Year End results out...Net loss for the year ended December 31, 2009 was $3,310,736 compared to net income of $222,184
for the same period of the previous year. The swing from net income to net loss compared to the
previous year is primarily the result of a significant gain on the sale of mineral properties that took place
in the previous year. Other items that impacted the net loss in the current year include a loss on sale of
investments of $1,405,170, which was offset by an unrealized gain on investments of $2,376,781, and a
gain on the sale of mineral properties of $98,494. Operating expenses increased to $6,190,910 from
$3,305,862 due to the compensation adjustment for stock options of $3,976,438. Excluding the
compensation adjustment for stock compensation, the operating expenses decreased from $2,347,788
to $2,214,472, due primarily to lower general and administrative expenses and lower professional fees.
Of the $6,190,910 in operating expenses incurred during the year ended December 31, 2009, $16,164
related to non-cash charges for amortization, and $3,976,438 to compensation for stock options granted.
Of the remaining $2,198,308 in operating expenses, $1,863,137 related to general and administrative
expenses, $210,240 to professional fees and $124,931 for the flow-through interest penalty. The
Corporation reported $1,721,853 of future income tax recovery during the period relating to timing
differences between the accounting and tax basis of assets as at December 31, 2009. General and
administrative expenses decreased by $53,731, and professional fees decreased by $144,720,
compared to the previous year. The most significant amounts included in general and administrative
expenses are capital taxes of $115,359, listing fees of $78,397, accounting and administrative of
$200,370, investor relations of $393,681, travel expenses of $121,797 and executive and office salaries
of $389,545. Exploration and development programs during the year ended December 31, 2009 resulted
in $18,494,081 in related net expenditures. Of the $18,494,081 incurred, $12,196,038 related to the
Hardrock project, and $2,883,287 was spent on the PQ North project, $1,352,579 was spent on the
Lennie project, and the remaining $2,062,177 was spent on other areas.