2011 Annual Illustrative IFRS Financial Statements - BDO Canada

Precious & Other Metals ExplorationNOTES TO THE FINANCIAL STATEMENTSExpressed in Canadian DollarsFor the year-ended December 31, 2011Reference:IFRS 1.24-25RECONCILIATION OF STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2010AssetsCurrent assetsSubnoteCanadianGAAP$’000Effect oftransition toIFRS$’000IFRS$’000Cash and cash equivalents $ xxx $ xxxPrepaid expenses and deposits xxx xxxAvailable-for-sale investment xxx xxxTotal current assets $ xxx $ - $ xxxNon-current assetsReclamation deposits $ xxx $ xxxExploration and evaluation assets (i) xxx xxx xxxProperty, plant and equipment xxx xxxTotal non-current assets $ xxx $ xxx $ xxxTotal assets $ xxx $ xxx $ xxxLiabilities and shareholders' equityCurrent liabilitiesTrade and other payables $ xxx $ xxxOther liabilities (iii) xxx xxx xxxTotal current liabilities $ xxx $ xxx $ xxxNon-current liabilitiesProvisions (i) $ xxx xxx $ xxxTotal non-current liabilities $ xxx $ xxx $ xxxTotal liabilities $ xxx $ xxx $ xxxShareholders' equityShare capital (iii) $ xxx $ xxx $ xxxContributed surplus (ii) xxx xxx xxxAccumulated other comprehensive income xxx xxxAccumulated deficit(i), (ii),(iii)(xxx) (xxx) (xxx)Total shareholders' equity $ xxx $ xxx $ xxxTotal liabilities and shareholders’ equity $ xxx $ xxx $ xxxPAGE 32 OF 35BDO CANADA LLP