Consolidated Statement of Changes
in Financial Position

O for the year ended December 31

1979 1978
Source of working capital:
Operations—
Net income for the year $ 11,992,503 | $ 11,825,204
Add (deduct) items not
involving a current flow
of working capital:
Waste removal costs
amortized 10,834,440 8,817,716
Depreciation 6,312,247 6,785,619
Exploration and develop-
ment costs amortized 108,344 478,622
Disposals of assets (97,805) (3,578,766)
Deferred taxes 5,329,000 3,800,000
. Working capital provided
by operations 34,478,729 28,128,395
9 Proceeds from disposals
of fixed assets 1,663,824 3,793,717
36,142,553 31,922,112
Application of working capital: .
Plant and equipment, Cassiar Mine 9,595,369 15,275,880
Transportation facilities — 2,171,964
Other 53,827 582,091
Waste removal costs—
Cassiar Mine 15,899,667 10,374,869
Clinton Mine — 478,532
Dividends 3,850,000 3,025,000
Exploration and development 1,786,806 1,794,054
Employees’ home purchase
agreements 264,681 (204,923)
Investments 5,026 =
31,455,376 33,497,467
Increase (decrease) in |
working capital 4,687,177 (1,575,399)
Working capital at beginning of year 12,151,988 13,727,343
' Working capital at end of year $ 16,839,165 | $ 12,151,988