7. 762. 632 elses. Ac commo

Total capital stock
_ RETAINED EAR

3 offer to Shareholde

PREFERRED A

each preferred share,

1984, into 0. 55 ‘of a co
share. At the option of Cc
pany. the preferred shares, >
series A are redeemable ifthe —
market price of the ¢ MI
common shares is m

historical tax rates.

_ (b) At the option of the holder.
each preferred share, series C
can be converted into 0.55 of a

ut not yee charged to.
earnings. Income and mining tax
credits on the statement of earn-
gs arise primarily from the
versal of such timing dif-
ferences during the year at

(1981-7,762,632)

| pursuant to the 1974 tender

common share. On November 6,

1985, the conversion of the re-
maining preferred shares, series
~C to common shares will take

place. Should the weighted

average market price of the
~ common shares for any ninety

secutive days after
November 6, 1983 be more than

130% of the conversion price

10.00) the preferred shares,
es C will be converted at the
e ninety days.

and ae

idend payable
$990,600 is in

Income and mining taxes

no options were exercised.

receivable include $677,000
which relates to a re-assessment
of tax to which the Company is
objecting. The Company

believes that this amount will be
recovered.

(in thousands)

$ 10,891 $ 11,506
40,000 40,000
58,176 58,176
54,882 54,882
163,949 164.564

11,427 43,172
175,376 207,736
(54,882) (54.882)

$120,494 $152,854

COMMON SHARES

In 1978, 9.973.067 common
shares purchased for $7.07
each, pursuant to the 1974
tender offer to shareholders,
were deemed by legislation to
be a special class of common
shares designated as class A.
When these shares are reissued,
they revert to their former status
as common shares. To date
2,210,435 such shares have
been reissued.

7. Stock Options

Under the Company's stock op-
tion plan, 700,000 common
shares have been set aside for
issuance. At December 31, 1982,
options were outstanding on
309,000 shares (including
152,500 to officers) at prices
ranging from $6.25 to $9.45 per
share exercisable at various
dates to 1986. During the year

(in thousands)

$ (7,696) $=

(5,285) roe
(3,712) s

(2,507) Z =

(635) eS
- 1,100

$ (19,835) $1,100