MONTREAL ,TORONTO, HAMILTON ARTHUR YOUNG ,CLARKSON ,GORDON & CO.
LONDON .WINNIPEG, REGINA ACCOUNTANTS AND AUDITORS
CALGARY, VANCOUVER OFFICES IN PRINCIPAL CITIES OF U.S.A.

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CANADA

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, 1954, the statement of exploration and development for
the nine months ended June 30, 1954 and the statement of operations for the three
months ended September 30, 1954 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 statements of exploration
and development and operations are properly drawn up so as to exhibit a true and correct
view of the state of affairs of the company as at September 30, 1954 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.

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Toronto, Canada,

December 22, 1954. Chartered Accountants.

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