometers of the outermost boundaries of the 273 mineral
claims, which constitute our mineral properties. Either party to the Hinton
Syndicate Agreement may stake claims outside the 273 mineral claims, but each
must notify the other party if such new claims are within the "area of
interest." The non-staking party may then elect to have the new claims included
within the Hinton Syndicate Agreement. As of December 11, 2006, there were an
additional 24 claims staked, known as the "Gram Claims" which became subject to
the Hinton Syndicate Agreement.
On April 2, 2007 the Company accepted a proposed work program, budget and cash
call schedule for the Mount Hinton project which was revised on May 15, 2007,
totaling $1,410,949 (CDN$1,505,200) for the 2007 Work Program. The Company had
approximately $70,304 (CDN$75,000) on deposit left over from the 2006 cash call
schedule. On May 15, 2007 the Company paid $180,164 (CDN$200,000), on June 15,
2007 the Company paid $202,684 (CDN$225,000), being two of the four cash call
payments. Due to delays in the drilling program the third payment of $562,430
(CDN$600,000) which was due on July 31, 2007 was changed to August 31, 2007 and
was paid subsequently.  The fourth payment of $379,828 (CDN$405,200) which was
originally due on August 15, 2007 was changed to September 15, 2007.
b) The Marg Property
In March 2005, the Company acquired rights to purchase 100% of the Marg
Property, which consists of 402 contiguous mineral claims covering approximately
20,000 acres located in the Mayo Mining District of the Yukon Territory of
Canada. Title to the claims is registered in the name of YGC.
The Company assumed the rights to acquire the Marg Property under a Property
Purchase Agreement ("Agreement") with Atna Resources Ltd. ("Atna"). Under the
terms of the Agreement the Company paid $119,189 (CDN$150,000) cash and 133,333
common shares as a down payment. The Company made payments under the Agreement
for $43,406 (CDN$50,000) cash and an additional 133,333 common shares of the
Company on December 12, 2005; $86,805 (CDN$100,000) cash and an additional
133,334 common shares of the Company on December 12, 2006.
The Company has agreed to make subsequent payments under the Agreement of: (i)
$93,738 (CDN$100,000) cash on or before December 12, 2007; and (ii) $187,477
(CDN$200,000) in cash and/or common shares of the Company (or some combination
thereof to be determined) on or before December 12, 2008. Upon the commencement
of commercial production at the Marg Property, the Company will pay to Atna
$937,383 (CDN$1,000,000) in cash and/or common shares of the Company, or some
combination thereof to be determined.
On April 2, 2007 the Company accepted a proposed work program, budget and cash
call schedule for the Marg project totaling $2,980,877 (CDN$3,180,000) for the
2007 Work Program. The Company had approximately $515,561 (CDN$550,000) on
deposit left over from the 2006 cash call schedule. On May 15, 2007 the Company
paid $703,037 (CDN$750,000), on June 15, 2007 the Company paid $703,037
(CDN$750,000), and on July 15, 2007 the Company paid $703,037 (CDN$750,000)
being three of the four cash call payments. The fourth payment of $356,205
(CDN$380,000) is due on August 15, 2007 and was paid subsequently.
- 118 -
YUKON GOLD CORPORATION,
INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
c) On July 23, 2007, Yukon Gold Corporation, Inc. (the "Company") amended and
restated an agreement with Northern Securities Inc. ("Northern") pursuant to
which Northern agreed to act as agent in connection with a $2,624,672
(CDN$2,800,000) private placement (the "Private Placement").  Northern agreed to
place or purchase for its own account $1,406,704 (CDN$1,500,000) in Units and
$1,218,598 (CDN$1,300,000) of flow-through units (the "Flow-Through Units").
 Each Unit consists of one common share and one-half common share purchase
warrant (a "Warrant").  Each Flow-Through Unit consists of one flow-through
common share and one half of a common share purchase warrant where each full
warrant will enable its holder to purchase a non-flow-through share (a
"Flow-Through Warrant").  The "flow-through" shares entitle Canadian tax payers
to certain tax credits which may be offset against Canadian income tax.  The
Units were priced at $0.42 (CDN$0.45) per Unit.  Each whole Warrant (two half
Warrants together) will be exercisable for one share of the Company's common
stock for a period of 24 months from the closing of the private placement at an
exercise price of $0.56 (CDN$0.60) per share.  The Flow-Through Units are priced
at $0.49 (CDN$0.52) per Flow-Through Unit.  Each whole Flow-Through Warrant will
be exercisable into one share of the Company's common stock  for a period of 24
months from the Closing Date at an exercise price of $0.66 (CDN$0.70) per share.
 In connection with the Northern Agreement, the Company agreed to pay Northern a
commission equal to 8% of the aggregate gross proceeds of the Private Placement
and issue to Northern broker warrants in the amount of 8% of the aggregate
number of Units and Flow-Through Units purchased through the Private Placement.
  In addition, the Company agreed to pay Northern a due diligence fee of $70,304
(CDN$75,000).  The Private Placement is scheduled to close in two parts.  The
first closing occurred on August 16, 2007 for aggregate gross proceeds of
$1,073,425 (CDN$1,145,180). (See Note 12 – Subsequent Events).
9.
SHORT-TERM INVESTMENT IN AVAILABLE- FOR- SALE SECURITIES
The Company entered into a subscription agreement dated as of April 3, 2007 (the
"Agreement") with Industrial Minerals, Inc. ("Industrial Minerals") to acquire (i)
5,000,000 common shares of Industrial Minerals at a price of $0.05 per share and
(ii) a Warrant entitling the holder: (a) to purchase 5,000,000 common shares of
Industrial Minerals at a purchase price of $0.05 per share (the "option price")
or, at the option of the holder, (b) to surrender the Warrant for a number of
common shares to be determined by application of a formula which would result in
a larger number of shares issued to the holder if the market price of the common
stock is less than the option price at the time of exercise. The Warrant expires
on April 3, 2008. The total subscription price paid by the Company was $250,000.
The Company entered into the Agreement as of May 14, 2007. The common stock of
Industrial Minerals is quoted on the Over-the-Counter Bulletin Board under the
symbol, "IDSM." The Company accounted for this investment as a short term
investment in available-for-sale securities. The unrealized gain of $100,000 as
at July 31, 2007 has been excluded from earnings and reported as 'Other
Comprehensive Income'. The Company executed an agreement to sell the securities
on August 17, 2007 (See Note 12- Subsequent Events).
10.
PREPAID EXPENSES AND OTHER
Included in prepaid expenses and other is an amount of $83,915 (CDN$89,520)
being Goods & Services tax receivable from the Federal Government of Canada.
Included in prepaid expenses and other is a deposit of $1,932,019 (CDN$2,061,078) with a geological company for conducting exploration activities at
the Mount Hinton and Marg properties.
11.
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
The Company entered into a one year consulting agreement with a consultant on
December 28, 2006 commencing January 1, 2007. As per terms of the agreement, the
consultant was to provide consulting services which included market awareness,
financial and strategic advice. The Company was to compensate the consultant a
fee of 500,000 restrictive shares over a period of twelve months with shares to
be delivered on a monthly basis. The Company had accrued the cost of $136,668 in
the April 30, 2007 statements, although in the opinion of the Company, it was
not obligated to issue stock as the consultant was in breach of the contract due
to non performance of the agreed services. The Company received a cancellation
and waiver of the agreement from the consultant and reversed this accrual to the
credit of general and administrative expense during the quarter ended July 31,
2007.
12.
SUBSEQUENT EVENTS
a)   Subsequent issue of common shares:
- 119 -
YUKON GOLD CORPORATION, INC.
(An Exploration Stage Company)
Condensed Notes to Interim Consolidated Financial Statements
July 31, 2007
(Amounts expressed in US Dollars)
(Unaudited)
On August 16, 2007 the Company completed a private placement (the "Financing")
with Northern Securities Inc. ("Northern"), acting as agent. The Financing was
comprised of the sale of 1,916,666 units (the "Units") at $0.42 (CDN$0.45) per
Unit (the "Unit Issue Price") for gross proceeds of $808,446  (CDN$862,499.70)
and the sale of 543,615 flow-through units (the "Flow-Through Units") at $0.49
(CDN$0.52) per Flow-Through Unit (the "Flow-Through Unit Issue Price") for gross
proceeds of $264,979 (CDN$282,679.80), raising aggregate gross proceeds of
approximately $1,073,425 (CDN$1,145,180).  Each Unit consisted of one non-flow
through common share ("Common Share") and one half of one Common Share purchase
warrant (each whole warrant, a "Warrant").  Each Warrant is exercisable into one
Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per
share.  Each Flow-Through Unit consisted of one flow-through common share and
one half of one Common Share purchase warrant (each whole warrant, an "FT
Warrant").  Each FT Warrant is exercisable into one Common Share until August
16, 2009 at an exercise price of $0.66 (CDN$0.70) per share.  Yukon Gold paid
Northern a commission equal to 8% of the aggregate gross proceeds and issued
153,333 "Unit Compensation Options" and 43,489 "FT Unit Compensation Options".
 Each Unit Compensation Option is exercisable into one Unit at the Unit Issue
Price until August 16, 2009.  Each FT Unit Compensation Option is exercisable
into one Common Share and one half of one FT Warrant at the Flow-Through Unit
Issue Price until August 16, 2009.  Yukon Gold has also granted Northern an
option (the "Over-Allotment Option") exercisable until October 15, 2007 to offer
for sale up to an additional $468,691 (CDN$500,000) of Units and/or Flow-Through
Units on the same terms and conditions.  The Company paid a $70,304 (CDN$75,000)
due diligence fee to Northern at closing and reimbursed Northern for its
expenses.  The proceeds of the Financing will be used for the exploration and
development of the Company's two Yukon Territory based properties, and for
working capital.
b)  Subsequent Commitments & Contingencies:
On August 15 the Company entered into an on-line investor relations marketing
agreement with a consultant for a one year term, with the option to renew for an
additional 12 months.  In return for services rendered, the Company will pay the
consultant $1,875 (CDN$2,000) per month.  In addition, the consultant has been
granted an option to purchase 125,000 shares of the Company at $0.42 (CDN$0.45)
per share, with the option vesting in equal quarterly amounts of 31,250 shares
on November 15, 2007, February 15, 2008, May 15, 2008 and August 15, 2008, and
the first exercise date being August 15, 2008 and an expiry date of August 15,
2010.
On August 15, 2007 the Company paid $365,205 (CDN$380,000), being the fourth and
final payment for the Marg Project 2007 Work Program.
On August 15, 2007 the Company paid $86,127 (CDN$91,880.20) towards the third
cash call payment for the Mount Hinton 2007 Work Program. On August 31, 2007 the
Company re-allocated $476,303 (CDN$508,119.80) being the balance of the third
cash call payment for the Mount Hinton 2007 Work Program from cash call funds
previously allocated to the Marg Project. These re-allocated funds are not
presently needed for the Marg Project.
On August 17, 2007, the Company entered into an agreement with Global Capital
SPE-1 LLC ("Global") pursuant to which Global agreed to purchase 2 million
shares of Industrial Minerals Inc. ("IDSM") held by the Company for
consideration of $140,000.  Pursuant to the Agreement, Global has the option to
purchase from the Company an additional 3 million shares of IDSM for
consideration of $210,000.  The Company also assigned to Global 5 million
warrants to purchase IDSM stock.  The Company will receive up to $100,000 in the
event that Global exercises all or a portion of the warrants.  Global
consummated the purchase of the first 2 million shares of IDSM on September 6,
2007.
c) The Company announced on September 5, 2007 that its common stock will trade
on the Frankfurt Stock Exchange.  The Company's common stock will trade under
the symbol "W8Y" and the German Securities Code A0JJ6Z.
- 120 -
YUKON
      GOLD CORPORATION, INC.
(AN
      EXPLORATION STAGE COMPANY)
CONSOLIDATED
      FINANCIAL STATEMENTS
YEARS
      ENDED APRIL 30, 2007 AND APRIL 30, 2006
Together
      With Report of Independent Registered Public Accounting
      Firm
(Amounts
      expressed in US Dollars)
TABLE
      OF CONTENTS
Page
                    No.
Report
                    of Independent Registered Public Accounting Firm
123-124
Consolidated
                    Balance Sheets as at April 30, 2007 and April 30, 2006
125
Consolidated
                    Statements of Operations for the years ended April 30, 2007 and
                    April 30,
                    2006
126
Consolidated
                    Statements of Cash Flows for the years ended April 30, 2007 and
                    April 30,
                    2006
127
Consolidated
                    Statements of Changes in Stockholders' Equity for the years ended April
                    30, 2007 and April 30, 2006 and for the period from inception
                    to April 30,
                    2006
128-
Notes
                    to Consolidated Financial Statements
129-151
- 121 -
REPORT
      OF
      INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
      the
      Board of Directors and Stockholders of
Yukon
      Gold Corporation, Inc.
(An
      Exploration Stage Company)
We
      have
      audited the accompanying consolidated balance sheets of Yukon Gold Corporation,
      Inc. as at April 30, 2007 and 2006 and the related consolidated statements
      of
      operations, cash flows and stockholders' equity for the years ended April 30,
      2007 and 2006 and for the period from incorporation to April 30,
      2007.
      These
      consolidated financial statements are the responsibility of the Company's
      management. Our responsibility is to express an opinion on these consolidated
      financial statements based on our audits.
We
      conducted our audits in accordance with the standards of the Public Company
      Accounting Oversight Board (United States). Those standards require that we
      plan
      and perform the audit to obtain reasonable assurance about whether the financial
      statements are free of material misstatement. An audit includes examining,
      on a
      test basis, evidence supporting the amounts and disclosures in the financial
      statements. An audit also includes assessing the accounting principles used
      and
      significant estimates made by management, as well as evaluating the overall
      financial statement presentation. We believe that our audits provide a
      reasonable basis for our opinion.
In
      our
      opinion, the consolidated financial statements referred to above present fairly,
      in all material respects, the financial position of Yukon Gold Corporation,
      Inc.
      as at April 30, 2007 and 2006 and the results of its operations and its cash
      flows for the years ended April 30, 2007 and 2006 and for the period from
      incorporation to April 30, 2007 in conformity with United States generally
      accepted accounting principles.
The
      accompanying consolidated financial statements have been prepared assuming
      that
      the Company will continue as a going concern. As discussed in Note 2 to the
      consolidated financial statements, the Company is an exploration stage mining
      company and has no established source of revenues. These conditions raise
      substantial doubt about its ability to continue as a going concern. Management's
      plan regarding these matters are also described in the notes to the consolidated
      financial statements. The consolidated financial statements do not include
      any
      adjustments that might result from the outcome of this
      uncertainty.
"SCHWARTZ
                  LEVITSKY FELDMAN LLP"
Toronto,
                Ontario, Canada
Chartered
                Accountants
July
                5, 2007
Licensed
                Public
                Accountants
- 122 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Consolidated
      Balance Sheets
As
      at April 30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
April
                  30, 2007
April
                  30, 2006
$
$
ASSETS
CURRENT
                  ASSETS
Cash
                  and cash equivalents
936,436
2,412,126
Prepaid
                  expenses and other (note 6)
464,371
77,977
Exploration
                  tax credit receivable (note 7)
483,258
153,145
Restricted
                  Deposit (Note 14)
17,889
17,889
1,901,954
2,661,137
RESTRICTED
                  CASH (Note 13)
2,266,602
118,275
PROPERTY,
                  PLANT AND EQUIPMENT (Note 8)
56,551
63,141
4,225,107
2,842,553
The
      accompanying notes are an integral part of these consolidated financial
      statements.
APPROVED
      ON BEHALF OF THE BOARD
/s/
      Paul Gorman________________________________
Paul
      Gorman, Director
/s/
      Jose
      L. Guerra, Jr., Director________________________
Jose
      L.
      Guerra, Jr., Director
- 123 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Consolidated
      Balance Sheets
As
      at April 30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
April
                  30, 2007
April
                  30, 2006
$
$
LIABILITIES
CURRENT
                  LIABILITIES
Accounts
                  payable and accrued liabilities (Note 9)
260,134
232,282
Other
                  Liability (Note 15)
-
3,750
Obligation
                  under Capital Leases
2,812
2,792
Total
                  Current Liabilities
262,946
238,824
Long
                  -Term Portion of:
Obligations
                  under Capital Lease
9,137
11,864
TOTAL
                  LIABILITIES
272,083
250,688
COMMITMENTS
                  AND CONTINGENCIES (Note 16)
SHAREHOLDERS'
                  EQUITY
CAPITAL
                  STOCK (Note 10)
2,288
1,637
ADDITIONAL
                  PAID-IN CAPITAL
10,949,726
5,301,502
SUBSCRIPTION
                  FOR WARRANTS (Note 11)
-
525,680
ACCUMULATED
                  OTHER COMPREHENSIVE LOSS
(63,608
)
(5,162
)
DEFICIT,
                  ACCUMULATED DURING THE EXPLORATION STAGE
(6,935,382
)
(3,231,792
)
3,953,024
2,591,865
4,225,107
2,842,553
The
      accompanying notes are an integral part of these consolidated financial
      statements.
- 124 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Consolidated
      Statements of Operations
For
      the years ended April 30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
Cumulative
                since inception
For
                the year
ended
April
                30, 2007
For
                the year
ended
April
                30, 2006
$
$
$
OPERATING
                EXPENSES
General
                and administration (Note 12)
4,105,202
2,483,278
1,085,199
Project
                expenses
3,808,804
1,899,340
933,326
Exploration
                Tax Credit
(605,716
)
(321,013
)
(144,414
)
Amortization
17,934
12,731
1,942
Loss
                on sale/disposal of capital assets
5,904
-
5,904
TOTAL
                OPERATING EXPENSES
7,332,128
4,074,336
1,881,957
LOSS
                BEFORE INCOME TAXES
(7,332,128
)
(4,074,336
)
(1,881,957
)
Income
                taxes recovery
396,746
370,746
26,000
NET
                LOSS
(6,935,382
)
(3,703,590
)
(1,855,957
)
Loss
                per share - basic and diluted
(0.20
)
(0.17
)
Weighted
                average common shares outstanding
18,152,531
10,742,784
The
      accompanying notes are an integral part of these consolidated financial
      statements.
- 125 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Consolidated
      Statements of Cash Flows
For
      the years ended April 30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
Cumulative
                Since Inception
For
                the Year
ended
April
                30, 2007
For
                the Year
ended
April
                30, 2006
$
$
$
CASH
                FLOWS FROM OPERATING ACTIVITIES
Net
                loss for the year
(6,935,382
)
(3,703,590
)
(1,855,957
)
Items
                not requiring an outlay of cash:
Amortization
17,934
12,731
1,942
Loss
                on sale/disposal of property, plant, equipment
5,904
-
5,904
Registration
                rights penalty expense
188,125
188,125
Shares
                issued for property payment
468,087
153,845
100,000
Common
                shares issued for settlement of severance liability to ex-officer
113,130
113,130
Stock-based
                compensation
676,519
451,273
225,246
Issue
                of shares for professional services
852,523
722,023
130,500
Issue
                of units against settlement of debts
20,077
20,077
Decrease
                (Increase) in prepaid expenses and other
(463,214
)
(386,394
)
25,855
Increase
                in exploration tax credit receivable
(483,258
)
(330,113
)
(80,942
)
Increase
                in accounts payable and accrued liabilities
259,644
27,852
148,385
Increase
                in restricted cash
(2,266,602
)
(2,148,327
)
(118,275
)
Increase
                in restricted deposit
(17,889
)
-
(17,889
)
Increase
                (Decrease) in other liabilities
(3,750
)
3,750
NET
                CASH USED IN OPERATING ACTIVITIES
(7,564,402
)
(4,903,195
)
(1,411,404
)
CASH
                FLOWS FROM INVESTING ACTIVITIES
Purchase
                of property, plant and equipment
(80,738
)
(6,141
)
(67,813
)
NET
                CASH USED IN INVESTING ACTIVITIES
(80,738
)
(6,141
)
(67,813
)
CASH
                FLOWS FROM FINANCING ACTIVITIES
Repayments
                from a shareholder
1,180
-
Proceeds
                (Repayments) from Demand promissory notes
200,000
(298,649
)
Proceeds
                from Convertible promissory notes converted
200,500
-
Proceeds
                from the exercise of stock options
61,000
55,500
5,500
Proceeds
                from exercise of warrants - net
450,309
429,537
20,772
Proceeds
                from subscription of warrants - net
525,680
525,680
Proceeds
                from issuance of units/shares - net
7,189,001
3,009,762
3,538,147
Proceeds
                (Repayments) from capital lease obligation
11,949
(2,707
)
14,656
NET
                CASH PROVIDED BY FINANCING ACTIVITIES
8,639,619
3,492,092
3,806,106
EFFECT
                OF FOREIGN CURRENCY EXCHANGE RATE CHANGES
(58,043
)
(58,446
)
5,981
NET
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FOR THE
                YEAR
936,436
(1,475,690
)
2,332,870
Cash
                and cash equivalents, beginning of year
-
2,412,126
79,256
CASH
                AND CASH EQUIVALENTS, END OF YEAR
936,436
936,436
2,412,126
INCOME
                TAXES PAID
-
-
INTEREST
                PAID
-
-
The
      accompanying notes are an integral part of these consolidated financial
      statements.
- 126 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Consolidated
      Statements of Changes in Stockholders' Equity
From
      Inception to April 30, 2007
Number
                of Common Shares
Common
                Shares Amount
Additional
                Paid-in Capital
Subscription
                for Warrants
Deficit,
                Accumulated during the Exploration Stage
Comprehensive
                Income (loss)
Accumulated
                Other Comprehensive Income (loss)
#
$
$
$
$
$
$
Issuance
                of Common shares
2,833,377
154,063
-
-
-
-
-
Issuance
                of warrants
-
-
1,142
-
-
-
-
Foreign
                currency translation
-
-
-
-
604
604
Net
                loss for the year
-
-
-
(124,783
)
(124,783
)
-
Balance
                as of April 30, 2003
2,833,377
154,063
1,142
-
(124,783
)
(124,179
)
604
Issuance
                of Common shares
1,435,410
256,657
-
-
-
-
Issuance
                of warrants
-
-
2,855
-
-
-
Shares
                repurchased
(240,855
)
(5,778
)
-
-
-
-
Recapitalization
                pursuant to reverse acquisition
2,737,576
(404,265
)
404,265
-
-
-
Issuance
                of Common shares
1,750,000
175
174,825
-
-
-
Issuance
                of Common shares for Property Payment
300,000
30
114,212
-
-
-
Foreign
                currency translation
-
-
-
-
-
(12,796
)
(12,796
)
Net
                loss for the year
-
-
-
-
(442,906
)
(442,906
)
-
Balance
                as of April 30, 2004
8,815,508
882
697,299
-
(567,689
)
(455,702
)
(12,192
)
Issuance
                of Common shares for Property Payment
133,333
13
99,987
-
-
-
-
Issuance
                of common shares on Conversion of Convertible Promissory
                note
76,204
8
57,144
-
-
-
-
Foreign
                currency translation
-
-
-
-
-
9,717
9,717
Net
                loss for the year
-
-
-
-
(808,146
)
(808,146
)
-
Balance
                as of April 30, 2005
9,025,045
903
854,430
-
(1,375,835
)
(798,429
)
(2,475
)
Stock
                based compensation - Directors and officers
216,416
Stock
                based compensation - Consultants
8,830
Issue
                of common shares and Warrants on retirement of Demand Promissory
                note
369,215
37
203,031
Units
                issued to an outside company for professional services
                settlement
24,336
2
13,384
Units
                issued to an officer for professional services settlement
12,168
1
6,690
Issuance
                of common shares for professional services
150,000
15
130,485
Units
                issued to shareholder
490,909
49
269,951
Units
                issued to a director
149,867
15
82,412
Units
                issued to outside subscribers
200,000
20
109,980
Issuance
                of common shares on Conversion of Convertible Promissory
                notes
59,547
6
44,654
Issuance
                of common shares on Exercise of warrants
14,000
2
11,998
Issuance
                of common shares on Conversion of Convertible Promissory
                notes
76,525
8
57,386
Private
                placement of shares
150,000
15
151,485
Issuance
                of Common shares for property payment
133,333
13
99,987
Issuance
                of common shares on Conversion of Convertible Promissory
                notes
34,306
4
25,905
Issuance
                of common shares on Exercise of warrants
10,000
1
8,771
Issuance
                of common shares on Conversion of Convertible Promissory
                notes
101,150
10
76,523
Issue
                of 400,000 Special Warrants net
371,680
Issue
                of 200,000 flow through warrants
154,000
Brokered
                private placement of shares- net
5,331,327
533
2,910,375
Brokered
                Private placement of flow through Shares- net
25,000
2
13,310
Exercise
                of stock options
10,000
1
5,499
Foreign
                currency translation
-
-
-
(2,687
)
(2,687
)
Net
                loss for the year
-
-
-
(1,855,957
)
(1,855,957
)
-
Balance
                as of April 30, 2006
16,366,728
1,637
5,301,502
525,680
(3,231,792
)
(1,858,644
)
(5,162
)
Exercise
                of warrants
10,000
1
8,986
Exercise
                of warrants
45,045
5
40,445
Exercise
                of warrants
16,000
2
14,278
Common
                shares issued for settlement of severance liability to
                ex-officer
141,599
14
113,116
Exercise
                of warrants
43,667
4
39,364
Exercise
                of warrants
17,971
2
15,937
Exercise
                of warrants
43,667
4
38,891
Exercise
                of warrants
16,000
2
14,251
Exercise
                of warrants
158,090
16
141,616
Issue
                of common shares for property payment
43,166
4
53,841
Exercise
                of warrants
64,120
6
57,863
Exercise
                of warrants
61,171
6
53,818
Exercise
                of stock options
24,000
2
17,998
Issuance
                of common shares for professional services
342,780
34
438,725
Brokered
                private placement of units-net
400,000
40
363,960
Brokered
                private placement of units-net
550,000
55
498,923
Stock
                based compensation-Directors and Officers
451,273
Exercise
                of stock options
50,000
5
37,495
Issuance
                of common shares for property payment
133,334
13
99,987
Issuance
                of common shares for professional services
160,000
16
131,184
Issuance
                of common shares for professional services
118,800
12
152,052
Issue
                of shares for flow-through warrants
200,000
20
153,980
(154,000
)
Issue
                of shares for special warrants
404,000
41
375,679
(371,680
)
Issue
                of 2,823,049 flow- through warrants -net
1,916,374
Issue
                of 334,218 unit special warrants-net
230,410
Issue
                of 3,105,358 common shares for 2,823,049 flow through
                warrants
3,105,358
310
1,916,064
(1,916,374
)
Issue
                of 367,641 common shares for 334,218 unit special warrants
367,641
37
230,373
(230,410
)
Registration
                rights penalty expense
188,125
Foreign
                currency translation
(58,446
)
(58,446
)
Net
                loss for the year
(3,703,590
)
(3,703,590
)
Balance
                as of April 30, 2007
22,883,137
2,288
10,949,726
0
(6,935,382
)
(3,762,036
)
(63,608
)
The
      accompanying notes are an integral part of these consolidated financial
      statements.
- 127 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
1.
BASIS
      OF
      PRESENTATION
The
      audited consolidated financial statements include the accounts of Yukon Gold
      Corporation, Inc. (the "Company") and its wholly owned Canadian operating
      subsidiary, Yukon Gold Corp. ("YGC"). All material inter-company accounts and
      transactions have been eliminated.
2.
GOING
      CONCERN
The
      Company has no source for operating revenue and expects to incur significant
      expenses before establishing operating revenue. The Company has a need for
      equity capital and financing for working capital and exploration and development
      of its properties. Because of continuing operating losses, the Company's
      continuance as a going concern is dependent upon its ability to obtain adequate
      financing and to reach profitable levels of operation. The Company's future
      success is dependent upon its continued ability to raise sufficient capital,
      not
      only to maintain its operating expenses, but to explore for ore reserves and
      develop those it has on its mining claims. There is no guarantee that such
      capital will continue to be available on acceptable terms, if at all or if
      the
      Company will attain profitable levels of operation.
Management
      has initiated plans to raise equity funding through the issuance of common
      shares including flow-through shares. The Company was successful in raising
      funds (net) of approximately $4 million during the year ended April 30, 2006,
      which assisted the Company in meeting its commitments and current requirements
      for project expenses and general and administrative expenses. The Company also
      raised (net) approximately $1.3 million during the six months ended October
      31,
      2006. The company further raised (net) an additional approximately $1.9 million
      through subscription of flow-through special warrants and raised (net)
      approximately $230,000 through subscription of unit special warrants during
      the
      three months ended January 31, 2007. The Company's common shares are listed on
      the Toronto Stock exchange and included on the Over-The-Counter Bulletin Board
      maintained by NASDAQ in the United States. The trading of the Company's stock in
      both the United States and Canada has expanded its investor base, as the Company
      continues to explore sources of funding from both the United States and Canada.
These
      consolidated financial statements have been prepared in accordance with United
      States generally acceptable accounting principles applicable to a going concern.
      Accordingly, they do not give effect to adjustments that would be necessary
      should the Company be unable to continue as a going concern and therefore be
      required to realize its assets and liquidate its liabilities and commitments
      in
      other than the normal course of business and at amounts different from those
      in
      the accompanying consolidated financial statements.
3.
      NATURE
      OF OPERATIONS
The
      Company is an exploration stage mining company and has not yet realized any
      revenue from its operations. It is primarily engaged in acquisition, exploration
      and development of its two mining properties, both located in the Yukon
      Territory in Canada. The Company has not yet determined whether these properties
      contain mineral reserves that are economically recoverable. The business of
      mining and exploring for minerals involves a high degree of risk and there
      can
      be no assurances that current exploration programs will result in profitable
      mining operations.
4.
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a)
Use
      of
      Estimates
These
      consolidated financial statements have been prepared in accordance with
      generally accepted accounting principles in the United States of America.
      Because a precise determination of assets and liabilities, and correspondingly
      revenues and expenses, depends on future events, the preparation of consolidated
      financial statements for any period necessarily involves the use of estimates
      and assumption. Actual amounts may differ from these estimates. These
      consolidated financial statements have, in management's opinion, been properly
      prepared within reasonable limits of materiality and within the framework of
      the
      accounting policies summarized below.
- 128 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
4.
SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES-CONT'D
b)
      Cash
      and Cash Equivalents
Cash
      and
      cash equivalents include cash on hand, amounts due from banks, and any other
      highly liquid investments with a maturity of three months or less. The carrying
      amounts approximate fair values because of the short maturity of those
      instruments.
c)
Other
      Financial Instruments
The
      carrying amounts of the Company's restricted cash, restricted deposit, accounts
      receivable, exploration tax credit receivable and accounts payable and accrued
      liabilities approximates fair values because of the short maturity of these
      instruments.
Commodity
      Price Risk:
The
      ability of the Company to develop its properties and the future profitability
      of
      the Company is directly related to the market price of certain
      minerals.
Foreign
      exchange risk:
The
      Company conducts some of its operating activities in Canadian dollar. The
      Company is therefore subject to gains or losses due to fluctuations in Canadian
      currency relative to the US dollar.
d)
Long-term
      Financial Instruments
The
      fair
      value of each of the Company's long-term financial assets and debt instruments
      is based on the amount of future cash flows associated with each instrument
      discounted using an estimate of what the Company's current borrowing rate for
      similar instruments of comparable maturity would be.
e)
Property,
      plant and equipment
Property,
      plant, and equipment are recorded at cost less accumulated amortization.
      Amortization is provided commencing in the month following acquisition using
      the
      following annual rate and method:
Computer
                  equipment
20%
declining
                  balance method
Furniture
                  and fixtures
20%
declining
                  balance method
Office
                  Equipment
20%
declining
                  balance method
f)
      Operating and Capital Leases
Costs
      associated with operating leases are expensed as incurred. The cost of assets
      acquired via capital leases are capitalized and amortized over their useful
      lives. An offsetting liability is established to reflect the future obligation
      under capital leases. This liability is reduced by the future principal
      payments.
g)
Foreign
      Currency Translation
The
      Company's operating subsidiary is a foreign private company and maintains its
      books and records in Canadian dollars (the functional currency). The
      subsidiary's financial statements are converted to US dollars for consolidation
      purposes. The translation method used is the current rate method, which is
      the
      method mandated by SFAS No. 52 where the functional currency is the foreign
      currency. Under the current rate method all assets and liabilities are
      translated at the current rate, stockholders' equity accounts are translated at
      historical rates and revenues and expenses are translated at average rates
      for
      the year.
- 129 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
4.
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-CONT'D
Due
      to
      the fact that items in the financial statements are being translated at
      different rates according to their nature, a translation adjustment is created.
      This translation adjustment has been included in Accumulated Other Comprehensive
      Income (Loss).
h)
Income
      taxes
The
      Company accounts for income taxes under the provisions of SFAS No. 109, which
      requires recognition of deferred tax assets and liabilities for the expected
      future tax consequences of events that have been included in the financial
      statements or tax returns. Deferred income taxes are provided using the
      liability method. Under the liability method, deferred income taxes are
      recognized for all significant temporary differences between the tax and
      financial statement bases of assets and liabilities.
Current
      income tax expense (recovery) is the amount of income taxes expected to be
      payable (recoverable) for the current period. A deferred tax asset and/or
      liability is computed for both the expected future impact of differences between
      the financial statement and tax bases of assets and liabilities and for the
      expected future tax benefit to be derived from tax losses. Valuation allowances
      are established when necessary to reduce deferred tax asset to the amount
      expected to be "more likely than not" realized in future tax returns. Tax law
      and rate changes are reflected in income in the period such changes are
      enacted.
i)
Revenue
      Recognition
The
      Company's revenue recognition policies are expected to follow common practice in
      the mining industry. Revenue is recognized when concentrate or dore bars, in
      the
      case of precious metals, is produced in a mill processing ore from one or more
      mines. The only condition for recognition of revenue in these instances is
      the
      production of the dore or concentrate. In order to get the ore to a concentrate
      stage the ore must be mined and transported to a mill where it is crushed and
      ground. The ground product is then processed by gravity separation and/or
      flotation to produce a concentrate. In some circumstances chemical treatment
      is
      used to extract the precious metals from the concentrate into a solution. This
      solution is then subjected to various processes to precipitate the precious
      metals back to a solid state that can be melted down and poured into a mould
      to
      produce a dore bar (a combination of gold and silver).
j)
Comprehensive
      Income
The
      Company has adopted SFAS No. 130 Reporting Comprehensive Income. This standard
      requires companies to disclose comprehensive income in their consolidated
      financial statements. In addition to items included in net income, comprehensive
      income includes items currently charged or credited directly to stockholders'
equity, such as foreign currency translation adjustments.
k)
Long-Lived
      Assets
In
      accordance with Financial Accounting Standard Board Statement No. 144, the
      Company records impairment of long-lived assets to be held and used or to be
      disposed of when indicators of impairment are present and the undiscounted
      cash
      flows estimated to be generated by those assets are less than the carrying
      amount. At April 30, 2007 and 2006, no impairments were recognized. Amortization
      expense for the years ended April 30, 2007 and 2006 was $12,731 and $1,942
      respectively.
l)
      Acquisition, Exploration and Evaluation Expenditures
The
      Company is an exploration stage mining company and has not yet realized any
      revenue from its operations. It is primarily engaged in the acquisition,
      exploration and development of mining properties. Mineral property acquisition
      and exploration costs are expensed as incurred. When it has been determined
      that
      a mineral property can be economically developed as a result of establishing
      proven and probable reserves, the costs incurred to develop such property,
      are
      capitalized. For the purpose of preparing financial information, all costs
      associated with a property that has the potential to add to the Company's proven
      and probable reserves are expensed until a final feasibility study demonstrating
      the existence of proven and probable reserves is completed. No costs have been
      capitalized in the periods covered by these financial statements. Once
      capitalized, such costs will be amortized using the units-of-production method
      over the estimated life of the probable reserve.
- 130 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
4.
SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES-CONT'D
m)
Stock
      Based Compensation
On
      December 16, 2004, the Financial Accounting Standards Board ("FASB") issued FASB
      Statement No.123 (revised 2004), "Share-Based Payment" ("SFAS 123(R)"), which is
      a revision of FASB Statement No.123, Accounting for Stock-Based Compensation.
      SFAS 123(R) requires expense for all equity instruments given to employees
      and
      non-employees, including grants of employee stock options, to be recognized
      in
      the income statement based on their fair values. Pro forma disclosure is no
      longer an alternative. The Company had adopted the provisions of SFAS 123 (R)
      on
      May 1, 2005. As of April 30, 2007 there was $265,375 of unrecognized expense
      related to non-vested stock-based compensation arrangements granted. The total
      stock-based compensation expense relating to all employees and non employees
      for
      the years ended April 30, 2007 and 2006 was $451,273and $225,246 respectively.
n)
      Earnings or Loss per Share
The
      Company has adopted FAS No. 128, "Earnings per Share", which requires disclosure
      on the financial statements of "basic" and "diluted" loss per share. Basic loss
      per share is computed by dividing net loss by the weighted average number of
      common shares outstanding for the year. Diluted loss per share is computed
      by
      dividing net loss by the weighted average number of common shares outstanding
      plus common stock equivalents (if dilutive) related to stock options and
      warrants for each year. There were no common equivalent shares outstanding
      at
      April 30, 2007 and 2006 that have been included in dilutive loss per share
      calculation as the effects would have been anti-dilutive. At April 30, 2007,
      there were 2,084,000 options from the 2003 Stock Option Plan and 400,000 options
      from the 2006 Stock Option Plan and 5,411,703 warrants outstanding. At April
      30,
      2006, there were 2,958,000 options and 4,651,270 warrants
      outstanding.
o)
      Flow-Through Financing
The
      Company has financed a portion of its exploration activities through the issue
      of flow-through shares, which transfer the Canadian tax deductibility of
      exploration expenditure to the investor. Proceeds received from the issuance
      of
      such shares are allocated between the offering of shares and the sale of tax
      benefits. The allocation is made based on the difference between the quoted
      price of the existing shares and the amount the investor pays for the shares.
      A
      liability is recognized for the difference.
Resource
      expenditure deductions for income tax purposes related to exploration and
      development activities funded by flow-through share arrangements are renounced
      to investors in accordance with the income tax legislation in Canada. On such
      renunciation, a deferred tax liability is created and the liability recognized
      at issuance reversed. The Company recognized the benefit of tax losses to offset
      the deferred tax liability resulting in an income tax recovery.
p)
      Recent
      Pronouncements
In
      July
      2006, the FASB issued Interpretation No. 48, "Accounting for Uncertainty in
      Income Taxes" ("FIN 48"). FIN 48 clarifies the accounting for uncertainty in
      income taxes recognized in enterprises' financial statements in accordance with
      SFAS No. 109, "Accounting for Income Taxes". FIN 48 prescribes a recognition
      threshold and measurement attributable for the financial statement recognition
      and measurement of a tax position taken or expected to be taken in a tax return.
      FIN 48 also provides guidance on derecognizing, classification, interest and
      penalties, accounting in interim periods, disclosures and transitions. FIN
      48 is
      effective for fiscal years beginning after December 15, 2006. The Company is
      currently reviewing the effect, if any, FIN 48 will have on its financial
      position and operations.
- 131 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
4.
SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES-CONT'D
In
      September 2006, the FASB issued SFAS No. 157, "Fair Value Measures" ("SFAS No.
      157"). SFAS No. 157 defines fair value, establishes a framework for measuring
      fair value in generally accepted accounting principles ("GAAP"), expands
      disclosures about fair value measurements, and applies under other accounting
      pronouncements that require or permit fair value measurements. SFAS No. 157
      does
      not require any new fair value measurements, however the FASB anticipates that
      for some entities, the application of SFAS No. 157 will change current practice.
      SFAS No. 157 is effective for financial statements issued for fiscal years
      beginning after November 15, 2007. The Company is currently reviewing the
      effect, if any, FIN 48 will have on its financial position and
      operations.
p)
      Recent
      Pronouncements (Cont'd.)
In
      September 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
      No. 158, Employers' Accounting for Defined Benefit Pension and Other
      Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106, and
      132(R)". This statement requires employers to recognize the overfunded or
      underfunded status of a defined benefit postretirement plan (other than a multi
      employer plan) as an asset or liability in its statement of financial position
      and to recognize changes in that funded status in the year in which the changes
      occur through comprehensive income of a business entity or changes in
      unrestricted net assets of a not-for-profit organization. This statement also
      requires an employer to measure the funded status of a plan as of the date
      of
      its year-end statement of financial position, with limited exceptions. The
      provisions of SFAS No. 158 are effective for employers with publicly traded
      equity securities as of the end of the fiscal year ending after December 15,
      2006. The adoption of this statement is not expected to have a material effect
      on the Company's future reported financial position or results of
      operations.
In
      February 2007, the FASB issued SFAS No. 159 ("SFAS 159") - the fair value option
      for financial assets and liabilities including in amendment of SFAS
      115.
This
      Statement permits entities to choose to measure many financial instruments
      and
      certain other items at fair value. The objective is to improve financial
      reporting by providing entities with the opportunity to mitigate volatility
      in
      reported earnings caused by measuring related assets and liabilities differently
      without having to apply complex hedge accounting provisions. This Statement
      is
      expected to expand the use of fair value measurement objectives for accounting
      for financial instruments. This Statement is effective as of the beginning
      of an
      entity's first fiscal year that begins after November15, 2007, and interim
      periods within those fiscal years. Early adoption is permitted as of the
      beginning of a fiscal year that begins on or before November 15, 2007, provided
      the entity also elects to apply the provisions of FASB Statement No. 157, Fair
      value measurements. The Company is currently evaluating the impact of SFAS
      No.
      159 on its consolidated financial statements.
In
      September 2006, the Securities and Exchange Commission ("SEC") issued Staff
      Accounting Bulletin No. 108 (Topic 1N), "Quantifying Misstatements in Current
      Year Financial Statements" ("SAB No. 108"). SAB No. 108 addresses how the effect
      of prior year uncorrected misstatements should be considered when quantifying
      misstatements in current year financial statements. SAB No. 108 requires SEC
      registrants (i) to quantify misstatements using a combined approach which
      considers both the balance sheet and income statement approaches; (ii) to
      evaluate whether either approach results in quantifying an error that is
      material in light of relevant quantitative and qualitative factors; and (iii)
      to
      adjust their financial statements if the new combined approach results in a
      conclusion that an error is material. SAB No. 108 addresses the mechanics of
      correcting misstatements that include effects from prior years. It indicates
      that the current year correction of a material error that includes prior year
      effects may result in the need to correct prior year financial statements even
      if the misstatement in the prior year or years is considered immaterial. Any
      prior year financial statements found to be materially misstated in years
      subsequent to the issuance of SAB No. 108 would be restated in accordance with
      SFAS No. 154, "Accounting Changes and Error Corrections." Because the combined
      approach represents a change in practice, the SEC staff will not require
      registrants that followed an acceptable approach in the past to restate prior
      years' historical financial statements. Rather, these registrants can report the
      cumulative effect of adopting the new approach as an adjustment to the current
      year's beginning balance of retained earnings. If the new approach is adopted in
      a quarter other than the first quarter, financial statements for prior interim
      periods within the year of adoption may need to be restated. SAB No. 108 is
      effective for fiscal years ending after November 15, 2006. The implementation
      of
      SAB No. 108 is not expected to have a material impact on the Company's results
      of operations and financial condition.
- 132 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
5. COMPREHENSIVE
      INCOME (LOSS)
The
      components of comprehensive loss are as follows:
For
                the year ended
For
                the year ended
April
                30, 2007
April
                30, 2006
$
$
Net
                loss
(3,703,590
)
(1,855,957
)
Other
                comprehensive income (loss) Foreign currency translation
(58,446
)
(2,687
)
Comprehensive
                loss
(3,762,036
)
(1,858,644
)
The
      foreign currency translation adjustments are not currently adjusted for income
      taxes as the Company's operating subsidiary is located in Canada and the
      adjustments relate to the translation of the financial statements from Canadian
      dollars into United States dollars, which are done as disclosed in note 4
      (g).
6.
      PREPAID EXPENSES AND OTHER
Included
      in prepaid expenses and other is an amount of $27,280 (CDN$30,284) (prior year:
      $22,492 (CDN$25,146)) being Goods & Services tax receivable from the Federal
      Government of Canada. Included in prepaid expenses and other is a deposit of
      $189,172 (CDN $210,000) (prior year: $44,723 (CDN $50,000)) with a contractor
      for start up and demobilization costs for diamond drilling at drill sites to
      be
      selected by the Company. Prepaid expense also includes $223,741(CDN$(248,374)
      being a deposit with a geological company for conducting exploration activities
      at the Mount Hinton and Marg properties.
7.
EXPLORATION
      TAX CREDIT RECEIVABLE
The
      Company has a claim to the Yukon exploration tax credit, since it maintains
      a
      permanent establishment in the Yukon and has incurred eligible mineral
      exploration expenses as defined by the federal income tax regulations of Canada.
      The Company's expectation of receiving this credit of $483,258 (CDN$536,465) is
      based on the history of receiving past credits. The Company will be filing
      tax
      returns to claim the 2007 credit of $329,024 (CDN$365,249) and has previously
      filed for the 2006 credit of $154,234 (CDN$171,216).
8.
PROPERTY,
      PLANT AND EQUIPMENT
April
                30, 2007
April
                30, 2006
$
$
Computer
                Equipment
23,936
22,322
Furniture
                and fixtures
36,160
31,382
Capital
                leases:
Office
                Equipment
15,566
15,456
Cost
75,662
69,160
Less:
                Accumulated amortization
Computer
                Equipment
8,723
5,035
Furniture
                and fixtures
7,275
984
Capital
                leases:
Office
                Equipment
3,113
-
19,111
6,019
Net
56,551
63,141
- 133 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
9.
ACCOUNTS
      PAYABLE AND ACCRUED LIABILITIES
April
                30, 2007
April
                30, 2006
$
$
Accounts
                payable and accrued liabilities are comprised of the
                following:
Trade
                payables
30,150
41,082
Accrued
                liabilities
229,984
191,200
260,134
232,282
10.
CAPITAL
      STOCK
a)
Authorized
50,000,000
      of Common shares, $0.0001 par value
b)
Issued
22,883,137
      Common shares (16,366,728 in 2006)
c)
      Changes to Issued Share Capital
Year
      ended April 30, 2006
On
      August
      5, 2005 the board of directors authorized the issuance of 369,215 common shares
      and 184,608 share purchase warrants in settlement of a demand promissory note
      in
      the amount of $200,000 plus interest of $3,068.25. Each common share was priced
      at $0.545 and each full warrant at $0.01. Each share purchase warrant entitles
      the holder to purchase one common share for $1.00 per share on or before August
      5, 2007.
On
      August
      23, 2005 the board of directors approved the issuance of 24,336 Units to an
      arms
      length investor and 12,168 Units to an officer of the Company at $0.55 per
      Unit,
      in settlement of an accounts payable for services, for a total of $20,077
      (CDN$24,398). Each Unit consists of one common share and one half-share purchase
      warrant. Each common share was priced at $0.545 and each full warrant at $0.01.
      Each full-share purchase warrant entitles the holder to purchase one common
      share at $1.00 per share for a period expiring on August 15, 2007.
On
      August
      25, 2005 the Company entered into a Consulting Agreement with Endeavor Holdings,
      Inc. (Endeavor) of New York, New York to assist the Company in raising capital.
      Under the terms of this agreement the Company agreed to pay Endeavor 150,000
      common shares at the rate of 25,000 shares per month. Either party could cancel
      the agreement on 30 days notice. The Company issued 150,000 common shares valued
      at $130,500 to Endeavor.
On
      August
      26, 2005 the board of directors approved the issuance of 490,909 Units at $0.55
      per Unit to an arms length accredited shareholder for a total of $270,000.
      Each
      Unit consists of one common share and one half-share purchase warrant. Each
      common share was priced at $0.545 and each full warrant at $0.01. Each
      full-share purchase warrant entitles the holder to purchase one common share
      at
      $1.00 per share, after one year and seven days following closing, for a period
      of two (2) years following the date that is one year and seven days after the
      closing. The Company received $20,000 of the subscription price on August 12,
      2005 as a loan to be applied to the subscription price and $100,000 on September
      15, 2005 and a promissory note for $150,000 due on or before October 1, 2005
      for
      the balance of the subscription price. The Promissory note was paid in full
      by
      the due date. This arms length shareholder subsequently became a director of
      the
      Company on November 2, 2005 and chairman of the Board on July 11,
      2006.
On
      August
      29, 2005, the Company completed the sale of 149,867 Units at $0.55 per Unit
      to a
      director of the Company for $82,427 (CDN$100,000). Each Unit consists of one
      common share and one half-share purchase warrant. Each common share was priced
      at $0.545 and each full warrant at $0.01. Each full-share purchase warrant
      entitles the holder to purchase one common share at $1.00 per share for a period
      expiring on August 5, 2007.
- 134 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
10.
CAPITAL
      STOCK-CONT'D
c)
Changes
      to Issued Share Capital (cont'd)
On
      August
      31, 2005, the Company accepted subscriptions from four accredited investors
      and
      one accredited corporation, all residents of Canada, for a total of 200,000
      Units priced at $0.55 per Unit for a total of $110,000. Each Unit consists
      of
      one common share and one half-share purchase warrant. Each common share was
      priced at $0.545 and each full warrant at $0.01. Each full-share purchase
      warrant entitles the holder to purchase one common share at $1.00 per share
      for
      a period expiring August 31, 2007.
On
      October 18 and 24, 2005 the Company issued a total of 59,547 common shares
      and
      29,167 warrants covering the principal amount of $43,750 plus interest of $910
      on conversion of convertible promissory note issued on October 6, 2004. Refer
      to
      note 12 (b).
On
      October 18, 2005 the Company authorized the issuance of 14,000 common shares
      for
      the exercise of 14,000 warrants from a warrant holder in consideration of
      $12,000.
On
      November 9, 2005, the accredited investor converted the promissory note,
      referred to in Note 12 (c) on its due date and the Company issued 76,525 common
      shares and 37,500 warrants covering the principal amount of $56,250 and interest
      in the amount of $1,143 in accordance with the conversion provisions of the
      notes. The expiry date of the warrants was extended to 15 months after the
      conversion date.
On
      December 5, 2005 the board of directors authorized the issuance of 150,000
      common shares and 150,000 share purchase warrants in consideration of $100,000
      cash and a promissory note for $51,500 due January 15, 2006 which was
      subsequently paid. Each common share was valued at $1.00 and each warrant at
      $0.01. Each warrant entitles the warrant holder to purchase one common share
      at
      $1.00 on or before December 4, 2006.
On
      December 6, 2005 the board of directors authorized the issuance of 133,333
      common shares in the amount of $100,000 for a property payment to Atna Resources
      Ltd., along with a cash payment of $43,406 (CDN$50,000) as per terms of the
      agreement. The common shares along with the cash payment were delivered to
      Atna
      Resources Ltd. on December 12, 2005. This entire payment of $143,406 was
      expensed in the consolidated statements of operations.
On
      December 7, 2005 the accredited investor converted the promissory notes,
      referred to in Note 12 (d) on their due dates and the Company issued 34,306
      common shares and 17,001 warrants covering the principal amounts of $25,500
      and
      interest in the amount of $409 in accordance with the conversion provisions
      of
      the notes. The expiry date of the warrants was extended to 15 months after
      the
      conversion date.
On
      December 7, 2005 the board of directors authorized the issuance of 10,000 common
      shares to a shareholder for the exercise of 10,000 warrants in consideration
      of
      $8,772 (CDN $10,000).
On
      January 11, 2006 the accredited investor converted the promissory notes,
      referred to in Note 12 (e) on their due dates and the Company issued 101,150
      common shares and 50,000 warrants covering the principal amounts of $75,000
      and
      interest in the amount of $1,533 in accordance with the conversion provisions
      of
      the notes. The expiry date of the warrants was extended to 15 months after
      the
      conversion date.
On
      March
      28, 2006 the Company completed a brokered private placement through the issuance
      of 5,331,327 common share units at a price of $0.60 per unit for gross proceeds
      of $3,198,799. The Company also completed the brokered private placement through
      the issuance of 25,000 flow-through shares at a price of $0.75 per share for
      gross proceeds of $ 18,750. Each Common share unit consists of one share and
      one-half of one common share purchase warrant. Each whole common share purchase
      warrant entitles the holder to purchase one common share at $0.90 per share
      for
      a period expiring on March 28, 2008. The agent received $289,579 in commissions
      as well as 533,133 broker warrants with a fair value of $347,956.
Each
      warrant entitles them to purchase one common share and one-half share purchase
      warrant for $0.60 until March 28, 2008. Each full warrant is then exercisable
      at
      $0.90.Out of the gross proceeds received from flow-through shares, an amount
      of
      $3,750 was credited to Other Liabilities (Refer to Note 17).
- 135 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
10.
CAPITAL
      STOCK-CONT'D
c)
Changes
      to Issued Share Capital (cont'd)
On
      April
      11, 2006 a director of the Company exercised the stock option to purchase 10,000
      common shares at the option price of $0.55 per share. The Company received
      the
      funds in cash and issued 10,000 common shares.
Year
      ended April 30, 2007
On
      May
      29, 2006 the Company issued 10,000 common shares for the exercise of 10,000
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $8,987
      (CDN$10,000).
On
      May
      29, 2006 the Company issued 45,045 common shares for the exercise of 45,045
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $40,450
      (CDN$45,045).
On
      May
      29, 2006 the Company issued 16,000 common shares for the exercise of 16,000
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $14,280
      (CDN$16,000).
On
      May
      30, 2006 the Company issued 141,599 common shares for the settlement of an
      accrued liability to an ex officer and director. The accrued severance amount
      of
      $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80
      (CDN$0.91).
On
      June
      22, 2006 the Company issued 43,667 common shares for the exercise of 43,667
      warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $39,368
      (CDN$43,667).
On
      June
      28, 2006 the Company issued 17,971 common shares for the exercise of 17,971
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $15,939
      (CDN$17,971).
On
      June
      28, 2006 the Company issued 43,667 common shares for the exercise of 43,667
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $38,895
      (CDN$43,667).
On
      June
      28, 2006 the Company issued 16,000 common shares for the exercise of 16,000
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $14,253
      (CDN$16,000).
On
      June
      29, 2006 the Company issued 158,090 common shares for the exercise of 158,090
      warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $141,632
      (CDN$158,090).
On
      July
      7, 2006 the Company issued 43,166 common shares in settlement of a property
        payment on the Mount Hinton property. The shares represent $53,845
      (CDN$60,000) payment and were valued   $1.25 (CDN$1.39) each.
On
      July
      7, 2006 the Company issued 64,120 common shares for the exercise of 64,120
      warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $57,869
      (CDN$64,120).
On
      July
      17, 2006 the Company issued 61,171 common shares for the exercise of 61,171
      warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of $53,824
      (CDN$61,171).
On
      August
      11, 2006 the Company held in escrow 817,980 restricted shares in total to three
      consultants for services relating to business promotion and development. These
      consultants assisted management in the preparation of financial offerings and
      in
      arranging meetings and making presentations to the brokerage community and
      institutional investors in both the United States and Canada. Except for 342,780
      common shares which were earned by these consultants as of October 31, 2006,
      the
      balance of 475,200 common shares held in escrow were to be released to each
      consultant in 8 monthly installments of 19,800 common shares commencing November
      1, 2006. Out of 475,200 common shares held in escrow, 356,400 common shares
      were
      returned to the Company for cancellation. (Refer to Note 12).
On
      September 7, 2006 the Company issued 24,000 shares to an officer upon exercising
      24,000 vested stock options at $0.75 for a total of $18,000.
- 136 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
10.
CAPITAL
      STOCK-CONT'D
c)
Changes
      to Issued Share Capital (cont'd)
On
      October 3, 2006, the Company completed a brokered private placement and issued
      400,000 units, where each unit consisted of a common share and a share purchase
      warrant. The units were priced at $1.00 per unit for a total of $400,000. The
      Company paid a finders fee of 6% and reimbursed expenses for 3% of the total
      consideration. The warrants have a two-year term and are exercisable at $1.50
      per share in the first twelve months of the term and $2.00 per share in the
      remaining twelve months of the term. .
On
      October 3, 2006, the Company completed another brokered private placement and
      issued 550,000 units, where each unit consisted of a common share and a share
      purchase warrant. The units were priced at $1.00 per unit for a total of
      $550,000. The Company paid a finders fee of $33,000 and reimbursed expenses
      for
      $18,022 (CDN$20,000). The warrants have a two-year term and are exercisable
      at
      $1.50 per share in the first twelve months of the term and $2.00 per share
      in
      the remaining twelve months of the term.
On
      December 12, 2006 the Company issued 50,000 shares to a former officer upon
      exercising of 50,000 vested stock options at $0.75 for a total of
      $37,500.
On
      December 6, 2006 the board of directors authorized the issuance of 133,334
      common shares in the amount of $100,000 for a property payment to Atna Resources
      Ltd., along with a cash payment of $86,805 (CDN$100,000) as per terms of the
      agreement. The common shares along with the cash payment were delivered to
      Atna
      Resources Ltd. on December 12, 2006. This entire payment of $186,805 was
      expensed in the consolidated statements of operations.
On
      December 19, 2006 the Company issued 160,000 common shares to a consultant
      for
      services rendered. These services related to the consulting agreement dated
      March 21, 2006. As per terms of that agreement, the Consultant was to provide
      to
      the Company market and financial advice and expertise as may be necessary
      relating to the manner of offering and pricing of securities. The agreement
      was
      for a period of twelve months commencing the day of trading of the Company's
      stock on the Toronto Stock Exchange (April 19, 2006). As per the agreement,
      the
      Consultant was to be compensated a fee equal to 240,000 restricted common shares
      of the Company with a fair value of $196,800 and was to receive these shares
      on
      a monthly basis. Each party was able to cancel the agreement on 30 days notice.
      The Company cancelled the agreement as of November 30, 2006 and on December
      19,
      2006 issued 160,000 common shares as full and final consideration.
On
      December 19, 2006 the Company issued 200,000 common shares in lieu of sale
      of
      200,000 Flow-Through Special Warrants made to a Canadian accredited investor,
      for $180,000 (CDN$205,020) on December 30, 2005. Each Flow-Through Special
      Warrant entitled the Holder to acquire one flow-through common share of the
      Company at no additional cost.
On
      December 28, 2006, the Company completed a private placement of 2,823,049
      flow-through special warrants (which qualify as flow-through shares for the
      purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per
      warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per
      warrant for aggregate gross proceeds to the Company of $2,801,610
      (CDN$3,264,996). Each flow-through special warrant entitles the holder to
      acquire, for no additional consideration, one common share of the Company.
      Each
      unit special warrant entitles the holder to acquire, for no additional
      consideration, one common share and one common share purchase warrant of the
      Company. Each common share purchase warrant entitles the holder to acquire
      one
      common share of the Company at a price of $0.90 (CDN$1.05) for a period of
      24
      months from the closing date. In connection with this private placement, the
      Company agreed to file a prospectus in Canada qualifying the issuance of the
      common shares and warrants issuable upon the exercise of the special warrants
      as
      well as those common shares issuable on exercise of the common share purchase
      warrants. In addition, the Company agreed to file a registration statement
      in
      the United States covering the re-sale of common shares underlying the units
      and
      warrants by the respective shareholders. In the event the Company fails to
      obtain effectiveness for the final prospectus and the registration statement
      by
      February 26, 2007 (60 days from the closing date), each flow-through special
      warrant will entitle the holder to acquire 1.1 common shares on exercise thereof
      and each unit special warrant will entitle the holder to acquire 1.1 common
      shares and 1.1 common share purchase warrants on exercise thereof. The
      flow-through and unit special warrants will be automatically exercised on the
      earlier of (i) the third business day after the issuance of a receipt for the
      final prospectus and the effectiveness of the registration statement, or (ii)
      the four month anniversary of the closing date of the private placement. On
      closing, Northern Securities Inc., the lead agent received a cash commission
      of
      $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options
      and
      23,395 unit compensation options. In addition, as part of the private placement,
      Limited Market Dealer Inc. received a cash commission of $25,862 (CDN$30,000)
      as
      well as 28,571 flow-through compensation options and Novadan Capital Ltd.
      received a cash payment of $28,362 (CDN$32,900) as well as 32,900 unit
      compensation options. Each flow-through compensation option entitles the holder
      to acquire, for no additional consideration, one flow-through compensation
      warrant, each exercisable into one common share of the Company at a price of
      $0.90 (CDN$1.05) for a period of 24 months from the closing date of December
      28,
      2006. Each unit compensation option entitles the holder to acquire, for no
      additional consideration, one unit compensation warrant, each exercisable at
      $0.81 (CDN$0.941) into one common share and one common share purchase warrant
      of
      the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the
      closing date of December 28, 2006. In the event the Company fails to obtain
      receipts for the final prospectus or effectiveness of the registration statement
      by February 26, 2007 (60 days from the closing date), each flow-through
      compensation option will entitle the holder to acquire 1.1 flow-through
      compensation warrants on exercise thereof and each unit compensation option
      granted to Northern Securities, Inc. will entitle the holder to acquire 1.1
      unit
      compensation warrants on exercise thereof. The private placement was exempt
      from
      registration under the Securities Act of 1933, as amended (the "Securities Act")
      pursuant to an exemption afforded by Regulation S promulgated under the
      Securities Act ("Regulation S").
- 137 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
10.
CAPITAL
      STOCK-CONT'D
c)
      Changes to Issued Share Capital (cont'd)
On
      January 11, 2007, the Company issued its obligated 400,000 common shares and
      an
      additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special
      Warrants to a Canadian accredited investor for $404,000 paid on December 15,
      2005. Each Special Warrant entitled its holder to acquire one common share
      of
      the Company and one common share purchase warrant at no additional cost. The
      Company was obligated to have a registration statement become effective within
      181 days of the closing. In the absence of a registration statement being
      declared effective within 181 days of the closing, the Company issued an
      additional 4,000 common shares to the Canadian accredited investor at no extra
      cost as a penalty. The Company expensed an amount of $5,000 to registration
      rights penalty expense under the head General and Administration and credited
      this to Additional paid in capital.
On
      April
      25, 2007 the Company issued 2,823,049 common shares and an additional 282,309
      shares as a penalty, relating to the private placement of 2,823,049 flow-through
      special warrants on December 28, 2006 (refer to note above). The penalty shares
      were issued as the Company failed to obtain receipts for the final prospectus
      or
      effectiveness of the registration statement by February 26, 2007 (60 days from
      the closing date). The Company expensed an amount of $163,739 to registration
      rights penalty expense under the head General and Administration and credited
      this to Additional paid in capital.
On
      April
      25, 2007 the Company issued 334,218 common shares and an additional 33,423
      shares as a penalty, relating to the private placement of 334,218 unit special
      warrants on December 28, 2006 (refer to note above). The penalty shares were
      issued as the Company failed to obtain receipts for the final prospectus or
      effectiveness of the registration statement by February 26, 2007 (60 days from
      the closing date). The Company expensed an amount of $19,386 to registration
      rights penalty expense under the head General and Administration and credited
      this to Additional paid in capital.
- 138 -
YUKON GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
10.
CAPITAL
      STOCK-CONT'D
d)
      Purchase Warrants
During
      the year 2005-2006 the following stock warrants were issued
:
184,608
      stock warrants were issued on August 5, 2005. Each warrant is exercisable for
      one common share at $1.00 on or before August 5, 2007. These warrants were
      issued on settlement of a demand promissory note.
12,168
      stock warrants were issued to an arms length investor on August 23, 2005. Each
      warrant is exercisable for one common share at $1.00 per share on or before
      August 15, 2007. These warrants were issued in settlement of an accounts payable
      for services.
6,084
      stock warrants were issued to an officer on August 23, 2005. Each warrant is
      exercisable for one common share at $1.00 per share on or before August 15,
      2007. These warrants were issued in settlement of an accounts payable for
      services.
245,455
      stock warrants were issued to an arms length accredited shareholder on August
      26, 2005, who subsequently became a director of the Company and Chairman of
      the
      Board. Each warrant is exercisable for one common share at $1.00 per share
      on or
      before August 22, 2008. These warrants were issued as part of 490,909 common
      share units. Each common share unit consists of one share and one-half of one
      common share purchase warrant.
74,934
      stock warrants were issued to a director of the Company on August 29, 2005.
      Each
      warrant is exercisable for one common share at $1.00 per share on or before
      August 5, 2007. These warrants were issued as part of 149,867 common share
      units. Each common share unit consists of one share and one-half of one common
      share purchase warrant.
100,000
      stock warrants were issued to four accredited investors and one accredited
      corporation, all residents of Canada on August 31, 2005. Each warrant is
      exercisable for one common share at $1.00 per share on or before August 31,
      2007. These warrants were issued as part of 200,000 common share units. Each
      common share unit consists of one share and one-half of one common share
      purchase warrant.
12,500
      stock warrants were issued on October 14, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before January 14, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.
16,667
      stock warrants were issued on October 24, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before January 24, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.
37,500
      stock warrants were issued on November 9, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before February 9, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.
150,000
      stock warrants were issued on December 5, 2005. Each warrant is exercisable
      for
      one common share at $1.00 on or before December 5, 2006. These warrants were
      issued along with the issue of common shares for cash.
17,001
      stock warrants were issued on December 7, 2005. Each warrant is exercisable
      for
      one common share at $1.25 on or before March 7, 2007. These warrants were issued
      on conversion of a promissory note as per the terms of the original
      note.
32,320
      stock warrants were issued on December 15, 2005. Each warrant is exercisable
      for
      one common share at $1.00 on or before December 15, 2006. These warrants were
      issued to the agent for arranging the subscription for 400,000 special
      warrants.
50,000
      stock warrants were issued on January 11, 2006. Each warrant is exercisable
      for
      one common share at $ 1.25 on or before April 11, 2007. These warrants were
      issued on conversion of a promissory note as per the terms of the original
      note.
- 139 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
10.
CAPITAL
      STOCK-CON'T
d)
Purchase
      Warrants (cont'd)
2,665,669
      stock warrants were issued on March 28, 2006. Each warrant is exercisable for
      one common share at $0.90 on or before March 28, 2008. These warrants were
      issued as part of 5,331,327 common share units. Each common share unit consists
      of one share and one-half of one common share purchase warrant.
533,133
      unit purchase warrants were issued on March 28, 2006. Each unit purchase warrant
      is exercisable for one common share and one-half share purchase warrant for
      $0.60 on or before March 28, 2008. Each full warrant is then exercisable at
      $0.90. These unit purchase warrants were issued to the agent or their assignees,
      for arranging the financing for 5,331,327 common shares units.
During
      the year 2006-2007 the following stock warrants were issued
:
400,000
      stock warrants were issued on October 3, 2006. The warrants have a two-year
      term
      and are exercisable at $1.50 per share in the first twelve months of the term
      and $2.00 per share in the remaining twelve months of the term.
550,000
      stock warrants were issued on October 3, 2006. The warrants have a two-year
      term
      and are exercisable at $1.50 per share in the first twelve months of the term
      and $2.00 per share in the remaining twelve months of the term.
334,218
      stock warrants and an additional 33,423 stock warrants as a penalty were issued
      on April 25, 2007, relating to the private placement of 334,218 unit special
      warrants on December 28, 2006 (refer to note 10 above). The penalty warrants
      were issued as the Company failed to obtain receipts for the final prospectus
      or
      effectiveness of the registration statement by February 26, 2007 (60 days from
      the closing date). Each common share purchase warrant entitles the holder to
      acquire one common share of the Company at a price of $0.90 (CDN$1.05) for
      a
      period of 24 months from the closing date.
32,900
      unit compensation warrants were issued on April 25, 2007 relating to the Private
      Placement of December 28, 2006 (refer to note 10 above). Each unit compensation
      warrant is exercisable for a period of 24 months from the closing date of
      December 28, 2006 at $0.81 (CDN$0.941) into one common share and one common
      share purchase warrant of the Company which is further exercisable at a price
      of
      $0.90 (CDN$1.05) for a period of 24 months from the date of
      exercise.
23,395
      unit compensation warrants and an additional 2,340 unit compensation warrants
      as
      a penalty were issued on April 25, 2007 relating to the Private Placement of
      December 28, 2006 (refer to note 10 above). Each unit compensation warrant
      is
      exercisable for a period of 24 months from the closing date of December 28,
      2006
      at $0.81 (CDN$0.941) into one common share and one common share purchase warrant
      of the Company which is further exercisable at a price of $0.90 (CDN$1.05)
      for a
      period of 24 months from the date of exercise.
169,042
      flow-through compensation warrants and an additional 16,905 flow-through
      compensation warrants as a penalty were issued on April 25, 2007 relating to
      the
      Private Placement of December 28, 2006 (refer to note 10 above). Each
      flow-through compensation warrant is exercisable for a period of 24 months
      from
      the closing date of December 28, 2006 at a price of $0.90
      (CDN$1.05).
28,571
      flow-through compensation warrants and an additional 2,858 flow-through
      compensation warrants as a penalty were issued on April 25, 2007 relating to
      the
      Private Placement of December 28, 2006 (refer to note 10 above). Each
      flow-through compensation warrant is exercisable for a period of 24 months
      from
      the closing date of December 28, 2006 at a price of $0.90
      (CDN$1.05).
- 140 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
10.
CAPITAL
      STOCK-CON'T
d)
Purchase
      Warrants (cont'd)
Number
                of Warrants Granted
Exercise
                Prices
Expiry
                Date
$
Outstanding
                at April 30, 2005 and average exercise price
537,231
0.82
Granted
                in year 2005-2006
150,000
1.00
December
                5, 2006
Granted
                in year 2005-2006
32,320
1.00
December
                15, 2006
Granted
                in year 2005-2006
259,542
1.00
August
                5, 2007
Granted
                in year 2005-2006
18,252
1.00
August
                15, 2007
Granted
                in year 2005-2006
245,455
1.00
August
                22, 2007
Granted
                in year 2005-2006
100,000
1.00
August
                31, 2007
Granted
                in year 2005-2006
12,500
1.25
January
                14, 2007
Granted
                in year 2005-2006
16,667
1.25
January
                25, 2007
Granted
                in year 2005-2006
37,500
1.25
February
                9, 2007
Granted
                in year 2005-2006
17,001
1.25
March
                7, 2007
Granted
                in year 2005-2006
50,000
1.25
April
                11, 2007
Granted
                in year 2005-2006
2,665,669
0.90
March
                28, 2007
Granted
                in year 2005-2006
533,133
0.60
March
                28, 2007
Exercised
                in year 2005-2006
(24,000
)
(0.82
)
Expired
                in year 2005-2006
Cancelled
                in year 2005-2006
Outstanding
                at April 30, 2006 and average exercise price
4,651,270
0.88
Granted
                in year 2006-2007
950,000
1.50
October
                4, 2008
Granted
                in year 2006-2007
367,641
0.90
December
                28, 2008
Granted
                in year 2006-2007
276,011
0.81
December
                28, 2008
Exercised
                in year 2006-2007
(306,773
)
(0.89
)
Exercised
                in year 2006-2007
(107,787
)
(0.90
)
Exercised
                in year 2006-2007
(61,171
)
(0.88
)
Expired
                in year 2006-2007
(171,168
)
(1.25
)
Expired
                in year 2006-2007
(186,320
)
(1.00
)
Cancelled
-
Outstanding
                at April 30, 2007 and average exercise price
5,411,703
$
0.97
The
      warrants do not confer upon the holders any rights or interest as a shareholder
      of the Company.
11.
      SUBSCRIPTION FOR WARRANTS
(a)
On
                December 15, 2005 the Company completed the sale of 400,000 Special
                Warrants using the services of an agent at a subscription price of
                $1.01
                per Warrant to a Canadian accredited investor for $404,000. Each
                Special
                Warrant entitled its holder to acquire one common share of the Company
                and
                one common share purchase warrant at no additional cost. Each share
                purchase warrant entitled the holder to purchase one common share
                in the
                capital of the Company at a price of $1.00 per warrant share for
                a period
                of one year following the closing date. The agent received $32,320
                in
                commission as well as 32,320 warrants. Each warrant was exercisable
                for
                one common share at $ 1.00 until December 15, 2006 with a fair value
                of
                $9,995. The Company was obligated to have a registration statement
                become
                effective within 181 days of the closing. In the absence of a registration
                statement being declared effective within 181 days of the closing,
                the
                Company, effective June 15, 2006 was obligated to issue an additional
                4,000 common shares and 4,000 warrants to the accredited investor
                at no
                extra cost as a penalty. The Company issued 404,000 common shares
                on
                January 11, 2007 (see Note 10).
- 141 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
11.
      SUBSCRIPTION FOR WARRANTS-CONT'D
(b)
On
                December 30, 2005 the Company completed the sale of 200,000 Flow-Through
                Special Warrants ("Special Warrants") to a Canadian accredited investor,
                for gross proceeds of $180,000 (CDN$205,020). Each Special Warrant
                entitled the Holder to acquire one flow-through common share of the
                Company ("Flow-Through Shares") at no additional cost. The Company issued
                200,000 common shares on December 19, 2006. (Refer to Note 10
                (c))
(c)
On December 28, 2006 the Company completed the sale of 2,823,049
                Flow-Through Special Warrants ("Special Warrants") using the
                services of an agent at a subscription price of $0.90 (CDN$1.05)
                per Special Warrant for gross proceeds of $2,543,505
                (CDN$2,964,201). On April 25, 2007 the Company issued 2,823,049
                common shares and an additional 282,309 shares as a penalty,
                relating to the private placement of 2,823,049 flow-through
                special warrants (refer to Note 10 (c)).
The
      term
"Flow-Through Shares" is significant for tax purposes in Canada because it
      enables the issuer to allocate certain exploration tax credit to the holders
      of
      such shares. As all Canadian Exploration expenses are incurred by the Company's
      100% owned Canadian subsidiary, which conducts mining explorations in the Yukon
      Territory of Canada, for Canadian tax purposes, a similar Flow-Through
      subscription agreement was executed between the Company and its 100% Canadian
      subsidiary. The effective date of renunciation for Canadian Exploration expenses
      was December 31, 2006, which as per Canadian tax regulations requires the
      Canadian subsidiary to incur eligible Canadian exploration expenses for the
      entire subscription amount of $2,543,505 (CDN$2,964,201) on or before December
      31, 2007. The Company has renounced such eligible expenses to the Canadian
      accredited investors. Proceeds received from such warrants were allocated by
      the
      Company between the offering for shares and the sale of tax benefits. The amount
      of $366,996 attributable to the sale of taxable benefits was credited to Other
      Liabilities. On renunciation of eligible exploration expenses in January of
      2007, this Liability was reversed and included in income under Income tax
      recovery.
(d)
On
                December 28, 2006 the Company completed the sale of 334,218 Unit
                Special
                Warrants using the services of an agent at a subscription price of
                $0.77
                (CDN$0.90) per Unit Special Warrant for gross proceeds of $258,105
                (CDN$300,796). On April 25, 2007 the Company issued 334,218 common
                shares
                and an additional 33,423 shares as a penalty, relating to the private
                placement of 334,218 unit special warrants (Refer to Note
                10).
12.
      STOCK
      BASED COMPENSATION
Per
      SEC
      Staff Accounting Bulletin 107, Topic 14.F, "Classification of Compensation
      Expense Associated with Share-Based Payment Arrangements" stock based
      compensation expense is being presented in the same lines as cash compensation
      paid.
The
      Company adopted a new Stock Option Plan at its shareholders meeting on January
      19, 2007 (the "2006 Stock Option Plan"). The 2006 Stock Option Plan will be
      administered by the board of directors of the Company or, in the board of
      directors' discretion, by a committee appointed by the board of directors for
      that purpose. The TSX approved the 2006 Stock Option plan on March 9,
           2007.
Subject
      to the provisions of the 2006 Stock Option Plan, the aggregate number of shares
      which may be issued under the 2006 Stock Option Plan shall not exceed 2,000,000
      shares ("Total Shares"). Any Stock Option granted under the 2006 Stock Option
      Plan which has been exercised shall again be available for subsequent grant
      under the 2006 Stock Option Plan, effectively resulting in a re-loading of
      the
      number of shares available for grant under the 2006 Stock Option Plan. Any
      shares subject to an option granted under the 2006 Stock Option Plan which
      for
      any reason is surrendered, cancelled or terminated or expires without having
      been exercised shall again be available for subsequent grant under the 2006
      Stock Option Plan.
- 142 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
12.
      STOCK
      BASED COMPENSATION-CONT'D
Under
      the
      2006 Stock Option Plan, at no time shall: (i) the number of shares reserved
      for
      issuance pursuant to Stock Options granted to any one optionee exceed 10% of
      the
      Total Shares; (ii) the number of shares, together with all security based
      compensation arrangements of the Company in effect, reserved for issuance
      pursuant to Stock Options granted to any "insiders" (as that term is defined
      under the
Securities
      Act
(Ontario)) exceed 10% of the total number of issued and outstanding shares.
      In
      addition, the number of shares issued to insiders pursuant to the exercise
      of
      Stock Options, within any one year period, together with all security based
      compensation arrangements of the Company in effect, shall not exceed 10% of
      the
      total number of issued and outstanding shares.
The
      purchase price (the "Price") per share under each Stock Option shall be
      determined by the board of directors or a committee, as applicable. The Price
      shall not be lower than the closing market price on the TSX, or another stock
      exchange where the majority of the trading volume and value of the Shares
      occurs, on the trading day immediately preceding the date of grant, or if not
      so
      traded, the average between the closing bid and asked prices thereof as reported
      for the trading day immediately preceding the date of the grant; provided that
      if the shares have not traded on the TSX or another stock exchange for an
      extended period of time, the "market price" will be the fair market value of the
      shares at the time of grant, as determined by the board of directors or
      committee. The board of directors or committee may determine that the Price
      may
      escalate at a specified rate dependent upon the date on which an option may
      be
      exercised by the Eligible Participant.
Options
      shall not be granted for a term exceeding ten
years
      (or
      such shorter or longer period as is permitted by the TSX) (the "Option Period").
Year
      2005-2006.
On
      June
      28, 2005 the board of directors granted options to its two new directors to
      acquire 250,000 shares each, to vest at the rate of 1/24 per month for a term
      of
      two (2) years. The exercise price was set at $0.55 per share based on the
      closing share price on July 5, 2005. On January 19, 2007, the Company held
      an
      annual and special meeting of shareholders whereby the shareholders approved
      a
      resolution extending the expiry dates of these outstanding stock options from
      June 28, 2007 to June 28, 2010.
On
      September 26, 2005 the board of directors with agreement with a Consultant,
      reduced the number of options granted to the consultant from 75,000 to 20,000.
      The exercise price was set at $0.58 per share based on the closing price on
      August 16, 2005 and the options vested immediately and expire on April 15,
      2008.
On
      December 13, 2005 the board of directors granted options to its two new
      directors to acquire 250,000 shares each, to one officer to acquire 250,000
      shares, to one officer to acquire 200,000 shares and to one officer to acquire
      76,000 shares. The exercise price for all 1,026,000 options was set at $1.19
      per
      share based on the closing share price on December 13, 2005. These options
      vest
      at the rate of 1/24 per month for a term of two (2) years. On January 19, 2007,
      the Company held an annual and special meeting of shareholders whereby the
      shareholders approved a resolution extending the expiry dates of these
      outstanding stock options from December 13, 2007 to December 13,
      2010.
On
      January 17, 2006 the board of directors granted options to a consultant to
      acquire 88,000 shares, to vest at the rate of 1/24 per month for a term of
      two
      (2) years. The exercise price was set at $1.19 per share based on the closing
      price on December 13, 2005. . On January 19, 2007, the Company held an annual
      and special meeting of shareholders whereby the shareholders approved a
      resolution extending the expiry dates of these outstanding stock options from
      December 13, 2007 to December 13, 2010.
On
      January 20, 2006 the board of directors granted options to an officer and
      director to acquire 150,000 shares, to vest at the rate of 1/24 per month for
      a
      term of two (2) years. The exercise price was set at $0.85 per share based
      on
      closing price on January 20 2006. On January 19, 2007, the Company held an
      annual and special meeting of shareholders whereby the shareholders approved
      a
      resolution extending the expiry dates of these outstanding stock options from
      January 20, 2008 to January 20, 2011.
- 143 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
12.
      STOCK
      BASED COMPENSATION-CONT'D
Year
      2006-2007.
On
      January 19, 2007, the shareholders of the Company approved, subject to
      regulatory approval, the extension of 2,064,000 options held by all current
      officers, directors, consultants and employees in the 2003 Stock Option Plan
      and
      the adding of an additional 2,000,000 common shares of stock to the 2006 Stock
      Option Plan. The TSX approved the 2006 Stock Option plan on March 9,
      2007.
On
      March
      20, 2007 the board of directors granted options to an officer and director
      to
      acquire 250,000 shares, to vest at the rate of 1/24 per month and can be
      exercised over a period of five (5) years. The exercise price was set at $0.43
      (CDN $ 0.50) per share. These options were granted under the Company's 2006
      stock option plan.
On
      March
      28, 2007 the board of directors granted options to a consultant to acquire
      150,000 shares, to vest at the rate of 1/12 per month and can be exercised
      over
      a period of five (5) years. The exercise price was set at $0.41 (CDN $ 0.47)
      per
      share. These options were granted under the Company's 2006 stock option plan.
The
      Company has adopted SFAS123 (Revised) commencing May 1, 2005.
For
      this
      year ended April 30, 2007, the Company has recognized in the financial
      statements, stock-based compensation costs as per the following details. The
      fair value of each option used for the purpose of estimating the stock
      compensation is based on the grant date using the Black-Scholes option pricing
      model with the following weighted average assumptions:
13-Dec
17-Jan
20-Jan
19-Jan
20-Mar
28-Mar
2005
2006
2006
2007
2007
2007
Total
Risk
                free rate
3.25
%
3.25
%
3.25
%
4.50
%
4.50
%
4.50
%
Volatility
                factor
87.72
%
93.47
%
90.83
%
45.19
%
57.48
%
98.67
%
Expected
                dividends
nil
nil
nil
nil
nil
nil
Stock-based
                compensation cost expensed during the year ended April 30,
                2007
$
210,663
$
11,294
$
22,585
$
199,211
$
3,060
$
4,460
$
451,273
Unexpended
                Stock -based compensation cost deferred over the vesting
                period
nil
nil
nil
$
171,830
$
50,122
$
43,423
$
265,375
As
      of
      April 30, 2007 there was $265,375 of unrecognized expenses related to non-vested
      stock-based compensation arrangements granted. The stock-based compensation
      expense for the years ended April 30, 2007 and April 30, 2006 was $451,273
      and
      $225,246 respectively.
The
      following table summarizes the options outstanding as at April 30:
Option
                Price
Number
                of shares
Expiry
                Date
Per
                Share
2007
2006
December
                15, 2009
0.75
250,000
1,100,000
January
                5, 2010
0.75
60,000
84,000
June
                28, 2010
0.55
490,000
490,000
April
                15, 2008
0.58
20,000
20,000
December
                13, 2010
1.19
1,026,000
1,026,000
December
                13, 2010
1.19
88,000
88,000
January
                20, 2011
0.85
150,000
150,000
March
                20, 2012
0.43
*250,000
March
                28, 2012
0.41
**150,000
2,484,000
2,958,000
Weighted
                average exercise price at end of year
0.86
0.89
*
      These
      options were granted at CDN $0.50 (US $0.43 on date of grant)
**
      These
      options were granted at CDN $0.47 (US $0.41 on date of grant)
- 144 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
12.
      STOCK
      BASED COMPENSATION-CONT'D
Number
                of Shares
2006-2007
2005-2006
Outstanding,
                beginning of year
2,958,000
1,834,000
Granted
400,000
1,784,000
Expired
(800,000
)
-
Exercised
(74,000
)
(10,000
)
Forfeited
-
Cancelled
(650,000
)
Outstanding,
                end of year
2,484,000
2,958,000
Exerciseable,
                end of year
1,625,786
1,269,450
13.
      RESTRICTED CASH
Under
      Canadian income tax regulations, a company is permitted to issue flow-through
      shares whereby the company agrees to incur qualifying expenditures and renounce
      the related income tax deductions to the investors. Notwithstanding that, there
      is no specific requirement to segregate the funds. The flow-through funds which
      are unexpended at the consolidated balance sheet date are considered to be
      restricted and are not considered to be cash or cash equivalents. As of April
      30, 2007, unexpended flow-through funds were $2,266,602
      (CDN $2,516,155).
14.
      RESTRICTED DEPOSITS
The
      Company has a term deposit of $17,889 (CDN$20,000) with a Canadian financial
      institution which earns interest at 2.5% per annum with maturity on April 26,
      2007. This deposit has been assigned to the financial institution to enable
      the
      financial institution to issue an Irrevocable Letter of Credit to The First
      Nation of NaCho Nyak Dun ("NND") which exercises certain powers over land use
      and environment protection within the Yukon Territory of Canada. The Company
      required access to move heavy equipment over the land controlled by NND and
      therefore posted this security bond so that if the Company fails to comply
      with
      reclamation requirements, then the security bond will be available to NND to
      complete the work or may form part of the compensation package. The term deposit
      was returned to the Company in May 2007 since the letter of credit expired.
- 145 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
15.
OTHER
      LIABILITY
Year
      ended April 30, 2006
On
      March
      28, 2006 the Company completed a brokered private placement through the issuance
      of 25,000 flow-through shares at a price of $0.75 per share for gross proceeds
      of $18,750. The proceeds raised were allocated between the offering of shares
      and the sale of tax benefits. The amount of $3,750 attributable to the sale
      of
      taxable benefits was credited to Other Liabilities. On renunciation of eligible
      exploration expenses in January of 2007, this Liability was reversed and
      included in income under Income tax recovery.
Year
      ended April 30, 2007
On
      December 28, 2006, the Company completed a brokered private placement of
      2,823,049 flow-through special warrants (which qualify as flow-through shares
      for the purposes of the Canadian Income Tax Act) Proceeds received from such
      warrants were allocated by the Company between the offering for shares and
      the
      sale of tax benefits. The amount of $366,996 attributable to the sale of taxable
      benefits was credited to Other Liabilities. On renunciation of eligible
      exploration expenses in January of 2007, this Liability was reversed and
      included in income under Income tax recovery.
16.
COMMITMENTS
      AND CONTINGENCIES
(a)
Mount
      Hinton Property Mining Claims
On
                July 7, 2002 Yukon Gold Corp. ("YGC") entered into an option agreement
                with the Hinton Syndicate
                to
                acquire a 75% interest in the 273 unpatented mineral claims covering
                approximately 14,000 acres in the Mayo Mining District of the Yukon
                Territory, Canada. This agreement was replaced with a revised and
                amended
                agreement (the "Hinton Option Agreement") dated July 7, 2005 which
                superseded the original agreement and amendments thereto. The new
                agreement is between the Company, its wholly owned subsidiary YGC
                and the
                Hinton Syndicate.
YGC
      must
      make scheduled cash payments and perform certain work commitments to earn up
      to
      a 75% interest in the mineral claims, subject to a 2% net smelter return royalty
      in favor of the Hinton Syndicate, as further described below.
The
      schedule of Property Payments and Work Programs are as follows:
PROPERTY
      PAYMENTS
On
                  execution of the July 7, 2002 Agreement
$
                  19,693 (CDN$ 25,000) Paid
On
                  July 7, 2003
$
                  59,078 (CDN$ 75,000) Paid
On
                  July 7, 2004
$118,157
                  (CDN$ 150,000) Paid
On
                  January 2, 2006
$125,313
                  (CDN$ 150,000) Paid
On
                  July 7, 2006
$134,512
                  (CDN$ 150,000) Paid
On
                  July 7, 2007
$135,123
                  (CDN$ 150,000) Paid Subsequently
On
                  July 7, 2008
$135,123
                  (CDN$ 150,000)
TOTAL
$726,999
                (CDN $850,000)
- 146 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
16.
COMMITMENTS
      AND CONTINGENCIES (CONT'D)
WORK
      PROGRAM-expenditures to be incurred in the following periods;
July
                  7/02 to July 6/03
$
                  118,157 (CDN$ 150,000) Incurred
July
                  7/03 to July 6/04
$
                  196,928 (CDN$ 250,000) Incurred
July
                  7/04 to July 6/05
$
                  256,006 (CDN$ 325,000) Incurred
July
                  7/05 to Dec. 31/06
$
                  667,795 (CDN$ 750,000) Amended
Jan.
                  1/07 to Dec. 31/07
$
                  900,820 (CDN$ 1,000,000)
Jan.
                  1/08 to Dec. 31/08
$1,126,025
                  (CDN$ 1,250,000)
Jan.
                  1/09 to Dec. 31/09
$1,351,230
                  (CDN$ 1,500,000)
TOTAL
$4,616,961(CDN $5,225,000)
By letter agreement dated August 17, 2006, the Hinton Syndicate agreed to
      allow the Company to defer a portion of the Work Program expenditure
      scheduled to be incurred by December 31, 2006. The agreement to defer such
      Work program expenditures was due to the mechanical break-down of drilling
      equipment and the unavailability of replacement drilling equipment at the
      Mount Hinton site. As a result, the Company is now allowed to defer the
      expenditure of approximately $212,074 (CDN$235,423) until December 31,
      2007. All other Property Payments and Work Program expenditures due have
      been made and incurred.
Provided
      all Property Payments have been made that are due prior to the Work Program
      expenditure levels being attained, YGC shall have earned a:
25%
      interest upon Work Program expenditures of $1,351,230
      (CDN$1,500,000)
50%
      interest upon Work Program expenditures of $2,252,049
      (CDN$2,500,000)
75%
      interest upon Work Program expenditures of $4,616,961
      (CDN$5,225,000)
YGC
      has
      subsequent to the year end attained a 25% interest. In some cases, payments
      made
      to service providers include amounts advanced to cover the cost of future work.
      These advances are not loans but are considered "incurred" exploration expenses
      under the terms of the Hinton Option Agreement. Section 2.2(a) of the Hinton
      Option Agreement defines the term, "incurred" as follows:
"Costs
      shall be deemed to have been "incurred" when YGC has contractually obligated
      itself to pay for such costs or such costs have been paid, whichever should
      first occur." Consequently,
      the term, "incurred" includes amounts actually paid and amounts that YGC has
      obligated itself to pay. Under the Hinton Option Agreement there is also a
      provision that YGC must have raised and have available the Work Program funds
      for the period from July 7, 2005 to December 31, 2006, by May 15 of 2006. This
      provision was met on May 15, 2006.
The
      Hinton Option Agreement contemplates that upon the earlier of: (i) a production
      decision or (ii) investment of $4,616,961 (CDN$5,225,000)
      or (iii)
      YGC has a minority interest and decides not to spend any more money on the
      project,
      YGC's
      relationship with the Hinton Syndicate will become a joint venture for the
      further development of the property. Under the terms of the Hinton Option
      Agreement, the party with the majority interest would control the joint venture.
      Once the 75% interest is earned, as described above, YGC has a further option
      to
      acquire the remaining 25% interest in the mineral claims for a further payment
      of $4,504,099 (CDN$5,000,000).
- 147 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
16.
COMMITMENTS
      AND CONTINGENCIES (CONT'D)
The
      Hinton Option Agreement provides that the Hinton Syndicate receive a 2% "net
      smelter return royalty." In the event that the Company exercises its option to
      buy-out the remaining 25% interest of the Hinton Syndicate (which is only
      possible if the Company has reached a 75% interest, as described above) then
      the
      "net smelter return royalty" would become 3% and the Hinton Syndicate would
      retain this royalty interest only. The "net smelter return royalty" is a
      percentage of the gross revenue received from the sale of the ore produced
      from
      the mine less certain permitted expenses.
The
      Hinton Option Agreement entitles the Hinton Syndicate to recommend for
      appointment one member to the board of directors of the Company.
The
      Hinton Option Agreement provides both parties (YGC and Hinton Syndicate) with
      rights of first refusal in the event that either party desires to sell or
      transfer its interest.
The
      Hinton Syndicate members each have the option to receive their share of property
      payments in stock of the Company at a 10% discount to the market, once the
      Company has obtained a listing on a Canadian stock exchange. YGC and the Company
      have a further option to pay 40% of any property payment due after the payment
      on January 2, 2006 with common stock of the Company. The payment due on July
      7,
      2006 was made in accordance with this provision.
The
      Hinton Syndicate Agreement pertains to an "area of interest" which includes the
      area within ten kilometers of the outermost boundaries of the 273 mineral
      claims, which constitute our mineral properties. Either party to the Hinton
      Syndicate Agreement may stake claims outside the 273 mineral claims, but each
      must notify the other party if such new claims are within the "area of
      interest." The non-staking party may then elect to have the new claims included
      within the Hinton Syndicate Agreement. As of December 11, 2006, there were
      an
      additional 24 claims staked, known as the "Gram Claims" which became subject to
      the Hinton Syndicate Agreement.
On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Mount Hinton project totaling $1,279,164 (CDN$1,420,000) for
      the 2007 Work Program. The Company has approximately $67,561(CDN$75,000) on
      deposit left over from the 2006 cash call schedule.
b)
The
      Marg
      Property
In
      March
      2005, the Company acquired rights to purchase 100% of the Marg Property, which
      consists of 402 contiguous mineral claims covering approximately 20,000 acres
      located in the Mayo Mining District of the Yukon Territory of Canada. Title
      to
      the claims is registered in the name of YGC.
The
      Company assumed the rights to acquire the Marg Property under a Property
      Purchase Agreement ("Agreement") with Atna Resources Ltd. ("Atna").
      Under the terms of the Agreement the Company paid $119,189 (CDN$150,000)
      cash and 133,333 common shares as a down payment. The Company made
      payments under the Agreement for $43,406 (CDN$50,000) cash and an
      additional 133,333 common shares of the Company on December 12, 2005;
      $86,805 (CDN$100,000) cash and an additional 133,334 common shares of the
      Company on December 12, 2006.
The
      Company has agreed to make subsequent payments under the Agreement of: (i)
      $90,082 (CDN$100,000) cash on or before December 12, 2007; and (ii) $180,164
      (CDN$200,000) in cash and/or common shares of the Company (or some combination
      thereof to be determined) on or before December 12, 2008. Upon the commencement
      of commercial production at the Marg Property, the Company will pay to Atna
      $900,820 (CDN$1,000,000) in cash and/or common shares of the Company, or some
      combination thereof to be determined.
On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Marg project totaling $2,864,607 (CDN$3,180,000) for the 2007
      Work Program. The Company had approximately $495,451(CDN$550,000) on deposit
      left over from the 2006 cash call schedule.
- 148 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
16.
COMMITMENTS
      AND CONTINGENCIES (CONT'D)
c)
The
                Company entered into flow-through share subscription agreements during
                the
                year ended April 30, 2007 whereby it is committed to incur on or
                before
                December 31, 2007, a total of $2,543,505 (CDN$2,964,200) of qualifying
                Canadian Exploration expenses as described in the Income Tax Act
                of
                Canada. As of April 30, 2007 an expenditure of $133,363 (CDN$148,046)
                has
                been incurred and $2,536,842 (CDN$2,816,154) has not yet been spent.
                Commencing March 1, 2007 the Company is liable to pay a tax of
                approximately 5% per annum, calculated monthly on the unspent portion
                of
                the commitment.
d)
The
                Company relocated its corporate office and entered into a five year
                lease
                which was executed on March 27, 2006. The lease commenced July 1,
                2006.
                Minimum lease commitments under the lease are as
                follows:
Years
                  ending April 30,
Minimum
                  lease commitment
2008
$43,010
                  (CDN $47,756)
2009
$43,131
                  (CDN $47,880)
2010
$44,807
                  (CDN $49,740)
2011
$45,142
                  (CDN $50,112)
2012
$
                  7,525 (CDN $ 8,353)
e)
The
                Company entered into a one year consulting agreement with a consultant
                on
                December 28, 2006 commencing January 1, 2007. As per terms of the
                agreement, the consultant was to provide consulting services which
                included market awareness, financial and strategic advice. The Company
                is
                to compensate the consultant a fee which equals to a total of 500,000
                restrictive shares over a period of twelve months with shares to
                be
                delivered on a monthly basis. The Company has accrued the cost in
                the
                statements, although in the opinion of the Company, it is not obligated
                to
                issue stock as the consultant is in breach of the contract due to
                non
                performance of the agreed services. The Company is discussing the
                contractual terms with the
                consultant.
- 149 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
17.
          OBLIGATION UNDER CAPITAL LEASE
The
      following is a summary of future minimum lease payments under the capital lease,
      together with the balance of the obligation under the lease:
Years
                ending April 30,
2007
2008
$
3,222
(CDN$
                3,576
)
2009
$
3,222
(CDN$
                3,576
)
2010
$
3,222
(CDN$
                3,576
)
2011
$
3,222
(CDN$
                3,576
)
2012
$
806
(CDN$
                894
)
Total
                minimum lease payments
$
13,694
(CDN$15,198
)
Less:
                Deferred Interest
$
1,745
(CDN$
                1,937
)
$
11,949
(CDN$13,261
)
Current
                Portion
$
2,812
(CDN$
                3,121
)
Long-Term
                Portion
$
9,137
(CDN$10,140
)
18.
RELATED
      PARTY TRANSACTIONS
2005-2006
The
      Company and its subsidiary expensed a total of $14,755 (CDN $17,500) in
      consulting fees to a Company Director, and $49,547 (CDN $57,170) to two of
      it's
      officers. The Company issued 24,336 common share units @ $0.55 per unit in
      settlement of prior year accounts payable of $13,385 to a Director and also
      issued 12,168 common share units @ $0.55 per unit in settlement of a prior
      year
      accounts payable for the services rendered by an individual as president.
The
      directors participated in private placements during the year as
      follows:
One
      director subscribed for 490,909 common share units @ $0.55 per unit
One
      director subscribed for 149,867 common share units @ $0.55 per
      unit.
2006-2007
The
      Company and its subsidiary expensed a total of $208,855 in consulting fees
      to
      three Company Directors, and $94,504 to two of its officers.
The
      Company issued 141,599 common shares for the settlement of an accrued liability
      to an ex officer and director. The accrued severance amount of $113,130
      (CDN$128,855) was converted to 141,599 common shares at $0.80
      (CDN$0.91).
The
      directors & officers exercised stock options during the year as
      follows:
One
      former director exercised 50,000 stock options at $0.75 per common
      share.
One
      officer exercised 24,000 stock options at $0.75 per common share.
19.
INCOME
      TAXES
The
      Company has certain non-capital losses of approximately $6,085,000 available,
      which can be applied against future taxable income and which expires between
      2010 and 2027. The Company did not record any deferred tax asset as the losses
      are fully offset by a valuation allowance.
- 150 -
YUKON
      GOLD CORPORATION, INC.
(An
      Exploration Stage Company)
Notes
      to Consolidated Financial Statements
April
      30, 2007 and April 30, 2006
(Amounts
      expressed in US Dollars)
20.
SUBSEQUENT
      EVENTS
a)
Subsequent
      issue of common shares:
On
      July
      7, 2007 the Company issued 136,364 common shares in settlement of a property
      payment on the Mount Hinton property. The shares represent $54,049 (CDN$60,000)
      which is 40% of the contracted payment and were valued at $0.40 (CDN$0.44)
      each.
b)
      Commitment to the proposed work program for Mount Hinton Property:
On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Mount Hinton project totaling $1,279,164 (CDN$1,420,000) for
      the 2007 Work Program. The Company had approximately $67,561(CDN $75,000) on
      deposit left over from the 2006 cash call schedule. On May 15, 2007 the Company
      paid $180,164 (CDN$200,000), on June 15, 2007 the Company paid $202,684
      (CDN$225,000), being two of the four cash call payments. The third payment
      of
      $540,492 (CDN$600,000) is due on July 31, 2007 and the fourth payment of
      $288,262 (CDN$320,000) is due on August 15, 2007.
c)
Commitment
      to the proposed work program for the Marg Property:
On
      April
      2, 2007 the Company accepted a proposed work program, budget and cash call
      schedule for the Marg project totaling $2,864,607 (CDN$3,180,000) for the 2007
      Work Program. The Company had approximately $495,451(CDN $550,000) on deposit
      left over from the 2006 cash call schedule. On May 15, 2007 the Company paid
      $675,615 (CDN$750,000), on June 15, 2007 the Company paid $675,615
      (CDN$750,000), and on July 15, 2007 the Company paid $675,615 (CDN$750,000)
      being three of the four cash call payments. The fourth payment of $342,311
      (CDN$380,000) is due on August 15, 2007.
d)
      Subscription for shares
The
      Company entered into a subscription agreement dated as of April 3, 2007 (the
      "Agreement") with Industrial Minerals, Inc. ("Industrial Minerals") to acquire
      (i) 5,000,000 common shares of Industrial Minerals at a price of $0.05 per
      share
      and (ii) a Warrant entitling the holder: (a) to purchase 5,000,000 common shares
      of Industrial Minerals at a purchase price of $0.05 per share (the "option
      price") or, at the option of the holder, (b) to surrender the Warrant for a
      number of common shares to be determined by application of a formula which
      would
      result in a larger number of shares issued to the holder if the market price
      of
      the common stock is less than the option price at the time of exercise. The
      Warrant expires on April 3, 2008. The total subscription price paid by the
      Company was $250,000. The Company entered into the Agreement as of May 14,
      2007.
      The shares of Industrial Minerals are "restricted" shares and may not be readily
      re-sold by the Company. The common stock of Industrial Minerals is quoted on
      the
      Over-the-Counter Bulletin Board under the symbol, "IDSM."
e)
      Agreement for private placement (8-K filed with the SEC on June 27,
      2007)
On
      June
      15, 2007 the Company entered into an agreement (the "Northern Agreement") with
      Northern Securities Inc. ("Northern"), in connection with the private placement
      (the "Private Placement") of CDN$500,000 of units ("Units") and CDN$1,500,000 of
      flow-through common shares. Each Unit will consist of one common share and
      one
      half common share purchase warrant. The closing of the Private Placement is
      expected to occur in July of 2007. The offering has received the approval of
      the
      Toronto Stock Exchange. The Company will not offer any of the securities
      described herein to U.S. persons. This 8-K does not constitute an offer for
      sale
      of securities in the United States.
- 151 -
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
INDEMNIFICATION OF DIRECTORS
Our by-laws indemnify each person (including the heirs, executors, administrators, or estate of such person) who is or was a director or officer of Yukon Gold to the fullest extent permitted or authorized by current or future legislation or judicial or administrative decision against all fines, liabilities, costs and expenses, including attorney's fees, arising out of his or her status as a director, officer, agent, employee or representative.  The foregoing right of indemnification shall not be exclusive of other rights to which those seeking an indemnification may be entitled.  Yukon Gold may maintain insurance, at its expense, to protect itself and all officers and directors against fines, liabilities, costs and expenses, whether or not Yukon Gold would have the legal power to indemnify them directly against such liability.
Costs, charges, and expenses (including attorney's fees) incurred by a person referred to above in defending a civil or criminal proceeding shall be paid by Yukon Gold in advance of the final disposition thereof upon receipt of any undertaking to repay all amounts advanced if it is ultimately determined that the person is not entitled to be indemnified by Yukon Gold and upon satisfaction of other conditions required by current or future legislation.
If this indemnification or any portion of it is invalidated on any ground by a court of competent jurisdiction, Yukon Gold nevertheless indemnifies each person described above to the fullest extent permitted by all portions of this indemnification that have not been invalidated and to the fullest extent permitted by law.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of Yukon Gold pursuant to the foregoing provisions, or otherwise, be advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.
The Company currently has directors and officers insurance in the amount of $5 million.
EXHIBITS INDEX
The following exhibits are filed as part of this registration statement.
Exhibit
    No.
Description
3.1
Certificate of
    Incorporation (previously filed)
3.2
By Laws (previously
    filed)
3.3
Certificate of
    Incorporation (previously filed)
3.4
Certificate of
    Amendment of the Certificate of Incorporation of the Company dated August 3,
    2000, filed on August 4, 2000 with the Delaware Secretary of State, which
    changed the name of the Company to "Optima 2000, Inc." (previously filed)
3.5
Certificate of
    Amendment of the Certificate of Incorporation of the Company dated August
    28, 2000, filed on August 29, 2000, which changed the name of the Company to
    "Optima International, Inc." (previously filed)
3.6
Certificate of
    Amendment of the Certificate of Incorporation of the Company dated August
    28,2000, filed with the Delaware Secretary of State on September 27, 2000,
    which changed the name of the Company to "Optima Global Corporation"
    (previously filed)
3.7
Certificate of Merger
    dated February 2, 2001 and filed with the Delaware Secretary of State on
    February 5, 2001, in which the Company is the surviving corporation
    (previously filed)
-  I -
*
3.8
Certificate of
    Amendment of the Certificate of Incorporation of the Company dated November
    20, 2002, filed with the Delaware Secretary of State on November 27, 2002,
    changing the name of the Company to "Take-4, Inc." (previously filed)
3.9
Certificate of
    Amendment of the Certificate of Incorporation of the Company dated October
    27, 2003, filed with the Delaware Secretary of State on October 29, 2003,
    changing the name of the Company to "Yukon Gold Corporation, Inc."
    (previously filed)
4.1
Instrument Defining
    Rights of Holders [pages from the By-Laws of Yukon Gold] (previously filed)
5.1
Legal Opinion dated
    March 11, 2004 of Kavinoky & Cook, LLP (previously filed)
5.2
Legal Opinion dated
    May 20, 2004 of Kavinoky & Cook, LLP (previously filed)
5.3
Legal Opinion dated
    July 7, 2004 of Kavinoky & Cook, LLP (previously filed)
5.4
Legal Opinion dated
    August 30, 2006 of Kavinoky Cook LLP (previously filed)
5.5
Legal Opinion dated
    October 30, 2006 of Kavinoky Cook LLP (previously filed)
5.6
Legal Opinion dated
    February 2, 2007 of Kavinoky Cook LLP (previously filed)
5.7
Legal Opinion dated
    February 26, 2008 of Kavinoky Cook LLP
10.1
Share Purchase
    Agreement re: 3,000,000 Shares of Yukon Gold Corp. (previously filed)
10.2
Assignment of
    Subscription Agreements (previously filed)
10.3
Consulting Services
    Agreement (previously filed)
10.4
Stock Option Plan
    (previously filed)
10.5
Hinton Option
    Agreement (previously filed)
10.6
Hinton Option
    Agreement with conformed signatures (previously filed)
10.7
Form of Warrant issued
    to David J. Rittmueller (previously filed)
10.8
Loan and Subscription
    Agreement with David J. Rittmueller (previously filed)
10.9
Loan Agreement and
    Promissory Note issued to Stafford Kelley (previously filed)
10.10
Loan Agreement and
    Promissory Note issued to J.L. Guerra, Jr. (previously filed)
10.11
List of Subsidiaries
    (previously filed)
10.12
Letter Agreement with
    Hinton Syndicate dated August 17, 2006 (previously filed)
10.13
Agency Agreement dated
    December 28, 2006 between the Company and Northern Securities
    Inc.(previously filed)
10.14
Form of Subscription
    Agreement for subscriptions closed on December 28, 2006(previously filed)
10.15
Form of Flow-through
    Special Warrant issued on December 28, 2006(previously filed)
10.16
Form of Unit Special
    warrant issued on December 28, 2006(previously filed)
10.17
Form of Compensation
    Flow-through Option issued on December 28, 2006(previously filed)
10.18
Form of Compensation
    Unit Option issued on December 28, 2006(previously filed)
10.19
2006 Stock Option Plan
    approved by shareholders on January 19, 2007(previously filed)
23.1
Consent of Rotenberg &
    Co. LLP dated February 24, 2004 (previously filed)
23.2
Consent of Rotenberg &
    Co. LLP dated May 13, 2004 (previously filed)
23.3
Consent of Schwartz
    Levitsky Feldman llp dated March 10, 2004 (previously filed)
23.4
Consent of Schwartz
    Levitsky Feldman llp dated May 18, 2004 (previously filed)
23.5
Consent of Archer,
    Cathro & Associates (1981) Ltd. dated February 27, 2004 (previously filed)
23.6
Consent of Archer,
    Cathro & Associates (1981) Ltd. to the reference of their firm as "experts"
    dated May 14, 2004 (previously filed)
23.7
Consent of Junior Mine
    Services Ltd. to the reference of their firm as "experts" dated May 14, 2004
    (previously filed)
23.8
Letter Re: Change of
    Auditors from Rotenberg & Co. LLP (previously filed)
23.9
Consent of Schwartz
    Levitsky Feldman llp dated June 29, 2004 (previously filed)
23.10
Revised Consulting
    Services Agreement (previously filed)
23.11
Consent of Schwartz
    Levitsky Feldman llp dated July 23, 2004 (previously filed)
23.12
Consent of Schwartz
    Levitsky Feldman llp dated September 7, 2004 (previously filed)
23.13
Consent of Schwartz
    Levitsky Feldman llp dated October 6, 2004 (previously filed)
23.14
Letter of Hinton
    Syndicate dated September 24, 2004 regarding satisfaction of exploration
    expenses and option payments (previously filed)
23.15
Consent of Schwartz
    Levitsky Feldman llp dated November 11, 2004 (previously filed)
- II -
23.16
Consent of Schwartz Levitsky Feldman llp dated August 30, 2006 (previously
    filed)
23.17
Consent of Schwartz Levitsky Feldman llp dated November 1, 2006 (previously
    filed)
23.18
Consent of Schwartz Levitsky Feldman llp dated February 9, 2007 (previously
    filed)
23.19
Consent of Kavinoky Cook LLP dated , 2008 (included in Exhibit 5.7)
23.20
Consent of Schwartz Levitsky Feldman llp dated
    February 28, 2008
99.2
Map of
    the Location of the Mount Hinton Property (previously filed)
OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth expenses, incurred or expected to be incurred by Yukon Gold in connect with the registration of the securities being offered by the selling shareholders.  Items marked with an asterisk (*) represent estimated expenses.  We have agreed to pay all the costs and expenses of this registration.  Selling security holders will not pay any part of these expenses.
SEC Registration Fee
$         179
Legal Fees and Expenses*
$    10,000
Accounting Fees and Expenses*
$      1,000
Printing
$      5,000
Miscellaneous*
$      1,000
TOTAL*
$    17,179
RECENT SALE OF UNREGISTERED SECURITIES
On August 16, 2007 the Company completed the first tranche of a private placement (the "Financing") with Northern Securities Inc. ("Northern"), acting as agent. The Financing was comprised of the sale of 1,916,666 units (the "Units") at $0.42 (CDN$0.45) per Unit (the "Unit Issue Price") for gross proceeds of $808,446  (CDN$862,499.70) and the sale of 543,615 flow-through units (the "Flow-Through Units") at $0.49 (CDN$0.52) per Flow-Through Unit (the "Flow-Through Unit Issue Price") for gross proceeds of $264,979 (CDN$282,679.80), raising aggregate gross proceeds of approximately $1,073,425 (CDN$1,145,180).  Each Unit consisted of one non-flow through common share ("Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant").  Each Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.56 (CDN$0.60) per share.  Each Flow-Through Unit consisted of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an "FT Warrant").  Each FT Warrant is exercisable into one Common Share until August 16, 2009 at an exercise price of $0.66 (CDN$0.70) per share.  Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds of the first tranche of the Financing and issued 153,333 "Unit Compensation Options" and 43,489 "FT Unit Compensation Options".  Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until August 16, 2009.  Each FT Unit Compensation Option is exercisable into one Common Share and one half of one FT Warrant at the Flow-Through Unit Issue Price until August 16, 2009.  Yukon Gold also granted Northern an option (the "Over-Allotment Option") exercisable until October 15, 2007 to offer for sale up to an additional $468,691 (CDN$500,000) of Units and/or Flow-Through Units on the same terms and conditions.  The Company paid a $70,304 (CDN$75,000) due diligence fee to Northern at closing and reimbursed Northern for its expenses.
On November 16, 2007 the Company completed the second part of the Financing with Northern, acting as agent.  The Financing was comprised of the sale of 2,438,888 units (the "Units") at $0.48 (CDN$0.45) per Unit (the "Unit Issue Price") for gross proceeds of $1,161,744 (CDN$1,097,500) and the sale of 1,071,770 flow through units (the "Flow-Through Units") at $0.55 (CDN$0.52) per Flow-Through Unit (the "Flow-Through Unit Issue Price") for gross proceeds of $589,944 (CDN$557,320), raising aggregate gross proceeds of approximately $1,751,688 (CDN$1,654,820).  The closing represented the final tranche of a $2,816,673 (CDN$2.8 million) private placement with Northern announced on July 24, 2007.  Each Unit consists of one non-flow through common share ("Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant").  Each Warrant is exercisable into one Common Share until November 16, 2009 at an exercise price of $0.64 (CDN$0.60) per share.  Each Flow-Through Unit consists of one flow-through common share and one half of one Common Share purchase warrant (each whole warrant, an "FT Warrant").  Each FT Warrant is exercisable into one Common Share until November 16, 2009 at an exercise price of $0.74 (CDN$0.70) per share.  Yukon Gold paid Northern a commission equal to 8% of the aggregate gross proceeds and issued 195,111 "Unit Compensation Options" and 85,741 "FT Unit Compensation Options".  Each Unit Compensation Option is exercisable into one Unit at the Unit Issue Price until November 16, 2009.  Each FT Unit Compensation Option is exercisable into one Common Share and one half of one Warrant at the Flow-Through Unit Issue Price until November 16, 2009.  The proceeds of the Financing will be used for the exploration and development of Yukon Gold's properties, and for working capital.
- III -
The foregoing placements were undertaken pursuant to an exemption offered by Regulation S promulgated under the Securities Act of 1933, as amended.
On July 7, 2007 the Company issued 136,364 common shares in settlement of a property payment on the Mount Hinton property. The shares represent $57,252 (CDN$60,000) which is 40% of the contracted payment and were valued at $0.42 (CDN$0.44) each.
On April 25, 2007 the Company issued 2,823,049 common shares and an additional 282,309 shares as a penalty, relating to the private placement of 2,823,049 flow-through special warrants on December 28, 2006 (refer to note below). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date). The Company expensed an amount of $163,739 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.
On April 25, 2007 the Company issued 334,218 common shares and an additional 33,423 shares as a penalty, relating to the private placement of 334,218 unit special warrants on December 28, 2006 (refer to note above). The penalty shares were issued as the Company failed to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date).
On January 11, 2007, the Company issued its obligated 400,000 common shares and an additional 4,000 common shares as penalty, in lieu of sale of 400,000 Special Warrants to a Canadian accredited investor for $404,000 paid on December 15, 2005. Each Special Warrant entitled its holder to acquire one common share of the Company and one common share purchase warrant at no additional cost. The Company was obligated to have a registration statement become effective within 181 days of the closing. In the absence of a registration statement being declared effective within 181 days of the closing, the Company issued an additional 4,000 common shares to the Canadian accredited investor at no extra cost as a penalty.  The Company expensed an amount of $5,000 to registration rights penalty expense under the head General and Administration and credited this to Additional paid in capital.
On December 28, 2006, the Company completed a private placement of 2,823,049 flow-through special warrants (which qualify as flow-through shares for the purposes of the Canadian Income Tax Act) at a price of $0.90 (CDN$1.05) per warrant and 334,218 unit special warrants at a price of $0.77 (CDN$0.90) per warrant for aggregate gross proceeds to the Company of $2,814,652 (CDN$3,264,996).  Each flow-through special warrant entitles the holder to acquire, for no additional consideration, one common share of the Company.  Each unit special warrant entitles the holder to acquire, for no additional consideration, one common share and one common share purchase warrant of the Company.  Each common share purchase warrant entitles the holder to acquire one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date.  In connection with this private placement, the Company agreed to file a prospectus in Canada qualifying the issuance of the common shares and warrants issuable upon the exercise of the special warrants as well as those common shares issuable on exercise of the common share purchase warrants. In addition, the Company agreed to file a registration statement in the United States covering the re-sale of common shares underlying the units and warrants by the respective shareholders.  In the event the Company fails to obtain effectiveness for the final prospectus and the registration statement by February 26, 2007 (60 days from the closing date), each flow-through special warrant will entitle the holder to acquire 1.1 common shares on exercise thereof and each unit special warrant will entitle the holder to acquire 1.1 common shares and 1.1 common share purchase warrants on exercise thereof.  The flow-through and unit special warrants will be automatically exercised on the earlier of (i) the third business day after the issuance of a receipt for the final prospectus and the effectiveness of the registration statement, or (ii) the four month anniversary of the closing date of the private placement.  On closing, Northern Securities Inc., the lead agent received a cash commission of $171,164 (CDN$198,550) as well as 169,042 flow-through compensation options and 23,395 unit compensation options.  In addition, as part of the private placement, Limited Market Dealer Inc. received a cash commission granted to Northern Securities, Inc. as well as 28,571 flow-through compensation options and Novadan Capital Ltd. received a cash payment of $28,362 (CDN$32,900) as well as 32,900 unit compensation options.  Each flow-through compensation option entitles the holder to acquire, for no additional consideration, one flow-through compensation warrant, each exercisable into one common share of the Company at a price of $0.90 (CDN$1.05) for a period of 24 months from the closing date of December 28, 2006.  Each unit compensation option entitles the holder to acquire, for no additional consideration, one unit compensation warrant, each exercisable at US$0.81 (CDN$0.941) into one common share and one common share purchase warrant of the Company at a price of US$0.90 (CDN$1.05
)
for a period of 24 months from the closing date of December 28, 2006.  In the event the Company fails to obtain receipts for the final prospectus or effectiveness of the registration statement by February 26, 2007 (60 days from the closing date), each flow-through compensation option will entitle the holder to acquire 1.1 flow-through compensation warrants on exercise thereof and each unit compensation option granted to Northern Securities, Inc. will entitle the holder to acquire 1.1 unit compensation warrants on exercise thereof.  The Company will use the gross proceeds from the sale of flow-through special warrants for the exploration and development of its properties, located in the Mayo Mining District of the  Province of Yukon, Canada. The Company will use the net proceeds from the sale of unit special warrants for general working capital purposes.  The private placement was exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") pursuant to an exemption afforded by Regulation S promulgated under the Securities Act ("Regulation S").
- IV -
On December 12, 2006, a former officer of the Company exercised 50,000 stock options at a price of $0.75 per share.
On December 6, 2006, the Company issued to Atna Resources Ltd 133,334 common shares as part of a property payment for the Marg Property as provided in the Marg Acquisition Agreement.  The property payment also included a cash payment in the amount of $43,406 (CDN$50,000).  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
In October of 2006 the Company completed a private placement of 550,000 units for consideration of $550,000.  The units each consisted of (a) one common share of the Company and (b) one 2-year warrant to purchase a common share at a price of $1.50 per share for the first twelve (12) months from the date of closing and thereafter $2.00 per share for the remainder of the two-year term of the warrant.  The purchasers of the units were non-U.S persons and the offering was conducted entirely in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.  Each of the purchasers executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.  A finder's fee of 6% and reimbursement of all expenses (subject to a cap) was paid to Novadan Capital Ltd., a Toronto, Ontario limited market dealer ("Novadan") in connection with this private placement. On January 23, 2008 the Company extended the expiry date of the warrants to October 4, 2009.
On September 7, 2006, an officer of the Company exercised 24,000 stock options at a price of $0.75 per share.
On August 22, 2006, the Company completed a private placement of 400,000 units where each unit consisted of a common share and a share purchase warrant.   The units were priced at $1.00 per unit for a total of $400,000.  The Company will pay a finders fee equal to 6% of the gross proceeds.  The warrants have a two-year term and are exercisable at $1.50 per share in the first twelve months of the term and $2.00 per share in the remaining twelve months of the term.  Closing of this placement requires Toronto Stock Exchange approval.  Conditional approval was given by the Toronto Stock Exchange on August 29, 2006.  The purchaser of the units was a single accredited investor.  The private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.  On January 23, 2008, the Company extended the expiry date of the warrants to October 4, 2009.
- V -
On August 11, 2006 the Company issued 817,980 restricted shares in total to three consultants for services relating to business promotion and development. These consultants assisted management in the preparation of financial offerings and in arranging meetings and making presentations to the brokerage community and institutional investors in both the United States and Canada. Except for 342,780 common shares which were earned by these consultants as of October 31, 2006, the balance of 475,200 common shares were held in escrow to be released to each consultant in 8 monthly installments of 19,800 common shares commencing November 1, 2006. Out of 475,200 common shares held in escrow, the Company received back 356,400 common shares for cancellation.
On July 17, 2006 the Company issued 61,171 common shares for the exercise of 61,171 warrants at $0.88 (CDN$1.00) from a warrant holder in consideration of $53,824 (CDN$61,171).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On July 7, 2006 the Company issued 43,166 common shares and paid $80,501 (CDN$90,000) in cash in settlement of a property payment for the Mount Hinton Property.  The shares were valued at $53,845 (CDN $60,000) $1.25 (CDN$1.39) each.  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with the Hinton Syndicate and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
On July 7, 2006 the Company issued 64,120 common shares for the exercise of 64,120 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $57,869 (CDN$64,120).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On June 29, 2006 the Company issued 158,090 common shares for the exercise of 158,090 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $141,632 (CDN$158,090).  The securities were issued to a Canadian investor pursuant to an exemption under Regulation S.
On June 28, 2006 the Company issued 17,971 common shares for the exercise of 17,971 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $15,939 (CDN$17,971).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On June 28, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $38,895 (CDN$43,667).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation S.
On June 28, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (and former officer of the Company) in consideration of $14,253 (CDN$16,000).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Regulation D.
On June 22, 2006 the Company issued 43,667 common shares for the exercise of 43,667 warrants at $0.90 (CDN$1.00) from a warrant holder in consideration of $39,368 (CDN$43,667).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
- VI -
On May 30, 2006 the Company issued 141,599 common shares for the settlement of an accrued liability to an ex officer and director.  The accrued severance amount of $113,130 (CDN$128,855) was converted to 141,599 common shares at $0.80 (CDN$0.91).  The former officer is an accredited investor and a Canadian citizen.  The issuance was undertaken pursuant to an exemption from registration under Regulation D.  The former officer was an accredited investor pursuant to Rule 501 of Regulation D (both in terms of net worth and as an executive of the Company).
On May 29, 2006 the Company issued 10,000 common shares for the exercise of 10,000 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $8,987 (CDN$10,000).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On May 29, 2006 the Company issued 45,045 common shares for the exercise of 45,045 warrants at $0.89 (CDN$1.00) from a warrant holder in consideration of $40,450 (CDN$45,045).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On May 29, 2006 the Company issued 16,000 common shares for the exercise of 16,000 warrants at $0.89 (CDN$1.00) from a warrant holder (a former Canadian director of the Company) in consideration of $14,280 (CDN$16,000).  The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation D.  The holder of the warrant was an accredited investor pursuant to Rule 501 Regulation D (both in terms of net worth and as an executive of the Company).
On April 11, 2006, a Canadian director of the Company exercised his option to purchase 10,000 common shares at the option price of $0.55 per share.  The Company received payment and issued 10,000 common shares.  The issuance of these shares was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
On March 28, 2006 the Company completed a brokered private placement through the issuance of 5,331,327 common share units at a price of $0.60 per unit for gross proceeds of $3,198,799. The Company also completed a private placement through the issuance of 25,000 so-called "flow-through" shares at a price of $0.75 per share for gross proceeds of $ 18,750.  "Flow-through" shares carry certain tax benefits to shareholders who are Canadian tax payers.  The Company must use the proceeds from the placement of "flow-through" securities for exploration and development programs in order to enable the holders of "flow-through" shares to derive the tax benefits in Canada.  Each Common share unit consists of one share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at $0.90 per share for a period expiring on March 28, 2008.  Novadan (or its permitted assignees) received a commission in connection with this private placement consisting of cash equal to 9% of the proceeds of the private placement in Canada ($289,579.00) and 533,133 broker's warrants equaling 10% of the number of common share units sold.  Each broker warrant entitles Novadan or its permitted assigns to purchase common shares and one-half share purchase warrant for $0.60 until March 28, 2008.  Each full warrant is then exercisable for $0.90.  In addition, Yukon Gold paid all of Novadan's expenses related to the private placement, subject to a cap of $20,000.  The purchasers of 3,873,993 of these units were non-U.S persons pursuant to a private placement in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act of 1933, as amended (the "Securities Act").  Each purchaser in the Canadian private placement executed a subscription agreement in which they agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.  The Purchasers of 1,482,334 of these units were United States citizens, all of whom were accredited investors as that term is used in Regulation D.  The U.S. private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D promulgated pursuant to the Securities Act ("Regulation D").   As part of the agreement with Novadan in connection with this offering, the Company granted to Novadan a right-of-first refusal to act as underwriter or best-efforts placement agent in connection with any subsequent public or private offering by the Company within eighteen months of the closing.  In addition, Yukon Gold entered into a Consulting Agreement with Novadan for ongoing financial and strategic advice.  As compensation under the Consulting Agreement, Yukon Gold will issue to Novadan 240,000 shares of its common stock, such shares to be issued in equal installments over the twelve-month period of the Consulting Agreement.  This Consulting Agreement was terminated as of October 23, 2006.  On December 19, 2006 the Company issued 160,000 shares to Novadan.  On January 24, 2008 the Company extended the expiry dates of the warrants issued in connection with this financing from March 28, 2008 to March 28, 2009.
- VII -
On January 11, 2006 a holder converted promissory notes of the Company on their due dates and the Company issued 101,150 common shares and 50,000 warrants covering the principal amounts of $75,000 and interest in the amount of $1,533 in accordance with the conversion provisions of the notes.  The expiry date of the warrants was extended to 15 months after the conversion date.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On December 30, 2005, Yukon Gold completed a private placement of 200,000 flow-through special warrants to a single investor in Canada for consideration of $180,000 (CDN$205,000).  Each such flow-through special warrant entitles the holder to acquire one "flow-through" common share of the Company for no additional consideration.  So-called "flow-through" shares carry certain tax benefit to Canadian holders.  On December 19, 2006, the Company issued 200,000 common shares.  The purchaser of the flow-through special warrants was a non-U.S person pursuant to a private placement in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On December 15, 2005, the Company completed the sale of 400,000 special warrants to a single investor in Canada at a purchase price of $1.01 per special warrant for total consideration of $404,000.  Each special warrant entitles the holder to purchase one common share of the Company and one additional common share purchase warrant at no additional cost.  On January 12, 2007 the warrants were exercised and the Company issued 404,000 common shares (which included penalty shares).  The purchaser of the special warrants was a non-U.S person pursuant to a private placement in Canada.  The private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On December 7, 2005 an accredited investor converted promissory notes of the Company on their due dates and the Company issued 34,306 common shares and 17,001 warrants covering the principal amounts of $25,500 and interest in the amount of $409 in accordance with the conversion provisions of the notes.  The expiry date of the warrants was extended to 15 months after the conversion date.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On December 7, 2005 the board of directors authorized the issuance of 10,000 common shares to a shareholder upon the exercise of 10,000 warrants in consideration of $8,772 (CDN$10,000).  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On December 6, 2005 the board of directors authorized the issuance of 133,333 common shares valued at $100,000 for property payment to Atna Resources Ltd., along with a cash payment of $43,406 (CDN$50,000) as per terms of the Marg Acquisition Agreement.  The common shares along with the cash payment were delivered to Atna Resources Ltd. on December 12, 2005.  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
- VIII -
On December 5, 2005, the Company completed a private placement of 150,000 common shares and 150,000 warrants to a single accredited investor for consideration of $151,500.  Each common share was priced at $1.00 and each warrant at $0.01.  Each warrant entitles the holder to purchase one common share of the Company at an exercise price of $1.00 for a period of one year from the date of issuance.  This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On November 9, 2005, an accredited investor converted a promissory note on its due date and the Company issued 76,525 common shares and 37,500 warrants covering the principal amount of $56,250 and interest in the amount of $1,143 in accordance with the conversion provisions of the notes.  The expiry date of the warrants was extended to 15 months after the conversion date.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On October 18 and 24, 2005 the Company issued a total of 59,547 common shares and 29,167 warrants covering the principal amount of $43,750, plus interest of $910, on conversion of a convertible promissory note issued on October 6, 2004.  The holder of the promissory note was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On October 18, 2005 the Company authorized the issuance of 14,000 common shares for the exercise of 14,000 warrants from a warrant holder in consideration of $12,000.  The holder of the warrants was an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On August 31, 2005, the Company accepted subscriptions from four accredited investors and one accredited corporation, all residents of Canada, for a total of 200,000 units priced at $0.55 per unit for a total of $110,000.  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring August 31, 2007.  This private placement was undertaken pursuant to an exemption from registration under Regulation S.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On August 29, 2005, the Company completed the sale of 149,867 units at $0.55 per unit to a Canadian director of the Company for $82,427 (CDN$100,000).  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full-share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 5, 2007.  This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.
On August 26, 2005 the board of directors approved the issuance of 490,909 units at $0.55 per unit to J.L. Guerra, Jr., then an arms length accredited shareholder for a total of $270,000.  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share, after one year and seven days following closing, for a period of two (2) years following such date.  The Company received $20,000 of the subscription price on August 12, 2005 as a loan to be applied to the subscription price and $100,000 on September 15, 2005 and a promissory note for $150,000, due on or before October 1, 2005, for the balance of the subscription price.  The promissory note was paid in full by the due date.  Mr. Guerra subsequently became a director of the Company on November 2, 2005 and then became chairman of the board on July 11, 2006.  Mr. Guerra is an accredited investor.  This private placement was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On August 25, 2005 the Company entered into a Consulting Agreement with Endeavor Holdings, Inc. ("Endeavor"), based in New York, New York to assist the Company in raising capital.  Under the terms of this agreement the Company agreed to pay Endeavor 150,000 common shares at the rate of 25,000 shares per month.   Either party could cancel the agreement upon 30 days notice.  The Company issued 150,000 common shares valued at $130,500 to Endeavor.  Endeavor is an accredited investor.  The issuance was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
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On August 23, 2005 the board of directors approved the issuance of 24,336 units to an arms length investor and 12,168 units to an officer of the Company at $0.55 per unit, in settlement of an accounts payable for services, for a total of $20,077 (CDN$24,398).  Each unit consists of one common share and one-half share purchase warrant.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each full share purchase warrant entitles the holder to purchase one common share at $1.00 per share for a period expiring on August 15, 2007.  The issuance of these securities was undertaken pursuant to negotiated agreements and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
On August 5, 2005 the board of directors authorized the issuance of 369,215 common shares and 184,608 share purchase warrants in settlement of a demand promissory note in the amount of $200,000 plus interest of $3,068.25.  Each common share was priced at $0.545 and each full warrant at $0.01.  Each share purchase warrant entitles the holder to purchase one common share for $1.00 per share on or before August 5, 2007.   This private placement was undertaken pursuant to an exemption from registration under Regulation S promulgated pursuant to the Securities Act.  The purchaser executed a subscription agreement in which it agreed to the requirements of Regulation S for offerings by a U.S. issuer outside the United States.
On March 2, 2005 the Company issued 76,204 common shares on conversion of a convertible promissory note.  The holder of the promissory note was an accredited investor.  The issuance of shares was undertaken pursuant to an exemption from registration under Section 4(2) the Securities Act and Rule 506 of Regulation D.
On March 1, 2005 the Company issued 133,333 common shares to Atna  as a property payment in the amount of $100,000 for the Marg Property.  The issuance of these shares was undertaken pursuant to a negotiated asset acquisition agreement with Atna and was exempt from registration under the Securities Act pursuant to an exemption afforded by Regulation S.
UNDERTAKINGS
The undersigned Registrant hereby undertakes:
To file, during any period in which it offers or sells securities, a post-effective amendment to this registration statement to:
(i)     Include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)   Reflect in the prospectus any facts or events which, individually or together, represent a fundamental change in the information in the registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii)  Include any additional or changed material information on the plan of distribution; and
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(iv)  Remove from registration any of the securities that remain unsold at the end of the offering.
That, for determining liability under the Securities Act, the Registrant shall treat each post-effective amendment as a new registration statement of the securities offered, and the offering of the securities at that time to be the initial bona fide offering.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities, (other than the payment by the Registrant of expenses incurred and paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding), is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification  by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
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SIGNATURES
In accordance with the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements of filing on Form S-1 and authorized this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Toronto, Canada on February
26, 2008.
YUKON GOLD CORPORATION, INC.
By:
/s/ Ronald K. Mann
Name:  Ronald K. Mann
Title:  Director, President and CEO
In accordance with the requirements of the Securities Act of 1933, this registration statement was signed by the following persons in the capacities and on the dates stated.
NAME
TITLE
DATE
/s/ Ronald K. Mann
Ronald K. Mann
Director, President and Chief Executive Officer
February 26, 2008
/s/ Kenneth Hill
Kenneth Hill
Director
February 26, 2008
/s/ Howard Barth
Howard Barth
Director
February 26, 2008
/s/ Jose L. Guerra,
    Jr.
Jose L. Guerra, Jr.
Director, Chairman of Board
February 26, 2008
/s/ Robert E. Van
    Tassell
Robert E. Van Tassell
Director
February 26, 2008
/s/ G.E. (Ted)
    Creber
G.E. (Ted) Creber Q.C
Director
February 26, 2008
/s/ Rakesh Malhotra
Rakesh Malhotra
Chief
    Financial Officer
February 26, 2008
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