Cassiar Asbestos Corporation Limited

STATEMENT OF EXPLORATION AND DEVELOPMENT — DEFERRED

FOR THE YEAR ENDED SEPTEMBER 30, 1953

Balances @ctobe ra iictl'9 52 eo ae ae eS in ee ee
Add:

Exploration, development and other preproduction expenditures ______
General and administrative expenses—

Bip ect Bia fe OS es a a $ 850.00
legal fees) se ae 1,825.00
Remuneration of executive officers 4,125.00
Administrative expenses Sees : 21,500.81

$291,849.04

28,300.81

$337,607.74

320,149.85

$657,757.59

Deduct:
Sales of fibre (note 1) $652,239.48
Less:
Gost. ofsproduction: 1h tes es i ee ee A390 8126102
Shipping and marketing costs Sea —. 105,235.08 500,961.10
$151,278.38
Interest earned and miscellaneous income (net) —.... 18,456.99 169,735.37
Balance September 30, 1953 ssi EEE $488,022.22
NOTES: a

(1) During the year, in addition to the major construction, a section of the mill
building was utilized to mill ore for experimental purposes and to obtain
sufficient fibre for test purposes in customers’ plants. This operation
produced fibre to a value of $652,239.48.

(2) No provision has been made in the accompanying statements for depreciation
of plant and equipment. Provision for depreciation of $66,146.64 has
been made on transport vehicles.

Pace SIx