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5, 2009+ADw-/span+AD4APA-/b+AD4- +ADw-/p+AD4-
+ADw-/td+AD4-
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color:+ACM-CC0000+ADs-mso-ansi-language:EN-GB'+AD4-Gabriel Resources Ltd: Fourth
Quarter 2008 Report+ADw-/span+AD4APA-/b+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:
EN-GB'+AD4- +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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EN-GB'+AD4-TORONTO+ADw-/span+AD4APA-/st1:City+AD4APA-span lang+AD0-EN-GB style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-, +ADw-st1:country-region
w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-CANADA+ADw-/st1:place+AD4APA-/st1:country-region+AD4---(Marketwire
- March 5, 2009) - Gabriel Resources Ltd. (TSX:GBU) - +ADw-br+AD4-
+ADw-br+AD4-
Highlights+ADw-br+AD4-
+ADw-br+AD4-
Financial performance+ADw-br+AD4-
+ADw-br+AD4-
- Fourth quarter net income was +ACQ-4.0 million, or +ACQ-0.02 per share. Year-to-date
net loss was +ACQ-4.1 million, or +ACQ-0.02 per share.+ADw-br+AD4-
+ADw-br+AD4-
- For the fourth quarter, foreign exchange gains on foreign currency
cash balances generated net income. For the year, a +ACQ-15.8 million
foreign currency gain reduced the loss for the year significantly. The
foreign exchange gains resulted from a weakening of the Canadian
dollar.+ADw-br+AD4-
+ADw-br+AD4-
- A total of +ACQ-23.2 million was spent on our development projects during
the quarter, while +ACQ-75.8 million was spent during 2008.+ADw-br+AD4-
+ADw-br+AD4-
Updated Capital and Operating Costs / Expected Financing Plan+ADw-br+AD4-
+ADw-br+AD4-
- The cost to complete the Project was updated in first quarter 2009 to
US+ACQ-876 million (excluding working capital) compared to US+ACQ-638 million
in 2006 an increase of US+ACQ-238 million (excluding sunk costs of
approximately US+ACQ-147, which includes approximately US+ACQ-90 million for
surface rights, US+ACQ-13 million for engineering and project management
and US+ACQ-44 million for long-lead-time mill equipment).+ADw-br+AD4-
+ADw-br+AD4-
- Including interest, financing and corporate costs the estimated
capital required is approximately US+ACQ-1 billion an increase of US+ACQ-250
million over the previous financing plan announced in 2006 of US+ACQ-750
million.+ADw-br+AD4-
+ADw-br+AD4-
- The Company anticipates financing these costs with approximately 25
percent equity and 75 percent debt.+ADw-br+AD4-
+ADw-br+AD4-
- The Project is estimated to produce 626,000 ounces of gold annually
during its first five years of operation and an average of 511,000
ounces per year over its 16 year mine life.+ADw-br+AD4-
+ADw-br+AD4-
- The estimated total cash cost(1) to produce gold over the first five
years is estimated at US+ACQ-272 per ounce and is expected to average
US+ACQ-335 per ounce over the life of the Project.+ADw-br+AD4-
+ADw-br+AD4-
- The Company has filed the 43-101 Technical Information Update for the
Project which provides the basis for the updated cost estimates. (This
document can be viewed at +ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-
font-family:Georgia'+AD4APA-a href+AD0AIg-http://www.sedar.ca+ACI- target+AD0AIgBf-parent+ACIAPgA8-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-www.sedar.ca+ADw-/span+AD4APA-/a+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4-. A full list of Qualified Persons which certified this report
can be found in the MD+ACY-amp+ADs-A in the +ACY-quot+ADs-Updated Capital and Operating
Costs+ACY-quot+ADs- section.)+ADw-br+AD4-
+ADw-br+AD4-
(1) Total cash cost is a non-GAAP financial measure. Total cash costs
represent all costs absorbed into inventory, plus royalties and
production taxes, less by-product revenues and exclude amortization and
accretion.+ADw-br+AD4-
+ADw-br+AD4-
+ACY-quot+ADs-Having built a number of mines around the world, I am confident
that the Rosia Montana project will be considered a world leader and
benchmark for others to aspire to,+ACY-quot+ADs- said Alan R. Hill, President
and CEO. +ACY-quot+ADs-As a company, we have worked to demonstrate our
commitment to the Rosia Montana community, and we trust that the
development of our project will resolve many of the issues that the
region currently suffers from - insufficient infrastructure, high
unemployment and existing environmental degradation. Looking from Rosia
to Romania as a whole, we believe that once the EIA review process
resumes and our project proceeds, it will be seen as encouragement to
other investors around the world to come to Romania once again to
develop projects - bringing the country not only greater economic
prosperity but also a commitment to 'best practices' in environmental
and social responsibility and sustainable development.+ACY-quot+ADsAPA-br+AD4-
+ADw-br+AD4-
Liquidity and capital resources+ADw-br+AD4-
+ADw-br+AD4-
- Cash and cash equivalents at December 31, 2008 totaled +ACQ-72.2 million.+ADw-br+AD4-
+ADw-br+AD4-
- The base budget for 2009 on the Rosia Montana Project totals +ACQ-60
million with corporate overheads expected to total a further +ACQ-10
million in 2009. In total the Company expects to spend approximately
+ACQ-70 million to run the corporate office and complete EIA permitting
activities.+ADw-br+AD4-
+ADw-br+AD4-
- The Company started 2009 with +ACQ-72.2 million in cash and cash
equivalents and therefore irrespective of how the Project progresses
the Company will require additional capital in 2009.+ADw-br+AD4-
+ADw-br+AD4-
- Once the EIA is approved, the activity level will increase, including
the acquisition of remaining surface rights, completion of a control
estimate, payment of land use taxes and other payments required to
obtain construction permits.+ADw-br+AD4-
+ADw-br+AD4-
- These additional activities are expected to cost approximately US+ACQ-150
million. These activities can only commence once additional financing
is raised. The updated financing plan assumes that neither the
conventional bank debt market nor the bond market will be available in
time to meet the Company's financing needs.+ADw-br+AD4-
+ADw-br+AD4-
- Management has been advised by its financial advisors that while
financing the Project will be challenging due to the financial crisis,
financing from government agencies and non traditional lenders should
be available even in the current environment because of the economic
and other benefits resulting from the Project.+ADw-br+AD4-
+ADw-br+AD4-
Rosia Montana Project Development+ADw-br+AD4-
+ADw-br+AD4-
Overview+ADw-br+AD4-
+ADw-br+AD4-
- Since the fall of 2007 the Project's environmental impact assessment
(the +ACY-quot+ADs-EIA+ACY-quot+ADs-) has been suspended as a result of a decision
taken by the former Minister of Environment.+ADw-br+AD4-
+ADw-br+AD4-
- Since that time Management has taken all steps within its power to
restart the permitting process.+ADw-br+AD4-
+ADw-br+AD4-
- National elections were held in +ADw-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Romania+ADw-/st1:place+AD4APA-/st1:country-region+AD4- in November of 2008
and a new coalition government was formed shortly thereafter. The two
major parties that formed the opposition in the previous government
today form the new coalition. Management is hopeful that under the new
government the Project, and its EIA, will receive an open and
transparent review.+ADw-br+AD4-
+ADw-br+AD4-
Political Situation+ADw-br+AD4-
+ADw-br+AD4-
- A new coalition government was formed on December 22nd 2008,
comprising the Democrat-Liberal Party (+ACY-quot+ADs-PDL+ACY-quot+ADs-) and the Social
Democrat Party (+ACY-quot+ADs-PSD+ACY-quot+ADs-), the two largest parties in the
country.+ADw-br+AD4-
+ADw-br+AD4-
- Together the two parties received over 70 percent of the electoral
seats in the new Parliament. This is a change from the government which
governed from April 2007 until November 2008, having approximately 23
percent of the Parliament. The two parties which formed the previous
government today form the government opposition and therefore do not
hold any ministerial positions.+ADw-br+AD4-
+ADw-br+AD4-
Private Members Bills+ADw-br+AD4-
+ADw-br+AD4-
- The change in government may well affect several of our opposition's
efforts to delay the Project.+ADw-br+AD4-
+ADw-br+AD4-
- As reported previously, under the previous government, three
+ACY-quot+ADs-private member bills+ACY-quot+ADs- were introduced for consideration by
the Romanian Parliament. Each bill was intended to block the Project,
either by banning the use of cyanide in mining operations, or by
creating a protected status for the area designated for mining. One of
these bills was voted down and the other two remain in the
Parliamentary Committee process.+ADw-br+AD4-
+ADw-br+AD4-
- The sponsors of the bills are no longer members of Parliament. With a
new Parliament in place, it is not possible to determine whether or if
any of these bills will be tabled for consideration and a vote taken in
the Chamber of Deputies.+ADw-br+AD4-
+ADw-br+AD4-
Environmental/Permitting+ADw-br+AD4-
+ADw-br+AD4-
- Management is hopeful that the Technical Analysis Committee
(+ACY-quot+ADs-TAC+ACY-quot+ADs-) process will restart in the near term.+ADw-br+AD4-
+ADw-br+AD4-
- The TAC process had been suspended by the former MESD in September
2007 based on a court challenge by Alburnus Maior, an NGO opposing the
Project. The previous MESD has also withheld final signature on our dam
safety permits, which were approved in the spring of 2007. In February
2009, the Company won a court ruling against the past decision of the
MESD compelling the MESD to issue our dam safety permits. This decision
is appealable by the MESD and the Company awaits the position of the
MESD on this issue.+ADw-br+AD4-
+ADw-br+AD4-
Surface Rights+ADw-br+AD4-
+ADw-br+AD4-
- As a result of the suspension of the EIA review process in September
2007, the home purchase program was suspended indefinitely in February
2008.+ADw-br+AD4-
+ADw-br+AD4-
- As of December 2008, the Company owns or has options on 77 percent of
the homes in the industrial zone, protected area and the buffer zone.+ADw-br+AD4-
+ADw-br+AD4-
- Once we complete the agreements for institutional properties, our
ownership will rise to approximately 85 percent of the three zones of
the Project, further demonstrating strong local support for the
Project.+ADw-br+AD4-
+ADw-br+AD4-
Resettlement Sites+ADw-br+AD4-
+ADw-br+AD4-
- Construction of the +ADw-st1:place w:st+AD0AIg-on+ACIAPg-Alba Iulia+ADw-/st1:place+AD4-
resettlement site began in summer 2007. Infrastructure was completed
during the third quarter 2008 and all of the 123 homes are expected to
be completed and transferred to their new owners during the first two
quarters of 2009.+ADw-br+AD4-
+ADw-br+AD4-
- The Company is also working with local officials to obtain permits
for the construction of Piatra Alba and hopes to begin construction
during the fall of 2009.+ADw-br+AD4-
+ADw-br+AD4-
Archaeology+ADw-br+AD4-
+ADw-br+AD4-
- The Supreme Court annulled ADC 4 in December 2008. This decision is
final, is not appealable and brings to a close a series of court
challenges.+ADw-br+AD4-
+ADw-br+AD4-
- The Company recently received the Court's written reasons for this
decision. As the Company prepares its new application for ADC 4, it
will incorporate all deficiencies identified by the Court. At this
time, the Company does not believe this process will affect the overall
permitting schedule.+ADw-br+AD4-
+ADw-br+AD4-
Tax Audits+ADw-br+AD4-
+ADw-br+AD4-
- The Company has received two tax assessments in 2008, totaling +ACQ-14.6
million. These assessments arose from the disallowance of the
application of state tax incentives related to unrealized foreign
exchange gains on inter-company debt.+ADw-br+AD4-
+ADw-br+AD4-
- While the Company has fully provided for the assessment in its
financial statements and paid all of the tax related to the
assessments, based on the advice of its professional tax advisors, the
Company believes that the tax authorities have misapplied the
legislation and is contesting the State's position through the courts.+ADw-br+AD4-
+ADw-br+AD4-
Rosia Montana Project Timeline+ADw-br+AD4-
+ADw-br+AD4-
- Once the permitting process restarts and in the absence of any other
extraordinary events, legal or otherwise, Gabriel anticipates that it
would take at least 6 months to:+ADw-br+AD4-
+ADw-br+AD4-
-- Complete the EIA approval process+ADsAPA-br+AD4-
+ADw-br+AD4-
-- Complete the purchase of the outstanding properties+ADsAPA-br+AD4-
+ADw-br+AD4-
-- Receive all other permits and approvals, including initial
construction permits+ADs- and+ADw-br+AD4-
+ADw-br+AD4-
-- Complete the control estimate and complete the financing.+ADw-br+AD4-
+ADw-br+AD4-
- This estimated time line could be extended due to the global
financial crisis, as the Company may pursue certain activities
sequentially that had previously been planned to run in parallel.+ADw-br+AD4-
+ADw-br+AD4-
- Once construction of the mine begins it is expected to take
approximately 24 months to complete. Ultimately, the Romanian
Government determines the timing of issuance of the EIA approval and
all other permits and approvals required for the Rosia Montana Project,
subject to the Romanian courts dealing with litigation from NGOs in a
timely manner.+ADw-br+AD4-
+ADw-br+AD4-
Proven and Probable Mineral Reserves+ADw-br+AD4-
+ADw-br+AD4-
The Company maintains an 80 percent economic interest in the Rosia
Montana project which at year end 2008, has aggregate proven and
probable reserves as follows, calculated using a gold price of +ACQ-735 per
ounce:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Grade (g/t)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-In Situ (Ounces)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Reserve Category+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Tonnes+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Gold+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Silver+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Gold+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Silver+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Proven+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-112,455,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.63+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-9.0+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5,893,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4-32,540,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Probable+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-102,476,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.27+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-4.6+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-4,184,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-15,156,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Total+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-214,931,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.46+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6.9+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-10,077,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-47,696,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-John
Marek, P.Eng., is the qualified person responsible for calculating the
reserve estimate set forth in the table above.+ADw-br+AD4-
+ADw-br+AD4-
About Gabriel+ADw-br+AD4-
+ADw-br+AD4-
Gabriel is a Canadian based resource company committed to responsible
mining and sustainable development in the communities in which it
operates. Gabriel is currently engaged in the exploration and
development of mineral properties in +ADw-st1:country-region w:st+AD0AIg-on+ACIAPg-Romania+ADw-/st1:country-region+AD4-
and is presently engaged in the development of its 80+ACU- owned Rosia +ADw-st1:State
w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-Montana+ADw-/st1:place+AD4APA-/st1:State+AD4- gold
project. For more information please visit the Company's website at +ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4APA-a
href+AD0AIg-http://www.gabrielresources.com+ACI- target+AD0AIgBf-parent+ACIAPgA8-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-www.gabrielresources.com+ADw-/span+AD4APA-/a+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4-.+ADw-br+AD4-
+ADw-br+AD4-
The Company will be hosting its Fourth Quarter, Year End 2008
Conference Call and Webcast on Thursday, March 5, 2009 10:30 am EST. North
American callers dial 1-866-713-8565 International callers dial
1-617-597-5324 - Participant Passcode: 30344683.+ADw-br+AD4-
+ADw-br+AD4-
Management's Discussion and Analysis+ADw-br+AD4-
+ADw-br+AD4-
This Management's Discussion and Analysis (+ACY-quot+ADs-MD+ACY-amp+ADs-A+ACY-quot+ADs-)
provides a discussion and analysis of the financial condition and results
of operations to enable a reader to assess material changes in the
financial condition and results of operations as at and for the years
ended December 31, 2008 and 2007. The MD+ACY-amp+ADs-A should be read in
conjunction with the audited consolidated financial statements and
notes thereto (+ACY-quot+ADs-Statements+ACY-quot+ADs-) of Gabriel Resources Ltd. (+ACY-quot+ADs-Gabriel+ACY-quot+ADs-
or the +ACY-quot+ADs-Company+ACY-quot+ADs-) as at and for the years ended December 31,
2008 and 2007. The Company's Consolidated Financial Statements have
been prepared in accordance with Canadian Generally Accepted Accounting
Principles (+ACY-quot+ADs-Canadian GAAP+ACY-quot+ADs-).+ADw-br+AD4-
+ADw-br+AD4-
All amounts included in the MD+ACY-amp+ADs-A are in Canadian dollars, unless
otherwise specified. This report is dated as of March 3, 2009, and the
Company's public filings, including its most recent Annual Information
Form, can be reviewed on the SEDAR website (+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4APA-a
href+AD0AIg-http://www.sedar.com+ACI- target+AD0AIgBf-parent+ACIAPgA8-span lang+AD0-EN-GB
style+AD0-'mso-ansi-language:EN-GB'+AD4-www.sedar.com+ADw-/span+AD4APA-/a+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4-).+ADw-br+AD4-
+ADw-br+AD4-
Overview+ADw-br+AD4-
+ADw-br+AD4-
Gabriel is a Canadian based resource company committed to responsible
mining and sustainable development in the communities in which it
operates. Gabriel is engaged in the exploration and development of
mineral properties in +ADw-st1:country-region w:st+AD0AIg-on+ACIAPg-Romania+ADw-/st1:country-region+AD4-
and is presently developing its 80+ACU- owned Rosia +ADw-st1:State w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Montana+ADw-/st1:place+AD4APA-/st1:State+AD4- gold project (the
+ACY-quot+ADs-Project+ACY-quot+ADs-).+ADw-br+AD4-
+ADw-br+AD4-
Our vision is to create value for all of our stakeholders from
responsible mining. Our mission is to build the Project and, as a
result, to be a catalyst for sustainable economic, environmental,
cultural and community development. As we develop the world-class Rosia
+ADw-st1:State w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-Montana+ADw-/st1:place+AD4APA-/st1:State+AD4-
project, we will strive to set high standards through good governance,
open and transparent communications, operations and reclamation based
on Best Available Techniques - all in the service of sustainable
development. Whether the issue is corporate governance, community
development, environmental responsibility or operational practices, we
pledge to do it right.+ADw-br+AD4-
+ADw-br+AD4-
As discussed in previous annual and quarterly reports, the Project has
long faced opposition from a group of foreign-funded and Romanian
non-governmental organizations (+ACY-quot+ADs-NGOs+ACY-quot+ADs-), certain Romanian
organizations and some members of the Hungarian Government. These
opposition forces continue to lobby Romanian politicians against our
Project. The NGOs tactic of commencing court challenges against all key
permits and approvals granted to the Company remains one of the primary
factors in the delay of the permitting of the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Since the fall of 2007 the Project's environmental impact assessment
(the +ACY-quot+ADs-EIA+ACY-quot+ADs-) has been suspended as a result of a decision
taken by the former Minister of Environment. Since that time Management
has taken all steps within its power to restart the permitting process.
National elections were held in +ADw-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Romania+ADw-/st1:place+AD4APA-/st1:country-region+AD4- in November of 2008
and a new coalition government was formed shortly thereafter. Management
is hopeful that under the new government the Project, and its EIA, will
receive an open and transparent review.+ADw-br+AD4-
+ADw-br+AD4-
Key Issues+ADw-br+AD4-
+ADw-br+AD4-
Political Situation+ADw-br+AD4-
+ADw-br+AD4-
+ADw-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-Romania+ADw-/st1:place+AD4APA-/st1:country-region+AD4-
held national elections on November 30th, 2008. A new coalition
government was formed on December 22nd, 2008 comprising the
Democrat-Liberal Party (+ACY-quot+ADs-PDL+ACY-quot+ADs-) and the Social Democrat Party
(+ACY-quot+ADs-PSD+ACY-quot+ADs-). The process of appointing state secretaries and
other senior government officials was completed in early February 2009.
The new government spent its first month focused on an anti-crisis
program to mitigate the impact of the financial and economic crisis and
completing the 2009 budget for the country.+ADw-br+AD4-
+ADw-br+AD4-
The new coalition government is comprised of the two largest parties in
the country. Together the two parties received over 70 percent of the
electoral seats in the new Parliament. This is a change from the
government, which governed from April 2007 until November 2008 and was
comprised of the Liberal party and ethnic Hungarian UDMR (the
+ACY-quot+ADs-UDMR+ACY-quot+ADs-) party. Those parties represented approximately 23
percent of the Parliament, under the then sitting Prime Minister. Under
the previous government, the UDMR held the Ministry of Environment and
Sustainable Development (+ACY-quot+ADs-MESD+ACY-quot+ADs-). Today these two parties
form the government opposition and therefore do not hold any
ministerial positions.+ADw-br+AD4-
+ADw-br+AD4-
The change in government may well affect several of our opposition's
efforts to delay the Project. As reported previously, under the
previous government, three +ACY-quot+ADs-private member bills+ACY-quot+ADs- were
introduced for consideration by the Romanian Parliament. Each bill was
intended to block the Project, either by banning the use of cyanide in
mining operations, or by creating a protected status for the area
designated for mining. One of these bills was voted down and the other
two remain in the Parliamentary Committee process. The sponsors of the
bills are no longer members of Parliament. With a new Parliament in
place, it is not possible to determine whether or if any of these bills
will be tabled for consideration and a vote taken in the Chamber of
Deputies.+ADw-br+AD4-
+ADw-br+AD4-
Environmental/Permitting+ADw-br+AD4-
+ADw-br+AD4-
Management is hopeful that the Technical Analysis Committee
(+ACY-quot+ADs-TAC+ACY-quot+ADs-) process will restart in the near term. The TAC
process had been suspended by the former MESD in September 2007 based
on a court challenge by Alburnus Maior, an NGO opposing the Project.+ADw-br+AD4-
+ADw-br+AD4-
The previous MESD has also withheld final signature on our dam safety
permits, which were approved in the spring of 2007. In February 2009,
the Company won a court ruling against the past decision of the MESD
compelling the MESD to issue our dam safety permits. This decision is
appealable by the MESD and the Company awaits the position of the MESD
on this issue.+ADw-br+AD4-
+ADw-br+AD4-
While the EIA is by far the most important Project approval, there are
a number of other permits and approvals required to advance the
Project, such as dam safety permits, the zonal urbanistic plans for the
industrial and protected areas, the forestry and land use change
permits as well as other permits and approvals that follow EIA approval,
to obtain the construction permits. The processes for each of these
permits and approvals proceed in parallel with the EIA review process. In
the absence of any other extraordinary events, legal or otherwise, we
expect these permitting processes to take at least six months from the
restart of the EIA review process.+ADw-br+AD4-
+ADw-br+AD4-
Litigation+ADw-br+AD4-
+ADw-br+AD4-
A number of foreign-funded and Romanian NGOs, including the
Hungarian-registered Alburnus Maior, the Soros Foundation Romania
(formerly Open Society Institute/Romania), the Independent Centre for
the Development of Environmental Resources (a +ACY-quot+ADs-new+ACY-quot+ADs- NGO
formed in 2007 by the members of Alburnus Maior), Terra Mileniul III
Foundation and the Center for Legal Resources (working in conjunction
with Alburnus Maior), have initiated a multitude of legal challenges
against virtually every local, regional and national Romanian
regulatory authority that has the administrative authority to grant
permits, authorizations and approvals for any aspect of the exploration
and development of the Project. While few of the actions have been
successful and most have been frivolous, they include both civil
actions and criminal complaints against both the regulatory authorities
and individuals within such regulatory authorities+ADs- in general, they
claim that such regulatory authorities are acting in violation of
Romanian laws and ask for cancellation of the license, permit or
approval. Gabriel, through RMGC, has intervened in the majority of
these cases in order to ensure that the Romanian courts considering
these actions are presented with a legally correct, fair and balanced
analysis as to why the various Romanian regulatory authorities' actions
are in accordance with the relevant and applicable laws.+ADw-br+AD4-
+ADw-br+AD4-
While we have designed the Project to follow all applicable laws to
protect against permitting delays of the Project, multiple legal
challenges brought forward by NGOs in +ADw-st1:country-region w:st+AD0AIg-on+ACIAPgA8-st1:place
w:st+AD0AIg-on+ACIAPg-Romania+ADw-/st1:place+AD4APA-/st1:country-region+AD4- may continue to
cause potential setbacks to the Project.+ADw-br+AD4-
+ADw-br+AD4-
Alburnus Maior's legal action seeking an order compelling the National
Agency for Mineral Resources (NAMR) to annul the Rosia Montana
exploitation concession license was rejected by the courts in February
2009.+ADw-br+AD4-
+ADw-br+AD4-
Independent Report on Social-Economic Development+ADw-br+AD4-
+ADw-br+AD4-
An independent report titled the +ACY-quot+ADs-Rosia Montana Commune Strategic
Social-Economic Development Plan for 2008-2013+ACY-quot+ADs- (the
+ACY-quot+ADs-Report+ACY-quot+ADs-) was adopted by the Rosia Montana Local Council
during the third quarter. Drafted over the course of the first half of
2008 with the participation of local leaders and community
consultation, the Report was commissioned by the Rosia Montana Local
Council. The Report was funded and conducted by the National Agency for
Development of Mining Zones/Alba Regional Office.+ADw-br+AD4-
+ADw-br+AD4-
Noting that +ACY-quot+ADs-those supporting the project represent the majority
and hope that the project implementation will generate a better life,
jobs and a good standard of living,+ACY-quot+ADs- the Report articulates a
local development strategy for the Rosia Montana commune. The Report is
the product of collaboration between community leaders, community members
and other partners along with the National Agency for Development of
Mining Zones. As the Report's author indicates, the key is connecting
the strategy to community needs: +ACY-quot+ADs-Plans must be drafted from the
bottom-up, to include real needs, objectively identified.+ACY-quot+ADsAPA-br+AD4-
+ADw-br+AD4-
The Report concludes that the Project is an integral part of
socio-economic development in the region, and seeks to ensure that
local community benefits are widely felt and that the Project
contributes to sustainable and diversified economic development.+ADw-br+AD4-
+ADw-br+AD4-
Surface Rights+ADw-br+AD4-
+ADw-br+AD4-
As a result of the suspension of the EIA review process in September
2007, the home purchase program was suspended indefinitely in February
2008. As of December 2008, the Company owns or has options on 77
percent of the homes in the industrial zone, protected area and the
buffer zone.+ADw-br+AD4-
+ADw-br+AD4-
In addition to the private properties required, the Company needs to
acquire properties (about 35 percent of the surface area of the
Project), which are owned by institutions, including the local
administrations of Rosia +ADw-st1:State w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-Montana+ADw-/st1:place+AD4APA-/st1:State+AD4-
and Abrud, as well as certain churches and state-owned mining
companies. The process to acquire the institutional properties is well
underway and expected to be completed after the approval of the EIA.+ADw-br+AD4-
+ADw-br+AD4-
Once we complete the agreements for institutional properties, our
ownership will rise to approximately 85 percent of the three zones of
the Project, further demonstrating strong local support for the
Project. Ultimately, the Company's ability to obtain construction
permits for the mine and plant is predicated on securing 100 percent of
the surface rights in the industrial zone.+ADw-br+AD4-
+ADw-br+AD4-
Resettlement Sites+ADw-br+AD4-
+ADw-br+AD4-
Construction of the +ADw-st1:place w:st+AD0AIg-on+ACIAPg-Alba Iulia+ADw-/st1:place+AD4-
resettlement site, known as La Recea, began in summer 2007. Infrastructure
was completed during the third quarter 2008 and all of the 123 homes
are expected to be completed and transferred to their new owners during
the first two quarters of 2009. Two residents who elected to relocate
from the Piatra Alba resettlement site to La Recea in +ADw-st1:place w:st+AD0AIg-on+ACIAPg-Alba
Iulia+ADw-/st1:place+AD4- will have their homes completed during the third
quarter of 2009. The Company is also working with local officials to
obtain permits for the construction of Piatra Alba and hopes to begin
construction during the fall of 2009.+ADw-br+AD4-
+ADw-br+AD4-
Archaeology+ADw-br+AD4-
+ADw-br+AD4-
An archaeological review of historic mining activity at Rosia +ADw-st1:State
w:st+AD0AIg-on+ACIAPgA8-st1:place w:st+AD0AIg-on+ACIAPg-Montana+ADw-/st1:place+AD4APA-/st1:State+AD4- is a
critical step in the granting of the construction permit to build the
Project. An archaeological discharge is required for all of the area
under the footprint of the proposed mine. Over the past five years as
our program progressed, we have been granted several discharge permits
to acknowledge completion of the archaeological program.+ADw-br+AD4-
+ADw-br+AD4-
Here as on other issues, the opposition has used the Romanian courts to
challenge the actions of the various Ministries of the Romanian
Government. An NGO commenced legal action in the Alba Court of Appeal
in 2004 and obtained an annulment with respect to archaeological
discharge Certificate No. 4 (+ACY-quot+ADs-ADC 4+ACY-quot+ADs-). After a successful
appeal to the Supreme Court and a retrial of the matter on its merits
in the Brasov Court of Appeal, a second annulment of ADC 4 was ordered
by the Brasov Court of Appeal. Gabriel appealed this second annulment
to the Supreme Court. The Supreme Court annulled ADC 4 in December
2008. This decision is final, is not appealable and brings to a close a
series of court challenges. The Company recently received the Court's
written reasons for this decision. As the Company prepares its new
application for ADC 4, it will incorporate all deficiencies identified
by the Court. At this time, the Company does not believe this process
will affect the overall permitting schedule.+ADw-br+AD4-
+ADw-br+AD4-
By way of background, the fieldwork that was conducted, and the
technical documentation that was prepared, for ADC 4 was undertaken by
a team of more than 80 internationally well-known archaeological
specialists coming from more than 23 organizations from three
countries, working between 2001 and 2004. The Romanian National
Archaeology Commission, a body of 21 accomplished Romanian archaeologist
and historians, reviewed the documentation and recommended the issuance
of the discharge certificate to the Minister of Culture. To date the
Company has spent approximately US+ACQ- 11 million on a rescue archaeology
program.+ADw-br+AD4-
+ADw-br+AD4-
The cancellation of ADC 4 does not suspend, terminate or delay any
permitting processes that are currently running in parallel. Nor does
the cancellation of ADC 4 affect, cancel or terminate any rights the
Company currently holds, or has previously acquired, with respect to
the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
The opposition has also challenged the issuance of archaeological
discharge Certificate No. 5 (+ACY-quot+ADs-ADC 5+ACY-quot+ADs-) on grounds similar to
their challenge of ADC 4, and this matter is currently before the
Romanian courts. ADC 5 is a compilation of the four previously issued
discharge certificates and was obtained for administrative convenience
only. The Company has been informed by its Romanian legal counsel that
the annulment of ADC 5 does not automatically result in the annulment
of the underlying discharge certificates.+ADw-br+AD4-
+ADw-br+AD4-
Updated Capital and Operating Costs+ADw-br+AD4-
+ADw-br+AD4-
The cost to complete the Project is estimated at US+ACQ-876 million
(excluding working capital) based on a revised cost estimate in March
2009 based on fourth quarter 2008 pricing. This is an increase of
US+ACQ-238 million (excluding sunk costs of approximately US+ACQ-147 million,
which includes approximately US+ACQ-90 million for surface rights, US+ACQ-13
million for engineering and project management and US+ACQ-44 million for
long-lead-time mill equipment) over the 2006 estimate of US+ACQ-638
million. The increase in costs reflects scope changes brought about
through the permitting process and additional engineering, higher earth
works, EPCM costs, contingencies and currency impacts. Owners costs,
which includes surface rights acquisition, construction of a new
resettlement village, overheads and taxes, increased by US+ACQ-98 million,
primarily from scope changes to address community concerns, higher real
estate prices (in part due to currency fluctuations) and construction
costs, higher taxes and a larger owners engineering team that will
monitor Project construction.+ADw-br+AD4-
+ADw-br+AD4-
Management has completed significant engineering and Project design
resulting in a level of confidence beyond a typical feasibility study. Overall,
while commodity prices declined during the second half of 2008, prices
for most of the goods and services required for Project construction
remained surprisingly firm. Some of those prices have begun to weaken
during the first quarter of 2009. Management is hopeful that the
control estimate (that will be completed by the EPCM contractor, once
the EIA is approved, for purposes of project financing) will result in
a lower capital cost for the Project.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Gold
Production+ADw-br+AD4-
+ADw-br+AD4-
The Project is estimated to produce 626,000 ounces of gold annually
during its first five years of operation and an average of 511,000
ounces per year over its 16 year mine life. Over the Project's life,
total production is estimated at 7.9 million ounces of gold. Below is a
summary of gold production by year.+ADw-br+AD4-
+ADw-br+AD4-
Please note: To view the +ACY-quot+ADs-Gold Production (net)+ACY-quot+ADs- graph,
please visit the following link: +ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-
font-family:Georgia'+AD4APA-a
href+AD0AIg-http://media3.marketwire.com/docs/gbuq4fig1.jpg+ACI- target+AD0AIgBf-parent+ACIAPgA8-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-http://media3.marketwire.com/docs/gbuq4fig1.jpg+ADw-/span+AD4APA-/a+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4-.+ADw-br+AD4-
+ADw-br+AD4-
Operating Costs+ADw-br+AD4-
+ADw-br+AD4-
The estimated total cash cost(i) to produce gold over the first five
years is estimated at US+ACQ-272 per ounce and is expected to average
US+ACQ-335 per ounce over the life of the Project. This is an increase over
the 2006 estimate which estimated the total cash cost to produce gold
over the first five years at US+ACQ-181 per ounce and US+ACQ-237 over the life
of the Project. The higher costs reflect higher processing costs due to
higher energy, cyanide and consumables costs. Higher fuel, blasting and
tire costs increased mining costs, while administrative costs increased
due to higher expected patrimony and community costs as well as higher
taxes. Royalties also increased from US+ACQ- 11 per ounce to US+ACQ- 31 per
ounce due to a doubling of the royalty rate from 2 to 4 percent and
higher gold prices.+ADw-br+AD4-
+ADw-br+AD4-
(i)Total cash cost is a non-GAAP financial measure. Total cash costs
represent all costs absorbed into inventory, plus royalties and
production taxes, less by-product revenues and exclude amortization and
accretion.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- Gold Production (gross oz.)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-7,943,083+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-7,929,733+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--0.2+ACUAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- Silver Production (gross oz.)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-28,891,080+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-28,886,484+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.0+ACUAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-include amortization and accretion.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-The life-of-mine operating costs are summarized below.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-A
summary of key operating statistics and costs for the first five and 10
years operating, as well as life of mine are summarized below.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
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+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
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+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-The
Company filed National Instrument 43-101 Technical Information Update
for the Project in March 2009 providing a full technical update of the
Rosia Montana Project. The qualified persons who certified the 43-101
Technical Information Update which is the basis for the updated cost
estimates are: B. L. Gossage, MAusIMM+ADs- J.M. Marek P.E.+ADs- P.G. Corser,
P.E.+ADs- S. Smith, MAusIMM+ADs- C.R. Lattanzi, P.Eng.. The document can be
viewed at +ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4APA-a
href+AD0AIg-http://www.sedar.ca+ACI- target+AD0AIgBf-parent+ACIAPgA8-span lang+AD0-EN-GB
style+AD0-'mso-ansi-language:EN-GB'+AD4-www.sedar.ca+ADw-/span+AD4APA-/a+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4-.+ADw-br+AD4-
+ADw-br+AD4-
Project Sensitivity+ADw-br+AD4-
+ADw-br+AD4-
Along with other industry participants, Gabriel is subject to commodity
and foreign exchange fluctuations that may materially affect cash flows
from the Project.+ADw-br+AD4-
+ADw-br+AD4-
Our Project analysis is denominated in US dollars and a significant
portion of the costs to construct and operate the Project are
denominated in currencies other than the US dollar, therefore if the US
dollar were to strengthen or weaken relative to those currencies, the
value of the Project would change. The table below represents the
potential impact of foreign exchange rate changes on our capital to
completion.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-impact of a+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-5+ACU- change in currency relative to the US Dollar+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-EURO+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 13.5 million+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-RON+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 14.5 million+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
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yes'+AD4-
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Typical
for any mining company are key operating variables that affect
financial performance. These variables include: recovered gold grades,
mining costs, processing costs and capital costs.+ADw-br+AD4-
+ADw-br+AD4-
The net asset value of the Project is most sensitive to variations in
gold prices and recovered gold grades and less sensitive to variations
in capital expenditures or operating costs (mining and processing).+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-undiscounted project cash flow+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Variables+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Gold Grade +ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-US+ACQ- 250 million+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Process Costs+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 75 million+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Capital Costs+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 30 million+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Mining Costs+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-US+ACQ- 26 million+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-undiscounted project cash flow+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Gold Price+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ-50+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 320 million+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Fluctuations
in the long-term gold price will have a significant impact on the net
asset value of the Project. The table below shows the impact of different
gold prices on the internal rate of return, net asset value and Project
payback.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4----------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Long-term per ounce gold price+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-US dollars+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 600+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-750+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-900+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Internal rate of return+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-10.9+ACUAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-20.4+ACUAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-28.0+ACUAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-NAV +AEA- 0+ACU- (millions)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 688+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 1,662+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2,621+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Payback (years)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5.2+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3.5+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.7+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Cash
operating costs for the Project are most sensitive to variations in the
Euro, Ron, power and cyanide costs and less sensitive to all other
operating costs.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Impact of a+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-5+ACU- change in cost / variable+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-on the cash costs per ounce+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Process Power+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 3.18+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Cyanide+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-US+ACQ- 3.01+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-EURO+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 8.42+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-RON+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-US+ACQ- 5.23+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
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+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-A
significant portion of the capital and operating costs are anticipated
to be denominated in either the Romanian RON or EURO. We estimate that
64+ACU- of capital costs to completion and 81+ACU- of operating costs are
denominated in the local currencies of either the Romanian RON or EURO.
These include: earthwork construction, concrete, cyanide, sodium
metabisulfate, power costs, grinding media, wages and salaries.+ADw-br+AD4-
+ADw-br+AD4-
Please note: to view the +ACY-quot+ADs-Foreign Currency Fluctuation+ACY-quot+ADs-
figure, please visit the following link: +ADw-/span+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4APA-a
href+AD0AIg-http://media3.marketwire.com/docs/gbuq4fig2.jpg+ACI- target+AD0AIgBf-parent+ACIAPgA8-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-http://media3.marketwire.com/docs/gbuq4fig2.jpg+ADw-/span+AD4APA-/a+AD4APA-/span+AD4APA-span
lang+AD0-EN-GB style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:
EN-GB'+AD4-.+ADw-br+AD4-
+ADw-br+AD4-
Expected Financing Plan+ADw-br+AD4-
+ADw-br+AD4-
Project finance planning was restarted during third quarter of 2008 in
preparation for financing the Project in 2009. The global financial
crisis has negatively impacted most of the international banking
system, restricting credit and increasing the cost of credit. As a
result, the conventional bank debt market and the high-yield bond
market are both currently restricted. The updated financing plan
assumes that neither the conventional bank debt market nor the bond
market will be available in time to meet the Company's financing needs.
Management has been advised by its financial advisors that while
financing the Project will be challenging due to the financial crisis,
financing from government agencies and non traditional lenders should
be available even in the current environment because of the economic
and other benefits resulting from the Project.+ADw-br+AD4-
+ADw-br+AD4-
- The estimated capital cost to complete the development of the Rosia
Montana Project - including interest, financing and corporate costs is
approximately US+ACQ-1 billion an increase of US+ACQ-250 million over the
previous financing plan announced in 2006 of US+ACQ-750 million.+ADw-br+AD4-
+ADw-br+AD4-
- The Company anticipates financing these costs with approximately 25
percent equity - US+ACQ-250 million, an increase of US+ACQ-100 million over the
previous financing plan announced in 2006 of US+ACQ-150 million.+ADw-br+AD4-
+ADw-br+AD4-
- The Company anticipates financing the balance of approximately 75
percent debt - US+ACQ-750 million, including senior debt, subordinate debt,
by-product off-take agreements, vendor loans and possibly EU grants. This
is an increase of US+ACQ-150 million over the 2006 financing plan.+ADw-br+AD4-
+ADw-br+AD4-
- The estimated capital cost to complete does not include a provision
for (i) a cost overrun facility, (ii) a financial guarantee
(reclamation deposit), or (iii) hedging program if required by the
banks and agencies. These additional items could add US+ACQ-150 million to
the financing plan.+ADw-br+AD4-
+ADw-br+AD4-
Project Timeline+ADw-br+AD4-
+ADw-br+AD4-
- The EIA was submitted in the second quarter of 2006.+ADw-br+AD4-
+ADw-br+AD4-
- In January 2007, the Company received the list of official questions
from the Romanian Government, raised during the public consultation
process.+ADw-br+AD4-
+ADw-br+AD4-
- The Company responded to the questions in the form of an Annex to the
EIA, in early May 2007.+ADw-br+AD4-
+ADw-br+AD4-
- TAC and Espoo Convention meetings went well during the third quarter
of 2007, until TAC meetings were suspended in September 2007.+ADw-br+AD4-
+ADw-br+AD4-
Once the permitting process restarts and in the absence of any other
extraordinary events, legal or otherwise, Gabriel anticipates that it
would take at least 6 months to:+ADw-br+AD4-
+ADw-br+AD4-
- Complete the EIA approval process+ADsAPA-br+AD4-
+ADw-br+AD4-
- Complete the purchase of the outstanding properties+ADsAPA-br+AD4-
+ADw-br+AD4-
- Receive all other permits and approvals, including initial
construction permits+ADs- and+ADw-br+AD4-
+ADw-br+AD4-
- Complete the control estimate and complete the financing.+ADw-br+AD4-
+ADw-br+AD4-
This estimated time line could be extended due to the global financial
crisis, as the Company may pursue certain activities sequentially that
had previously been planned to run in parallel. For example, the
Company may not restart the acquisition of surface rights until after
receipt of the EIA, whereas previously the plan was to consider
restarting this activity once the permitting process restarted.+ADw-br+AD4-
+ADw-br+AD4-
Once construction of the mine begins it is expected to take
approximately 24 months to complete. Ultimately, the Romanian
Government determines the timing of issuance of the EIA approval and
all other permits and approvals required for the Rosia Montana Project,
subject to the Romanian courts dealing with litigation from NGOs in a
timely manner.+ADw-br+AD4-
+ADw-br+AD4-
Outlook+ADw-br+AD4-
+ADw-br+AD4-
Our key objectives include:+ADw-br+AD4-
+ADw-br+AD4-
1. Ensuring that the Project benefits those in the community and the
surrounding area to the maximum possible extent+ADsAPA-br+AD4-
+ADw-br+AD4-
2. Obtaining approval of our EIA and all other required permits+ADsAPA-br+AD4-
+ADw-br+AD4-
3. Obtaining a new archaeological discharge certificate number 4+ADsAPA-br+AD4-
+ADw-br+AD4-
4. Beginning construction of the new resettlement village at Piatra
Alba+ADsAPA-br+AD4-
+ADw-br+AD4-
5. Completing the acquisition of all surface rights (private and
institutional)+ADsAPA-br+AD4-
+ADw-br+AD4-
6. Completing the control estimate for the cost to complete the
Project+ADsAPA-br+AD4-
+ADw-br+AD4-
7. Raising the required debt and equity to build the Project+ADs- and+ADw-br+AD4-
+ADw-br+AD4-
8. Beginning Project construction+ADs- while at the same time+ADw-br+AD4-
+ADw-br+AD4-
9. Continuing to strengthening dialogue and communications with all
stakeholders.+ADw-br+AD4-
+ADw-br+AD4-
Key Industry Trends+ADw-br+AD4-
+ADw-br+AD4-
Gold Price+ADw-br+AD4-
+ADw-br+AD4-
The gold market has been on an upward trend since 2001, reaching a
record level in February 2009 of +ACQ-1,003 per ounce, while the average
gold price over the last three years is approximately +ACQ-750 per ounce.+ADw-br+AD4-
+ADw-br+AD4-
In light of the global financial and economic crisis, governments
worldwide have enacted substantial monetary stimulus programs, we view
gold as a store-of-value against inflation and therefore have the
expectation of continued favourable market demand.+ADw-br+AD4-
+ADw-br+AD4-
Please note: To view the figure +ACY-quot+ADs-Gold US +ACQ- per ounce,+ACY-quot+ADs- please
visit the following link: +ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-
font-family:Georgia'+AD4APA-a
href+AD0AIg-http://media3.marketwire.com/docs/gbuq4fig3.jpg+ACI- target+AD0AIgBf-parent+ACIAPgA8-span
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4--
Total expenses in 2008 were lower (by +ACQ-1.3 million) than 2007 primarily
due to lower corporate, general and administrative expenses (+ACQ-2.4
million) and lower severance costs (+ACQ-0.8 million), partially offset by
higher stock based compensation costs (+ACQ-0.5 million) and higher project
financing costs (+ACQ-1.2 million).+ADw-br+AD4-
+ADw-br+AD4-
- Total expenses in 2007 were higher (by +ACQ-1.7 million) than 2006
primarily due to a provision for severance and termination costs (+ACQ-1.4
million) and higher corporate, general and administrative costs (+ACQ-2.1
million) partially offset by lower project financing costs (+ACQ-1.1
million).+ADw-br+AD4-
+ADw-br+AD4-
- Other income (expenses) included interest income and foreign exchange
gains and losses. The strengthening of both the US dollar and the Euro
against the Canadian dollar resulted in higher net foreign exchange
gains in 2008 (by +ACQ-27.2 million) than 2007. The gains were partially
offset by lower interest income (+ACQ-3.4 million) due to lower cash
balances and lower interest rates.+ADw-br+AD4-
+ADw-br+AD4-
- With higher average cash balances in 2007 compared to 2006, interest
income increased to +ACQ-7 million (2006 - +ACQ-2.7 million) but were more than
offset by foreign exchange losses of +ACQ-11.4 million (2006 - NIL) in
2007.+ADw-br+AD4-
+ADw-br+AD4-
- The lower loss for 2008 compared to 2007 is primarily due to a swing
of +ACQ-27.2 million in foreign currency movements. The increase in foreign
exchange gains was partially offset by an increase of +ACQ-6.1 million in
income tax expense.+ADw-br+AD4-
+ADw-br+AD4-
- The higher loss in 2007 compare to 2006 is primarily a result of
+ACQ-11.4 million (2006 - Nil) foreign exchange losses as a result of
translation losses on US dollar and Euro cash deposits held to pay for
planned expenditures.+ADw-br+AD4-
+ADw-br+AD4-
- The Company will continue to incur losses until Rosia Montana begins
commercial production.+ADw-br+AD4-
+ADw-br+AD4-
- The loss per share decreased by 71 percent over the three years while
the Statement of Loss decreased by 68 percent. The lower loss per share
is due to the increase in the number of shares outstanding due to the
equity financing in 2007 and the exercise of warrants and stock options
over the period.+ADw-br+AD4-
+ADw-br+AD4-
Total Assets+ADw-br+AD4-
+ADw-br+AD4-
- The increase in total assets from the year ended 2006 to 2008 relates
to the 2007 equity issue and the exercise of stock options and warrants
over the period, which raised a total of +ACQ-171.5 million, to finance the
advancement of the Company's two key projects, Rosia Montana and
Bucium.+ADw-br+AD4-
+ADw-br+AD4-
- Total assets will increase once the EIA is approved and the Company
begins raising the necessary funds to develop Rosia Montana.+ADw-br+AD4-
+ADw-br+AD4-
Other Liabilities+ADw-br+AD4-
+ADw-br+AD4-
- Long-term liabilities on the Company's balance sheet are comprised of
Deferred Stock Units (DSUs) (+ACQ-1.8 million) due to Directors and
officers of the Company, a fidelity bonus (+ACQ-1.3 million) that
represents a retention bonus for Romanian employees and the long-term
portion of accrued severance and termination costs (+ACQ-Nil for 2008). The
DSUs are revalued at each balance sheet date+ADs- the increase in 2008
compared to 2007 reflects a net increase of 552 thousand units for the
year which is partially offset by a recovery of DSU costs due to the
lower share price at the end of 2008 compared to 2007.+ADw-br+AD4-
+ADw-br+AD4-
Investment in Exploration and Development+ADw-br+AD4-
+ADw-br+AD4-
- The lower expenditure in 2008 compared to 2007 is due to lower levels
of activity in most areas as a result of the suspension of the
permitting process. The decrease is partially offset by higher external
communications and legal costs and foreign exchange losses incurred by
the Romanian subsidiary.+ADw-br+AD4-
+ADw-br+AD4-
- Expenditures rose significantly in 2007 from 2006 with the
anticipated approval of the EIA. During 2007, long-lead-time equipment
orders were placed, the property purchase program, which restarted in
the fourth quarter of 2006, continued through 2007, and detailed
engineering began in preparation of an updated cost control estimate. With
the suspension of the EIA permitting process in September 2007, the
Company suspended the property purchase program, engineering for the
control estimate as well as most other non-essential activities.+ADw-br+AD4-
+ADw-br+AD4-
Cash Flow from Financing Activities+ADw-br+AD4-
+ADw-br+AD4-
- The Company's primary source of liquidity has been the equity
markets. The Company raised +ACQ-269.7 million over the past three years
through two financings, as well as the exercise of warrants and the
exercise of stock options by employees.+ADw-br+AD4-
+ADw-br+AD4-
- We updated the estimated cost to completion for construction of the
Project in first quarter 2009 to US+ACQ-876 million (excluding working
capital) compared to US+ACQ-638 million in 2006, an increase of US+ACQ-238
million (excluding sunk costs of approximately US+ACQ-90 million for
surface rights, +ACQ-13 million for engineering and project management and
US+ACQ-44 million for long-lead-time mill equipment). To complete the
development of the Project, the Company will need additional external
financing of approximately US+ACQ-1 billion comprised of an expected debt
(approximately 75+ACU-) and equity (approximately 25+ACU-) financing. The
ability to develop Rosia Montana hinges on our ability to raise the
necessary financing for construction. If we were unable to raise the
required funds, we would seek strategic alternatives to move the
Project towards development.+ADw-br+AD4-
+ADw-br+AD4-
Results of Operations+ADw-br+AD4-
+ADw-br+AD4-
The results of operations are summarized in the following tables, which
have been prepared in accordance with Canadian Generally Accepted
Accounting Principles:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Loss (Income)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4AJA- (3,958)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2,782+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 16,241+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- (10,970)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Total operating expenses for the period +ACQ- 5,151 +ACQ- 5,769+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 13,767 +ACQ- 15,089+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Loss (Income) for the period+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(3,958)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-7,821+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-4,095+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-23,043+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- diluted+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(0.02)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.03+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.02+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.09+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Total
operating expenses for the three-and-twelve-month periods ending
December 31, 2008 decreased from the corresponding 2007 periods
primarily due to lower corporate, general and administrative expenses,
which declined by +ACQ-2.4 million in 2008.+ADw-br+AD4-
+ADw-br+AD4-
For the fourth quarter 2008, foreign exchange gains on foreign currency
cash balances generated net income. For the year 2008, a +ACQ-15.8 million
foreign exchange gain reduced the loss for the year significantly. The
2007 loss reflects a foreign currency loss of +ACQ-11.4 million. Overall,
the Company reported a lower loss for 2008 compared to 2007 due to a
swing of +ACQ-27.2 million in foreign currency movements partially offset
by an additional +ACQ-6.1 million in income tax expense, as lower operating
expenses were offset by lower interest income in 2008. The foreign
exchange gains resulted from a weakening of the Canadian dollar.+ADw-br+AD4-
+ADw-br+AD4-
We expect to incur operating losses until commercial production
commences and revenues are generated.+ADw-br+AD4-
+ADw-br+AD4-
Expenses+ADw-br+AD4-
+ADw-br+AD4-
Corporate, General and Administrative+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
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yes'+AD4-
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+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Corporate,
general and administrative costs - those costs incurred by the
corporate office in Toronto - decreased across all departments for the
three-and-twelve-month periods ending December 31, 2008. External
communications and information technology costs, which account for
two-thirds of the decrease, were lower due to lower activity levels
with the suspension of the permitting process. Corporate, general and
administrative costs are anticipated to rise once the Rosia Montana
Project is permitted and the Company increases its' staffing for
construction and operations.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Stock Based Compensation+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-in thousands of Canadian dollars+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-DSU Compensation+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Number of DSUs granted+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-537,368+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-348,303+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-579,687+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-369,968+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-For
both the fourth quarter and year ending December 31, 2008, the Company
recorded DSU costs. DSU costs for the quarter and year reflect the
issuance of 537 thousand units during the fourth quarter and a net
increase of 552 thousand units for the year, which was partially offset
by a recovery of DSU costs due to the lower share price at year end
compared to the Company's share price at the beginning of the period. The
Company's share price finished 2008 at +ACQ-1.52 per share.+ADw-br+AD4-
+ADw-br+AD4-
Initially valued at the market price of the stock at date of issue,
DSUs are revalued each period based on the closing share price at the
period end, with the difference between the total value of the DSUs at
period end compared to the value at the end of the previous period. If
the share price declines, the lower value of the DSUs is credited
against costs during the period. If the value is higher, the difference
is charged to the Statement of Loss, increasing costs for the period. Overall,
for the three-month period ended December 31, 2008, our share price
decreased by +ACQ-0.53 compared to September 30, 2008 and decreased by
+ACQ-0.45 compared to December 31, 2007, while for the same period in 2007,
our share price decreased by +ACQ-0.55 from September 30, 2007 and
decreased by +ACQ-3.09 compared to December 31, 2006.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-in thousands of Canadian dollars+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Number of stock options granted+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5,305,000 4,350,000 11,240,000 5,965,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Average value ascribed to each+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- option granted+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.60 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.64 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.79 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-0.96+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Options granted to corporate+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- employees, consultants,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- officers, and directors+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30,000 3,385,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-2,130,000 4,525,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Options granted to development+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- project employees and+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- consultants+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5,275,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-965,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-9,110,000 1,440,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-The
estimated fair value of stock options is typically amortized over the
period in which the options vest which is normally three years. For
those options that begin to vest after a deferral period, the fair
value of the options is amortized proportionately over the total
vesting and delay period. For those options which vest on a single
date, either on issuance or on meeting milestones (the
+ACY-quot+ADs-measurement date+ACY-quot+ADs-), the entire fair value of the vesting
options is recognized immediately on the measurement date.+ADw-br+AD4-
+ADw-br+AD4-
During the year, the Company granted 3 million options with a fair
value of +ACQ-2.6 million (+ACQ-0.87 per share option) that vested and were
charged to Mineral Properties during the fourth quarter of 2008.+ADw-br+AD4-
+ADw-br+AD4-
During the fourth quarter 2008, the Company granted 5 million options,
one-third of which vested upon issuance with the remainder vesting upon
completion of certain milestones or under certain conditions of
termination. The estimated fair value of the unvested options will be
recognized and capitalized at the measurement date as the milestones
are achieved and the value can be reasonably measured. For the year
ended December 31, 2008, the amount capitalized was +ACQ-1.0 million (+ACQ-0.60
per share option). The lower value ascribed to the 5 million option
grant as compared to the 3 million option grant is due to the higher
strike price of the options under the 5 million option grant at +ACQ-2 per
share compared to a share price at the time of issuance of +ACQ-1.18 per
share.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Project Financing Costs+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-3 months ended+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-12 months ended+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-December 31,+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-December 31,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-in thousands of Canadian dollars+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Project Financing Costs+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2,136+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 213+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2,186+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 973+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Overall,
project financing activities increased in 2008 compared to 2007 level
due to a charge of US+ACQ-1.5 million being the fair value of vested stock
purchase warrants related to the termination of mandate letters with
two international financial institutions. Project financing activities
were placed on hold in the fall of 2007 after the suspension of the
permitting process but resumed in September 2008 in anticipation of the
restart of permitting activities and the requirement to complete the
financing in 2009.+ADw-br+AD4-
+ADw-br+AD4-
During the fourth quarter of 2006, the Company entered into mandate
letters with two international financial institutions to arrange
project debt financing for the development of the Rosia Montana
project. The two institutions were to provide a committed underwriting
in an amount up to US+ACQ-350 million. As a result of the suspension of the
EIA review process, the mandate letters terminated during 2008 and
1.125 million warrants vested while 1.5 million warrants were
cancelled. Each warrant has a four year term and has an exercise price
of +ACQ-4.88. The Company continues to work with the international
financial institutions to secure a new agreement whereby the
institutions would arrange but not underwrite a bank facility.+ADw-br+AD4-
+ADw-br+AD4-
Project financing activities include advisory services for the various
facilities under our financing plan.+ADw-br+AD4-
+ADw-br+AD4-
Severance and Termination Costs+ADw-br+AD4-
+ADw-br+AD4-
In December 2007, in light of the suspension of the EIA review process,
the Company announced and enacted plans to scale back activities. In
the fourth-quarter 2007, the Company expensed +ACQ-1.4 million related to
the retrenchment of 170 employees in Romania. During 2008, concurrent
with the modification of payment terms of its remaining obligation, the
Company revised its estimated cost and accrued a further +ACQ-0.7 million
in respect of its total obligation and has classified its entire
outstanding obligation as a current liability.+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008 the Company paid +ACQ-1.3 million in termination
benefits and anticipates paying the remaining balance during the second
quarter 2009.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Interest Income+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3 months ended+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-12 months ended+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-December 31,+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-December 31,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-in thousands of Canadian dollars+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Interest Income+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 525+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 1,604+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 3,647+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 7,088+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
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+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Lower
interest income in 2008 is a result of lower average cash balances and
lower interest rates compared to 2007. During 2008, the Company's cash
balances declined due to ongoing resettlement site development costs,
installment payments made under our long-lead-time equipment orders and
corporate and Romanian overhead costs. Over the course of 2008, the
global financial crisis led to a dramatic decline in interest rates for
government securities in each currency the Company holds. Interest
income is expected to decline in 2009 due to lower cash balances and
significantly lower interest rates.+ADw-br+AD4-
+ADw-br+AD4-
As of December 31, 2008, the average yield to maturity on the Company's
cash and cash equivalent's was 0.8+ACU- versus 3.9+ACU- as of December 31,
2007.+ADw-br+AD4-
+ADw-br+AD4-
With the current global financial crisis, the Company is focused on
capital preservation and therefore, is foregoing higher yields on its
investments and is investing predominantly in government guaranteed
instruments. Approximately 87 percent of the Company's cash balances are
invested in government guaranteed instruments with the balance invested
in term deposits with major Canadian banks.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Foreign Exchange+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3 months ended+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-12 months ended+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-December 31,+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-December 31,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-in thousands of Canadian dollars+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Foreign exchange gain (loss )+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- - realized+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 5,564+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- (6,795)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 10,732 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-(7,824)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Foreign exchange gain (loss )+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- - unrealized+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3,029+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,814+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5,093+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(3,543)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Total foreign exchange gain (loss)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 8,593+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-19+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 15,825 +ACQ- (11,367)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-During
2007, we converted the majority of our Canadian dollar cash balances to
foreign currencies to match anticipated foreign denominated
expenditures. In the three-and-twelve-month periods ended December 31,
2008, both the US dollar and the Euro strengthened against the Canadian
dollar, resulting in foreign exchange gains in both periods.+ADw-br+AD4-
+ADw-br+AD4-
The Company maintains a Canadian dollar cash position to fund
corporate, general and administrative activities, while the balance of
its cash resources are in foreign currencies.+ADw-br+AD4-
+ADw-br+AD4-
We would expect to continue to report foreign currency gains and losses
as we continue to hold foreign currencies.+ADw-br+AD4-
+ADw-br+AD4-
Taxes+ADw-br+AD4-
+ADw-br+AD4-
During the third quarter of 2007, tax authorities in Romania initiated
various tax audits to assess the appropriateness of the Company's tax
filing positions since January 1, 2005. As a consequence of the tax
audits being undertaken, during the third quarter 2007, the Company
accrued +ACQ-0.7 million of withholding tax liabilities arising from
payments made to non-Romanian resident suppliers of services. The
entire accrual was charged to mineral properties in the period.+ADw-br+AD4-
+ADw-br+AD4-
During the first quarter of 2008, the Company received a tax assessment
for +ACQ-4.8 million related to a second Romanian tax audit completed
during the first quarter of 2008. The Company, having accrued in 2006
its then estimated tax liability, accrued an additional +ACQ-3.7 million in
respect of the assessment, which arose from the disallowance of the
application of state tax incentives related to unrealized foreign exchange
gains on inter-company debt.+ADw-br+AD4-
+ADw-br+AD4-
In April 2008, the Company was advised by the Romanian tax authorities
that they were re-opening fiscal years 2003 and 2004 which had been
previously audited.+ADw-br+AD4-
+ADw-br+AD4-
In June 2008, the Company received a tax assessment for +ACQ-9.8 million
related to the third tax audit, for the years 2003 and 2004, initiated
and completed during the second quarter of 2008. This assessment also
arose from the disallowance of the application of state tax incentives
related to unrealized foreign exchange gains on inter-company debt.+ADw-br+AD4-
+ADw-br+AD4-
In December 2008, the government acknowledged that the grounds upon
which it re-opened the 2003-2004 years were unfounded but it has taken
the position that it may have other grounds for re-opening those years
and therefore it has not refunded the money paid to it by the Company
in respect of the June 2008 assessment.+ADw-br+AD4-
+ADw-br+AD4-
Based on the advice of its professional tax advisors, the Company
believes that the tax authorities have misapplied the legislation and
we are contesting the State's position through the courts.+ADw-br+AD4-
+ADw-br+AD4-
Romanian tax authorities regularly perform quarterly audits of the
Company's value-added-tax (+ACY-quot+ADs-VAT+ACY-quot+ADs-) claims before releasing our
refund. The tax authorities began their audit of our first half year
claim in September but have not yet completed the audit, so as a
result, the Romanian tax authorities have not reimbursed the Company
for any of its 2008 VAT claims. As at December 31, 2008, the Company
was owed +ACQ-4.2 million in VAT by the Romanian state.+ADw-br+AD4-
+ADw-br+AD4-
Investing Activities+ADw-br+AD4-
+ADw-br+AD4-
The most significant ongoing investing activities are for our Rosia
Montana development project in Romania. Most of the expenditures to
date have been for identifying and defining the size of the four ore
bodies, for engineering to design the size and scope of the Project,
for environmental assessment and permitting, as well as surface
rights/property acquisition. Once we receive our construction permit,
the nature and magnitude of the expenditures will increase as we build
roads, production facilities, open pits, tailings management facilities
and associated infrastructure.+ADw-br+AD4-
+ADw-br+AD4-
Mineral Properties+ADw-br+AD4-
+ADw-br+AD4-
We capitalize all costs incurred in Romania related to our development
and exploration projects - Rosia Montana, Bucium and Baisoara - to
mineral properties.+ADw-br+AD4-
+ADw-br+AD4-
Listed below is a summary of expenditures at Rosia Montana for the
three-and-twelve months ended December 31, 2008 and 2007.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3 months ended+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-12 months ended+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-+ADw-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-December 31,+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-December 31,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-in thousands of Canadian dollars+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-During
the three-and-twelve months ended December 31, 2008, finance and
administration costs increased compared to the corresponding 2007
periods due to foreign exchange losses on trade payables and
resettlement obligations. At December 31, 2008, the Company's Romanian
subsidiary had outstanding US dollar denominated payables for long-lead
equipment and its resettlement liabilities which are denominated in
Euros. With the weakening of the Canadian dollar compared to both the
US dollar and the Euro during 2008, the Company recorded foreign
exchange losses from its Romanian operations in both the
three-and-twelve month periods which is recorded in finance and
administration.+ADw-br+AD4-
+ADw-br+AD4-
External communications costs increased for the three-and-twelve months
ended December 31, 2008 due to increased communications costs related
to stakeholder engagement, advisory and consulting costs related to
ongoing advocacy activities. Legal costs increased in 2008 due to the
decision by management to add a second law firm on all legal cases. Management
believes that the addition of a second firm and second opinion is
helpful to ensuring that the best legal strategies are followed.+ADw-br+AD4-
+ADw-br+AD4-
Apart from finance, external communications and legal costs, all other
costs decreased in the three-and-twelve-month periods of 2008 compared
to the corresponding periods in 2007 due to lower levels of activity as
a result of the suspension of the permitting process.+ADw-br+AD4-
+ADw-br+AD4-
The base budget for 2009 includes only the expenditures and commitments
to maintain the value of our investment in mineral properties and
capital assets and to move the project through EIA approval. Our 2009
budgeted expenditures for mineral properties and capital assets totals
+ACQ-60 million, consisting of +ACQ-31 million for the final installment payments
for long-lead equipment, transportation and storage costs, +ACQ-10 million
to complete La Recea resettlement site and begin construction of the
Piatra Alba resettlement site and +ACQ-2 million for engineering costs. Overhead
costs for Romania (which includes the cost to maintain the Company's
mining license) are estimated at a further +ACQ-17 million.+ADw-br+AD4-
+ADw-br+AD4-
No additional work is planned on the Bucium property until the
exploration license is converted to an exploitation license and the
Rosia Montana EIA is approved. The government has indicated that a
decision on the conversion of the Bucium exploration to exploitation
license will not be made until a decision on the Rosia Montana project
is made.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Although
hampered during the first quarter of 2008 by poor weather, construction
activities on the La Recea resettlement site in Alba Iulia accelerated
during the remainder of 2008. Infrastructure was completed during the
third quarter 2008 and the Company is in the process of donating the
infrastructure to the Alba County Council.+ADw-br+AD4-
+ADw-br+AD4-
While installment payments for long-lead-time mill equipment were
delayed during the year, we continue to make the installment payments
on the orders which are proceeding, subject to satisfying our quality
assurance criteria. The Company expects to make +ACQ-27.7 million in
long-lead-time equipment payments during 2009 at which point we would
have made all payments for the long-lead equipment and own the mill
equipment outright. The plan is to then transport and store the
equipment at a central location, which should cost an additional +ACQ-3.6
million.+ADw-br+AD4-
+ADw-br+AD4-
Cash Flow Statement+ADw-br+AD4-
+ADw-br+AD4-
Liquidity and Capital Resources+ADw-br+AD4-
+ADw-br+AD4-
Our only sources of liquidity until we receive our environmental
permits for Rosia Montana are our cash balance, bridge financing,
exercise of stock options outstanding, and the equity markets. We
updated the estimated cost to completion for construction of the
Project in first quarter 2009 to US+ACQ-876 million (excluding working
capital) compared to US+ACQ-638 million in 2006 an increase of US+ACQ-238
million (excluding sunk costs of approximately US+ACQ-90 million for
surface rights, +ACQ-13 million for engineering and project management and
US+ACQ-44 million for long-lead-time mill equipment). Our updated cost
estimate also reflects higher operating costs but these are more than
offset by expected higher gold prices which result in improved cash
margins and therefore Project returns and faster payback.+ADw-br+AD4-
+ADw-br+AD4-
To complete the development of the Project, the Company will need
additional external financing of approximately US+ACQ-1 billion comprised
of an estimated debt (approximately 75+ACU-) and equity (approximately 25+ACU-)
financing. The ability to develop Rosia Montana hinges on our ability
to raise the necessary financing for construction. If we were unable to
raise the required funds, we would seek strategic alternatives to move
the Project toward development.+ADw-br+AD4-
+ADw-br+AD4-
Having restarted Project financing planning during the third quarter
2008, management has finalized a financing plan that assumes neither
the conventional bank debt market nor the bond market will be available
in time to meet the Company's financing needs. Management has been
advised by its financial advisors that while financing the Project will
be challenging due to the financial crisis, financing from government
agencies and non traditional lenders should be available even in the
current environment because of the economic and other benefits
resulting from the Project.+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008, we had cash and cash equivalents of +ACQ-72.2
million compared to +ACQ-147.2 million at December 31, 2007. Substantially
all of these amounts are invested in government guaranteed investments.
As the Company's investment policy prohibits investments in
asset-backed-securities, we have no need to write down any investments
due to the +ACY-quot+ADs-credit crisis+ACY-quot+ADs-.+ADw-br+AD4-
+ADw-br+AD4-
The Company manages its foreign currency risks through matching its
expected foreign denominated expenditures with foreign currency
investments. The Company has not entered into any derivatives hedging
activities. The Company maintains Canadian dollar investments to fund
corporate costs while most investments are denominated in either US
dollars or Euros to match planned foreign currency expenditures. The
Company incurs foreign currency gains and losses on those foreign
denominated investments as the currencies move against each other. Accordingly,
the Company will continue to experience foreign exchange gains and
losses as long as it maintains foreign currency investments.+ADw-br+AD4-
+ADw-br+AD4-
Based on management's knowledge and experience of the financial
markets, the Company believes the following movements are
+ACY-quot+ADs-reasonably possible+ACY-quot+ADs- over a +ACY-quot+ADs-typical+ACY-quot+ADs- three month
period. The current global financial crisis has resulted in dramatic
interest rate, commodity and currency volatility. The Company does not
view these market conditions as +ACY-quot+ADs-typical+ACY-quot+ADs- and therefore the
affect of interest rate changes and currency valuation changes on net
income may be more dramatic than deemed +ACY-quot+ADs-reasonably
possible+ACY-quot+ADs-. Nonetheless, the Company has taken steps to reduce its
risks as discussed above.+ADw-br+AD4-
+ADw-br+AD4-
- Cash and cash equivalents include deposits which are at floating
interest rates. Sensitivity of cash and cash equivalents to a plus or
minus 1+ACU- change in earned interest rates would affect net income by
+ACQ-0.2 million.+ADw-br+AD4-
+ADw-br+AD4-
- The Company holds significant balances in foreign currencies, and
this gives rise to exposure to foreign exchange risk. Sensitivity to a
plus or minus 1+ACU- change in foreign exchange rates would affect net
income by +ACQ-0.5 million.+ADw-br+AD4-
+ADw-br+AD4-
The Company's objective when managing capital is to safeguard its
accumulated capital in order to fund development of its Rosia Montana
project. The Company manages its capital structure and makes
adjustments to it based on the level of funds on hand and anticipated
future expenditures. While the Company expects that it will be able to
obtain equity, long-term debt and/or project-based financing sufficient
to build and operate the Rosia Montana project, there are no assurances
that these initiatives will be successful. To safeguard capital and to
mitigate currency risk, the Company invests its surplus capital in
highly liquid, highly rated financial instruments that reflect the
currency of the planned expenditure.+ADw-br+AD4-
+ADw-br+AD4-
The base budget for 2009 on the Rosia Montana Project totals +ACQ-60
million with corporate overheads expected to total a further +ACQ-10
million in 2009. In total the Company expects to spend approximately
+ACQ-70 million to run the corporate office and complete EIA permitting
activities. The Company started 2009 with +ACQ-72.2 million in cash and
cash equivalents and therefore irrespective of how the Project
progresses the Company will require additional capital in 2009. Once
the EIA is approved, the activity level will increase, including the
acquisition of remaining surface rights, completion of a control
estimate, payment of land use taxes and other payments required to
obtain construction permits. These additional activities are expected
to cost approximately US+ACQ-150 million. These activities can only
commence once additional financing is raised.+ADw-br+AD4-
+ADw-br+AD4-
A special shareholder meeting has been called for March 2009 to amend
the Company's Shareholder Rights Plan to provide greater flexibility
and certainty that future equity offerings are successful during this
period of global financial and economic crisis.+ADw-br+AD4-
+ADw-br+AD4-
Working Capital+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008, we had working capital of +ACQ-29.2 million versus
+ACQ-118.3 million as at December 31, 2007. The decrease in working capital
in 2008 relates to the loss for the period, investment in capital
assets and mineral properties.+ADw-br+AD4-
+ADw-br+AD4-
Net Change in Non-Cash Working Capital+ADw-br+AD4-
+ADw-br+AD4-
The net change in operating non-cash working capital increased for the
three-months ended December 31, 2008 due to an increase in accrued
expenditures during the period. For the year ended December 31, 2008
the net change in operating non-cash working capital is comparable to
that of the prior year.+ADw-br+AD4-
+ADw-br+AD4-
The net change in investing non-cash working capital increased for the
three-months ended December 31, 2008 due to an increase in trade
payables and accrued liabilities related to project development. For
the year ended December 31, 2008, the net change in investing non-cash
working capital decreased compared to 2007 due to an increase in RMGC's
accounts receivable from the Romanian state related to
value-added-taxes.+ADw-br+AD4-
+ADw-br+AD4-
The net change in financing non-cash working capital in the
three-and-twelve months ended December 31, 2008 is comparable to the
same periods in 2007.+ADw-br+AD4-
+ADw-br+AD4-
Related Party Transactions+ADw-br+AD4-
+ADw-br+AD4-
The Company paid +ACQ-Nil (2007 - +ACQ-Nil) during the fourth quarter to a
director of the Company for consultation services provided to the
Company. For the year ended December 31, 2008 the Company paid +ACQ-4
thousand (2007 - +ACQ-39 thousand).+ADw-br+AD4-
+ADw-br+AD4-
In December 2004, the Company loaned a total of US+ACQ-971 thousand to the
four minority shareholders, who hold an aggregate of 20 percent of the
shares of RMGC, to facilitate a statutory requirement to increase
RMGC's total share capital. The loans are non-interest bearing and are
to be repaid as and when RMGC distributes dividends to its
shareholders.+ADw-br+AD4-
+ADw-br+AD4-
The loans and related minority interest contribution have been offset
on the balance sheet until such time as the loans are repaid. Once the
loans are repaid the minority interest component will be reflected on
the balance sheet.+ADw-br+AD4-
+ADw-br+AD4-
Resettlement Liabilities+ADw-br+AD4-
+ADw-br+AD4-
During the fourth quarter of 2006, the Company recommenced purchasing
homes in the Project area. Residents had two choices. They could either
choose to take the sale proceeds and move to a new location of their
choosing or they could exchange their properties for a new property to
be built by the Company at one of the two new resettlement sites. At
December 31, 2008, the Company had accrued resettlement liabilities
totaling +ACQ-30.2 million, which represents the cost of building the new
homes for the local residents and delay penalties.+ADw-br+AD4-
+ADw-br+AD4-
Under the original contracts, the Company was required to deliver homes
by August 1, 2008, which was not met. As a result, the Company either
signed extension agreements or will deliver the new homes within the
penalty period for the 125 residents who chose the Le Recea
resettlement site option in Alba Iulia. Most of the homes (123 homes)
will be handed over during the first and the second quarter 2009. Two
residents who elected late last year to relocate from the Piatra Alba
resettlement site to La Recea will have their homes completed during
the third quarter 2009. The remaining 24 residents who chose the Piatra
Alba resettlement site have all signed 36 month extension contracts. As
a result of the delay in delivering homes, the Company is accruing a
penalty of 6+ACU- (for La Recea) and up to 20+ACU- (for Piatra Alba) of the
agreed upon unpaid property value per year of delay as required by the
agreement including all amendments.+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008, the Company has accrued +ACQ-1.2 million (2007 -
+ACQ-0.5 million) representing its total estimated delay penalty. During
the year, the Company paid +ACQ-0.7 million of delay penalties (2007 -
+ACQ-Nil).+ADw-br+AD4-
+ADw-br+AD4-
Contractual Obligations+ADw-br+AD4-
+ADw-br+AD4-
The Company, through its wholly owned subsidiary Rom Aur SRL (+ACY-quot+ADs-Rom
Aur+ACY-quot+ADs-), holds an exploration license with respect to the Baisoara
property in Western Romania. The license is for an initial term of 5
years and expires in July 2011. The Company is obligated to spend
US+ACQ-3.2 million over the term of the license. Field work commenced in
the fourth quarter of 2006, and a total of +ACQ-387 thousand has been spent
through December 31, 2008. In 2008, due to the delay in the Rosia
Montana permitting process, the Company reduced the exploration
expenditure for Baisoara to a level required to maintain the license
and permit in good standing.+ADw-br+AD4-
+ADw-br+AD4-
The Company and its subsidiaries have a number of agreements with
arm's-length third parties who provide a wide range of goods and
services which totaled +ACQ-6.6 million at December 31, 2008 (December 31,
2007 - +ACQ-9.3 million). Typically, the service agreements are for a term
of not more than one year and permit either party to terminate for
convenience on notice periods ranging from 15 to 90 days. Upon
termination, the Company has to pay for services rendered and costs
incurred to the date of termination.+ADw-br+AD4-
+ADw-br+AD4-
During 2007, the Company entered into purchase agreements for
long-lead-time equipment, the cost of which is to be paid over three
years beginning 2007. As at December 31, 2008 outstanding commitments
under such agreements totaled +ACQ-27.7 million (December 31, 2007 - +ACQ-42.4
million). No further long-lead-time equipment orders are expected to be
placed until the EIA is approved+ADs- however, the reported commitment
expressed in Canadian dollars will fluctuate as currencies fluctuate on
the foreign denominated obligations.+ADw-br+AD4-
+ADw-br+AD4-
The following is a summary of contractual commitments of the Company
including payments due for each of the next five years and thereafter:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-2013 and+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Total+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2009+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2010+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2011+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2012 thereafter+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Baisoara+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- exploration+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- license+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-3,515+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-147 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-778 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-1,596+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-994+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Resettlement+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30,208+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30,208+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Goods and services+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,627+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,062+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-144+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-10+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-10+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-401+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Long lead time+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- equipment+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-27,740+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-27,710+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Rosia Montana+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- +ADw-/span+AD4-exploitation+ADw-/pre+AD4APA-pre+AD4- license+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2,838+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,806+ADw-/pre+AD4APA-pre+AD4-Surface concession+ADw-/pre+AD4APA-pre+AD4- rights+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-1,023+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-927+ADw-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Lease agreements+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,500+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-652+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-553+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-295+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Total commitments+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 73,451+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 65,061+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 1,787+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 2,183+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 1,286+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 3,134+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-The
following is a summary of the long-lead-time equipment orders and the
payment status:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
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+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-During
the second quarter 2008, the Company elected not to exercise its
manufacturing order option on +ACQ-7.4 million of orders, pending the
restart of the permitting process. During the fourth quarter 2008, the
Company amended the remaining orders, which reduced the total
commitment for long-lead-time equipment by an additional +ACQ-3.2 million. We
have excluded these items from the December 31, 2008 commitments table.
During detailed engineering, these items were deemed non critical and
therefore the placement of the order could be delayed, preserving cash
for the Company without impacting the timeline to complete construction
once permits are received.+ADw-br+AD4-
+ADw-br+AD4-
Critical Accounting Estimates+ADw-br+AD4-
+ADw-br+AD4-
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amount of expenses
and other income during the year. Significant estimates and assumptions
include those related to the recoverability of mineral properties and
benefits of future income tax assets, estimated useful lives of capital
assets, stock compensation valuation assumptions and determinations as
to whether costs are expensed or deferred. While management believes
that these estimates and assumptions are reasonable, actual results
could vary significantly. A summary of the critical accounting
estimates is listed below:+ADw-br+AD4-
+ADw-br+AD4-
Going Concern+ADw-br+AD4-
+ADw-br+AD4-
The underlying value of the Company's Mineral properties and Capital
assets is dependent upon the ability to obtain all necessary permits,
the existence and economic recovery of such reserves in the future and
the ability of the Company to raise long-term financing to complete the
development of the properties. Management has been advised by its
financial advisors that while financing the Project will be challenging
due to the financial crisis, financing from government agencies and non
traditional lenders should be available even in the current environment
because of the economic and other benefits resulting from the Project.+ADw-br+AD4-
+ADw-br+AD4-
In addition, the Project may be subject to sovereign risk, including
political and economic stability, government regulations relating to
mining which may withhold the receipt of required permits or impede the
Company's ability to acquire the necessary surface rights, as well as
currency fluctuations and local inflation. These may adversely affect
the investment and may result in the impairment or loss of all or part
of the Company's investment.+ADw-br+AD4-
+ADw-br+AD4-
Management's 2009 planned expenditures total approximately +ACQ-70 million
to run the corporate office and complete EIA permitting activities. The
Company started 2009 with +ACQ-72.2 million in cash and cash equivalents,
but management expects that additional financing will be available and
may be sourced in time to allow the Company to continue its planned
development activities in the normal course. The Company does not have
sufficient cash to fund the development of the Project and therefore
will require additional capital which if not raised in 2009 would
result in the curtailment of activities and result in Project
development delays and or a review of strategic alternatives. While the
Company has been successful in the past in raising equity, there can be
no assurance it will be able to raise sufficient debt and equity to
fund the capital costs to develop the Project.+ADw-br+AD4-
+ADw-br+AD4-
Mineral properties+ADw-br+AD4-
+ADw-br+AD4-
We have determined that the area covered by the Rosia Montana
exploitation license contains economically recoverable reserves. The
ultimate recoverability of the +ACQ-396.2 million carrying value at
December 31, 2008 plus related capital assets is dependent upon our
ability to obtain the necessary permits and financing to complete the
development and commence profitable production -- or alternatively,
upon our ability to dispose of our interest on an advantageous basis.+ADw-br+AD4-
+ADw-br+AD4-
A scoping study was completed to determine the economic potential of
the Bucium license area. Once again, the recoverability of the +ACQ-10.5
million carrying value at December 31, 2008 plus related capital assets
of this exploration property is dependent upon the ultimate discovery
of economically recoverable reserves, our ability to obtain necessary
permits, financing to complete the development and future profitable
production -- or alternatively, upon our ability to dispose of our
interest in the license on an advantageous basis.+ADw-br+AD4-
+ADw-br+AD4-
Changes in future conditions, for example a ban on cyanide in the
mining industry or if a bill passes to make Rosia Montana an
archeological site of national importance, could require material
write-downs of the Rosia Montana project and/or the Bucium carrying
value.+ADw-br+AD4-
+ADw-br+AD4-
As part of management's annual review process, management reviews all
aspects of project advancement issues along with potential indicators
of asset impairment when preparing financial statements. When
impairment indicators are identified, it is management's policy to
perform an impairment test in accordance with CICA Section 3063 -
Impairment of Long-Lived Assets. In preparing the Companies year end
2008 financial statements, management considered the suspension of the
EIA approval process by the Romanian government (which was announced on
September 13, 2007) and concluded that the delay was temporary+ADs- the EIA
approval process would be restarted+ADs- and the development of the Rosia
Montana project (+ACY-quot+ADs-Project+ACY-quot+ADs-) would continue.+ADw-br+AD4-
+ADw-br+AD4-
Management considered the annulment of Archaeological Discharge
Certificate +ACM-4 by the Romanian Supreme Court (which was announced on
December 8, 2008) and concluded that the Company was well positioned to
reapply for discharge of the affected area and therefore the delay
would not impact the Project schedule+ADs- a new archaeological discharge
certificate could be obtained concurrent with the EIA approval process+ADs-
and that the development of the Project would continue including the
affected area, namely the Cirnic pit.+ADw-br+AD4-
+ADw-br+AD4-
The Company has successfully dealt with challenges in the past and as a
result management did not consider these items along with other risks
outlined elsewhere in this MD+ACY-amp+ADs-A significant events that would
require the Company to test the Project for impairment at that time. As
a result no impairment charge was recorded for year ended December 31,
2008. Higher gold prices more than offset higher capital and operating
costs announced in March 2009 increasing the internal rate of return,
net asset value and payback of the Project. Management is hopeful that
the new government elected in the fall of 2008 will ensure an open and
transparent review of the Project.+ADw-br+AD4-
+ADw-br+AD4-
The Company's legal and valid mineral title to the Project has not been
compromised by the recent delays. Management is of the view that its
current strategy to remove the impediments causing the delay in the
development of the Project will be successful and that the newly
elected government of Romania would evaluate the Project on its merits.+ADw-br+AD4-
+ADw-br+AD4-
Stock-based compensation+ADw-br+AD4-
+ADw-br+AD4-
Stock-based compensation relating to stock options are estimated based
on fair value at the grant or milestone achievement date, and charged
to the Statement of Loss or capitalized to Mineral Properties on the
Balance Sheet over the vesting period.+ADw-br+AD4-
+ADw-br+AD4-
Stock-based compensation relating to deferred share units is calculated
based on the quoted market value of the common share, and charged to
the Statement of Loss or capitalized to Mineral Properties on the
Balance Sheet. The compensation cost and liability is adjusted each
reporting period for change in the underlying share price.+ADw-br+AD4-
+ADw-br+AD4-
Income taxes+ADw-br+AD4-
+ADw-br+AD4-
Income taxes are calculated using the asset and liability method of tax
accounting. Under this method, current income taxes are recognized for
the estimated income taxes payable for the current period. Future
income tax assets and liabilities are determined based on differences
between the financial reporting and tax bases of assets and
liabilities, and are measured using the substantively enacted tax rates
and laws that will be in effect when the differences are expected to
reverse. A valuation allowance is recognized to the extent the
recoverability of future income tax assets are not considered more
likely than not to be realized.+ADw-br+AD4-
+ADw-br+AD4-
The Company has subsidiaries in countries that have differing tax laws
and rates, primarily Canada and Romania. The provision for income taxes
is based on a number of estimates and assumptions made by management
including its understanding of domestic and international tax rules. Advice
is also sought from professional tax advisors.+ADw-br+AD4-
+ADw-br+AD4-
Tax authorities in Romania regularly initiate various tax audits to
assess the appropriateness the Company's tax filing positions. Regulators
may interpret tax regulations different than the Company which may
cause changes to the estimates made.+ADw-br+AD4-
+ADw-br+AD4-
During the third quarter of 2007, tax authorities in Romania initiated
various tax audits to assess the appropriateness of the Company's tax
filing positions since January 1, 2005. As a consequence of the tax
audits being undertaken, during the third quarter 2007, the Company
accrued +ACQ-0.7 million of withholding tax liabilities arising from
payments made to non-Romanian resident suppliers of services. The
entire accrual was charged to mineral properties in the period.+ADw-br+AD4-
+ADw-br+AD4-
During the first quarter of 2008, the Company received a tax assessment
for +ACQ-4.8 million related to a second Romanian tax audit completed
during the first quarter of 2008. The Company, having accrued in 2006
its then estimated tax liability, accrued an additional +ACQ-3.7 million in
respect of the assessment, which arose from the disallowance of the
application of state tax incentives related to unrealized foreign
exchange gains on inter-company debt.+ADw-br+AD4-
+ADw-br+AD4-
In April 2008, the Company was advised by the Romanian tax authorities
that they were re-opening fiscal years 2003 and 2004 which had been
previously audited.+ADw-br+AD4-
+ADw-br+AD4-
In June 2008, the Company received a tax assessment for +ACQ-9.8 million
related to the third tax audit, for the years 2003 and 2004, initiated
and completed during the second quarter of 2008. This assessment also
arose from the disallowance of the application of state tax incentives
related to unrealized foreign exchange gains on inter-company debt.+ADw-br+AD4-
+ADw-br+AD4-
In December 2008, the government acknowledged that the grounds upon
which it re-opened the 2003-2004 years were unfounded but it has taken
the position that it may have other grounds for re-opening those years
and therefore it has not refunded the money paid to it by the Company
in respect of the June 2008 assessment.+ADw-br+AD4-
+ADw-br+AD4-
Based on the advice of its professional tax advisors, the Company
believes that the tax authorities have misapplied the legislation and
we are vigorously contesting the State's position through the courts.+ADw-br+AD4-
+ADw-br+AD4-
Romanian tax authorities regularly perform quarterly audits of the
Company's value-added-tax (+ACY-quot+ADs-VAT+ACY-quot+ADs-) claims before releasing our
refund. The tax authorities began their audit of our first half year
claim in September but have not yet completed the audit, so as a
result, the Romanian tax authorities have not reimbursed the Company
for any of its 2008 VAT claims. As at December 31, 2008, the Company
was owed +ACQ-4.2 million in VAT by the Romanian state.+ADw-br+AD4-
+ADw-br+AD4-
Risk Factors+ADw-br+AD4-
+ADw-br+AD4-
Risks Related to Gabriel's Operations+ADw-br+AD4-
+ADw-br+AD4-
Political +ACY-amp+ADs- Economic Risks of Doing Business in Romania+ADw-br+AD4-
+ADw-br+AD4-
As all of Gabriel's property interests are located in Romania it is
subject to certain risks, including possible political or economic
instability which may result in the impairment or loss of mineral
concessions or other mineral rights. Mineral exploration and mining
activities may be affected in varying degrees by political stability
and government regulations relating to the mining industry, which could
include cancellation or renegotiation of mineral concessions and other
contracts, changes in Romanian domestic laws or regulations, changes in
tax laws, royalty and tax increases, restrictions on production, price
controls, expropriation of property, fluctuations in foreign currency,
foreign exchange controls, import and export regulations, restrictions
on the export of gold, restrictions on the ability to repatriate
earnings and pay dividends offshore, restrictions on the ability to
hold foreign currencies in offshore bank accounts, environmental
legislation, employment practices and mine safety. There can be no
assurance that such restrictions and controls will not be imposed in
the future and such restrictions, controls or fluctuations may
materially affect Gabriel's financial position as well as Gabriel's
ability to develop its mineral properties. In the event of a dispute
regarding any of these matters, Gabriel may be subject to the
jurisdiction of courts outside of Canada which could have adverse
implications for the outcome. Any changes in laws, rules or
regulations, policies or shifts in political attitudes regarding
foreign direct investment in the Romanian mining industry are beyond
Gabriel's control and may adversely affect its business.+ADw-br+AD4-
+ADw-br+AD4-
Romania currently has a coalition government made up of members of two
political parties. Due to the inherent instability of coalition
governments, there is a significant risk that the current government
may fall, resulting in the need to call new general elections. Such
circumstances are beyond Gabriel's control and may have a negative
effect on the development of the Rosia Montana Project and result in
delays in the permitting process, or result in additional costs and
expenses on its part.+ADw-br+AD4-
+ADw-br+AD4-
Project Approval Risks+ADw-br+AD4-
+ADw-br+AD4-
General+ADw-br+AD4-
+ADw-br+AD4-
Gabriel must obtain a large number of permits, approvals and
authorizations from the local, county and federal levels of the
Romanian Government in order to proceed with the development,
construction and operation of the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
No modern mine has ever been permitted, constructed or operated in
Romania. The existing EU and Romanian laws relating to the permitting
of a large-scale industrial project like Rosia Montana are being
applied for the first time in Romania in this case. As the first
company to attempt to permit a modern mine in Romania, there are
significant risks that the governmental review and approval process
with respect to permitting could be delayed due to circumstances beyond
Gabriel's control.+ADw-br+AD4-
+ADw-br+AD4-
Environmental Impact Assessment+ADw-br+AD4-
+ADw-br+AD4-
The environmental approval is one of the more important approvals
Gabriel must obtain. In addition to complying with all Romanian laws
and regulations, the EIA for the Rosia Montana Project must comply with
all EU guidelines and directives. There are significant risks that the
governmental review and approval process could be delayed due to
circumstances beyond Gabriel's control and any such delays could
negatively impact Gabriel's development plans, prevent the development
of the Rosia Montana Project, or result in additional expenses on its
part.+ADw-br+AD4-
+ADw-br+AD4-
On September 12, 2007 the Ministry of Environment unilaterally
suspended the TAC review of the EIA. On November 16, 2007 Gabriel
initiated legal action against the Ministry of Environment, the
previous Minister of Environment and the previous Secretary of State,
in the Bucharest Court of Appeal seeking an order of the court
compelling the Ministry of Environment to reinstitute the TAC review of
the EIA. There are significant risks that the resolution of this legal
action could be delayed due to circumstances beyond Gabriel's control,
or that the Bucharest Court of Appeal will not grant the order requested
by Gabriel, and any such delays or negative court decisions could
negatively impact Gabriel's development plans, prevent the development
of the Rosia Montana Project, or result in additional expenses on its
part.+ADw-br+AD4-
+ADw-br+AD4-
Archaeological Discharge+ADw-br+AD4-
+ADw-br+AD4-
The validity of all of the archaeological discharge certificates
previously issued to RMGC are the subject of a series of legal actions
initiated by Alburnus Maior and supported by other NGOs. The court
challenges have been commenced against the Ministry of Culture and
Religious Affairs, the governmental authority issuing the discharge
certificates, and not against RMGC. In December of 2008 one of the
archaeological discharge certificates issued to RMGC was annulled by
the Romanian Courts. Any successful Court challenges could negatively
impact Gabriel's development plans, require additional work and
re-application for discharge certificates, result in additional delays
and expenses on our part, or prevent the development of the Rosia
Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Land Use Regulations+ADw-br+AD4-
+ADw-br+AD4-
Gabriel is required to obtain an environmental endorsement of the
updated land use regulations incorporating the changes made to the
design of the Rosia Montana Project since 2002 prior to presentation to
the local council of Rosia Montana. There are significant risks that
the updating of the land use regulations could be delayed due to
circumstances beyond Gabriel's control and any such delays could
negatively impact Gabriel's development plans or result in additional
expenses on its part, or prevent the development of the Rosia Montana
Project. In addition, the local council of Rosia Montana must approve
new land use regulations for the portion of the village of Rosia
Montana designated as a protected area. There can be no assurance that
such land use regulations will be passed in the appropriate form or in
a timely fashion and any such delays could negatively impact Gabriel's
development plans, result in additional expenses on its part, or
prevent the development of the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Risk Associated With Acquisition of Surface Rights and Resettlement and
Relocation+ADw-br+AD4-
+ADw-br+AD4-
Gabriel must acquire all necessary surface rights over the footprint of
the new mine in order to apply for its construction permits and to
obtain financing for construction of the new mine at Rosia Montana. This
process involves the acquisition of properties owned by residents in
the Rosia Montana and Corna valleys, the construction of a resettlement
site in Alba Iulia and Piatra Alba to house those residents of Rosia
Montana wishing to relocate there, as well as the acquisition and
replacement of all public buildings, social facilities and other
structures in the new village of Piatra Alba. There can be no assurance
that Gabriel will acquire all necessary surface rights, or acquire such
rights at prices currently contemplated. There are significant risks
that the acquisition of all necessary surface rights could be delayed
due to circumstances beyond Gabriel's control and any such delays could
negatively impact Gabriel's development plans, result in additional
expenses on its part, or prevent the development of the Rosia Montana
Project.+ADw-br+AD4-
+ADw-br+AD4-
Project Development Risks+ADw-br+AD4-
+ADw-br+AD4-
There are significant risks that the commencement of construction of
the new mine could be delayed due to circumstances beyond Gabriel's
control. Such risks include delays in acquiring all necessary surface
rights, delays in completing the acquisition, permitting and
construction of the new Piatra Alba and Alba Iulia resettlement sites,
delays in obtaining all zoning, environmental, construction and other
required permits, approvals and authorizations required to construct
and operate the new mine, delays in finalizing detailed engineering and
a definitive construction contract, construction cost overruns,
availability of all necessary process plant and mining equipment,
availability of all necessary engineering services, technical trades
and operating personnel, as well as unforeseen difficulties encountered
during the construction and commissioning process. In addition, continued
opposition to the Rosia Montana Project by NGOs, academics, and other
special interest groups, could contribute to such delays.+ADw-br+AD4-
+ADw-br+AD4-
Project Financing Risks+ADw-br+AD4-
+ADw-br+AD4-
While Gabriel has sufficient financial resources to fund its current
permitting activities, it does not have the financial resources to
construct the mine at Rosia Montana. Gabriel will require significant
additional financing from external sources to meet its capital
requirements. The Company started 2009 with +ACQ-72.2 million in cash and
cash equivalents and therefore irrespective of how the Project
progresses the Company will require additional capital in 2009. Although
Gabriel has been successful in the past in obtaining financing through
the sale of equity securities, there can be no assurance that it will
obtain adequate financing in the future or that the terms of such
financing will be favourable to it. A period of continued uncertainty
in the world credit markets could make the debt component of the
financing more expensive than anticipated or, in certain cases,
unavailable. It is not uncommon for financial institutions to require
some form of cost overrun facility and a price guarantee (hedging)
program in association with the provision of project debt finance. The
amount and cost of the price guarantee is a function of gold prices at
the time the hedging program is executed. If gold prices were to fall
between the date of this Management Discussion and Analysis and the
execution of the hedging program, it could have a significant impact on
the cost of the hedging program. Failure to obtain such additional
financing could result in delay or indefinite postponement of further
development of Gabriel's projects with the possible loss of such
properties.+ADw-br+AD4-
+ADw-br+AD4-
In the past few years, gold prices have risen from the low of
US+ACQ-300-per-ounce level to over US+ACQ-1000 per ounce, resulting in higher
share prices for gold equities. There can be no assurance gold prices
will remain high, especially during the time Gabriel will need to raise
debt and equity financing for construction of the Rosia Montana
Project.+ADw-br+AD4-
+ADw-br+AD4-
Risk Associated With Mineral Tenure Rights+ADw-br+AD4-
+ADw-br+AD4-
Gabriel currently holds an exploitation concession license with respect
to the Rosia Montana Project. Gabriel has applied to the NAMR to
upgrade the exploration concession license to an exploitation
concession license on the Bucium project and holds an exploration
concession license for the Baisoara project. Gabriel has obtained
mineral title opinions with respect to its licenses and, based upon
such title opinions, Gabriel believes that it has good title to all
mineral rights covering the mineral resources and reserves at the Rosia
Montana Project. Such mineral title opinions should not, however, be
construed as a guarantee of title to such mineral rights. Gabriel also
believes that all licenses are in good standing and it is not in
default of any provisions of such licenses. There can be no assurance
that the licenses will not be terminated or cancelled due to an alleged
breach of the terms and conditions of the license on the part of
Gabriel.+ADw-br+AD4-
+ADw-br+AD4-
Alburnus Maior has over the past several years commenced a number of
legal actions seeking orders compelling the NAMR to annul the Rosia
Montana License. There can be no assurance that there will not be
further legal challenges to any of the exploitation or exploration
concession licenses currently held by Gabriel or that such challenges
will not be successful.+ADw-br+AD4-
+ADw-br+AD4-
Any challenges to any of Gabriel's exploration or exploitation
licenses, or the conversion of any such license, or any delay in
obtaining the licenses could negatively impact Gabriel's development
and exploration plans, result in additional expenses on its part, or
prevent the development of the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Baia Mare Tailings Spill+ADw-br+AD4-
+ADw-br+AD4-
The incidents in 2000 at the Baia Mare and Baia Borsa tailings
management facilities in Romania, in neither of which Gabriel had any
interest or involvement, have dramatically increased public awareness
of the environmental and safety hazards of the mining industry. In
response to these incidents, both the United Nations and the EU
convened missions or task forces to investigate these incidents and to
formulate conclusions and recommendations. The EU recommendations
included developing a new EU directive relating specifically to the mining
industry, the EU Mine Waste Directive, which came into force and effect
in April 2006, as well as the preparation of an inventory of similar
sites in Europe which pose the threat of similar incidents. The
International Commission for the Protection of the Danube River (the
+ACY-quot+ADs-ICPDR+ACY-quot+ADs-) has assembled an inventory of high risk tailings
facilities in countries surrounding the Danube River, including
Hungary, Romania, Slovenia and Ukraine. The Salistei tailings dam,
which was operated by Minvest at Rosia Montana until operations ceased
in May 2006, although outside the boundaries of the Project, is
included in the ICPDR's inventory.+ADw-br+AD4-
+ADw-br+AD4-
An incident at any one of the facilities included in the ICPDR's
inventory, or that occurs elsewhere in Europe, is beyond Gabriel's
control and may adversely affect political attitudes in Romania
regarding the mining industry. In particular, a shift in such attitudes
away from support for the mining industry may adversely affect
Gabriel's ability to, or may prevent Gabriel from, developing a new
mine at Rosia Montana.+ADw-br+AD4-
+ADw-br+AD4-
Risks Associated With the Closure of the State Run Mining Operations+ADw-br+AD4-
+ADw-br+AD4-
In May 2006, Minvest permanently ceased all mining operations at Rosia
Montana and then prepared and delivered a mine closure plan to the
Romanian authorities for approval. Although Gabriel understands that
such mine closure plan has been approved by the relevant authorities,
there can be no assurance that Minvest will obtain the requisite
funding in a timely fashion to undertake the activities contemplated by
such closure plan and that undertaking such activities will not
interfere with the development of the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Likewise, until Minvest's mine closure plan has been approved and fully
implemented, there can be no assurance that such activities will not
attract liability to Gabriel, as the titleholder of the Rosia Montana
exploitation concession license, under the laws, rules and regulations
applicable to mining activities in Romania. Likewise, there can be no
assurance that the assumption by Minvest of all liabilities associated
with its mining operations and the indemnification of Gabriel from such
liabilities will be enforceable against Minvest.+ADw-br+AD4-
+ADw-br+AD4-
Risks Associated With Legal Challenges+ADw-br+AD4-
+ADw-br+AD4-
Gabriel faces a number of legal challenges initiated by NGOs with
respect to the development of the Rosia Montana Project. The publicly
stated objective of these legal challenges is to suspend, annul,
terminate, or prevent the issuance of, each of the licenses, permits,
approvals and authorizations required by Gabriel to develop the Rosia
Montana Project. There are significant risks that the success of these
legal challenges could result in the suspension, annulment,
termination, or prevent the issuance of, such licenses, permits and
approvals which could negatively impact Gabriel's development plans,
result in additional expenses on its part, or prevent the development
of the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Risks Associated With Proposed Adverse Legislative Initiatives+ADw-br+AD4-
+ADw-br+AD4-
Since 1995, a number of private members' bills regarding have been
introduced in the Romanian Parliament with the intent of preventing the
development of the Rosia Montana Project. These private members bills
have proposed banning the use of cyanide in mining operations,
declaring certain archaeological sites as areas of national interest
and declaring Rosia Montana as a protected area. The proposal to ban
cyanide in mining operations was introduced in 2005 and again in 2007. At
present, this initiative, together with the proposal to declare certain
archaeological sites as areas of national interest, are in the
parliamentary committee stage. The initiative declaring Rosia Montana
as a protected area was voted down in the Romanian Parliament in 2008. There
are significant risks that these initiatives will be passed by the
Romanian Parliament and become law. Such passage would negatively
impact Gabriel's development plans, result in additional delays and
expenses on its part, and possibly prevent the development of the Rosia
Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Uninsured Risks+ADw-br+AD4-
+ADw-br+AD4-
Gabriel maintains insurance to protect it against certain risks related
to its current operations in amounts that it believes are reasonable
depending upon the circumstances surrounding each identified risk. Gabriel
may elect, however, not to insure against certain risks due to high
premiums or for various other reasons. In the course of exploration,
development and production of mineral properties, certain risks, and in
particular, unexpected or unusual geological operating conditions
including rock bursts, cave-ins, fire, flooding and earthquakes may
occur. It is not always possible to fully insure against such risks as
a result of high premiums or other reasons. Should such liabilities
arise, any future profitability could be reduced or eliminated and
result in increasing costs and a decline in the value of Gabriel's
securities.+ADw-br+AD4-
+ADw-br+AD4-
Management+ADw-br+AD4-
+ADw-br+AD4-
Gabriel currently has a small executive management group, which is
sufficient for Gabriel's present stage of development. Given that
Gabriel's development to date has depended and in the future will
continue to depend, in large part on the efforts of the current
executive management group, the loss of members of this group could
have a material adverse effect on Gabriel, its business and its ability
to develop the Rosia Montana Project.+ADw-br+AD4-
+ADw-br+AD4-
Enforcement of Civil Liabilities+ADw-br+AD4-
+ADw-br+AD4-
As substantially all of the assets of Gabriel and its subsidiaries are
located outside of Canada, and certain of its directors and officers
are resident outside of Canada, it may be difficult or impossible to
enforce judgements granted by a court in Canada against the assets of
Gabriel or its subsidiaries or its directors and officers residing
outside of Canada.+ADw-br+AD4-
+ADw-br+AD4-
New Accounting Policies+ADw-br+AD4-
+ADw-br+AD4-
Effective January 1, 2008, the Company adopted Canadian Institute of
Chartered Accountants (+ACY-quot+ADs-CICA+ACY-quot+ADs-) Handbook Section 1400,
Assessing Going Concern, CICA Handbook Section 1535, Capital
Disclosures, and CICA Handbook Section 3862 and 3863, Financial
Instruments - Disclosures and Presentation.+ADw-br+AD4-
+ADw-br+AD4-
Assessing Going Concern+ADw-br+AD4-
+ADw-br+AD4-
Section 1400 has been amended to include requirements for management to
assess and disclose an entity's ability to continue as a going concern.
The standard is effective for interim and annual financial statements
for years beginning on/after January 1, 2008.+ADw-br+AD4-
+ADw-br+AD4-
Capital Disclosures+ADw-br+AD4-
+ADw-br+AD4-
Section 1535 specifies the disclosure of (i) an entity's objectives,
policies and processes for managing capital+ADs- (ii) quantitative data
about what the entity regards as capital+ADs- (iii) whether the entity has
complied with any capital requirements+ADs- and (iv) if it has not
complied, the consequences of such non-compliance. The standard is
effective for interim and annual financial statements relating to years
beginning on/after October 1, 2007.+ADw-br+AD4-
+ADw-br+AD4-
Financial Instruments - Disclosures and Presentation+ADw-br+AD4-
+ADw-br+AD4-
The new Sections 3862 and 3863 replace Handbook Section 3861,
+ACY-quot+ADs-Financial Instruments - Disclosure and Presentation+ACY-quot+ADs-,
revising and enhancing its disclosure requirements, and carrying
forward unchanged its presentation requirements. These new sections
place increased emphasis on disclosures about the nature and extent of
risks arising from financial instruments and how the entity manages
those risks. The standards are effective for interim and annual
financial statements relating to years beginning on/after October 1,
2007.+ADw-br+AD4-
+ADw-br+AD4-
New Accounting Pronouncements not yet adopted+ADw-br+AD4-
+ADw-br+AD4-
Goodwill and Intangible Assets+ADw-br+AD4-
+ADw-br+AD4-
The Canadian Institute of Chartered Accountants (+ACY-quot+ADs-CICA+ACY-quot+ADs-)
issued accounting standard Section 3064 - Goodwill and Intangible
Assets which replaces Section 3062 - Goodwill and Other Intangible
Assets, Section 3450 - Research and Development and EIC27 - Revenues
and Expenditures during the Pre-operating Period. The new standard
provides guidance on the recognition, measurement, presentation and disclosure
of goodwill and intangible assets. This standard is effective for
interim and annual financial statements for fiscal years beginning on
or after October 1, 2008. The Company believes that this standard will
have no significant impact on the financial statements.+ADw-br+AD4-
+ADw-br+AD4-
IFRS Changeover Plan Disclosure+ADw-br+AD4-
+ADw-br+AD4-
The Canadian Accounting Standards Board (AcSB) has announced its
decision to replace Canadian generally accepted accounting principles
(+ACY-quot+ADs-GAAP+ACY-quot+ADs-) with International Financial Reporting Standards
(IFRS) for all Canadian Publicly Accountable Enterprises (PAEs).+ADw-br+AD4-
+ADw-br+AD4-
The effective changeover date is January 1, 2011, at which time
Canadian GAAP will cease to apply for Gabriel Resources Ltd. and will
be replaced by IFRS. Following this timeline, the Company will issue its
first set of interim financial statements prepared under IFRS in the
first quarter of 2011, with one period of comparative information also
compiled under IFRS.+ADw-br+AD4-
+ADw-br+AD4-
Management has developed a project plan for the conversion to IFRS
based on our current nature of operations. The conversion plan is
comprised of three phases: IFRS diagnostic assessment, implementation
and education, and completion of all integration system and process
changes. The project is progressing as planned. Management is in the
process of finalizing phase one, IFRS diagnostic assessment, which
includes preliminary Canadian GAAP and IFRS comparison on key
accounting issues applicable to the Company and we have entered the
early education phase of our plan.+ADw-br+AD4-
+ADw-br+AD4-
Due to anticipated changes in International Accounting Standards prior
to our transition to IFRS, we are not in a position to determine the
impact on our financial results.+ADw-br+AD4-
+ADw-br+AD4-
CEO/CFO Certification+ADw-br+AD4-
+ADw-br+AD4-
The Company's Chief Executive Officer and Chief Financial Officer are
responsible for establishing and maintaining disclosure controls and
procedures (DC+ACY-amp+ADs-P) and internal control over financial reporting
(ICFR), as those terms are defined in National Instrument 52-109
Certification of Disclosure in Issuers' Annual and Interim Filings, for
the Company.+ADw-br+AD4-
+ADw-br+AD4-
Our CEO and CFO certify that, as at December 31, 2008, the Company's
DC+ACY-amp+ADs-P have been designed effectively to provide reasonable assurance
that material information relating to the Company is made known to them
by others, particularly during the period in which the annual filings
are being prepared+ADs- and information required to be disclosed by the
Company in its annual filings, interim filings or other reports filed
or submitted by it under securities legislation is recorded, processed,
summarized and reported within the time periods specified in securities
legislation. They also certify that the Company's ICFR have been
designed effectively to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with the Canadian GAAP.+ADw-br+AD4-
+ADw-br+AD4-
The control framework the Company's CEO and CFO used to design the
Company's ICFR is COSO.+ADw-br+AD4-
+ADw-br+AD4-
Based on the evaluation of our DC+ACY-amp+ADs-P and ICFR, our CEO and CFO have
concluded at December 31, 2008, the Company's DC+ACY-amp+ADs-P and ICFR are
operating effectively.+ADw-br+AD4-
+ADw-br+AD4-
There is no limitation on scope of design as described in paragraph 5.3
of NI 52-109. There has been no change in the Company's ICFR that
occurred during 2008 which has materially affected, or is reasonably
likely to materially affect the Company's ICFR.+ADw-br+AD4-
+ADw-br+AD4-
Outstanding Share Data+ADw-br+AD4-
+ADw-br+AD4-
The Company's fully diluted share capital as at the report date was:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Outstanding+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Common stock warrants+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,125,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Deferred share units - common shares+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,154,074+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Fully diluted share capital+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-279,906,103+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4-+ADw-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Proven
and Probable Mineral Reserves+ADw-br+AD4-
+ADw-br+AD4-
The Company maintains an 80 percent economic interest in the Rosia
Montana project which at year end 2008, has aggregate proven and probable
reserves as follows, calculated using a gold price of +ACQ-735 per ounce:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4---------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Reserve Category+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Tonnes+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Gold+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Silver+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Gold+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Silver+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Proven+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-112,455,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.63+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-9.0+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5,893,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-32,540,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Probable+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-102,476,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.27+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-4.6+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-4,184,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-15,156,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Total+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-214,931,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.46+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6.9+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-10,077,000+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-47,696,000+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-John
Marek, P.Eng., is the qualified person responsible for calculating the
reserve estimate set forth in the table above.+ADw-br+AD4-
+ADw-br+AD4-
Forward-Looking Statements+ADw-br+AD4-
+ADw-br+AD4-
Certain statements included herein, including capital costs estimates,
sustaining capital and reclamation estimates, estimated production and
total cash costs of production, future ability to finance the Project
and other statements that express management's expectations or
estimates regarding the timing of completion of various aspects of the
Projects' development or of our future performance, constitute
+ACY-quot+ADs-forward-looking statements+ACY-quot+ADs- within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and Canadian
securities legislation. The words +ACY-quot+ADs-believe+ACY-quot+ADs-,
+ACY-quot+ADs-expect+ACY-quot+ADs-, +ACY-quot+ADs-anticipate+ACY-quot+ADs-, +ACY-quot+ADs-contemplate+ACY-quot+ADs-,
+ACY-quot+ADs-target+ACY-quot+ADs-, +ACY-quot+ADs-plan+ACY-quot+ADs-, +ACY-quot+ADs-intends+ACY-quot+ADs-,
+ACY-quot+ADs-continue+ACY-quot+ADs-, +ACY-quot+ADs-budget+ACY-quot+ADs-, +ACY-quot+ADs-estimate+ACY-quot+ADs-,
+ACY-quot+ADs-may+ACY-quot+ADs-, +ACY-quot+ADs-will+ACY-quot+ADs-, +ACY-quot+ADs-schedule+ACY-quot+ADs-, and similar
expressions identify forward-looking statements. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. In particular, the Management's
Discussion and Analysis includes many such forward-looking statements
and such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual financial
results, performance or achievements of the Company to be materially
different from its estimated future results, performance or achievements
expressed or implied by those forward-looking statements and its
forward-looking statements are not guarantees of future performance. These
risks, uncertainties and other factors include, but are not limited to:
changes in the worldwide price of precious metals+ADs- fluctuations in
exchange rates+ADs- legislative, political or economic developments
including changes to mining and other relevant legislation in Romania+ADs-
operating or technical difficulties in connection with exploration,
development or mining+ADs- environmental risks+ADs- the speculative nature of
gold exploration and development, including the risks of diminishing
quantities or grades of reserves+ADs- and the Company's requirements for
substantial additional funding.+ADw-br+AD4-
+ADw-br+AD4-
While Gabriel may elect to, Gabriel is under no obligation to and does
not undertake to update this information at any particular time, except
as required by law.+ADw-br+AD4-
+ADw-br+AD4-
Non-GAAP Financial Measures+ADw-br+AD4-
+ADw-br+AD4-
Total Cash Costs Performance Measures+ADw-br+AD4-
+ADw-br+AD4-
Total cash costs include all forecasted costs absorbed into inventory,
including royalties, by-product credits, and excludes accretion expense
and amortization. The presentation of these statistics in this manner
allows us to forecast and manage those factors that impact planned
production costs. Total cash costs per ounce/tonne are calculated by
dividing the aggregate of these costs by gold ounces, sold or ore
tonnes processed. Total cash costs and total cash costs per ounce/tonne
are calculated on a consistent basis for the periods presented.+ADw-br+AD4-
+ADw-br+AD4-
In planning our mining operations, we disaggregate cost of sales
between amortization and the other components of cost of sales. We use
total cash costs per ounce/tonne statistics as a key performance
measure internally to evaluate the planned performance of our project. We
use these statistics to assess our planned performance, and also to
assess the overall effectiveness and efficiency of our planned mining
operation.+ADw-br+AD4-
+ADw-br+AD4-
We also use amortization costs per ounce statistics to plan
performance. By disaggregating cost of sales into these two components
and separately monitoring them, we are able to better identify and
address key performance indicators.+ADw-br+AD4-
+ADw-br+AD4-
We believe that the presentation of these statistics in this manner in
our MD+ACY-amp+ADs-A, together with commentary explaining trends and changes in
these forecasted statistics, enhances the ability of investors to
assess our project. These statistics also enable investors to better
understand changes in cash production cost estimates, which in turn
affect our profitability and ability to generate cash flow.+ADw-br+AD4-
+ADw-br+AD4-
The principal limitation associated with total cash costs per
ounce/tonne statistics is that they do not reflect the total costs to
produce gold, which in turn impacts the projected earnings of the
Company. We believe that the benefits of providing disaggregated
information outweighs the limitation in the method of presentation of
total cash costs per ounce/tonne statistics.+ADw-br+AD4-
+ADw-br+AD4-
Total cash costs per ounce/tonne statistics are intended to provide
additional information, do not have any standardized meaning prescribed
by GAAP and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with GAAP. The
measures are not necessarily indicative of forecasted operating profit
or cash flow from operations as determined under GAAP. Other companies
may calculate these measures differently.+ADw-br+AD4-
+ADw-br+AD4-
Management's Responsibility for Financial Reporting+ADw-br+AD4-
+ADw-br+AD4-
The accompanying consolidated financial statements of the Company have
been prepared by management in accordance with accounting principles
generally accepted in Canada. Management acknowledges responsibility
for the preparation and presentation of the consolidated financial
statements, including responsibility for significant accounting
judgments and estimates and, where relevant, the choice of accounting
principles. Management maintains an appropriate system of internal
controls to provide reasonable assurance that transactions are
authorized, assets safeguarded, and proper records maintained.+ADw-br+AD4-
+ADw-br+AD4-
The Audit Committee of the Board of Directors has met with the
Company's independent auditors to review the scope and results of the
annual audit and to review the consolidated financial statements and
related financial reporting matters prior to submitting the
consolidated financial statements to the Board for approval.+ADw-br+AD4-
+ADw-br+AD4-
The Company's independent auditors, PricewaterhouseCoopers LLP, have
conducted an audit in accordance with generally accepted auditing
standards in Canada, and their report follows.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Alan R. Hill+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-Richard Young+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-President and CEO+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Vice President and CFO+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-March 4th, 2009+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Auditors' Report+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-To the Shareholders of+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Gabriel Resources Ltd.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-We
have audited the consolidated balance sheets of Gabriel Resources Ltd.
as at December 31, 2008 and 2007 and the consolidated statements of
loss and deficit, comprehensive loss and cash flows for the years then
ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audits.+ADw-br+AD4-
+ADw-br+AD4-
We conducted our audits in accordance with Canadian generally accepted
auditing standards. Those standards require that we plan and perform an
audit to obtain reasonable assurance whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation.+ADw-br+AD4-
+ADw-br+AD4-
In our opinion, these consolidated financial statements present fairly,
in all material respects, the financial position of the Company as at
December 31, 2008 and 2007 and the results of its operations and its
cash flows for the years then ended in accordance with Canadian
generally accepted accounting principles.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-PricewaterhouseCoopers LLP+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Chartered Accountants, Licensed Public Accountants+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Toronto, Canada March 4th, 2009+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Consolidated Balance Sheets+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-As at December 31,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-(Expressed in thousands of Canadian dollars)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Net changes in non-cash working capital (note 19)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(112)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-196+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4- and non-cash working capital+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5,093+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(3,543)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Supplemental cash flow information (note 19)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-The accompanying notes are an integral part of these consolidated financial+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-statements.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Notes to Consolidated Financial Statements+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-+ADw-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-For the years ended December 31, 2008 and 2007+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-(Tabular amounts in thousands of Canadian dollars, unless otherwise stated)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-1.
Nature of operations and going concern+ADw-br+AD4-
+ADw-br+AD4-
Gabriel Resources Ltd. (the +ACY-quot+ADs-Company+ACY-quot+ADs-) is a Canadian based
resource company engaged in the exploration and development of mineral
properties in Romania and is presently developing its 80+ACU- owned Rosia
Montana gold project (the +ACY-quot+ADs-Project+ACY-quot+ADs-). Since acquiring the
exploitation license, the Company has been focused on identifying and
defining the size of the four ore bodies, engineering to design the
size and scope of the Project, environmental assessment and permitting,
rescue archaeology and surface rights acquisitions.+ADw-br+AD4-
+ADw-br+AD4-
The underlying value of the Company's mineral properties is dependent
upon the existence and economic recovery of such reserves in the future
and the ability of the Company to obtain all necessary permits and
raise long-term financing to complete the development of the
properties. In addition, the Project may be subject to sovereign risk,
including political and economic instability, changes in existing
government regulations, for example, a ban on the use of cyanide in
mining, re-designation of the project area as a archeological site of
national importance, government regulations relating to mining which
may withhold the receipt of required permits or impede the Company's
ability to acquire the necessary surface rights, as well as currency
fluctuations and local inflation. The suspension of the EIA process by
the former Minister of Environment and Sustainable Development in
September 2007 demonstrates the significant risks that this Project
faces. These risks may adversely affect the investment and may result
in the impairment or loss of all or part of the Company's investment.+ADw-br+AD4-
+ADw-br+AD4-
These consolidated financial statements have been prepared on the basis
of Canadian generally accepted accounting principles (+ACY-quot+ADs-Canadian
GAAP+ACY-quot+ADs-) applicable to a 'going concern', which assume that the
Company will continue in operation for the foreseeable future and will
be able to realize its assets and discharge its liabilities in the
normal course of operations. As at December 31, 2008 the Company had no
sources of operating cash flows and does not have sufficient cash to
fund the development of the Project and therefore will require
additional funding which, if not raised, would result in the
curtailment of activities and project delays. The Company started 2009
with +ACQ-72.2 million in cash and cash equivalents and therefore,
irrespective of how the Project progresses, the Company will require
additional capital in 2009.+ADw-br+AD4-
+ADw-br+AD4-
Management has finalized a financing plan that assumes neither the
conventional debt market nor the bond market will be available in time
to meet the Company's financing needs. The current global financial
crisis may cause the time line from the restart of the permitting
process until receipt of construction permits to be extended as the
Company may pursue certain activities sequentially that had previously
been planned to run in parallel or alternatively, construction may not
begin immediately after receipt of construction permits if financing is
not complete.+ADw-br+AD4-
+ADw-br+AD4-
There can be no assurances that the Company's activities will be
successful or sufficient and as a result there is significant doubt
regarding the +ACY-quot+ADs-going concern+ACY-quot+ADs- assumption and, accordingly,
the use of accounting principles applicable to a going concern. These
consolidated financial statements do not reflect adjustments that would
be necessary if the +ACY-quot+ADs-going concern+ACY-quot+ADs- assumption were not
appropriate. If the +ACY-quot+ADs-going concern+ACY-quot+ADs- assumption were not
appropriate for these consolidated financial statements, then
adjustments to the carrying values of the assets and liabilities, the
reported expenses and the balance sheet classifications, which could be
material, would be necessary.+ADw-br+AD4-
+ADw-br+AD4-
2. New accounting standards+ADw-br+AD4-
+ADw-br+AD4-
Effective January 1, 2008, the Company adopted Canadian Institute of
Chartered Accountants (+ACY-quot+ADs-CICA+ACY-quot+ADs-) Handbook Section 1400,
Assessing Going Concern, CICA Handbook Section 1535, Capital
Disclosures, and CICA Handbook Section 3862 and 3863, Financial
Instruments - Disclosures and Presentation.+ADw-br+AD4-
+ADw-br+AD4-
Assessing Going Concern+ADw-br+AD4-
+ADw-br+AD4-
Section 1400 has been amended to include requirements for management to
assess and disclose an entity's ability to continue as a going concern.
The standard is effective for interim and annual financial statements
for years beginning on/after January 1, 2008.+ADw-br+AD4-
+ADw-br+AD4-
Capital Disclosures+ADw-br+AD4-
+ADw-br+AD4-
Section 1535 specifies the disclosure of (i) an entity's objectives,
policies and processes for managing capital+ADs- (ii) quantitative data
about what the entity regards as capital+ADs- (iii) whether the entity has
complied with any capital requirements+ADs- and (iv) if it has not complied,
the consequences of such non-compliance. The standard is effective for
interim and annual financial statements relating to years beginning
on/after October 1, 2007.+ADw-br+AD4-
+ADw-br+AD4-
Financial Instruments - Disclosures and Presentation+ADw-br+AD4-
+ADw-br+AD4-
The new Sections 3862 and 3863 replace Handbook Section 3861,
+ACY-quot+ADs-Financial Instruments - Disclosure and Presentation+ACY-quot+ADs-,
revising and enhancing its disclosure requirements, and carrying
forward unchanged its presentation requirements. These new sections
place increased emphasis on disclosures about the nature and extent of
risks arising from financial instruments and how the entity manages
those risks. The standards are effective for interim and annual
financial statements relating to years beginning on/after October 1,
2007.+ADw-br+AD4-
+ADw-br+AD4-
New Accounting Pronouncements not yet adopted+ADw-br+AD4-
+ADw-br+AD4-
Goodwill and Intangible Assets+ADw-br+AD4-
+ADw-br+AD4-
The Canadian Institute of Chartered Accountants (+ACY-quot+ADs-CICA+ACY-quot+ADs-)
issued accounting standard Section 3064 - Goodwill and Intangible
Assets which replaces Section 3062 - Goodwill and Other Intangible Assets,
Section 3450 - Research and Development and EIC27 - Revenues and
Expenditures during the Pre-operating Period. The new standard provides
guidance on the recognition, measurement, presentation and disclosure
of goodwill and intangible assets. This standard is effective for
interim and annual financial statements for fiscal years beginning on
or after October 1, 2008. The Company believes that this standard will
have no significant impact on the financial statements.+ADw-br+AD4-
+ADw-br+AD4-
International Financial Reporting Standards (+ACY-quot+ADs-IFRS+ACY-quot+ADs-)+ADw-br+AD4-
+ADw-br+AD4-
The Canadian Accounting Standards Board (AcSB) has announced its
decision to replace Canadian generally accepted accounting principles
(+ACY-quot+ADs-GAAP+ACY-quot+ADs-) with IFRS for all Canadian Publicly Accountable
Enterprises (PAEs). The effective changeover date is January 1, 2011,
at which time Canadian GAAP will cease to apply for Gabriel Resources
Ltd. and will be replaced by IFRS. Following this timeline, the Company
will issue its first set of interim financial statements prepared under
IFRS in the first quarter of 2011. The Company is currently assessing
the impact of transition to IFRS on its consolidated financial
statements.+ADw-br+AD4-
+ADw-br+AD4-
3. Significant accounting policies+ADw-br+AD4-
+ADw-br+AD4-
Sources of GAAP+ADw-br+AD4-
+ADw-br+AD4-
These consolidated financial statements have been prepared in
accordance with Canadian GAAP, and reflect the following significant
accounting policies:+ADw-br+AD4-
+ADw-br+AD4-
Basis of consolidation+ADw-br+AD4-
+ADw-br+AD4-
The consolidated financial statements include the accounts of the
Company and the following subsidiaries:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Gabriel Resources (Barbados) Ltd.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-100+ACU--owned+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Gabriel Resources (
Netherlands) B.V.+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-100+ACU--owned+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Rosia Montana Gold Corporation S.A. (+ACY-quot+ADs-RMGC+ACY-quot+ADs-)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-80+ACU--owned+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Gabriel Finance SA+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-99.7+ACU--owned+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
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1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
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+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
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style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-Estimates,
risks and uncertainties+ADw-br+AD4-
+ADw-br+AD4-
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amount of expenses
and other income during the year. Significant estimates and assumptions
include those related to the recoverability of mineral properties and
benefits of future income tax assets, estimated useful lives of capital
assets, stock compensation valuation assumptions and determinations as
to whether costs are expensed or deferred. While management believes
that these estimates and assumptions are reasonable, actual results
could vary significantly.+ADw-br+AD4-
+ADw-br+AD4-
Capital assets+ADw-br+AD4-
+ADw-br+AD4-
Capital assets are recorded at cost less accumulated amortization. Amortization
of capital assets used for exploration and development is capitalized
to mineral properties.+ADw-br+AD4-
+ADw-br+AD4-
Amortization is recorded using the straight-line method based on a
useful life of five years for vehicles and varying rates between two
and five years for office equipment. Leasehold improvements are
amortized on a straight-line basis over the term of the respective
lease.+ADw-br+AD4-
+ADw-br+AD4-
Mineral properties+ADw-br+AD4-
+ADw-br+AD4-
Acquisition costs of mineral properties, together with direct
exploration and development expenses incurred thereon, are capitalized.
Upon reaching commercial production, these capitalized costs will be
transferred from exploration properties to producing properties on the
consolidated balance sheet and will be amortized using the
unit-of-production method over the estimated ore reserves.+ADw-br+AD4-
+ADw-br+AD4-
Where the Company has identified circumstances indicating that an
impairment might exist, the carrying value of mineral properties is
subject to a review for impairment. When a property is sold, abandoned
or deemed not economic, all related costs are written off. In the case
of producing properties, where the carrying amounts exceed the related
undiscounted cash flows from future operations, an appropriate
reduction is made to the estimated fair value of the property with a
corresponding charge to operations.+ADw-br+AD4-
+ADw-br+AD4-
Impairment of long-lived assets+ADw-br+AD4-
+ADw-br+AD4-
Long-lived assets to be held and used by the Company are reviewed
regularly for possible impairment or whenever triggering events or
changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. If management determines that impairment
exists, the impairment loss will be determined by comparing the asset's
carrying amount to its fair value, which is determined using a
discounted cash flow model. Management has performed an impairment
analysis and concluded that there has been no impairment of the
Company's long-lived assets as at December 31, 2008.+ADw-br+AD4-
+ADw-br+AD4-
Foreign currency translation+ADw-br+AD4-
+ADw-br+AD4-
Monetary assets and liabilities denominated in foreign currencies are
translated at the exchange rate in effect at the balance sheet date. Non-monetary
assets and liabilities, expenses and other income arising from foreign
currency transactions are translated at the exchange rate in effect at
the date of the transaction. Exchange gains or losses arising from the
translation are included in the determination of losses in the current
year.+ADw-br+AD4-
+ADw-br+AD4-
Integrated foreign subsidiaries are accounted for under the temporal
method. Under this method, monetary assets and liabilities are
translated at the exchange rate in effect at the balance sheet date. Non-monetary
assets and liabilities are translated at historical rates. Expenses and
other income are translated at the rate in effect on date of the
transaction. Exchange gains or losses related to expenditures on
project activities arising from the translation are included in mineral
properties which are capitalized.+ADw-br+AD4-
+ADw-br+AD4-
Loss per share (LPS)+ADw-br+AD4-
+ADw-br+AD4-
LPS is calculated based on the weighted average number of common shares
issued and outstanding during the year. Diluted per share amounts are
calculated using the treasury stock method whereby proceeds deemed to
be received on the exercise of options and warrants in the per share
calculation are assumed to be used to acquire common shares. The effect
of potential issuances of shares under options and warrants would be
anti-dilutive, and accordingly basic and diluted LPS are the same.+ADw-br+AD4-
+ADw-br+AD4-
Income taxes+ADw-br+AD4-
+ADw-br+AD4-
Income taxes are calculated using the asset and liability method of tax
accounting. Under this method, current income taxes are recognized for
the estimated income taxes payable for the current year. Future income
tax assets and liabilities are determined based on differences between
the financial reporting and tax bases of assets and liabilities, and
are measured using the substantively enacted tax rates and laws that
will be in effect when the differences are expected to reverse. A
valuation allowance is recognized to the extent the recoverability of
future income tax assets are not considered more likely than not to be
realized.+ADw-br+AD4-
+ADw-br+AD4-
Cash and cash equivalents+ADw-br+AD4-
+ADw-br+AD4-
Cash and cash equivalents are comprised of cash at banks, on hand and
other highly liquid short-term investments, having an original maturity
date of three months or less.+ADw-br+AD4-
+ADw-br+AD4-
Short-term investments+ADw-br+AD4-
+ADw-br+AD4-
Short-term investments represent investments in guaranteed investment
certificates with maturity dates of more than a period of 90 days. Short-term
investments are carried at cost which approximates fair value.+ADw-br+AD4-
+ADw-br+AD4-
Stock-based compensation+ADw-br+AD4-
+ADw-br+AD4-
Stock-based compensation relating to stock options are estimated based
on fair value at the grant and/or measurement date using the
Black-Scholes model, and charged to the Statement of Loss or capitalized
to Mineral Properties on the Balance Sheet over the vesting period.+ADw-br+AD4-
+ADw-br+AD4-
Stock-based compensation relating to deferred share units is calculated
based on the quoted market value of the common share, and charged to
the Statement of Loss or capitalized to Mineral Properties on the
Balance Sheet. The compensation cost and liability is adjusted each
reporting period for changes in the underlying share price.+ADw-br+AD4-
+ADw-br+AD4-
Asset retirement obligation+ADw-br+AD4-
+ADw-br+AD4-
The fair value of the liability for an asset retirement obligation is
recorded when it is incurred and the corresponding increase to the
asset is depreciated over the life of the asset. The liability is
increased over time to reflect an accretion element considered in the
initial measurement of fair value. At December 31, 2008, the Company
has not incurred or committed to any asset retirement obligations
related to the development of its mineral properties in Romania, as it
has not received its license or commenced mine construction activities.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-4. Restricted cash+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-(1) Restricted cash represents environmental guarantees for future clean up +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-costs.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Exploration costs+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-702+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-985+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-141+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,828+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Balance - December 31, 2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-328,804+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-10,375+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-182+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-339,361+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Development costs(1)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-66,760+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-66,760+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Exploration costs (1)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-675+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-83+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-205+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-963+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-Balance - December 31, 2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 396,239+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 10,458+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 387+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 407,084+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4-(1) Mineral property additions of +ACQ-67.7 million (2007 - +ACQ-98.0 million) +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-includes +ACQ-19.2 million (2007 - +ACQ-14.8 million) of non-cash items +ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-principally related to resettlement liabilities, stock based+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-compensation, and amortization, therefore the net cash investment during+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-the year was +ACQ-48.5 million (2007 - +ACQ-83.2 million).+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4AJg-nbsp+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-The Company's principal asset is its 80+ACU-
direct ownership interest in a Romanian company, Rosia Montana Gold
Corporation (+ACY-quot+ADs-RMGC+ACY-quot+ADs-), which holds two mineral licenses in
Romania, being Rosia Montana and Bucium. Minvest S.A.
(+ACY-quot+ADs-Minvest+ACY-quot+ADs-), a Romanian state-owned mining company, together
with three other private Romanian companies, hold a 20+ACU- interest in
RMGC, and RMGC holds the pre-emptive right to acquire the 20+ACU- minority
interest. RMGC is required to fund 100+ACU- of all expenditures related to
the exploration and development of these properties and holds a
preferential right to recover all funding plus interest from future
cash flows prior to the shareholders receiving dividends.+ADw-br+AD4-
+ADw-br+AD4-
An exploitation license is held by RMGC as the titleholder in respect
of the Rosia Montana property. RMGC has the exclusive right to conduct
mining operations at the Rosia Montana property for an initial term of
20 years commencing in 1998, and thereafter with successive five-year
renewal periods.+ADw-br+AD4-
+ADw-br+AD4-
RMGC holds an exploration license over the Bucium property. The
license, which was extended in 2004, expired on May 19, 2007. The
Company spent US+ACQ-3.4 million over the term of the license extension
period. The expiring exploration license can be converted into an
exploitation license upon submission and approval of a feasibility
study. During the third quarter of 2007, the Company filed the
necessary documentation to convert the exploration license into an
exploitation license and the Company is awaiting response from the
authorities on this item. No additional work on Bucium's project
economics is planned until the license is converted from an exploration
to an exploitation license and until the Rosia Montana EIA is approved.+ADw-br+AD4-
+ADw-br+AD4-
The Company, through its wholly owned subsidiary Rom Aur SRL (+ACY-quot+ADs-Rom
Aur+ACY-quot+ADs-), holds an exploration license with respect to the Baisoara
property in Western Romania. The license is for an initial term of 5
years and expires in July 2011. The Company is obligated to spend
US+ACQ-3.2 million over the term of the license. In fiscal 2008, due to the
delay in the Rosia Montana permitting process, the Company has reduced
the exploration expenditure for Baisoara to a level required to
maintain the license and permit in good standing.+ADw-br+AD4-
+ADw-br+AD4-
7. Resettlement liabilities+ADw-br+AD4-
+ADw-br+AD4-
During the fourth quarter of 2006, the Company recommenced purchasing
homes in the Project area. Residents had two choices. They could either
choose to take the sale proceeds and move to a new location of their
choosing or they could exchange their properties for a new property to
be built by the Company at one of the two new resettlement sites. At
December 31, 2008, the Company had accrued resettlement liabilities
totaling +ACQ-30.2 million (2007 - +ACQ-17.1 million), which represents the
cost of building the new homes for the local residents and delay
penalties.+ADw-br+AD4-
+ADw-br+AD4-
Under the original contracts, the Company was required to deliver homes
by August 1, 2008, which was not met. As a result, the Company either
signed extension agreements or will deliver the new homes within the
penalty period for the 125 residents who chose the La Recea
resettlement site option in Alba Iulia. As a result of the delay in
delivery of homes, the Company is accruing a penalty of 6+ACU- (for La
Recea) and up to 20+ACU- (for Piatra Alba) of the agreed upon unpaid
property value per year of delay as required by the agreement including
all amendments.+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008, the Company has accrued +ACQ-1.2 million (2007 -
+ACQ-0.5 million) representing its total estimated delay penalty. During
the year, the Company paid +ACQ-0.7 million of delay penalties (2007 -
+ACQ-Nil).+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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December 31, 2006+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-Additions+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-652+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance accrued - 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+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
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+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
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+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-(a) DSUs+ADw-br+AD4-
+ADw-br+AD4-
The Company implemented a DSU Plan under which qualifying participants
receive certain compensation in the form of DSUs in lieu of cash. On
retirement, participants may redeem their DSUs for common shares of the
Company, cash, or a combination of common shares and cash. It is at the
holder's discretion as to whether he/she elects to settle the DSU in
cash or shares of Gabriel. If the holder elects to settle the DSU in
shares of Gabriel, the Company, at its sole discretion, can elect to
pay the amount in common shares either purchased from the open market,
or issued from treasury.+ADw-br+AD4-
+ADw-br+AD4-
The change in the fair market value of the DSU liability has been
recorded in stock based compensation expense except for costs relating to
personnel working on projects in Romania, which are capitalized.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Deferred Share Units (+ACY-quot+ADs-DSUs+ACY-quot+ADs-)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4-+ADw-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Expensed (recovered)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 564+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-(6)+ADw-/pre+AD4APA-pre+AD4-Capitalized (capital reduction)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-55+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-13+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
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+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-(b)
Fidelity Bonus+ADw-br+AD4-
+ADw-br+AD4-
Under the Collective Bargaining Agreement between RMGC and its
employees, under certain conditions, employees of RMGC are entitled to
a bonus equal to one month of average gross salary when celebrating 3,
5, 10, 15, 20, and 25 years of uninterrupted service as well as other
benefits related to death benefits and termination of employment. As of
December 31, 2008, +ACQ-1.3 million (December 31, 2007 - +ACQ-0.8 million) has
been accrued for these benefits.+ADw-br+AD4-
+ADw-br+AD4-
(c) Severance and Termination Costs+ADw-br+AD4-
+ADw-br+AD4-
On December 4, 2007, in light of the suspension of the EIA review
process, the Company announced and enacted plans to scale back
activities. In the fourth-quarter 2007, the Company accrued +ACQ-1.4
million in costs related to the retrenchment of 170 employees. During
the year, concurrent with the modification of payment terms of its
remaining obligation, the Company revised its estimated cost and
accrued a further +ACQ-0.7 million in respect of its total obligation and
has classified its entire outstanding obligation as a current
liability.+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008 the Company paid +ACQ-1.3 million in termination
benefits and anticipates paying the remaining balance during the second
quarter 2009.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
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+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-9. Related Party Transactions+ADw-br+AD4-
+ADw-br+AD4-
The Company had related party transactions, with directors of the
Company or associated corporations, which were in the normal course of
operations and were measured at the exchange amounts as follows:+ADw-br+AD4-
+ADw-br+AD4-
(a) The Company paid +ACQ-4 thousand (2007 - +ACQ-39 thousand) during the year
to a director of the Company for consultation services provided to the
Company.+ADw-br+AD4-
+ADw-br+AD4-
(b) In December 2004, the Company loaned a total of US+ACQ-971 thousand to
the four minority shareholders of RMGC, who hold an aggregate of 20+ACU- of
the shares of RMGC, to facilitate a statutory requirement to increase
RMGC's total share capital. The loans are non-interest bearing and are
to be repaid as and when RMGC distributes dividends to its
shareholders.+ADw-br+AD4-
+ADw-br+AD4-
The loans and related minority interest contribution have been offset
on the balance sheet until such time as the loans are repaid. Once the
loans are repaid the minority interest component will be reflected on
the balance sheet.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-10. 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December 31, 2006+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-210,891+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 385,444+ADw-/pre+AD4APA-pre+AD4- Shares issued from a public offering(a)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-35,937+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-156,328+ADw-/pre+AD4APA-pre+AD4- Less: Share issue costs+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(7,778)+ADw-/pre+AD4APA-pre+AD4- Shares issued on the exercise of stock options+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-(note 12)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-614+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,213+ADw-/pre+AD4APA-pre+AD4- Stock-based compensation - exercise of stock+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-options (note 13)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-620+ADw-/pre+AD4APA-pre+AD4- Stock-based compensation - settlement of DSUs+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-(note 8(a))+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-/pre+AD4APA-pre+AD4- Shares issued from the exercise of share purchase+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-warrants (note 11(a))+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-7,451+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-20,489+ADw-/pre+AD4APA-pre+AD4- Exercise of share purchase warrants - transfer+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-from common share purchase warrants+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,937+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance - December 31, 2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-254,898+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 558,277+ADw-/pre+AD4APA-pre+AD4- Shares issued on the exercise of stock options+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-(note 12)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-551+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,209+ADw-/pre+AD4APA-pre+AD4- Transfer from contributed surplus - exercise of+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-stock options (note 13)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-566+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance - December 31, 2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-255,449+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 560,052+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4-+ADw-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-(a)
In the first quarter of 2007, the Company issued 35.9 million common
shares at +ACQ-4.35 per share to a syndicate of underwriters and Newmont
Canada Limited (+ACY-quot+ADs-NCL+ACY-quot+ADs-). Aggregate net proceeds of +ACQ-148.6
million were received, after deducting underwriting fees of +ACQ-6.9
million plus various professional fees related to the offering of +ACQ-0.9
million. The net proceeds of the offering are being used to advance the
development of the Rosia Montana gold deposit in Romania including
completing surface rights acquisition, advancing detailed engineering,
purchasing of long-lead-time equipment, development of the new
resettlement sites and general corporate purposes.+ADw-br+AD4-
+ADw-br+AD4-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4-NCL, a
subsidiary of Newmont Mining Corporation, participated to acquire 20+ACU-
(7.2 million common shares) of the total offering.+ADw-br+AD4-
+ADw-br+AD4-
11. Share Purchase Warrants+ADw-br+AD4-
+ADw-br+AD4-
(a) In first quarter 2005, the Company issued 15 million units priced
at +ACQ-2.00 per unit by way of a public offering for gross proceeds of +ACQ-30
million. Each unit consisted of one common share and one half of one
common share purchase warrant with an exercise price of +ACQ-2.75 and
expiry date of March 31, 2007. The purchase warrants had an assigned
value of +ACQ-1.95 million.+ADw-br+AD4-
+ADw-br+AD4-
(b) During the fourth quarter of 2006, the Company entered into mandate
letters with two international financial institutions to arrange
project debt financing for the development of the Rosia Montana
project. The two institutions were to provide a committed underwriting
in an amount up to US+ACQ-350 million. As a result of the suspension of the
EIA review process, the mandate letters terminated during 2008 and
1.125 million warrants vested while 1.5 million warrants were cancelled.
Each warrant has a four year term and has an exercise price of +ACQ-4.88.
The Company continues to work with the international financial
institutions to secure a new agreement whereby the institutions would
arrange but not underwrite a bank facility.+ADw-br+AD4-
+ADw-br+AD4-
The fair value of the warrants vested, being US+ACQ-1.5 million, represents
their cash settlement value. It is at the holders' discretion as to
whether they elect to settle the warrants in cash or shares of the
Company. The fair value of the warrants vested has been charged to
project financing cost of the period.+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008, the following share purchase warrants were
issued and outstanding:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Exercise+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Number of+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-price+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-warrants+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(dollars)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Expiry date+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Warrants issued+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-1,125+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 4.88+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-November 28, 2010+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance - December 31, 2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,125+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 4.88+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-November 28, 2010+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-12.
Stock Options+ADw-br+AD4-
+ADw-br+AD4-
The Incentive Stock Option Plan (the +ACY-quot+ADs-Plan+ACY-quot+ADs-) authorizes the
Directors to grant options to purchase shares of the Company to
directors, officers, employees and consultants. The exercise price of
the options equals the five-day weighted average closing price prior to
the option allotment. The majority of options granted vest over three
years and are exercisable over five years from the date of issuance.+ADw-br+AD4-
+ADw-br+AD4-
The Plan was amended on May 8, 2007 to allow for the maximum number of
common shares issuable under the Plan to equal 10+ACU- of the issued and
outstanding common shares of the Company at any point in time, and that
options once exercised would be re-endorsed into the pool of un-granted
options.+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008, 3.0 million options are available for issuance
under the Plan (December 31, 2007 - 12.6 million).+ADw-br+AD4-
+ADw-br+AD4-
As at December 31, 2008, common share stock options held by directors,
officers, employees and consultants are as follows:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA-1.18 - +ACQ-2.00+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-15,475+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 1.69+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3.6+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-7,960+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 1.64+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.01 - 3.00+ADw-span 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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--------------------------------- ------------------------+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-22,514+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2.16+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3.6+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-11,917+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2.19+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--------------------------------- ------------------------+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--------------------------------- ------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-During the years ended 2008 and 2007,
director, officer, employee and consultants stock options were granted,
exercised and cancelled as follows:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Weighted average+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-Number of+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-exercise price+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-options+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(dollars)+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance - 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December 31, 2007+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-12,926+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.44+ADw-/pre+AD4APA-pre+AD4- Options granted+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-11,240+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1.95+ADw-/pre+AD4APA-pre+AD4- Options expired+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(279)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-4.51+ADw-/pre+AD4APA-pre+AD4- Options forfeited / cancelled+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(822)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-2.99+ADw-/pre+AD4APA-pre+AD4- Options exercised+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(551)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.19+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance - December 31, 2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-22,514+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2.16+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
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+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-The
estimated fair value of stock options is typically amortized over the
period in which the options vest which is normally three years. For
those options that begin to vest after a deferral period, the fair
value of the options is amortized proportionately over the total
vesting and delay period. For those options which vest on a single
date, either on issuance or on meeting milestones (the
+ACY-quot+ADs-measurement date+ACY-quot+ADs-), the entire fair value of the vesting
options is recognized immediately on the measurement date.+ADw-br+AD4-
+ADw-br+AD4-
The fair value of stock options granted to personnel working on
development projects is capitalized over the vesting period.+ADw-br+AD4-
+ADw-br+AD4-
During the year, the Company granted 3 million options with a fair
value of +ACQ-2.6 million (+ACQ-0.87 per share option) that vested and were
charged to Mineral Properties during the fourth quarter of 2008.+ADw-br+AD4-
+ADw-br+AD4-
During the fourth quarter 2008, the Company granted 5 million options
one-third of which vested upon issuance with the remainder vesting upon
completion of certain milestones or under certain conditions of
termination. +ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4-The
estimated fair value of the unvested options will be recognized and
capitalized at the measurement date as the milestones are achieved and
the value can be reasonably measured. For the year ended December 31,
2008, the amount capitalized was +ACQ-1.0 million (+ACQ-0.60 per share option).
The valuation was calculated with the following assumptions: risk-free
interest rate of 1.51+ACU-, expected annual volatility of 84.58+ACU-, and
expected life of options of 4 years. The remaining fair value of
outstanding unvested options to be capitalized cannot be reasonably
measured as of December 31, 2008.+ADw-br+AD4-
+ADw-br+AD4-
Excluding 8 million options that vest(ed) conditional on the
achievement of milestones, the fair value of the remaining 3,240
thousand options granted in 2008 (2007 - 5,965 thousand) has been
estimated at the date of grant using a Black-Scholes option pricing
model. The current period's valuation was calculated with the following
assumptions:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Weighted average risk-free interest rate+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.97+ACUAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-4.00+ACUAPA-/pre+AD4APA-pre+AD4-Volatility of the expected market price of share+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-70+ACUAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-60+ACUAPA-/pre+AD4APA-pre+AD4-Weighted average expected life of options+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.7 years+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2.7 years+ADw-/pre+AD4APA-pre+AD4-Weighted average cost per option+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 1.02+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 0.96+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-As of December 31, 2008, the remaining fair
value of outstanding unvested options to be expensed is +ACQ-4.8 million,
to be capitalized is +ACQ-1.7 million. For the years ended December 31,
2008 and 2007, fair value of stock options are expensed and capitalized
as follows:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Expensed+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2,056+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 2,075+ADw-/pre+AD4APA-pre+AD4-Capitalized+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 4,754+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 1,440+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-13. Contributed Surplus+ADw-br+AD4-
+ADw-br+AD4-
The following table identifies the changes in contributed surplus for
the year:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-Total+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance - December 31, 2006+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-5,904+ADw-/pre+AD4APA-pre+AD4-Stock-based compensation+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3,516+ADw-/pre+AD4APA-pre+AD4-Exercise of stock options+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(620)+ADw-/pre+AD4APA-pre+AD4-Expiry of unexercised warrants+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-7+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Balance - 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December 31, 2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4AJA- 15,051+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-14. Income Taxes+ADw-br+AD4-
+ADw-br+AD4-
During the first quarter of 2008, the Company received a tax assessment
for +ACQ-4.8 million related to a second Romanian tax audit completed
during the first quarter of 2008. The Company, having accrued in 2006
its then estimated tax liability, accrued an additional +ACQ-3.7 million in
respect of the assessment, which arose from the disallowance of the
application of state tax incentives related to unrealized foreign
exchange gains on inter-company debt.+ADw-br+AD4-
+ADw-br+AD4-
On April 10, 2008, the Company was advised by the Romanian tax
authorities that they were re-opening fiscal years 2003 and 2004 which
had been previously audited.+ADw-br+AD4-
+ADw-br+AD4-
On June 24, 2008, the Company received a tax assessment for +ACQ-9.8
million related to the third tax audit, for the years 2003 and 2004,
initiated and completed during the second quarter of 2008. This
assessment also arose from the disallowance of the application of state
tax incentives related to unrealized foreign exchange gains on
inter-company debt.+ADw-br+AD4-
+ADw-br+AD4-
Based on the advice of its professional tax advisors, the Company
believes that the tax authorities have misapplied the legislation and
we are vigorously contesting the State's position through the courts.+ADw-br+AD4-
+ADw-br+AD4-
The following table reconciles the expected income tax expense
(recovery) at the Canadian statutory income tax rate to the amounts
recognized in the Consolidated Statements of Loss.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Income tax rate+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-34+ACUAPA-span 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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-(2,789)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,227+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Provision for income taxes+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-9,800+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3,675+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-The following table reflects future income tax assets at December 31, 2008 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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Loss carry forwards+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 14,902+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 17,431+ADw-/pre+AD4APA-pre+AD4-Share issue costs+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2,018+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2,862+ADw-/pre+AD4APA-pre+AD4-Capital assets+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-319+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-231+ADw-/pre+AD4APA-pre+AD4-Cumulative eligible capital expenditures+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3,550+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3,074+ADw-/pre+AD4APA-pre+AD4-Valuation allowance+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-(20,789)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(23,598)+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Future income tax assets recognized+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-The Company has available tax losses for Canadian income tax purposes which +ADw-/pre+AD4APA-pre+AD4-may be carried forward to reduce taxable income derived in future years. A +ADw-/pre+AD4APA-pre+AD4-summary of these losses is provided below:+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Non-capital losses expiring in:+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-5,741+ADw-/pre+AD4APA-pre+AD4-2009+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,324+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,324+ADw-/pre+AD4APA-pre+AD4-2010+ADw-span 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+ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4-+ADw-pre+AD4-Total non-capital loss carry forwards+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-51,387+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAPA-/span+AD4-50,273+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
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+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-15. Segmented Information+ADw-br+AD4-
+ADw-br+AD4-
The Company has one operating segment: the acquisition, exploration and
development of precious metal projects located in Romania.+ADw-br+AD4-
+ADw-br+AD4-
Geographic segmentation of capital assets and mineral properties is as
follows:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Romania+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 451,280+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 357,558+ADw-/pre+AD4APA-pre+AD4-Canada+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-479+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-764+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Total+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 451,759+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 358,322+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
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+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
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+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-16.
Financial Instruments+ADw-br+AD4-
+ADw-br+AD4-
The recorded amounts for cash and cash equivalents, accounts
receivable, accounts payable and accrued liabilities approximate fair
values based on the short-term nature of those instruments.+ADw-br+AD4-
+ADw-br+AD4-
The Company's risk exposures and the impact on the Company's financial
instruments are summarized below:+ADw-br+AD4-
+ADw-br+AD4-
Credit risk+ADw-br+AD4-
+ADw-br+AD4-
The Company's credit risk is primarily attributable to cash and cash
equivalents that are held in investment accounts with major Canadian
banks. As a consequence of the global financial crisis that began
impacting the financial markets in the summer 2007, the Company adopted
a strategy to minimize its credit risk by substantially investing in
sovereign debt issued by Canadian Agencies, Provinces and the Federal
Governments of Canada, the United States and France, with the balance
of cash being invested in short-term Term Deposits issued by major
Canadian banks.+ADw-br+AD4-
+ADw-br+AD4-
The Company strives to maintain at least 85-90+ACU- of its cash and cash
equivalent investments in sovereign debt. With the ongoing global
financial crisis it is becoming increasingly difficult to source
short-term sovereign debt that meets the Company's credit risk criteria
and maturities schedule.+ADw-br+AD4-
+ADw-br+AD4-
The Company is exposed to the credit risk of Romanian banks that hold
and disburse cash on behalf of its Romanian subsidiaries. The Company
manages its Romania bank credit risk by centralizing custody, control
and management of its surplus cash resources in Canada at the corporate
office and only transferring money to its Romanian subsidiary based on
immediate cash requirements, thereby mitigating exposure to Romania
banks.+ADw-br+AD4-
+ADw-br+AD4-
The Company's credit risk is also attributable to value-added taxes
receivable. Value-added taxes receivable are collectable from the
Romanian government.+ADw-br+AD4-
+ADw-br+AD4-
Liquidity risk+ADw-br+AD4-
+ADw-br+AD4-
The Company has sufficient funds as at December 31, 2008 to settle
current and long-term liabilities.+ADw-br+AD4-
+ADw-br+AD4-
Market risk+ADw-br+AD4-
+ADw-br+AD4-
(a) Interest rate risk+ADw-br+AD4-
+ADw-br+AD4-
The Company has significant cash balances and no interest-bearing debt.
As discussed above in the section entitled 'Credit Risk', the Company's
policy is to primarily invest excess cash in sovereign guaranteed
investments.+ADw-br+AD4-
+ADw-br+AD4-
With the Company maintaining a short-term investment horizon, typically
less than 90 days, for its cash and cash equivalent balances, it is
highly susceptible to interest rate volatility as investments mature
and are rolled over.+ADw-br+AD4-
+ADw-br+AD4-
With a short-term investment horizon and the intent to hold all
investments until maturity, the Company is only marginally exposed to
capital erosion should interest rates rise and cause its fixed yield
investments to devalue.+ADw-br+AD4-
+ADw-br+AD4-
The Company's primary objective, with respect to cash and cash
equivalents, is to mitigate credit risk. The Company has elected to
forego yield in favour of capital preservation.+ADw-br+AD4-
+ADw-br+AD4-
(b) Foreign currency risk+ADw-br+AD4-
+ADw-br+AD4-
The Company's functional currency is the Canadian dollar and its
operations expose it to significant fluctuations in foreign exchange
rates. The Company has monetary assets and liabilities denominated in
Romanian Ron, United States dollars and European Union Euros, and is
therefore, subject to exchange variations against the functional and
reporting currency, the Canadian dollar.+ADw-br+AD4-
+ADw-br+AD4-
The global financial crisis has led to dramatic volatility in the
foreign currency markets. The Company maintains cash and cash equivalents
in the currency of planned expenditures and is therefore highly
susceptible to market volatility as foreign cash balances are revalued
to the functional currency of the Company. Therefore, the Company may
report significant foreign exchange gains or losses as significant
market volatility continues.+ADw-br+AD4-
+ADw-br+AD4-
Sensitivity analysis+ADw-br+AD4-
+ADw-br+AD4-
The Company has designated its cash and cash equivalents as
held-for-trading, which are measured at fair value. As of December 31,
2008, the carrying amount of the financial instruments equals fair
market value. Based on management's knowledge and experience of the
financial markets, the Company believes the following movements are
+ACY-quot+ADs-reasonably possible+ACY-quot+ADs- over a +ACY-quot+ADs-typical+ACY-quot+ADs- three month
period. +ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt+ADs-font-family:Georgia'+AD4-The
current global financial crisis has resulted in dramatic interest rate,
commodity and currency volatility. The Company does not view these
market conditions as +ACY-quot+ADs-typical+ACY-quot+ADs- and therefore the affect of
interest rate changes and currency valuation changes on net income may
be more dramatic than deemed +ACY-quot+ADs-reasonably possible+ACY-quot+ADs-.
Nonetheless, the Company has taken steps to reduce its risks as
discussed above.+ADw-br+AD4-
+ADw-br+AD4-
- Cash and cash equivalents include deposits which are at floating
interest rates. Sensitivity of cash and cash equivalents to a plus or
minus 1+ACU- change in earned interest rates would affect net income by
+ACQ-0.2 million.+ADw-br+AD4-
+ADw-br+AD4-
- The Company holds significant balances in foreign currencies, and
this gives rise to exposure to foreign exchange risk. Sensitivity of
the foreign currency balance as of December 31, 2008 to a plus or minus
1+ACU- change in foreign exchange rates would affect net income by +ACQ-0.5
million.+ADw-br+AD4-
+ADw-br+AD4-
17. Capital Management+ADw-br+AD4-
+ADw-br+AD4-
The Company's objective when managing capital is to safeguard its
accumulated capital (cash on hand) in order to fund development of its
Rosia Montana project. The Company manages its capital structure and
makes adjustments to it based on the level of funds on hand and
anticipated future expenditures.+ADw-br+AD4-
+ADw-br+AD4-
Management has prepared a new financing plan that assumes neither the
conventional bank debt market nor the bond market will be available in
time to meet our financing needs. There are no assurances that this
initiative will be successful. To safeguard capital and to mitigate
currency risk, the Company strives to maintain at least 85-90+ACU- of its
cash and cash equivalent investments in sovereign debt that reflect the
currency of the planned expenditure.+ADw-br+AD4-
+ADw-br+AD4-
18. Commitments and Contingencies+ADw-br+AD4-
+ADw-br+AD4-
The following is a summary of contractual commitments of the Company
including payments due for each of the next five years and thereafter.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2013 and+ADw-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-Total+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2009+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2010+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2011+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2012+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-thereafter+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Baisoara exploration+ADw-/pre+AD4APA-pre+AD4- license (note 6)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-3,515 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-147 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-778 +ACQ- 1,596 +ACQAPA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-994+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJAA8-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-Resettlement (note 7)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30,208+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30,208+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-Goods and services(a)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,627+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,062+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-144+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-10+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-10+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-401+ADw-/pre+AD4APA-pre+AD4-Long lead time+ADw-/pre+AD4APA-pre+AD4- equipment(b)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-27,740+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-27,710+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-30+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-Rosia Montana+ADw-/pre+AD4APA-pre+AD4- exploitation+ADw-/pre+AD4APA-pre+AD4- license(c)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2,838+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-258+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,806+ADw-/pre+AD4APA-pre+AD4-Surface concession+ADw-/pre+AD4-+ADw-pre+AD4- rights(d)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,023+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-24+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-927+ADw-/pre+AD4APA-pre+AD4-Lease agreements(e)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,500+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-652+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-553+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-295+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Total commitments+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 73,451 +ACQ- 65,061 +ACQ- 1,787 +ACQ- 2,183 +ACQ- 1,286+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 3,134+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span lang+AD0-EN-GB
style+AD0-'font-size:10.0pt+ADs-font-family:Georgia+ADs-mso-ansi-language:EN-GB'+AD4-(a)
The Company and its subsidiaries have a number of agreements with
arms-length third parties who provide a wide range of goods and
services which totaled +ACQ-6.6 million at December 31, 2008 (2007 - +ACQ-9.3
million). Typically, the service agreements are for a term of not more
than one year and permit either party to terminate for convenience on
notice periods ranging from 15 to 90 days. Upon termination, the
Company has to pay for services rendered and costs incurred to the date
of termination.+ADw-br+AD4-
+ADw-br+AD4-
(b) During 2007, the Company entered into purchase agreements for
long-lead-time equipment, the cost of which is to be paid over three
years beginning 2007. The following is a summary of the long-lead-time
equipment orders and the payment status:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-span lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/span+AD4APA-/pre+AD4APA-pre+AD4APA-span
lang+AD0-EN-GB style+AD0-'mso-ansi-language:EN-GB'+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4APA-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Total purchase agreements:+ADw-/pre+AD4APA-pre+AD4-Grinding area systems+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 41,237+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 46,140+ADw-/pre+AD4APA-pre+AD4-Crusher facilities+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-3,923+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-6,976+ADw-/pre+AD4APA-pre+AD4-Other process equipment+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2,646+ADw-/pre+AD4APA-pre+AD4-Foreign exchange movement+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-9,681+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-54,841+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-55,762+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Amount paid as at December 31, 2008:+ADw-/pre+AD4APA-pre+AD4-Grinding area systems+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4APA-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAPA-/span+AD4-(20,436)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4-(11,043)+ADw-/pre+AD4APA-pre+AD4-Crusher facilities+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(1,896)+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-(2,018)+ADw-/pre+AD4APA-pre+AD4-Other process equipment+ADw-span 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style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4AJA- 27,740+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADs- +ADw-/span+AD4AJA- 42,434+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-o:p+AD4APA-/o:p+AD4APA-/pre+AD4-
+ADw-table class+AD0-MsoNormalTable border+AD0-0 cellpadding+AD0-0 style+AD0-'mso-cellspacing:
1.5pt' height+AD0-1+AD4-
+ADw-tr style+AD0-'mso-yfti-irow:0+ADs-mso-yfti-firstrow:yes+ADs-mso-yfti-lastrow:
yes'+AD4-
+ADw-td style+AD0-'padding:.75pt .75pt .75pt .75pt'+AD4-
+ADw-p class+AD0-MsoNormal+AD4AJg-nbsp+ADsAPA-/p+AD4-
+ADw-/td+AD4-
+ADw-/tr+AD4-
+ADw-/table+AD4-
+ADw-p class+AD0-MsoNormal style+AD0-'margin-bottom:12.0pt'+AD4APA-span style+AD0-'font-size:
10.0pt+ADs-font-family:Georgia'+AD4-During the second quarter 2008, the Company
elected not to exercise its manufacturing order option on +ACQ-7.4 million
of orders, pending the restart of the permitting process. During the
fourth quarter 2008, the Company amended the remaining orders, which cumulatively
reduced the total commitment for long-lead-time equipment by an
additional +ACQ-3.2 million. Therefore, these items have been excluded from
the commitments table.+ADw-br+AD4-
+ADw-br+AD4-
(c) Under the terms of the Company's exploitation mineral license for
the Rosia Montana project, an annual fee is required to be paid to
maintain the license in good standing. The current annual fee is
approximately +ACQ-0.2 million. These fees are indexed annually by the
Romanian Government and the license has 11 years remaining.+ADw-br+AD4-
+ADw-br+AD4-
(d) RMGC has approximately 43 years remaining on a concession agreement
with the Local Council of Rosia Montana Commune by which it is granted
exploitation rights in property located on and around the proposed
Cirnic pit for an annual payment of +ACQ-24 thousand.+ADw-br+AD4-
+ADw-br+AD4-
(e) The Company has entered into agreements to lease premises for
various periods until May 31, 2011. The annual rent of premises
consists of minimum rent plus realty taxes, maintenance and utilities.+ADw-br+AD4-
+ADw-br+AD4-
The Company has an agreement with a consulting firm to provide
financial advisory services in relation to defining and implementing
the financing plan for development of the Rosia Montana gold project. A
success fee of up to US+ACQ-4 million will be payable on execution of
definitive credit agreements and/or financing documents for the senior,
mezzanine and cost overrun debt facilities for the Project. No amount
has been accrued for these services.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-19. Supplemental Cash Flow Information+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-(a) Net changes in non-cash working capital+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2008+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-2007+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4-----------------------------------------------------------------------------+ADw-/pre+AD4APA-pre+AD4APA-o:p+AD4AJg-nbsp+ADsAPA-/o:p+AD4APA-/pre+AD4APA-pre+AD4-Operating activities:+ADw-/pre+AD4APA-pre+AD4- Accounts receivable, prepaid expenses and supplies+ADw-span 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+ADw-/span+AD4-financing+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4-1,829+ADw-span style+AD0-'mso-spacerun:yes'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +ADw-/span+AD4--+ADw-/pre+AD4APA-pre+AD4- Unrealized foreign exchange loss on working capital+ADw-span 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