CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION

SS I EI SE I TE IE EP ESE TREE ES EE EEE TE RAG STE

For the Year Ended December 31, 1975
(with comparative figures for the year ended December 31, 1974)

Source of working capital:

Operations —

INetincomel(loss) torthesyecaneenet gy. ye ns) Sh ee

Add (deduct) items not involving a current flow of working capital:

Wastememovalicostsamonized anne, eee ee ae
Development and preproduction costs amortized .............
Exploration:costs writtemiot enn. at. cen ee
Denrecialion rw serena Cc pare. eee Meth

Wossionkdisposalioffxed-assets;suqs-siacs «os ane oon ee.

Deterreditaxess(recoverny) Bu musm ne ete aoe cts cei aiaBusises «

Working capital provided by operations .................

Term bank loan

Application of working capital:

Plant and equipment —
Gassiate Miner wore eel eens. . tem RPC. MOEN TEL
lintonpWline specs en Cons ee ern Set og Saree See cine
siranSpOrieDIviSiOnbareeye eee ye ee he re ee veh esa a 8
WANCOUU CTH raw ter nnn tenner een eerie mer. Soe wait: SR Se
Whit chOrses ecen es ce Bee mse reenter ie Patan Gacestee st al

Waste removal costs —

CBaSSlala Vine pee ges ee a ren eee ne eer eR

Exploration, development, mining claims and land ...................
Reduchonsnutennsbank: loantens, seer tei he ote. oe sige ccis ceteris 3
[DY wAtc Pay ao LS aan he eee st ee eae le omer ec ee Te am ree

Increase (decrease) in working capital during year ....................004.

Working capital (deficiency) at beginning of year .....................00-.

Workingscapitala(deficiency)rat end ofweariwe. ac ances 6 ose cis oct los oe ns

1975

$ 8,289,836

12,159,074
969,660
199,848

5,056,745
215,676
3,817,000
30,707,839
5,000,000

35,707,839

8,500,559
296,067
31,315
96,487
156,650

16,482,253
3,328,129
91,512
28,982,972
165,769

29,148,741
6,559,098

(2,007,210)
$ 4,551,888

1974

$(2,145,780)

10,887,603
1,056,582
962,376
9,706,587

(540,000)
19,927,368

19,927,368

8,932,179
645,574
(24,333)
165,144
325,307

5,955,412
5,431,123
133,449
21,563,855
566,313
1,000,000
825,000
23,955,168
(4,027,800)
2,020,590

$(2,007,210)