(

Cassiar Asbestc

(Incorporated under '

Balance Sheet as

ASSETS
| Current:
Cash on hand : : : $g 480.05
Accounts receivable : ae 14,971.82
| Inventory of supplies as determined and certified by the management
and valued at laid-down cost at the mine : 239,605.12
| Prepaid insurance and other charges 14,844.41

$ 269,901.40

a ea a ance ee ge

Fixed—at cost:

—

Mineral claims and properties—

Mineral claims acquired for the issue of 925,000 shares and the

| payment of $112,907 $ 205,407.00
f Payments made under option to purchase mineral claims 4,000.00
i
$ 209,407.00
: (Note—Additional payments aggregating $16,000 payable at the
} option of the company up to November 1, 1954, will be
| required to exercise this option in full)
If
i Roadways 109,000.37
Plant and equipment 1,124,882.82 1,443,290.19
Incorporation expenses 2 oA YA
Preproduction expenditures on exploration and development of proper-
ties including administrative expenses 337,607.74

$ 2,055,016.90

SS PP RR eT

i" AUDITORS’ REPORT
| To the Shareholders of

Cassiar Asbestos Corporation Limited.

We have examined the balance sheet of Cassiar Asbestos Corporation Limited as at
September 30, 1952, 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.

Pace Srx