Consolidated Balance Sheet

AS AT DECEMBER 31
($ in thousands)

ASSETS

CURRENT ASSETS
Cash and short-term investments
Accounts receivable
Fibre inventory
Mine supplies and prepaid expenses

PROPERTY, PLANT AND EQUIPMENT (Note 3)
DEFERRED INCOME AND MINING TAXES
LONG-TERM INVESTMENTS (Note 4)

OTHER ASSETS

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable and accrued liabilities
Preferred shares of subsidiary to be redeemed (Note 5)
Income and mining taxes payable

REDEEMABLE PREFERRED SHARES OF SUBSIDIARY
(Note 5)

SHAREHOLDERS’ EQUITY (Note 7)
CONTINGENCIES (Note 8)
COMMITMENTS (Note 9)

On Behalf of the Board:

ee.

James C. O'Rourke, Director

1987 1986

$ 1,858 $ 7,456
14,938 10,213
11,597 12,789
4,211 4,878
32,604 35,336
45,617 45,021
279 2,899
110 173
835 756
$79,445 $84,185
$ 7,417 $ 6,891
1,689 8,079
1,791 346
10,897 15,316
27,212 34,057
41,336 34,812
$79,445 $84,185

Anthony T. Kana, Director

15