ARTHUR YOUNG ,CLARKSON ,GORDON & CO.
ACCOUNTANTS AND AUDITORS
OFFICES IN PRINCIPAL CITIES OF U.S.A.

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Chie Secourlarls
15 WELLINGTON STREET WEST

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CANADA

MONTREAL ,TORONTO,HAMILTON
LONDON ,.WINNIPEG, REGINA
CALGARY, VANCOUVER

To the Shareholders of
Cassiar Asbestos Corporation Limited:

We have examined the balance sheet of Cassiar Asbestos Corporation
Limited as at Septenber 30, 1953 and the statement of exploration and development for
the year ended on that date and have obtained all the information and explanations we
have required. Our examination included a general review of the accounting procedures
and such tests of accounting records and other supporting evidence as we considered
necessary in the circumstances.

In our opinion the accompanying balance sheet and statement of explora-
tion and development are properly drawn up so as to exhibit a true and correct view of
the state of the affairs of the company as at September 3, 1953 and the results of its
operations for the year ended on that date, according to the best of our information
and the explanations given to us and as shown by the books of the company.

a CO
Toronto, Canada, : ; =f

December 11, 1953. Chartered Accountants.