RE: Balance SheetThe filing date of the most recent available financial statemt is Nov 27, 2003. (www.sedar.com)
Careful reading of the balance sheet shows that the 1.3 million figure includes 737,008 DEFERRED EXPLORATION COSTS (Note 2)
Note 2:
Exploration Costs
Exploration costs relating to mineral properties are deferred until the properties are brought into production, at which time the deferred exploration costs are to be amortized on a unit of production basis, or until the properties are abandoned or sold, at which time the deferred costs are written off.
The amounts shown as deferred exploration costs represent unamortized costs to date and do not necessarily reflect present or future values.
(extract from Note 2)