2005 ANNUAL REPORT

December, 2005
[For the nine-month period ended December 31, 2005]


* Notice to readers:
It is important to note that Bolivar is not at a commercial production stage. The completion of a feasibility study is required to confirm the economic viability of a property before it is brought into commercial production. The Company believes that it will take approximately 30 months before Bolivar reaches the commercial production stage but there is no assurance that Bolivar will ever reach the commercial production stage. The pilot-mining program will end with the completion of the feasibility study.

** Non-GAAP measure:
The company reports production value, production costs, direct operating cash costs and gross margin before amortization even if it is a non-GAAP measure to inform about the current approximate value of future sales billings and the measure of pilot-mining direct operation costs (not including amortization and depreciation). These are additional data and they should not be considered as a substitute for measure of performance prepared in accordance with GAA.

 

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