CANDORADO OPERATING CO V.CDO

1st qrt Statements now due under NEW RULES

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New Accounting Pronouncements

International financial reporting standards (“IFRS”)

In February 2008, the CICA Accounting Standards Board (“AcSB”) confirmed the changeover to IFRS from Canadian

GAAP will be required for publicly accountable enterprises effective for interim and annual financial statements

relating to fiscal years beginning on or after January 1, 2011 at which time Canadian GAAP will cease to apply for

Candorado 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 including comparative IFRS financial results and

an opening balance sheet as at January 1, 2010. The first annual IFRS consolidated financial statements will be

prepared for the year ended December 31, 2011 with restated comparatives for the year ended December 31, 2010