**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM          20-F**
**/A**

**Amendment          no. 4**

**REGISTRATION      STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT      OF      1934.**

**RODINIA      MINERALS, INC.**

**Province      of British Columbia**

**Suite        600, 580 Hornby Street, Vancouver, British Columbia, V6C        3B6**
** **

| Title                of each Class |   | Name                of each exchange on which registered |
|------------------------------------|--------|----------------------------------------------------------|
|  Common                       |   | Toronto                Stock Exchange - Venture     |

**Common      shares without par value**

**None**

** **

** **
**xx**

**Item      17   **
**xx**
**        Item      18 ______**

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**TABLE        OF CONTENTS**

| Forward-looking Statements                                                  | page 3               |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------|
| Glossary of Mining Terms                                                    | page 4               |
| Item                    1. Identity of Directors, Senior Management and Advisors                                    | page                    8 |
| Item 2. Offer Statistics and Expected                    Timetable                         | page 9          |
| Item 3. Key Information                                                     | page 10         |
| A.                      Selected Financial Data                                                                | page 10    |
| Exchange                      Rates                                                                            | page 11    |
| Rate                      of Currency Exchange                                                                 | page 11    |
| B.                      Capitalization and Indebtedness                                                   | page 12    |
| Loans                      Payable                                                                             | page 12    |
| Convertible                      Debt                                                                          | page 12    |
| Financings                                                                                                     | page 14    |
| C.                      Reasons for the Offer and Use of Proceeds.                                             | page 16    |
| D.                      Risk factors                                                                                | page 16    |
| Item 4. Information on the Company                                               | page 21                   |
| A.                      Corporate Information                                                                       | page 21    |
| B.                      Business Overview                                                                           | page 22    |
| Item 5. Operating and Financial                    Review and                    Prospects      | page 36                   |
| A.                      Operating Results                                                                      | page 36    |
| U.S.                      and Canadian GAAP Differences                                                        | page 36    |
| B.                      Liquidity and Capital Resources                                                             | page 41    |
| C.                      Research and Development, Patents and Licenses, etc.                                        | page 43    |
| D.                      Trend Information                                                                      | page 43    |
| E.                      Off-balance Sheet Arrangements.                                                        | page 43    |
| F.                      Tabular Disclosure of Contractual Obligations                                          | page 43    |
| G.                      Safe Harbor                                                                            | page 44    |
| Item 6. Directors, Senior Management                    and                    Employees        | page 44         |
| A.                      Directors and Senior Management                                                        | page 44    |
| C.                      Board Practices                                                                        | page 51    |
| D.                      Employees                                                                              | page 53    |
| E.                      Share Ownership                                                                        | page 54    |
| Item 7. Major Shareholders and                    Related Party                    Transactions      | page 54                   |
| A.                      Major Shareholders                                                                | page 54    |
| B.                      Related Party Transactions.                                                            | page 54         |
| C.                      Interests of Experts and Counsel                                                       | page 55         |
| Item 8. Financial                    Information                            | page 55                   |
| A.                      Consolidated Statements and Other Financial Information                                | page 55    |
| B.                      Significant Changes                                                                    | page 55    |
| Item 9. The Offer and                    Listing                            | page 56                   |
| A.                      Offer and Listing Details                                                              | page 56         |
| B.                      Plan of Distribution                                                                   | page 57    |
| C.                      Markets                                                                                | page 57    |
| D.                      Selling Shareholders                                                                   | page 57    |
| E.                      Dilution                                                                               | page 57    |
| F.                      Expenses of the Issue                                                                  | page 57    |
| Item 10. Additional                    Information                               | page 57                   |
| A.                      Share Capital                                                                          | page 57    |
| B.                      Memorandum and Articles of Association                                                 | page 67    |
| C.                      Material Contracts                                                                     | page 71    |
| D.                      Exchange Controls                                                                      | page 73    |
| E.                      Taxation                                                                               | page 76         |
| F.                      Dividends and Paying Agents                                                            | page 84    |
| G.                      Statement by Experts                                                                   | page 84    |
| H.                      Documents on Display                                                                   | page 84         |
| I.                      Subsidiary Information                                                                 | page 85    |
| Item 11. Quantitative and Qualitative                    Disclosures About Market Risk                    | page 85                   |
| Item 12. Description of Securities                    Other than                    Equity Securities          | page 85              |
| A.                      Debt Securities                                                                        | page 85    |
| B.                      Warrants and Rights                                                                    | page 85    |
| C.                      Other Securities                                                                            | page 88    |
| D.                      American Depositary Shares                                                             | page 88    |
| Item 17. and Item 18. Financial                    Statements                    | page 88                   |
| CONSOLIDATED                      FINANCIAL STATEMENTS                                                              | page 89              |
| Comments                      by Auditor for US Readers on Canada-US Reporting Difference                      | page 91    |
| SIGNATURES                                                                                                     | page 125        |
| Item 19. Exhibits                                                      | page 125             |

----

**Forward-Looking      Statements**

----

**Cautionary      Note to U.S. Investors Concerning Estimates of Measured and Indicated Mineral      Resources**

**Glossary      of Mining Terms**

| **Archean**                          |   | Of                or belonging to the earlier of the two divisions of Precambrian time,                from                approximately 3.8 to 2.5 billion years ago, marked by an atmosphere                with                little free oxygen, the formation of the first rocks and oceans,                and the                development of unicellular life. Of or relating to the oldest known                rocks,                those of the Precambrian Eon, that are predominantly igneous in                composition.                                                                                                                                      |
|--------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Assaying**                         |   | Laboratory                examination that determines the content or proportion of a specific                metal                (ie: gold) contained within a sample.  Technique usually involves                firing/smelting.                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Conglomerate**                     |   | A                coarse-grained clastic sedimentary rock, composed of rounded to subangular                fragments larger than 2 mm in diameter (granules, pebbles, cobbles,                boulders) set in a fine-grained matrix of sand or silt, and commonly                cemented by calcium carbonate, iron oxide, silica, or hardened clay;                the                consolidated equivalent of gravel. The rock or mineral fragments                may be of                varied composition and range widely in size, and are usually rounded                and                smoothed from transportation by water or from wave                action. |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Cratons**                          |   | Parts                of the Earth's crust that have attained stability, and have been                little                deformed for a prolonged period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Development                Stage** |   | A                “development stage” project is one which is undergoing preparation of an                established commercially mineable deposit for its extraction but                which is                not yet in production. This stage occurs after completion of a feasibility                study.                                                                                                                                                                                                                                                                                                                                                      |

----

| **Dolomite                Beds**     |   | Dolomite                beds are associated and interbedded with limestone, commonly representing                postdepositional replacement of limestone.                                                                                                                                                                                                                                                                                                                                |
|--------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Doré**                        |   | unrefined                gold bullion bars containing various impurities such as silver, copper                and                mercury, which will be further refined to near pure                gold.                                                                                                                                                                                                                                                                                 |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Dyke                or Dike**      |   | A                tabular igneous intrusion that cuts across the bedding or foliation                of the                country rock.                                                                                                                                                                                                                                                                                                                                                    |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Exploration                Stage** |   | An                “exploration stage” prospect is one which is not in either the development                or production stage.                                                                                                                                                                                                                                                                                                                                               |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Fault**                            |   | A                break in the continuity of a body of rock. It is accompanied by a                movement                on one side of the break or the other so that what were once parts                of one                continuous rock stratum or vein are now separated. The amount of                displacement of the parts may range from a few inches to thousands                of                feet.                                                                |
| **Feldspathic**                      |   | Said                of a rock or other mineral aggregate containing                feldspar.                                                                                                                                                                                                                                                                                                                                                                                               |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Fold**                             |   | a                curve or bend of a planar structure such as rock strata, bedding                planes,                foliation, or cleavage                                                                                                                                                                                                                                                                                                                                             |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Foliation**                        |   | A                general term for a planar arrangement of textural or structural features                in any type of rock; esp., the planar structure that results from                flattening of the constituent grains of a metamorphic                rock.                                                                                                                                                                                                                       |
| **Formation**                        |   | a                distinct layer of sedimentary rock of similar                composition.                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Gabbro**                           |   | A                group of dark-colored, basic intrusive igneous rocks composed principally                of basic plagioclase (commonly labradorite or bytownite) and clinopyroxene                (augite), with or without olivine and orthopyroxene; also, any member                of                that group. It is the approximate intrusive equivalent of basalt.                Apatite                and magnetite or ilmenite are common accessory                minerals. |
| **Geochemistry**                     |   | the                study of the distribution and amounts of the chemical elements in                minerals, ores, rocks, solids, water, and the                atmosphere.                                                                                                                                                                                                                                                                                                               |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Geophysicist**                     |   | one                who studies the earth; in particular the physics of the solid earth,                the                atmosphere and the earth’s magnetosphere.                                                                                                                                                                                                                                                                                                                  |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Geotechnical**                     |   | the                study of ground stability.                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Gneiss**                           |   | A                foliated rock formed by regional metamorphism, in which bands or                lens-shaped strata or bodies of rock of granular minerals alternate                with                bands or lens-shaped strata or bodies or rock in which minerals having                flaky or elongate prismatic habits predominate.                                                                                                                                              |
|                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Granitic**                         |   | Pertaining                to or composed of granite.                                                                                                                                                                                                                                                                                                                                                                                                                                       |

----

| **Heap                Leach**           |   | a                mineral processing method involving the crushing and stacking of                an ore on                an impermeable liner upon which solutions are sprayed that dissolve                metals                such as gold and copper; the solutions containing the metals are                then                collected and treated to recover the metals.                                     |
|-----------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Intrusions**                          |   | Masses                of igneous rock that, while molten, were forced into or between other                rocks.                                                                                                                                                                                                                                                                                                       |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Kimberlite**                          |   | A                blue/gray igneous rock that contains olivine, serpentine, calcite                and                silica and is the principal original environment of                diamonds.                                                                                                                                                                                                                       |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Lamproite**                           |   | Dark-colored                igneous rocks rich in potassium and magnesium.                                                                                                                                                                                                                                                                                                                                              |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Lithospere**                          |   | The                solid outer portion of the Earth.                                                                                                                                                                                                                                                                                                                                                                    |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Mantle**                              |   | The                zone of the Earth below the crust and above the core.                                                                                                                                                                                                                                                                                                                                                |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Mapped                or Geological** |   | the                recording of geologic information such as the distribution and nature                of                rock                                                                                                                                                                                                                                                                                          |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Mapping**                             |   | units                and the occurrence of structural features, mineral deposits, and                fossil                localities.                                                                                                                                                                                                                                                                                  |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Metavolcanic**                        |   | Said                of partly metamorphosed volcanic rock.                                                                                                                                                                                                                                                                                                                                                              |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Migmatite**                           |   | A                composite rock composed of igneous or igneous-appearing and/or metamorphic                materials that are generally distinguishable                megascopically.                                                                                                                                                                                                                                  |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Mineral**                             |   | a                naturally formed chemical element or compound having a definite chemical                composition and, usually, a characteristic crystal                form.                                                                                                                                                                                                                                        |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Mineralization**                      |   | a                natural occurrence in rocks or soil of one or more metal yielding                minerals.                                                                                                                                                                                                                                                                                                             |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Mineralized                Material** |   | The                term “mineralized material” refers to material that is not included in the                reserve as it does not meet all of the criteria for adequate demonstration                for economic or legal extraction.                                                                                                                                                                    |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Mining**                              |   | Mining                is the process of extraction and beneficiation of mineral reserves                to                produce a marketable metal or mineral product. Exploration continues                during the mining process and, in many cases, mineral reserves are                expanded during the life of the mine operations as the exploration                potential of the deposit is realized. |
| **Outcrop**                             |   | that                part of a geologic formation or structure that appears at the surface                of                the earth.                                                                                                                                                                                                                                                                                   |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Pipes**                               |   | Vertical                conduits.                                                                                                                                                                                                                                                                                                                                                                                       |
|                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **Plagioclase**                         |   | Any                of a group of feldspars containing a mixture of sodium and calcium                feldspars, distinguished by their extinction                angles.                                                                                                                                                                                                                                                |

----

| **Probable                Reserve** |   | The                term “probable reserve” refers to reserves for which quantity and grade                and/or quality are computed from information similar to that used                for                proven (measured) reserves, but the sites for inspection, sampling,                and measurement are farther apart or are otherwise less adequately                spaced.                The degree of assurance, although lower than that for proven reserves,                is                high enough to assume continuity between points of                observation.                                                                                                                                                                                                                                                                     |
|-------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Production                Stage** |   | A                “production stage” project is actively engaged in the process of                extraction and beneficiation of mineral reserves to produce a marketable                metal or mineral product.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Proterozoic**                     |   | Of                or relating to the later of the two divisions of Precambrian time,                from                approximately 2.5 billion to 570 million years ago, marked by the                buildup                of oxygen and the appearance of the first multicellular eukaryotic                life                forms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Reserve**                         |   | The                term “reserve” refers to that part of a mineral deposit which could be                economically and legally extracted or produced at the time of the                reserve                determination. Reserves must be supported by a feasibility study                done to                bankable standards that demonstrates the economic extraction. (“Bankable                standards” implies that the confidence attached to the costs and                achievements developed in the study is sufficient for the project                to be                eligible for external debt financing.) A reserve includes adjustments                to                the in-situ tonnes and grade to include diluting materials and allowances                for losses that might occur when the material is mined. |
| **Sedimentary**                     |   | Formed                by the deposition of sediment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Shear**                           |   | a                form of strain resulting from stresses that cause or tend to cause                contiguous parts of a body of rock to slide relatively to each other                in a                direction parallel to their plane of contact.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Sill**                            |   | A                concordant sheet of igneous rock lying nearly horizontal. A sill                may                become a dike or vice versa.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Strike**                          |   | the                direction or trend that a structural surface, e.g. a bedding or fault                plane, takes as it intersects the horizontal.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Strip**                           |   | to                remove overburden in order to expose ore.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Till**                            |   | Generally                unconsolidated matter, deposited directly by and underneath a glacier                without subsequent reworking by meltwater, and consisting of a mixture                of                clay, silt, sand, gravel, and boulders ranging widely in size and                shape.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Unconformably**                   |   | Not                succeeding the underlying rocks in immediate order of age or not                fitting                together with them as parts of a continuous whole.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Vein**                            |   | a                thin, sheet like crosscutting body of hydrothermal mineralization,                principally quartz.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **Wall                Rock**        |   | the                rock adjacent to a vein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

**PART      I**

**Item      1. Identity of Directors, Senior Management and Advisers**

**A.      Directors and Senior Management.**
*** ***

|                                                                                              |                              |                                                                                  |
|---------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------------------------|
| Donald                MorrisonPresident                and Director                               |  56                years old | 4036                W. 12th                AvenueVancouver,                BC. V6R2P3 |
|                                                                                              |                              |                                                                                  |
| Donald                Mosher, Vice                President Corporate Communications and Director |  49                years old | 1785                Ross RoadNorth                Vancouver, BC. V7J 1V8              |
|                                                                                              |                              |                                                                                  |
| Ken                Thorsen,Vice                President Exploration, Director                    |  59                years old | 1936                Eureka AvenuePort                Coquitlam, BC. V3C 5P5           |

|                                   |                              |                                                                   |
|----------------------------------------|-----------------------------------|------------------------------------------------------------------------|
| Robert                Pirooz, Director |  42                years old | 150                Tolmie AvenueVancouver,                B.C. V6R 4B5 |

**B.**
*** ***
**Advisers.**

**C.      Auditors.**
*** ***

**Item        2. Offer Statistics and Expected Timetable**

----

**Item      3. Key Information**

**A.      Selected Financial Data**
** **

|                                              | **2005**                       | **2004**                      | **2003**                      | **2002**                       | **2001**                      |
|---------------------------------------------------|--------------------------------|-------------------------------|-------------------------------|--------------------------------|-------------------------------|
| **Interest                  Revenue**             |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | $                  22,415      | $                  1,035      | $                  12         | $                  14          | $                  79         |
| United                  States GAAP               | $                  22,415      | $                  1,035      | $                  12         | $                  14          | $                  79         |
|                                              |                           |                          |                          |                           |                          |
| **Total                  Assets**                 |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | $5,764,231                     | $                  456,618    | $                  652        | $                  2,315       | $                  985,898    |
| United                  States GAAP               | $4,634,788                     | $                  82,337     | $                  652        | $                  2,315       | $                  2,399      |
|                                              |                           |                          |                          |                           |                          |
| **Net                  (Loss)**                   |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | $                  (830,112)   | $                  (362,534)  | $                  (154,427)  | $                  (1,015,682) | $                  (657,964)  |
| United                  States GAAP               | $                  (1,959,555) | $                  (736,815)  | $                  (154,427)  | $                  (32,183)    | $                  (47,886)   |
|                                              |                           |                          |                          |                           |                          |
| **Shareholders'                  Equity**         |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | $                  5,089,115   | $                  181,863    | $                  (41,638)   | $                  (141,068)   | $                  874,614    |
| United                  States GAAP               | $                  (3,959,672) | $                  (192,418)  | $                  (41,638)   | $                  (141,068)   | $                  (108,885)  |
|                                              |                           |                          |                          |                           |                          |
| **Share                  Capital**                |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | $                  17,743,495  | $                  13,179,357 | $                  12,793,357 | $                  12,613,357  | $                  12,613,357 |
| United                  States GAAP               | $                  17,743,495  | $                  13,179,357 | $                  12,793,357 | $                  12,613,357  | $                  12,613,357 |
|                                              |                           |                          |                          |                           |                          |
| **Net                  (Loss) Per Share**         |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | ($0.08)                        | ($0.08)                       | -$0.02                        | ($0.08)                        | ($0.06)                       |
| United                  States GAAP               | ($0.19)                        | ($0.16)                       | ($0.02)                       | $0.00                          | $0.00                         |
|                                              |                           |                          |                          |                           |                          |
| **Cash                  Provided**                |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | $                  (461,144)   | $                  (93,697)   | $                  (80,680)   | (93,067)                       | (94,527)                      |
| United                  States GAAP               | $                  (1,234,898) | $                  (467,978)  | $                  (80,680)   | (26,585)                       | (32,973)                      |
|                                              |                           |                          |                          |                           |                          |
| **Investing                  Activity**           |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | $                  (773,754)   | $                  (374,281)  | -                             | $                  (66,482)    | $                  (127,500)  |
| United                  States GAAP               | $                  (773,754)   | -                             | -                             | -                              | -                             |
|                                              |                           |                          |                          |                           |                          |
| **Dividends                  Declared Per Share** |                           |                          |                          |                           |                          |
| Canadian                  GAAP                    | NIL                            | NIL                           | NIL                           | NIL                            | NIL                           |
| United                  States GAAP               | NIL                            | NIL                           | NIL                           | NIL                            | NIL                           |

----

**Exchange      Rates**

| Year                  Ended December 31, |
|------------------------------------------|
| Year                                     | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
| Average                  for Period      | 1.1615 | 1.2034 | 1.2923 | 1.5800 | 1.592 | 1.4995 |

| Month                  Ended  |
|------------------------------------|
|  Month                        | December | November | October | September | August | July |
|  Year                         | 2005 | 2005 | 2005 | 2005 | 2005 | 2004 |
| High                  for Period   | 1.1736 | 1.1960 | 1.1887 | 1.1880 | 1.2185 | 1.2437 |
| Low                  for Period    | 1.1507 | 1.1656 | 1.1657 | 1.1607 | 1.1888 | 1.2048 |

**Rate      of Currency Exchange**

**B.      Capitalization and Indebtedness**

**Loans      Payable**

|                                                              |   | 2005   |      |  2004 |   |
|-------------------------------------------------------------------|--------|------------------|-----------|------------|--------|
| Unsecured                    loans payable, non-interest bearing, |   | $                | -         |       | $      | - |   |
| no                    specified terms of repayment      |   |             |           |       |   | 135,535 |   |
|                                                                   |   | $           |  NIL |       | $      | 135,535 |   |
|                                                              |   |             |      |       |   |   |   |

**Convertible      Debt**

| 2004                                                                |   | 2004   |    |  2003 |   |
|---------------------------------------------------------------------|--------|--------|---------|------------|--------|
| Unsecured                      bridge loan payable, due on demand   |   | $      | -       |       | $      | - |   |
| Unsecured                      loans payable, non-interest bearing, |   |   |    |       |   |   |   |
| no                      specified terms of repayment                |   |   | 135,535 |       |   | 675 |   |
|                                                                |   | $      | 135,535 |       | $      | 675 |   |
|                                                                |   |   |    |       |   |   |   |

----

**Financings**
** **

* *

* *
**”        **
**)**

**1.      Private Placement of 2,000,000 Units **
**March      9, 2005**

----

**2.      Private Placement of 4,108,785 Units October 31, 2005 **

**3.      Private Placement of 800,000 Units December 01, 2005**

**C.      Reasons for the Offer and Use of Proceeds.**

**D.      Risk factors**

**Overview:      General Considerations**

----

* *

** **
** **

**Additional      Risks**

----

----

----

----

*Regulation*
*SEC*

*Securities      Exchange Act of 1934*
*Regulation*

*Regulation*

**Item      4. Information on the Company**

**A.        Corporate Information**

*Company*
*Western      Premium Resource Corp.*

*Zodiac      Exploration Corp.*

----

*Donnybrook      Resources, Inc.*

**B.      Business Overview**

*****

*****

**Past      Projects and Operations **

----

| **Exploration                expenditures**     | **2002**     |
|-------------------------------------------------|--------------|
|                                            |         |
| North                Rock Property              |         |
| Acquisition                costs                | 875,000.00   |
| Geological                                      | 23,390.00    |
| Field                work                       | 4,770.00     |
| Travel                & others              | 1,848.00     |
| Staking                                         | 18,400.00    |
| Recovery                of costs                | (6,391.00)   |
| Write                down of resource property  | (917,017.00) |
|                                            |         |
| Wyoming                Property                 |         |
| Acquisition                costs                | 625,000.00   |
| Claims                registration and staking  | 60,660.00    |
| Geological                                      | 24,374.00    |
| Travel                                          | 4,620.00     |
| Equipment                rental & surveying | 2,550.00     |
| Miscellaneous                                   | 5,277.00     |
| Supplies                                        | 1,368.00     |
| Recovery                of acquisition costs    | (190,091.00) |
| Write                down of resource property  | (533,758.00) |

----

**Overview      of Current Operations:**
**Workman      Creek Project**

**Terms        of Rodinia’s Option Agreement with Cooper        Minerals**

| (1)   | the                  Company graduates from its current Tier 2 listing to a Tier 1 listing                  on                  the TSX Venture Exchange |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | the                  Company pays                  USD $135,000 upfront (completed) |
|-----------------|-------------------------------------------------------------------------------------|

| (3)   | the                  Company expends USD $2,000,000 on exploration over 4 years (CAD                  $2,406,000 at the time the option was agreed upon by both                  parties);                  the Company issues 2.5 million of its shares and issues 1.5 million                  non-transferable share purchase warrants entitling the purchase                  of up to                  1.5 million of its shares for five years.                   (The strike price of the warrants will be set when Rodinia graduates                  to a                  Tier 1 listing. Note:                  The Company was required to pay USD $135,000 up front, further                  payment of                  2.5 million shares and 1.5 million warrants is not required until                  Rodinia                  graduates from its current listing on the Tier 2 of the TSX Venture                  Exchange to the Tier 1 of the TSX Venture Exchange, at which time                  the                  strike price of the warrants will be set.) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (4)   | Completion                  of the acquisition of the claims from Cooper will occur when requirement                  #3, as outlined above, is satisfied. Once issued, the warrants                  will be                  exercisable at a price equal to the greater of (1) $0.01 in excess                  of the                  closing price of the Company’s shares on the TSX Venture Exchange on the                  day prior to the announcement of the acquisition of the claims                  from Cooper                  and (2) the price of any financing completed by the Company concurrent                  with the completion of the acquisition of the claims from                  Cooper. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Overview:      TSX-V **
**Listing      Requirements for a **
**Mining      Issuer - Tier 2 & Tier 1**

| (a)   | hold a Significant Interest in a Qualifying Property                or,                at the discretion of the Exchange, hold rights to earn a Significant                Interest in the Qualifying Property. An Issuer holding less than                a                Significant Interest in a Qualifying Property, may, on an exception                basis,                be considered to satisfy this criterion, taking into account factors                such                as the program size, quality and stage of property advancement, market                support and joint venture partners; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a minimum of $100,000 in exploration and development                costs have been spent on the Qualifying Property by the applicant                Issuer                in the last 3 years or sufficient expenditures incurred, such that                the                Qualifying Property is a Tier 1 Property; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a Geological Report recommending a minimum $200,000                non-contingent work program on the Qualifying Property;                and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

** **

| (b)   | adequate Working Capital which includes adequate                funds:                (i)                  to conduct the recommended work program; (ii)                  to satisfy general and administrative expenses for at least 12                  months;                  (iii)                  to maintain the Qualifying Property and all Principal Properties                  in good                  standing for at least 12 months; and (iv)                  at least $100,000 in unallocated                  funds. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**The        following tables summarize the Tier 2 Minimum Listing        Requirements:**

----

|  **Tier                2 Minimum Listing Requirements Mining Issuers** **(as                at September 28, 2005** |
|-------------------------------------------------------------------------------------------------------------------------------|
| **Minimum                Listing Requirements**                                                                          |  **Mining                Issuers**  |
| **Net                Tangible Assets**                                                                                   | No                requirement   |
| **Property                or Reserves**                                                                                  | Significant                Interest in a Qualifying Property or at the discretion of the Exchange,                hold rights to earn a Significant Interest in the Qualifying Property                  |
| **Prior                Expenditures**                                                                                    | $100,000                on the Qualifying Property in last 3 years by applicant issuer or                sufficient expenditures incurred such that the property is a Tier                1                Property   |
| **Recommended                Work Program**                                                                              | $200,000                on the Qualifying Property as recommended by Geological Report                  |
| **Working                Capital and Financial Resources**                                                               | Adequate                Working Capital and Financial Resources including: Work program +                12 mos.                G&A(1)                +                12 mos. property payments to keep Qualifying Property and “Principal                Properties” in good standing +$100,000 unallocated   |
| **Earnings                or Revenue**                                                                                   | No                requirement   |
| **Distribution,                Market Capitalization and Float**                                                         | 500,000                public free trading shares  $500,000                held by Public Shareholders  200                Public Shareholders with a Board Lot and no Resale Restrictions                 10%                Public Float  20%                of issued and outstanding shares in the hands of Public                Shareholder  |
| **Other                Criteria**                                                                                        | Geological                Report recommending completion of work program  Sponsor                Report may be required |

**Rodinia      Attains a Tier 2 listing on the TSX Venture Exchange**

** **

----

***Recently      Completed Financing***
**”      **

**Tier      1 status and the criteria Rodinia must meet to obtain Tier 1 status:**

| ·   | meet                TSX Venture Exchange listing requirements, including requirements                relating                to directors, officers and a corporate governance structures |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | be                sponsored by a TSX Venture member firm |
|--------------------|----------------------------------------------------------|

| ·   | submit                all necessary agreements and                documentation |
|--------------------|---------------------------------------------------------------------------------|

**The      following tables summarize Tier 1 Minimum Listing      Requirements:**

|  **Tier                1 Minimum Listing Requirements Mining Issuers**  **(as                at September 28, 2005)**  |
|--------------------------------------------------------------------------------------------------------------------------------------------|
|  **Net                Tangible Assets**                                                                                          |  $2,000,000                  |
| **Property                or Reserves**                                                                                               | Material                Interest in a Tier 1 Property   |
| **Prior                Expenditures**                                                                                                 | No                requirement   |
| **Recommended                Work Program**                                                                                           | $500,000                on the Tier 1 Property (as recommended by Geological Report)   |
| **Working                Capital and Financial Resources**                                                                            | Adequate                for: Work program + 18 mos. G&A(1)                +                18 mos. property payments to keep Tier 1 Property and Exploration                “Principal Properties” in good standing +$100,000 unallocated  |
| **Earnings                or Revenue**                                                                                                | No                requirement   |
| **Distribution,                Market Capitalization and Float**                                                                      | $1,000,000                held by Public Shareholders  1,000,000                free trading public shares  200                Public Shareholders with a Board Lot and no Resale Restrictions                 10%                Public Float  20%                of issued and outstanding shares in the hands of Public Shareholders                  |
| **Other                Criteria**                                                                                                     | Geological                Report recommending completion of work program or positive feasibility                study or production levels exhibiting a likelihood of positive cash                flow                 Sponsor                Report may be required   |

----

| (1)   | “G&A”                means general and administrative expenses. (2) “principal properties”                means any other properties of the Issuer in respect of which 20%                or more                of the available funds will be spent in the next 18 months (3) “advanced                exploration property” refers to one on which a zone of mineralization has                been demonstrated in three dimensions with reasonable continuity                indicated. The mineralization identified has economically interesting                grades. (4) A company must hold or have the right to earn and maintain                a                50% interest in the qualifying property. Companies holding less than                a 50%                interest, will be considered on a case-by-case basis looking at program                size, stage of advancement of the property and strategic alliances.                (5)                “Tier I Property” means a property that has substantial geological merit                and is: (i) a property in which the Issuer holds a material interest                and;                (ii) a property on which previous exploration, including detailed                surface                geological, geophysical and/or geochemical surveying and at least                an                initial phase of drilling or other detailed sampling (such as trench                or                underground opening sampling), has been completed and; (iii) an                independent Geological Report recommends a minimum $500,000 Phase                1                drilling (or other form of detailed sampling) program based on the                merits                of previous exploration results; or an independent, positive, feasibility                study demonstrates that the property is capable of generating positive                cash flow from ongoing operations. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | www.tsx.com/en/aboutUs/CADx/ |
|--------------------|------------------------------|

| ·   | www.tsx.com/en/pdf/TSXandTSXVenture_MiningListingRequirements.pdf  |
|--------------------|-------------------------------------------------------------------------|

**Status      of Rodinia’s Compliance with Tier 1 Listing Requirements**

**Exploration      Expenditures At Workman Creek up to December 31, 2005**

**(All      figures are in Canadian dollars):**

|                                                            | **31                    - Dec -****2005 **  |    | **31                    - Dec -2004** |   |
|-----------------------------------------------------------------|-------------------------------------------------------|---------|---------------------------------------|--------|
| Cooper                    Property (Workman Creek Project $CAD) |                                                  |    |                                  |   |   |
| Property                    acquisition               |                                                  | $  | 85,000                                |   | $  | - |   |
| Property                    deposit                             |                                                  |    | 41,162                                |   |   | 42,500 |   |
| Advanced                    Royalty                             |                                                  |    | 30,283                    -           |   |   |   |   |
| Assays                                                          |                                                  |    | 5,134                  -              |   |   |   |   |
| Claims                                                          |                                                  |    | 68,978                                |   |   | 39,334 |   |
| Consulting                                                      |                                                  |    | 212,494                               |   |   | 56,705 |   |
| Equipment                    rental                             |                                                  |    | 77,048                                |   |   | 34,398 |   |
| Field                    expenses                               |                                                  |    | 60,712                                |   |   | 1,263 |   |
| General                    and administration                   |                                                  |    | 69,665                                |   |   | 16,625 |   |
| Reports                    and maps                             |                                                  |    | 12,712                                |   |   | 12,712 |   |
| Site                    visits                                  |                                                  |    | 15,824                                |   |   | 6,088 |   |
| Staking                    program                              |                                                  |    | 164,656                               |   |   | 164,656 |   |
| Total                                                           |                                                  |    | 534,945                               |   |   | 374,281 |   |
| Total                    Resource Properties                    |                                                  | $       | 843,668                               |   | $ | 374,281 |   |

----

**Exploration      History at**
**Workman      Creek**

**Property      Report on **
**Workman      Creek **

*“None      of the historical estimates of tonnage and grade of the Workman Creek uranium      deposit comply with NI #43-101 regulations, since they were made long before      the      implementation of the instrument. The estimates are relevant only for their      historical interest and as an indication of uranium mineralization of interest      in place. These calculations although believed to be reliable, are historical      and do not comply with NI #43-101 standards because they do not meet CIM      definitions or use CIM terminology. It is likely that the estimates would fall      into the category of indicated mineral resource as set out in NI      #43-101.”*

**Conclusions      and Recommendations from the Property Report**

----

**Exploration        Plan: Phase 1 and Phase 2 Exploration at Workman Creek as Recommended in        Dr.        Montgomery’s Property Report**

----

**Lucky      Boy Mine - Uranium Project**

**Status      of work to be commenced by Golden Patriot**

**Item      10,**
**C.      “**
***Material      Contracts”***
*.*

----

**Subsequent      Events**

**Drilling      Commences on Mormon Lake Property **

**Exploration      Expenditures At Mormon Lake up to December 31, 2005**

|                                                         |       | **Mormon                    Lake ** | ** ** |
|--------------------------------------------------------------|------------|------------------------------------------|------------|
| **2005**                                                     | ** ** | **Arizona**                    |       |
|                                                         |       |                                     |       |
| Mineral                    properties, beginning of the year |       | $                                        | -          |   |
|                                                         |       |                                     |       |   |
| Cost                    incurred during the year:            |       |                                     |       |   |
| Acquisition                    costs                         |       |                                     | -          |   |
| Advanced                    royalty                          |       |                                     | -          |   |
| Property                    deposit                          |       |                                     | -          |   |
| Property                    advances                         |       |                                     | 16,409     |   |
| Assaying                                                     |       |                                     | -          |   |
| Consulting                                                   |       |                                     | -          |   |
| Claims                    maintenance                        |       |                                     | 91,306     |   |
| Field                    equipment and supplies              |       |                                     | -          |   |
| Field                    work, labour and supplies           |       |                                     | -          |   |
| General                    and administration                |       |                                     | -          |   |
| Site                    visits                               |       |                                     | -          |   |
| Staking                    programs                          |       |                                     | 92,613     |   |
|                                                         |       |                                     |       |   |
| Mineral                    properties, end of the year       |       | $                                        | 200,328    |   |

----

**Overview      of the Uranium Industry **

----

----

**Item      5. Operating and Financial Review and Prospects**

**A.      Operating Results**

**U.S.      and Canadian GAAP Differences**

***Year      ended December 31, 2005***

| (i)   | Stock-based                  compensation (Note 8) of $240,720 from $183, 770 on December 31,                  2004 to                  $424,490 on December 31,                  2005; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Accounting,                  audit and legal fees of $57, 428 from $65,051 on December 31, 2004                  to                  $122,479 December 31, 2005; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Management                  and consulting fees (Note 11(a)) of $82,057 from $50,123 on December                  31,                  2004 to $132,180 on December 31,                  2005; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | Travel                  and shareholder information of $53,129 from $15,403 on December                  31, 2004                  to $68,532 on December 31,                  2005; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | Office                  and rent (Note 11(b)) of $13,173 from $12,317 on December 31, 2004                  to                  $25,490 on December 31, 2005; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | Transfer                  agent fees of $51,397 from $22,880 on December 31, 2004 to $74,277                  on                  December 31, 2005; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vii)   | Amortization                  of $5,079 to December 31, 2005. |
|-------------------|---------------------------------------------------------------|

----

*Financings,        Principal Purposes and Milestones*

----

**Year      ended December 31, 2004**

| (i)   | Stock                  based compensation of $110,183, from $73,857 on December 31, 2003                  to $183,                  770 on December 31, 2004; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Accounting,                  audit and legal fees of $52,788, from $12,263 on December 31, 2003                  to                  $65,051 on December 31, 2004; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Management                  fees of $7,236, from $28,264 on December 31, 2003 to $35,500 on                  December                  31, 2004; |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | Filing                  fees and services of $343, from $19,718 on December 31, 2003 to                  $19,375 on                  December 31, 2004; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | Travel                  and shareholder information of $15,404 to December 31,                  2004; |
|-----------------|-------------------------------------------------------------------------------------------------------|

| (vi)   | Finder’s                  fee of $14,025 to December 31,                  2004; |
|------------------|---------------------------------------------------------------------------------------|

| (vii)   | Consulting                  fees of $11,623 to December 31,                  2004; |
|-------------------|------------------------------------------------------------------------------------|

| (viii)   | Office,                  rent, sundry of $201, from $9,109 on December 31, 2003 to $9,310                  on                  December 31, 2004; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (ix)   | Transfer                  agent fees of ($1,609), from $5,114 on December 31, 2003 to $3,505                  on                  December 31, 2004; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (x)   | Directors’                  Fees of $3000 to December 31,                  2004; |
|-----------------|----------------------------------------------------------------------------------------|

| (xi)   | Communications                  of ($1,575), from $4,370 on December 31, 2003 to $2,319 on December                  31,                  2004; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (xii)   | Bank                  charges and interest of ($1,057), from $1,744 on December 31, 2003                  to $687                  on December 31, 2004. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Financings,      Principal Purposes and Milestones*

| 1.   | 800,000                units at $0.18 per unit for total proceeds of $144,000. Each unit                consisted of one common share and one share purchase warrant that                entitled                the holder to purchase an additional common share for $0.23 up to                and                including March 16, 2005. In connection with this private placement,                125,216 share purchase warrants were issued as finders’ fees. Each share                purchase warrant entitled the holder to purchase an additional common                share for $0.23 up to and including March 16, 2005. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | 824,000                units at $0.25 per unit for total proceeds of $206,000. Each unit                consisted of one common share and one share purchase warrant that                entitled                the holder to purchase an additional common share for $0.35 up to                and                including September 27, 2005. In connection with this private placement,                64,400 share purchase warrants were issued as finders’ fees. Each share                purchase warrant entitled the holder to purchase an additional common                share for $0.35 up to and including September 27,                2005. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Year      ended December 31, 2003***

*Financings,      Principal Purposes and Milestones*

----

**Year          ended December 31, 2002**

----

**B.            Liquidity and Capital Resources**

***Year            ended December 31, 2005***

----

***Year              ended December 31, 2004***

**(All              figures in Canadian dollars)**

*Year            ended December 31, 2003*

*Year            ended December 31, 2002*

----

**D.      Trend Information**

**E.      Off-balance Sheet Arrangements**

**F.      Tabular Disclosure of Contractual Obligations**

----

**G.      Safe Harbor**

**Item      6. Directors, Senior Management and Employees**

**A.      Directors and Senior Management**

|  **Name                and Residence of Directors and Present Offices                Held** |  **Principal                Occupation or employment and, if not a previously elected director,                occupation during the past 5 years** |  **Date                Elected or****Appointed                a Director** |
|--------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|

| **Donald                  Morrison**(1)Vancouver,                  BCDirector                  and President                                         | President                  of the Company since August 2003. Director                  of the Company since November 1995                                                                                                                                                               | November                  2, 1995 to the present       |
|------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|
|  **Donald                  Mosher**(1)North                  Vancouver, BCDirector                  and Vice President Corporate Communications |  Vice                  President Corporate Communications since December 8, 2003. Financial                  consultant since 2003.Principal                  of B&D Capital Partners. Mr. Mosher has been with B&D Capital                  Partners for the past 5 years |  December                  8, 2003 to the present |
|  **Ken                  Thorsen**(1)Port                  Coquitlam, B.C.Director                  and Vice President Exploration          |  Vice                  President Exploration since February 1, 2005. Geological Engineer.                  President of Thorsen Consulting Ltd. from 2002 to the present.                  Retired                  from                  a 21 year career with Teck Cominco Ltd.       |  November                  1, 2004 to the present |

|  **Robert                Pirooz****(1)**Director                (appointed AGM June 10, 2005)  |  Mining                Company Senior Executive. Mr. Pirooz is a lawyer and was called to                the                British Columbia Bar in 1990. |  June                10, 2005 to the present |
|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|                                                                                                     |                                                                                                                                                           |                                              |

----

**Executive      Officers of the Company **

**Don      Morrison**

**Don          Mosher**

**Ken          Thorsen**

----

**Robert      Pirooz**

**B.**
**Compensation      Executive Officers of the Company **

**Summary      Compensation Table**

| Name                and Principal                Position                                         | Year(1)                      | Annual                Compensation                                                             | Long                Term Compensation                     | All                other Compensa-tion($)                      |
|---------------------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------|-----------------------------------------------------------|----------------------------------------------------------------|
| Awards                                                                                            | Payouts                      |
| Salary                ($)                                                                         | Bonus($)                     | Amounts                paid in lieu of salaries for consulting functions(2)                ($) | Securities                Under Option/ SAR's granted (#) | Restricted                Shares or Restricted Share Units ($) | LTIP                Payouts ($) |
| Donald                Morrison President & CEO                                                | 20052004                2003 | Nil                                                                                            | Nil                                                       | $56,250                                                        | 575,000(3)150,000 | Nil | Nil | $2,000(4)$1,000 |
|                                                                                              | 2002                         | Nil                                                                                            | Nil                                                  |                                                           | 175,000  | Nil  | Nil  | Nil  |
|                                                                                              |                         | Nil                                                                                            | Nil                                                  |                                                           | Nil  | Nil | Nil  | Nil  |
| Donald                MosherVice                President Corporate Communications and Acting CFO | 20052004                2003 | Nil                                                                                            | Nil                                                       | $43,000(5)$6,000                                               | 245,000113,000 | NilNil | NilNil | $2,000(6)$1,000 |
|                                                                                              | 2002                    | N/A                                                                                       | N/A                                                  | N/A                                                       | N/A  | N/A  | N/A  | N/A  |
| Ken                ThorsenDirector                and Vice President Exploration                  | 2005                         | NIL                                                                                            | NIL                                                       | NIL                                                            | 75,00025,000 | NIL | NIL | NIL |
| Robert                PiroozDirector                                                              |                         | NIL                                                                                            | NIL                                                       | NIL                                                            | 100,00025,000 | NIL | NIL | NIL |

----

| (3) In fiscal 2005 Don Morrison was                granted                options:                                                                                                                                                              | 285,000 @ $0.72 Expires                28-Nov-10   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|
|                                                                                                                                                                                                                                                 | 135,000 @ $0.70                Expires31-Aug-10    |
|                                                                                                                                                                                                                                                 | 155,000                  @ 0.92 Expires 20-Mar-07  |
|                                                                                                                                                                                                                                                 | (Re-priced                  from $1.00)            |
|                             TOTAL                                                                   | 575,000 GRANTED                               |
|                                                                                                                                                                                                                                                 |                                                    |
| (4) $2,000 was paid for Director’s fees to                Don Morrison in fiscal 2005.                                                                                                                                               |                                                    |
|                                                                                                                                                                                                                                                 |                                                    |
| (5) In fiscal 2005 Donald Mosher was                granted                options:                                                                                                                                                             | 50,000 @ $0.72 Expires                28-Nov-10    |
|                                                                                                                                                                                                                                                 | 135,000 @ $0.70 Expires                31-Aug-10   |
|                                                                                                                                                                                                                                                 | 60,000 @ $0.92 Expires                20-Mar-07    |
|                                                                                                                                                                                                                                                 | (Re-priced from $1.00)                             |
|                             TOTAL                                                                   | 245,000 GRANTED                                    |
|                                                                                                                                                                                                                                                 |                                                    |
| (6)                  $43,000 for consulting fees were paid to a company controlled by                  Donald                  Mosher in fiscal 2005 and $2,000 was paid for Director’s fees to Donald                  Mosher in fiscal 2005. |

**Long      Term Incentive Plan (LTIP) Awards **

**Option      and Stock Appreciation Rights (SARs) **

***Option/SAR      Grants During the Most Recently Completed Financial Year***

----

|                                               |   |  **2005**                                | ** **                      | ** 2004**                                |   |
|----------------------------------------------------|--------|-----------------------------------------------|---------------------------------|-----------------------------------------------|--------|
| Assumptions:                                       |   |                                          |                            |                                          |   |
|                                               |   |                                          |                            |                                          |   |
| Expected                  life                     |   | 2                  -                  5 years |                            | 2                  -                  5 years |   |
| Expected                  dividend yield           |   |                                          | 0                               | %                                             |   | 0 | % |
| Risk-free                  interest rate           |   |                                          | 3.2%                  - 3.8     | %                                             |   | 2.0 | % |
| Expected                  volatility               |   |                                          | 109%                  - 177     | %                                             |   | 94%                  - 134 | % |
| Results:                                           |   |                                          |                            |                                          |   |   |   |
| Fair                  value of each option granted |   | $                                             | 0.55                    - $0.88 |                                          | $      | 0.29                - $0.68 |   |
|                                               |   |                                          |                            |                                          |   |   |   |

| Name                                                           | Securities                  Under Options/SAR's Granted(#)                   | %                  of Total Options/SAR's Granted to in Fiscal Year | Exercise                  or Base Price(1)                  ($/Security)        | Market                  Value of Securities Underlying Options/SAR's on Date of Grant ($/Security) | Expiration                  Date                                                                                                                               |
|----------------------------------------------------------------|------------------------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Donald                  Morrison 2004  2005     |   50,000                  100,000  285,000135,000155,000 |  12.89%                  25.77%  22.8%10.8%12.4%     |  $0.30                  $1.00  $0.72$                  0.70$0.92 |  $0.30$1.00  $0.72$0.69$1.25                                                        |  April                  13, 2009 Nov 26**,**2006  Nov                  28, 2010Aug                  31, 2010 March                  20, 2007    |
| Donald                  Mosher 2004  2005  |  70,000                  43,000 50,000135,00060,000                |   18.04%                  11.08% 4%10.8%4.8%    |  $0.30                  $0.60 $0.72$0.70$0.92                         |  $0.30                  $0.60 $0.72$0.69$1.25                                            |  April                  13, 2009 November 4, 2006 November                  28, 2010August                  31, 2010 March                  20, 2007 |
| Ken                  Thorsen 2004   2005   |   25,00020,000 75,00025,000                                   |   6.44%5.15% 4.5%2%                                  |   $0.60$0.92 $0.92$0.70                                          |   $0.68$0.68 $0.68$0.69                                                             |   November                  4, 2006November                  24, 2006 March                  20, 2007August                  31, 2010           |
| Rober                  Pirooz 2005                        |   100,00025,000                                                    |   6%2%                                                    |   $0.92$0.70                                                          |   $0.68$0.69                                                                             |   March                  20, 2007August                  31, 2010                                                                                    |
| Walter                  Brooks(2) 2004                    |  25,000                                                                 |  6.44%                                                         |  $0.30                                                                     |  $0.30                                                                                        |  April                  13, 2009                                                                                                                          |

| (1)   | The                exercise price of stock options is determined by the Board of Directors                in                accordance with TSX Venture Exchange                policies. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)   | Mr. Brooks is a former Director who was not reappointed              to the board at the Company’s AGM on June 10,              2005   |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***Aggregated      Option/SAR Exercises During the Most Recently Completed Financial Year and      Financial Year-End Option/SAR Values***

| Name                  (a)                  | Securities                  Acquired on Exercise (#) (1)                  (b) | Aggregate                  Value Realized ($) (c) | Unexercised                  Options/SARs at financial year end (#) (2)                  Exercisable/ Unexercisable (d) | Value                  of Unexercised in the-Money Options/SARs at Financial Year End                  ($)                  (2)(3)                  Exercisable/ Unexercisable (e) |
|--------------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Donald                  Morrison 2004 |   100,000                                                           |   $25,000                               |   225,000                                                                                                     |   $240,750                                                                                                                                                               |
| 2005                                       | NIL                                                                           | NIL                                               | NIL                                                                                                                     | NIL                                                                                                                                                                                |

|   | (1)                Number of common shares of the Company acquired on the exercise of                stock                options.                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2)                As freestanding SARs have not been granted, the number of shares                shown is                related solely to stock options as at December 31, 2004.                                                                                                                                         |
|   | (3)                Value of unexercised-in-the-money options calculated using the closing                price of common shares of the Company on the TSX on December 31,                2004 (the                Company’s financial year end) of $1.07 per share, less the exercise price                per share. |

***Option      and SAR Re-pricings***

----

**Defined      Benefit or Actuarial Plan **

**Termination      of Employment, Change in Responsibilities and Employment Contracts**

**Compensation      of Directors**

** **

----

**C.      Board Practices**

**Term      of Office**

**Management      Contracts**

**Audit      Committee **

*Mandate      *

*Composition      *

*Meetings      *

*Responsibilities      and Duties *

| (a)   | Review                and update this Charter annually. |
|-----------------|---------------------------------------------------------|

| (b)   | Review                the Company’s financial statements, MD&A and any annual and interim                earnings, press releases before the Company publicly discloses this                information and any reports or other financial information (including                quarterly financial statements), which are submitted to any governmental                body, or to the public, including any certification, report, opinion                or                review rendered by the external                auditors. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | In                consultation with the external auditors, review with management the                integrity of the Company’s financial reporting process, both internal and                external. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Consider                the external auditor’s judgments about the quality and appropriateness of                the Company’s accounting principles as applied in its financial reporting. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Consider                and approve, if appropriate, changes to the Company’s auditing and                accounting principles and practices as suggested by the external                auditors                and management. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Review                significant judgments made by management in the preparation of the                financial statements and the view of the external auditors as to                appropriateness of such judgments. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Following                completion of the annual audit, review separately with management                and the                external auditors any significant difficulties encountered during                the                course of the audit, including any restrictions on the scope of work                or                access to required information. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Review                any significant disagreement among management and the external auditors                in                connection with the preparation of the financial statements. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | Review                with the external auditors and management the extent to which changes                and                improvements in financial or accounting practices have been implemented. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | Review                any complaints or concerns about any questionable accounting, internal                accounting controls or auditing matters. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | Review                certification process. |
|-----------------|----------------------------------------------|

| (j)   | Establish                a procedure for the confidential, anonymous submission by employees                of the                Company of concerns regarding questionable accounting or auditing                matters. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Composition      of the Audit Committee **

| Donald                Morrison     | Not                independent* | Financially                literate* |
|------------------------------------|---------------------------------|--------------------------------------|
| Donald                Mosher  | Not                Independent* | Financially                literate* |
| Ken                Thorsen         | Independent*                    | Financially                literate* |
| Robert                Pirooz       | Independent*                    | Financially                literate* |

| ·   | As                defined by Multilateral Instrument 52-110, *Audit                Committees*                (“MI 52-110”). |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------|

**Audit      Committee Oversight **

**Reliance      on Certain Exemptions **

*De      Minimis Non-audit Services*

**D.      Employees**

**Directors:      **

----

**E.      Share Ownership**

**Item      7. Major Shareholders and Related Party Transactions**

**A.      Major Shareholders**

**B.      Related Party Transactions**

**For      the year ended December 31, 2005**

----

**For      the year ended December 31, 2004**

**For      the Year Ended December 31, 2003**

**For      the Year Ended December 31, 2002**

**C.      Interests of Experts and Counsel**

**Item      8. Financial Information**

**A.      Consolidated Statements and Other Financial Information**

*See*

**B.      Significant Changes**

----

**Item      9. The Offer and Listing**

**A.      Offer and Listing Details**

| **Year** | **Annual                High** | **Annual                Low** |
|----------|--------------------------------|-------------------------------|
| 2005     | $1.85                     | $0.46                         |
| 2004     | $1.49                          | $0.21                         |
| 2003     | $0.50                          | $0.01                         |
| 2002     | $0.07                          | $0.01                         |
| 2001     | $0.18                          | $0.02                         |
| 2000     | $0.37                          | $0.08                         |

| **Quarter                Ended**   | **High** | **Low** |
|------------------------------------|----------|---------|
| March                31, 2006      | $1.75    | $0.88   |
| December                31, 2005   | $1.44    | $0.77   |
| September                30, 2005  | $1.33    | $0.46   |
| June                31, 2005       | $0.85    | $0.61   |
| March                2005          | $1.85    | $1.87   |
| December                31,, 2004  | $1.49    | $0.50   |
| September                30, 2004  | $0.60    | $0.28   |
| June                31, 2004       | $0.38    | $0.28   |
| March                31, 2004      | $0.40    | $0.21   |
| December                31, 2003   | $0.50    | $0.25   |
| September                30 , 2003 | $0.27    | $0.01   |
| June                31, 2003       | $0.09    | $0.01   |
| March                31, 2003      | $0.07    | $0.02   |

| **Month**                     | **High** | **Low** |
|-------------------------------|----------|---------|
| April                2006     | $1.04    | $0.65   |
| March                2006     | $1.30    | $0.88   |
| February                2006  | $1.55    | $1.08   |
| January                2006   | $1.75    | $1.35   |
| December                2005  | $1.44    | $0.77   |
| November                2005  | $1.01    | $0.68   |
| October                2005   | $1.20    | $0.80   |
| September                2005 | $1.33    | $0.60   |
| August                2005    | $0.72    | $0.46   |
| July                2005      | $0.77    | $0.50   |
| June                2005      | $0.85    | $0.78   |
| May                2005       | $0.93    | $0.61   |
| April                2005     | $1.20    | $0.90   |
| March                2005     | $1.70    | $1.05   |
| February                2005  | $1.85    | $0.87   |
| January                2005   | $1.20    | $1.01   |
| December                2004  | $1.49    | $0.95   |
| November                2004  | $1.20    | $0.54   |

----

**B.      Plan of Distribution**

**C.      Markets**

*TSX-V*

**D.      Selling Shareholders**

**E.      Dilution**

**F.      Expenses of the Issue**

**Item      10. Additional Information**

**A.      **
**Share      Capital**

----

|                                                                                    |   |   |  **Number                    of Shares** | ** ** | ** ** | **Amount**  |   |
|-----------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------|------------|------------|------------------|--------|
| Balance,                    December 31, 2003                                           |   |   | 3,683,595                                     |       | $          | 12,793,357       |   |
|                                                                                    |   |   |                                          |       |       |             |   |
|                                                                                    |   |   |                                          |       |       |             |   |
| Issued                    during the year:                                              |   |   |                                          |       |       |             |   |
|     For                    cash:                                    |   |   |                                          |       |       |             |   |
|     Private                    placements, net of share issue costs |   |   | 1,624,000                                     |       |       | 350,000          |   |
|     Exercise                    of                    stock options |   |   | 120,000                                       |       |       | 30,000           |   |
|     Exercise                    of                    warrants      |   |   | 50,000                                        |       |       | 6,000            |   |
|                                                                                    |   |   |                                          |       |       |             |   |
| For                    services - finder’s fees                                   |   |   | 64,400                                        |       |       | -                |   |
|                                                                                    |   |   |                                          |       |       |             |   |
| Balance,                    December 31, 2004                                           |   |   | 5,541,995                                     |       | $          | 13,179,357       |   |

|                                                                                                                                   |   | **Number                  of****Shares                   ** | ** ** | ** Amount** |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|------------|------------------|--------|
| Balance,                  December 31, 2004                                                                                  |   |                                                             | 5,541,995  |             | $      | 13,179,357 |   |
| Issued                  during the year:                                                                                          |   |                                                             |       |             |   |   |   |
|     For                  cash:                                                                                |   |                                                             |       |             |   |   |   |
|         Private                placements, net of share issue costs             |   |                                                             | 6,108,785  |             |   | 3,485,813 |   |
|         Exercise                of                stock options       |   |                                                             | 43,360     |             |   | 12,090 |   |
|         Exercise                of                warrants       |   |                                                             | 3,328,866  |             |   | 842,065 |   |
|         Exercise                of                agent options       |   |                                                             | 32,184     |             |   | 20,920 |   |
|         Exercise                of                agent warrants      |   |                                                             | 5,250      |             |   | 4,200 |   |
|                                                                                                                                   |   |                                                             |       |             |   |   |   |
|     Transfers                  from                  contributed surplus:                                     |   |                                                             |       |             |   |   |   |
|         Exercise                of                stock options                           |   |                                                             | -          |             |   | 12,257 |   |
|         Exercise                of                agent options       |   |                                                             | -          |             |   | 42,396 |   |
|         Exercise                of                agent warrants      |   |                                                             | -          |             |   | 6,717 |   |
|     For                services -                finder’s fees                 |   |                                                             | 498,277    |             |   | 14,025 |   |
|     For                interest                                            |   |                                                             | 17,857     |             |   | 18,750 |   |
|     For                conversion                of debt                        |   |                                                             | 506,000    |             |   | 158,083 |   |
| Balance,                December 31,                2005                                            |   |                                                             | 16,082,574 |             | $      | 17,796,673 |   |
|                                                                                                                                   |   |                                                             |       |             |   |   |   |

----

----

**Stock        Options**

**Revised        Stock Option Plan **
**June        10, 2005**

|                                                          |       |   **Number                    of****Shares  ** | ** ** |  **Weighted****Average****Exercise ****Price** | ** ** |
|---------------------------------------------------------------|------------|--------------------------------------------------------------------|------------|----------------------------------------------------------|------------|
|                                                          | ** ** |                                                               |       |                                                     |       |
|                                                          |       |                                                               |       |                                                     |       |
| Outstanding,                    December 31, 2003             |       |                                                               | 273,360    |                                                     | $          | 0.25 |   |
| Granted                                                       |       |                                                               | 388,000    |                                                     |       | 0.59 |   |
| Exercised                                                     |       |                                                               | (120,000   | )                                                        |       | 0.25 |   |
| Outstanding,                    December 31, 2004             |       |                                                               | 541,360    |                                                     |       | 0.49 |   |
| Granted                                                       |       |                                                               | 1,250,000  |                                                     |       | 0.78 |   |
| Exercised                                                     |       |                                                               | (43,360    | )                                                        |       | 0.28 |   |
| Outstanding,                    December 31, 2005   |       |                                                               | 1,748,000  |                                                     |       |  0.70 |   |

|                                 |   | **Number****                        of****Shares ** |    |
|--------------------------------------|--------|------------------------------------------------------------------------------|---------|
|                                 |   |                                                                         |    |
| December                    31, 2003 |   |                                                                         | 273,360 |   |
| December                    31, 2004 |   |                                                                         | 541,360 |   |
| December                    31, 2005 |   |                                                                         | 918,000 |   |

| Assumptions:                                                  |   | **2005 **  |                            |  **2004**  |   |
|--------------------------------------------------------------------|--------|----------------------|---------------------------------|----------------------|--------|
|                                                               |   |                 |                            |                 |   |
| Expected                    life                                   |   |                 | 2                    - 5 years  |                 |   | 2                      - 5 years |   |
|     Expected                    dividend yield |   |                 | 0                               | %                    |   | 0 | % |
|     Risk-free                    interest rate |   |                 | 3.2%                    - 3.8   | %                    |   | 2.0 | % |
|     Expected                    volatility     |   |                 | 109%                    - 177   | %                    |   | 94%                    - 134 | % |
| Results:                                                           |   |                 |                            |                 |   |   |   |
| Fair                    value of each option granted               |   | $                    | 0.55                    - $0.88 |                 | $      | 0.29                    - $0.68 |   |

----

| **Exercise                       Number of    ** | ** ** | ** ** | **Weighte****Average                      Remaining Contractual**** Life** | ** ** | ** ** | ** Weighted                    Average**                       | ** ** | ** ** | **Numbere    **                     | ** ** | ** ** | ** Weighted                    Average** | ** ** |
|---------------------------------------------------------------------------|------------|------------|---------------------------------------------------------------------------------|------------|------------|---------------------------------------------------------------------|------------|------------|---------------------------------------------------------|------------|------------|-----------------------------------------------|------------|
| **Price  **                                                     | ** ** | ** ** | **Shares  **                                                          | ** ** | ** ** | **in                    Years      ** | ** ** | ** ** | **Exercise                    Price   ** | ** ** | ** ** | **Exercisable **                         | ** ** | ** ** | **Exercise                    Pric**e   |   |
| $0.25                                                                     |       |       | 135,000                                                                         |       |       | 2.7                                                                 |       | $          | 0.20                                                    |       |       | 135,000                                       |       | $ | 0.20 |   |
| 0.30                                                                      |       |       | 150,000                                                                         |       |       | 3.3                                                                 |       |       | 0.30                                                    |       |       | 150,000                                       |       |   | 0.30 |   |
| 0.60                                                                      |       |       | 93,000                                                                          |       |       | 0.8                                                                 |       |       | 0.60                                                    |       |       | 93,000                                        |       |   | 0.60 |   |
| 0.70                                                                      |       |       | 400,000                                                                         |       |       | 4.9                                                                 |       |       | 0.70                                                    |       |       | -                                             |       |   | 0.70 |   |
| 0.72                                                                      |       |       | 400,000                                                                         |       |       | 4.7                                                                 |       |       | 0.72                                                    |       |       | -                                             |       |   | 0.72 |   |
| 0.80                                                                      |       |       | 30,000                                                                          |       |       | 4.8                                                                 |       |       | 0.80                                                    |       |       | -                                             |       |   | 0.80 |   |
| 0.92                                                                      |       |       | 540,000                                                                         |       |       | 1.1                    0.                                           |       |       | 0.92                                                    |       |       | 540,000                                       |       |   | 0.92 |   |

**Agent        options**

|                                                       |       |       | **Exercise                    Price ** | ** ** |
|------------------------------------------------------------|------------|------------|---------------------------------------------|------------|
| **Number                  of  **                 | ** ** | ** ** | **Units  **                       | ** ** | ** ** | **per                    Unit ** |   |
| Outstanding,                    December 31, 2003 and 2004 |       |       | -                                           |       |   | - |   |
| Granted                                                    |       |       | 508,159                                     |       | $ | 0.65                    - 0.74 |   |
| Exercised                                                  |       |       | (32,184                                     | )          |   | 0.65 |   |
|                                                       |       |       |                                        |       |   |   |   |
| Outstanding,                    December 31, 2005          |       |       | 475,975                                     |       |   | 0.65                    - 0.74 |   |

|   |  | **  ** |
|--------|--|------------------|

|                                                     |   |   |  ** 2004**                |      |  ** 2003**                              |   |
|----------------------------------------------------------|--------|--------|-------------------------------------|-----------|---------------------------------------------------|--------|
|                                                     |   |   | **Number****of  Options** |      | ** Weighted                  Average Price** |   | ** Number****of  Options  ** |   | ** Weighted                  Average Price** |   |
| Balance                  - beginning of year   |   |   |                                | 273,360   |                                              | $      | 0.25 |   |   | 180,800 |   | $ | 0.75 |   |
| Granted                                                  |   |   |                                | 175,000   |                                              | $      | 0.30 |   |   | 273,360 |   | $ | 0.25 |   |
|                                                     |   |   |                                | 93,000    |                                              | $      | 0.60 |   |   |   |   |   |   |   |
|                                                     |   |   |                                | 120,000   |                                              | $      | 1.00 |   |   |   |   |   |   |   |
| Exercised/expired                         |   |   |                                | (120,000) | )                                                 | $      | $0.25 |   |   | (180,800 | ) | $ | 0.75 |   |
|                                                     |   |   |                                | 541,360   |                                              | $      | $0.49 |   |   | 273,360 |   | $ | 0.25 |   |

| **Number  of                  Options  ** |   |    | ** Exercise                  Price** |   | ** Grant                  Date**    |   |    | ** Value                  per share  ** |   |          | ** Total                  Value** | ** Volatility                  Assumption** |    |
|---------------------------------------------------------------|--------|---------|-------------------------------------------|--------|------------------------------------------|--------|---------|--------------------------------------------------------|--------|---------------|----------------------------------------|--------------------------------------------------|---------|
|  175,000                                                 |   | $  |  0.30                                |   |  April                  13, 2004    |   |  $ |  0.29                                             |   | $        |  50,750                           |  134                                        | %  |
|  96,000                                                  |   | $  |  0.60                                |   | November                  5, 2004        |   |  $ |  0.68                                             |   |          | 63,420                                 |  94                                         | %  |
|  120,000                                                 |   | $  |  1.00                                |   |  November                  29, 2004 |   |  $ |  0.58                                             |   |          |  69,600                           |  100                                        | %  |
|                                                          |   |    |                                      |   |                                     |   |    |                                                   |   | $   |  183,770                          |                                             |    |

**Share        Purchase Warrants **

|                                          |   |   | **Number ****of Shares**  | ** ** | ** ** | **Purchase                    Price****per                    Share**  |   |
|-----------------------------------------------|--------|--------|------------------------------------------|------------|------------|-----------------------------------------------------------------------------|--------|
| Balance,                    December 31, 2003 |   |   | 1,000,000                                |       | $          | 0.15                                                                        |   |
| Issued                                        |   |   | 1,813,616                                |       |       | 0.23                    - 0.35                                              |   |
| Exercised                                     |   |   | (50,000                                  | )          |       | 0.15                                                                        |   |
|                                          |   |   |                                     |       |       |                                                                        |   |
| Balance,                    December 31, 2004 |   |   | 2,763,616                                |       |       | 0.15                    - 0.35                                              |   |
|                                          |   |   |                                     |       |       |                                                                        |   |
| Issued                                        |   |   | 5,661,533                                |       |       | 0.30                    - 1.10                                              |   |
| Exercised                                     |   |   | (3,328,866                               | )          |       | 0.15                    - 0.80                                              |   |
|                                          |   |   |                                     |       |       |                                                                        |   |
| Balance,                    December 31, 2005 |   |   | 5,096,283                                |       |       | 0.80                    - 1.10                                              |   |

**Agent      warrants**

|                                                       |   | **Number                    of   shares   ** | ** ** | **Purchase****Price                    per**** Share** |   |
|------------------------------------------------------------|--------|-----------------------------------------------------------------------|------------|-------------------------------------------------------------|--------|
| Outstanding,                    December 31, 2003 and 2004 |   |                                                                  | -          |                                                        |   | - |   |
| Granted                                                    |   |                                                                  | 615,605    |                                                        | $      | 0.80                    - 1.10 |   |
| Exercised                                                  |   |                                                                  | (5,250     | )                                                           |   | 0.80 |   |
|                                                       |   |                                                                  |       |                                                        |   |  |   |
| Outstanding,                    December 31, 2005          |   |                                                                  | 610,355    |                                                        |   | 0.80                    - 1.10 |   |
|                                                       |   |                                                                  |       |                                                        |   |   |   |

**Contributed          Surplus**

|                                                                         |   |   | **2005**  |   |   | **2004** |   |
|------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|----------|--------|
| Balance,                    beginning of year                                |   | $      | 257,627   |   | $      | 73,857   |   |
| Stock-based                    compensation (Note 8)                         |   |   | 424,490   |   |   | 183,770  |   |
| Fair                    value of agent options and warrants (Note 6)         |   |   | 826,371   |   |   | -        |   |
| Transfer                    to share capital upon exercise of stock options  |   |   | (12,257   | )      |   | -        |   |
| Transfer                    to share capital upon exercise of agent options  |   |   | (42,396   | )      |   | -        |   |
| Transfer                    to share capital upon exercise of agent warrants |   |   | (6,717    | )      |   | -        |   |
|                                                                         |   |   |      |   |   |     |   |
| Balance,                    end of year                                      |   | $      | 1,447,118 |   | $      | 257,627  |   |
|                                                                         |   |   |      |   |   |     |   |

**B.      Memorandum and Articles of Association**

**17.2      Restrictions on Voting by Reason of Interest**

----

**13.5      Remuneration of Directors **

**8.      BORROWING POWERS**

| (1)   | borrow                money in the manner and amount, on the security, from the sources                on the                terms and condition that they consider                appropriate; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | issue                bonds, debentures and other debt obligations either outright or as                security for any liability or obligation of the Company or any other                person and at such discounts or premiums and on such other terms                as they                consider appropriate; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | guarantee                the repayment of money by any other person or the performance of                any                obligation of any other person; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | mortgage,                charge, whether by the way of specific or floating charge, grant                a                security interest in, or give other security on, the whole or any                part of                the present and future assets and undertaking of the                Company. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**13.4      Qualifications of Directors**

*Business      Corporations Act*

**Disclosure      of Interest of Directors**

----

*Business          Corporations Act *
*Act*

**1.1.**
**Restrictions          on Voting by Reason of Interest**

**1.2.**
**Interested          Director Counted in Quorum**

**Rights,          Preferences and Restrictions attaching to each class of          shares**

**Changing          the Rights of Holders of the Company’s Stock**

**Annual          General Meetings and Extraordinary General Meetings**

***Annual          General Meeting***

----

***Notice***

| **10.3  ** | **Calling                    of Meetings****of Shareholders** |
|----------------------|---------------------------------------------------------------|

| **10.4  ** | **Notice                    for Meetings****of Shareholders** |
|----------------------|---------------------------------------------------------------|

| 10.4.1   | if                    and for so long as the Company is a public company, 21                    days; |
|--------------------|-------------------------------------------------------------------------------------------------------|

| 10.4.2   | otherwise,                    10 days. |
|--------------------|----------------------------------------|

| **10.5  ** | **Record                    Date for Notice** |
|----------------------|-----------------------------------------------|

*Business          Corporations Act*

| 10.5.1   | if                    and for so long as the Company is a public company, 21                    days; |
|--------------------|-------------------------------------------------------------------------------------------------------|

| 10.5.2   | otherwise,                    10 days. |
|--------------------|----------------------------------------|

| **10.6  ** | **Record                    Date for Voting** |
|----------------------|-----------------------------------------------|

*Business          Corporations Act*

| **10.7  ** | **Failure                    to Give Notice and Waiver of                    Notice** |
|----------------------|---------------------------------------------------------------------------------------|

| **10.8  ** | **Notice                    of Special Business at Meeting****s                    of Shareholders** |
|----------------------|------------------------------------------------------------------------------------------------------|

| 10.8.1   | state                    the general nature of the special business;                    and |
|--------------------|---------------------------------------------------------------------------------------------|

----

| 10.8.2   | if                    the special business includes considering, approving, ratifying,                    adopting                    or authorizing any document or the signing of or giving of effect                    to any                    document, have attached to it a copy of the document or state                    that a copy                    of the document will be available for inspection by                    shareholders: |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8.2.1   | at                    the Company’s records office, or at such other reasonably accessible                    location in British Columbia as is specified in the notice;                    and |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8.2.2   | during                    statutory business hours on any one or more specified days before                    the day                    set for the holding of the meeting. |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Quorum***

| **11.3  ** | **Quorum** |
|----------------------|------------|

| **11.4  ** | **One                    Shareholder May Constitute                    Quorum** |
|----------------------|---------------------------------------------------------------------------------|

**If          there is only one shareholder entitled to vote at a meeting of          shareholders:**

**Limitations          on the right to own securities**

**C.          Material Contracts**

**Lucky        Boy Uranium Project agreement with Golden Patriot,        Corp.**

----

**October        26, 2004 Letter of Intent with Cooper Minerals Inc**
**.**

| 1.   | On                execution of the Letter of Intent (LoI), $42,500 to Cooper (paid); |
|----------------|--------------------------------------------------------------------------------------|

| 2.   | On                the earlier of (1) 60 days after the date of the LoI and (2) 5 business                days after the acceptance by the TSXV of the Claims as a “Tier 1                Property”, $42,500 to Cooper, as reimbursement of the balance of expenses                (paid after year end); |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | On                the “Closing Date”, $50,000 to Cooper; |
|----------------|----------------------------------------------------------------------|

| 4.   | The                funds necessary to initiate the preparatory work to carry out the                first                phase of the exploration program recommended in Dr. Montgomery’s report                must be advanced to Cooper upon receipt by the Company of an acceptable                budget with respect to such preparatory work, and the balance of                funds                necessary to carry out the first phase of such exploration program                (currently estimated to be $200,000) must be advanced to Cooper within                5                business days of receipt by the Company of copies of all permits                required                to permit the balance of such first phase to be carried out; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | An                aggregate US$2,000,000 in expenditures in connection with maintaining,                exploring, developing or equipping any one or more of the Claims                (or any                additional properties covered by section 6 of the QD&RRI (“Additional                Properties”)) for commercial production must be incurred as follows: |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | on                or before the first anniversary of the date of this LoI, not less                than an                aggregate US$350,000; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | on                or before the second anniversary of the date of this LoI, not less                than an                aggregate US$850,000; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | on                or before the third anniversary of the date of this LoI, not less                than an                aggregate US$1,400,000; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| iv.   | on                or before the fourth anniversary of the date of this LoI, not less                than an                aggregate US$2,000,000; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | On                the Closing Date, 2,500,000 of the Company’s Common Shares must be issued                to the direction of Cooper; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | On                the Closing Date, the Company must accept the subscription (at a                subscription price of $10), by way of private placement subscription                agreement in standard form executed by the “Vendors”, for, and issue to                the “Vendors”, non-transferable share purchase warrants (the “Warrants”)                entitling the purchase by each of the two “Vendors” of 750,000 Common                Shares of the Company at a price per share equal to the greater of                (1)                $0.01 in excess of the closing price of the Company’s shares on the TSXV                on the day prior to the announcement of a “Transaction” (as that term is                defined in the Underlying Agreement), and (2) the price of any financing                completed by the Company concurrently with the Transaction, exercisable                for a period of 5 years from the Closing Date; and |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.   | On                the Closing Date, all of Cooper’s obligation under the Underlying                Agreement, including, without limitation, the obligation to make                Advance                Royalty Payments under the QD&RRI, must be assumed. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | Receipt                of TSX Venture Exchange (”TSVX”) acceptance for filing of the Company’s                graduation to Tier 1 on the TSVX; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | Receipt                of discretionary order of the BC Securities Commission permitting                the                issuance of the Company’s shares to the directors of Cooper in                circumstances where the claims are being acquired by DPRI; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | Receipt                of TSVX acceptance for filing of the claims as a “Tier 1 property”. |
|------------------|--------------------------------------------------------------------------------------------------------|

**D.      Exchange Controls**

----

| (a)   | an                individual, other than a Canadian, who is a national of a WTO member                (such                as, for example, the United States), or who has the right of permanent                residence in relation to that WTO                member; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | governments                of WTO members; and |
|-----------------|------------------------------------------------|

| (c)   | entities                that are not Canadian controlled, but which are WTO investor controlled,                as determined by rules specified in the                ICA. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | the                effect of the investment on the level and nature of economic activity                in                Canada, including the effect on employment, on resource processing,                and on                the utilization of parts, components and services produced in                Canada; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the                effect of the investment on exports from                Canada; |
|-----------------|------------------------------------------------------------------------------------|

| (c)   | the                degree and significance of participation by Canadians in the Canadian                business and in any industry in Canada of which it forms a                part; |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | the                effect of the investment on productivity, industrial efficiency,                technological development, product innovation and product variety                in                Canada; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | the                effect of the investment on competition within any industry or industries                in Canada; |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (f)   | the                compatibility of the investment with national industrial, economic                and                cultural policies; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | the                compatibility of the investment with national industrial, economic                and                cultural policies taking into consideration industrial, economic                and                cultural objectives enunciated by the government or legislature of                any                province likely to be significantly affected by the investment;                and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | the                contribution of the investment to Canada’s ability to compete in world                markets. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

----

**E.      Taxation**

***U.S.      Holders***

----

***Distribution      on Common Shares of the Company***

----

***Foreign      Tax Credit***

***Disposition      of Common Shares of the Company***

***Other      Considerations***

----

**Foreign      Personal Holding Company**

**Foreign      Investment Company**

**Passive      Foreign Investment Company**

----

----

----

**Controlled      Foreign Company**

----

***Canadian      Federal Income Tax Consequences***

**Dividends**

**Disposition      of Common Shares**

----

**F.      Dividends and Paying Agents**

**G.      Statement by Experts**
** **

**H.      Documents on Display**

----

**I.      Subsidiary Information**

**Item        11. Quantitative and Qualitative Disclosures About Market        Risk**

**Item        12. Description of Securities Other than Equity        Securities**

**A.          Debt Securities**

**Not          Applicable**

**B.            Warrants and Rights**

***Year            ended December 31, 2005***

**(All            figures in Canadian dollars)**

----

**Share        Purchase Warrants **

|                                          |   |   | Number of Shares   |   |   | Purchase                    Priceper                    Share  |   |
|-----------------------------------------------|--------|--------|----------------------------------------|--------|--------|---------------------------------------------------------------------|--------|
| Balance,                    December 31, 2003 |   |   | 1,000,000                              |   | $      | 0.15                                                                |   |
|                                          |   |   |                                   |   |   |                                                                |   |
| Issued                                        |   |   | 1,813,616                              |   |   | 0.23                    - 0.35                                      |   |
| Exercised                                     |   |   | (50,000                                | )      |   | 0.15                                                                |   |
|                                          |   |   |                                   |   |   |                                                                |   |
| Balance,                    December 31, 2004 |   |   | 2,763,616                              |   |   | 0.15                    - 0.35                                      |   |
|                                          |   |   |                                   |   |   |                                                                |   |
|                                          |   |   |                                   |   |   |                                                                |   |
| Issued                                        |   |   | 5,661,533                              |   |   | 0.30                    - 1.10                                      |   |
| Exercised                                     |   |   | (3,328,866                             | )      |   | 0.15                      - 0.80                                    |   |
|                                          |   |   |                                   |   |   |                                                                |   |
| Balance,                    December 31, 2005 |   |   | 5,096,283                              |   |   | 0.80                    - 1.10                                      |   |
|                                          |   |   |                                   |   |   |                                                                |   |

**Agent      warrants**

|                                                       |   |   | Number of Shares     |   |   | Purchase                    Price per  Share   |   |
|------------------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|
| Outstanding,                    December 31, 2003 and 2004 |   |   | -                                                  |   |   | -                                                             |   |
| Granted                                                    |   |   | 615,605                                            |   | $      | 0.80                    - 1.10                                |   |
| Exercised                                                  |   |   | (5,250                                             | )      |   | 0.80                                                          |   |
|                                                       |   |   |                                               |   |   |                                                          |   |
| Outstanding,                    December 31, 2005          |   |   | 610,355                                            |   |   | 0.80                    - 1.10                                |   |

***Year        ended December 31, 2004***

----

|                                               |   | **2004**                                      |      | **2003**                                         |   |
|----------------------------------------------------|--------|----------------------------------------------------|-----------|-------------------------------------------------------|--------|
|                                               |   | **Number of                  Warrants ** |      | ** ****Weighted                  Average Price** |   | **Number                  of Warrants** |   | ** ****Weighted                  Average Price** |   |
| Balance                  - beginning of year  |   |                                               | 1,000,000 |                                                  | $      | 0.15 |   |   | 150,000 |   | $ | 3.33 |   |
|     Granted               |   |                                               | 925,216   |                                                  | $      | 0.23 |   |   | 100,000,000 |   | $ | 0.15 |   |
|                                               |   |                                               | 888,400   |                                                  | $      | 0.35 |   |   |  |   | $ |  |   |
| Exercised/expired                        |   |                                               | (50,000   | )                                                     | $      | 0.15 |   |   | (150,000 | ) | $ | 3.33 |   |
|                                               |   |                                               | 2,763,616 |                                                  | $      | 0.49 |   |   | 273,360 |   | $ | 0.25 |   |
|                                               |   |                                               |           |                                                  |   |  |   |   |  |   |   |   |   |

**C.      Other Securities**

**D.      American Depositary Shares**

**PART      II**

**PART      III**

**Item      17 and 18 Financial Statements**

----

**CONSOLIDATED      FINANCIAL STATEMENTS**

**AUDITORS’      REPORT **

|                                             |  *Manning                Elliott LLP**    (signed)*  |
|--------------------------------------------------|------------------------------------------------------------------------------------|
|                                             |                                                                               |
| Vancouver,                British Columbia  | CHARTERED                ACCOUNTANTS                                          |
| April                11, 2006               |                                                                               |
|                                             |                                                                               |

**COMMENTS      BY AUDITORS FOR U.S. READERS ON CANADA-U.S. REPORTING      CONFLICT**

|                                             |  *Manning                Elliott LLP**    (signed)*  |
|--------------------------------------------------|------------------------------------------------------------------------------------|
|                                             |                                                                               |
| Vancouver,                British Columbia  | CHARTERED                ACCOUNTANTS                                          |
| April                11, 2006               |                                                                               |
|                                             |                                                                               |

**RODINIA      MINERALS INC.**

**CONSOLIDATED      FINANCIAL STATEMENTS**

----

| **RODINIA                  MINERALS INC.** **CONSOLIDATED                BALANCE SHEET**           |   |                                               |        |     |   |
|---------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|-------------|----------|--------|
|                                                                                                    |   |                                               |        |     |   |
|                                                                                                    |   |                                               |        |     |   |
|                                                                                                    |   | **As                  of December 31**   |        |
|                                                                                                    |   | **2005**                                           |        | **2004** |   |
|                                                                                                    |   |                                               |        |     |   |
| **ASSETS**                                                                                              |   |                                               |        |     |   |
| **Current                  Assets**                                                                     |   |                                               |        |     |   |
| Cash                  & cash equivalents                                                            |   | $                                                  | 4,575,966   |     | $      | 69,493 |   |
| Receivables                                                                                             |   | $                                                  | 42,969      |     | $      | 2,844 |   |
| Prepaid                  expenses                                                                       |   | $                                                  | 2,340       |     | $      | 10,000 |   |
| **Total                  Current Assets**                                                               |   | $                                                  | 4,621,275   |     | $      | 82,337 |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| **Fixed                  Assets**                                                                       |   |                                               |        |     |   |   |   |
| Property                  & Equipment (note 3)                                                      |   | $                                                  | 13,513      |     | $      | - |   |
| Mineral                  Properties (Note 4)                                                            |   | $                                                  | 1,109,554   |     | $      | 374,281 |   |
| Reclamation                  Deposit                                                                    |   | $                                                  | 19,889      |     | $      | - |   |
| **Total                  Fixed Assets**                                                                 |   | $                                                  | 1,142,956   |     | $      | 374,281 |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| **TOTAL                  ASSETS**                                                                       |   | $                                                  | 5,764,231   |     | $      | 456,618 |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| **LIABILITIES**                                                                                         |   |                                               |        |     |   |   |   |
| **Current                  Liabilities**                                                                |   |                                               |        |     |   |   |   |
| Accounts                  payable & accrued liabilities                                             |   | $                                                  | 72,026      |     | $      | 139,220 |   |
| Convertible                  debt (Note 5)                                                              |   | $                                                  | -           |     | $      | 135,535 |   |
| Due                  to related parties (Note 11c)                                                      |   | $                                                  | 11,090      |     | $      | - |   |
| **Total                  Current Liabilites**                                                           |   | $                                                  | 83,116      |     | $      | 274,755 |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| **Long                  Term Liabilities**                                                              |   | $                                                  | -           |     | $      | - |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| **TOTAL                  LIABILITIES**                                                                  |   | $                                                  | 83,116      |     | $      | 274,755 |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| **SHAREHOLDERS'                  EQUITY**                                                               |   |                                               |        |     |   |   |   |
| Convertible                  debt (Note 5)                                                              |   | $                                                  | -           |     | $      | 16,265 |   |
| Share                  subscriptions (Note 14a)                                                         |   | $                                                  | 592,000     |     | $      | - |   |
| Share                  capital (Note 6)                                                                 |   | $                                                  | 17,743,495  |     | $      | 13,179,357 |   |
| Contributed                  surplus (Note 7)                                                           |   | $                                                  | 1,447,118   |     | $      | 257,627 |   |
| Retained                  earnings (Deficit)                                                            |   | $                                                  | (14,101,498 | )        | $      | (13,271,386 | ) |
| **Total                  Equity**                                                                       |   | $                                                  | 5,681,115   |     | $      | 181,863 |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| **TOTAL                  LIABILITIES & SHAREHOLDERS' EQUITY**                                       |   | $                                                  | 5,764,231   |     | $      | 456,618 |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
|                                                                                                    |   |                                               |        |     |   |   |   |
| See                  accompanying notes to the consolidated financial                  statements  |   |                                               |        |     |   |   |   |

|                                                                                               |                                     |
|----------------------------------------------------------------------------------------------------|------------------------------------------|
| NATURE                  AND CONTINUANCE OF OPERATIONS (Note 1)                                     |                                     |
| COMMITMENTS                  (Note 13)                                                             |                                     |
| SUBSEQUENT                  EVENTS (Note 14)                                                       |                                     |
| See                  accompanying notes to the Consolidated Financials                  Statements |                                     |
|                                                                                               |                                     |
| Approved                  on Behalf of the Directors:                                              |                                     |
|                                                                                               |                                     |
| "Donald                  Morrison"                                                                 | "Donald                  Mosher"         |
| Donald                  Morrison, Director                                                         | Donald                  Mosher, Director |

----

| **RODINIA                  MINERALS INC.****CONSOLIDATED                  STATEMENT OF OPERATIONS & DEFICIT**  |   |                                              |        |   |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-------------|--------|--------|
|                                                                                                                    |   |                                              |        |   |   |
|                                                                                                                    |   |                                              |        |   |   |
|                                                                                                                    |   | **Year                  Ended December 31**  |        |
|                                                                                                                    |   |                                              | **2005**    |   |   | **2004** |   |
|                                                                                                                    |   |                                              |        |   |   |   |   |
| **REVENUES**                                                                                                            |   | $                                                 | -           |   | $      | - |   |
|                                                                                                                    |   |                                              |        |   |   |   |   |
| **EXPENSES**                                                                                                            |   |                                              |        |   |   |   |   |
| Accounting                  & legal                                                                                 |   | $                                                 | 122,479     |   | $      | 65,051 |   |
| Amortization                                                                                                            |   | $                                                 | 5,079       |   | $      | - |   |
| Finder's                  fee                                                                                           |   | $                                                 | -           |   | $      | 14,025 |   |
| Management                  & consulting fees (Note 11a)                                                            |   | $                                                 | 132,180     |   | $      | 50,123 |   |
| Office                  & rent (Note 11b)                                                                           |   | $                                                 | 25,490      |   | $      | 12,317 |   |
| Stock-based                  compensation (Note 8)                                                                      |   | $                                                 | 424,490     |   | $      | 183,770 |   |
| Transfer                  agent & regulatory fees                                                                   |   | $                                                 | 74,277      |   | $      | 22,880 |   |
| Travel                  & promotion                                                                                 |   | $                                                 | 68,532      |   | $      | 15,403 |   |
| **Total                  Expenses**                                                                                     |   | $                                                 | 852,527     |   | $      | 363,569 |   |
|                                                                                                                    |   |                                              |        |   |   |   |   |
| **LOSS                  FOR THE YEAR BEFORE OTHER ITEMS**                                                               |   | $                                                 | (852,527    | )      | $      | (363,569 | ) |
|                                                                                                                    |   |                                              |        |   |   |   |   |
| **OTHER                  ITEMS**                                                                                        |   |                                              |        |   |   |   |   |
| Interest                  income                                                                                        |   | $                                                 | 55,613      |   | $      | 1,035 |   |
| Interest                  expense                                                                                       |   | $                                                 | (25,978     | )      | $      | - |   |
| Foreign                  exchange loss                                                                                  |   | $                                                 | (7,219      | )      | $      | - |   |
| **TOTAL                  OTHER ITEMS**                                                                                  |   | $                                                 | 22,416      |   | $      | 1,035 |   |
|                                                                                                                    |   |                                              |        |   |   |   |   |
| **NET                  LOSS FOR THE YEAR**                                                                              |   | $                                                 | (830,111    | )      | $      | (362,534 | ) |
| DEFICIT,                  BEGINNING OF THE YEAR                                                                         |   | $                                                 | (13,271,386 | )      | $      | (12,908,852 | ) |
| **DEFICIT,                  END OF THE YEAR**                                                                           |   | $                                                 | (14,101,497 | )      | $      | (13,271,386 | ) |
|                                                                                                                    |   |                                              |        |   |   |   |   |
| Loss                  Per Share (Note 10) Basic & Diluted                                                           |   |                                              | (0.08       | )      |   | (0.08 | ) |
|                                                                                                                    |   |                                              |        |   |   |   |   |
|                                                                                                                    |   |                                              |        |   |   |   |   |
| See                  accompanying notes to the consolidated financial                  statements                       |   |                                              |        |   |   |   |   |

----

| **RODINIA                  MINERALS INC.****CONSOLIDATED                  STATEMENT OF CASH FLOWS**  |   |                                              |        |     |   |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-------------|----------|--------|
|                                                                                                      |   |                                              |        |     |   |
|                                                                                                      |   | **Year                  Ended December 31**  |        |
|                                                                                                      |   | **2005**                                          |        | **2004** |   |
|                                                                                                      |   |                                              |        |     |   |
| **CASH                  FLOWS FROM:**                                                                     |   |                                              |        |     |   |
| **OPERATING                  ACTIVITIES**                                                                 |   |                                              |        |     |   |
| Net                  Loss for the year                                                                    |   | $                                                 | (830,112    | )        | $      | (362,534 | ) |
| Items                  not involving cash and cash equivalents:                                           |   |                                              |        |     | $      | - |   |
| Amortization                                                                                              |   | $                                                 | 5,079       |     | $      | - |   |
| Shares                  issued for interest and services                                                  |   | $                                                 | 39,058      |     | $      | - |   |
| Stock-based                  compensation expense                                                         |   | $                                                 | 424,490     |     | $      | 183,770 |   |
|                                                                                                      |   | $                                                 | (361,485    | )        | $      | (178,764 | ) |
| Changes                  in operating assets and liabilities:                                             |   |                                              |        |     |   |   |   |
| Receivables                                                                                               |   | $                                                 | (40,125     | )        | $      | (2,538 | ) |
| Prepaid                  expenses                                                                         |   | $                                                 | 7,660       |     | $      | (10,000 | ) |
| Accounts                  payable and accrued liabilities                                                 |   | $                                                 | (67,194     | )        | $      | 97,605 |   |
| **Net                  Cash Provided By (Used In)Operating Activities**                                   |   | $                                                 | (461,144    | )        | $      | (93,697 | ) |
|                                                                                                      |   |                                              |        |     |   |   |   |
| **INVESTING                  ACTIVITIES**                                                                 |   |                                              |        |     |   |   |   |
| Purchase                  of property and equipment                                                       |   | $                                                 | (18,592     | )        | $      | - |   |
| Increase                  in reclamation deposit                                                          |   | $                                                 | (19,889     | )        | $      | - |   |
| Mineral                  property expenditures capitalized during the year                                |   | $                                                 | (735,273    | )        | $      | (374,281 | ) |
| **Net                  Cash Provided By (Used In) Investing Activities**                                  |   | $                                                 | (773,754    | )        | $      | (374,281 | ) |
|                                                                                                      |   |                                              |        |     |   |   |   |
| **FINANCING                  ACTIVITIES**                                                                 |   |                                              |        |     |   |   |   |
| Proceeds                  from common shares issued, net of share issue costs                             |   | $                                                 | 5,138,281   |     | $      | 386,000 |   |
| Proceeds                  from isuance of convertible debt                                                |   | $                                                 | -           |     | $      | 151,800 |   |
| Repayment                  of debt                                                                        |   | $                                                 | -           |     | $      | (675 | ) |
| Increase                  in due to related parties                                                       |   | $                                                 | 11,090      |     | $      | - |   |
| Proceeds                  from share subscriptions                                                        |   | $                                                 | 592,000     |     | $      | - |   |
| **Net                  Cash Provided By (Used in) Financing Activities**                                  |   | $                                                 | 5,741,371   |     | $      | 537,125 |   |
|                                                                                                      |   |                                              |        |     |   |   |   |
| **INCREASE                  IN CASH & CASH EQUIVALENTS DURING THE YEAR**                              |   | **$**                                             | **506,473** |     | **$**  | **69,147** |   |
| CASH                  AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                         |   | $                                                 | 69,493      |     | $      | 346 |   |
| **CASH                  AND CASH EQUIVALENTS AT END OF PERIOD**                                           |   | **$**                                             | **575,966** |     | **$**  | **69,493** |   |
|                                                                                                      |   |                                              |        |     |   |   |   |
| **SUPPLEMENTARY                  CASH FLOW INFORMATION**                                                  |   |                                              |        |     |   |   |   |
| Cash                  received:                                                                           |   |                                              |        |     |   |   |   |
| Interest                                                                                                  |   | $                                                 | 18,869      |     | $      | - |   |
| Income                  taxes                                                                             |   | $                                                 | -           |     | $      | - |   |
|                                                                                                      |   |                                              |        |     |   |   |   |
| Cash                  Paid for:                                                                           |   |                                              |        |     |   |   |   |
| Interest                                                                                                  |   | $                                                 | 945         |     | $      | 1,035 |   |
| Income                  taxes                                                                             |   |                                              |        |     | $      | - |   |
|                                                                                                      |   |                                              |        |     |   |   |   |
| Non-cash                  investing and financing activities:                                             |   |                                              |        |     |   |   |   |
| Shares                  issued to settle convertible debt (Note 5)                                        |   | $                                                 | 158,083     |     | $      | - |   |
|                                                                                                      |   |                                              |        |     |   |   |   |
|                                                                                                      |   |                                              |        |     |   |   |   |
| See                  accompanying notes to the consolidated financial                  statements         |   |                                              |        |     |   |   |   |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**1.        NATURE AND CONTINUANCE OF OPERATIONS**

**2.        SIGNIFICANT ACCOUNTING POLICIES**

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

| **1.  ** | **SIGNIFICANT                  ACCOUNTING POLICIES                  (continued)** |
|--------------------|-----------------------------------------------------------------------------------|

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**2.        SIGNIFICANT ACCOUNTING POLICIES**

**3.        PROPERTY AND EQUIPMENT**

|                                     |   |   |       |   |   |                          |   |   | 2005                       |   |   | 2004                             |   |
|------------------------------------------|--------|--------|------------|--------|--------|-------------------------------|--------|--------|---------------------------------|--------|--------|---------------------------------------|--------|
|                                     |   |   |            |   |   | Accumulated    |   |   | Net                  Book  |   |   | Net                  Book   |   |
|                                     |   |   | Cost  |   |   | Amortization        |   |   | Value                      |   |   | Value                            |   |
| Furniture                  and equipment |   | $      | 13,607     |   | $      | 4,082                         |   | $      | 9,525                           |   | $      | -                                     |   |
| Office                  equipment        |   |   | 4,985      |   |   | 997                           |   |   | 3,988                           |   |   | -                                     |   |
|                                     |   |   |       |   |   |                          |   |   |                            |   |   |                                  |   |
|                                     |   | $      | 18,592     |   | $      | 5,079                         |   | $      | 13,513                          |   | $      | -                                     |   |

**Workman        Creek and **
**Mormon        Lake**

| **2005**                                                           |   |   | **Workman                  Creek **  |   |   | **Mormon                  Lake**  |   |   |      |   |
|-------------------------------------------------------------------------|--------|--------|------------------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------|--------|
|                                                                    |   |   | ** Arizona ** ** **   |   |   | **Arizona **            |   |   | **Total** |   |
| Mineral                  properties, beginning of the year              |   | $      | 374,281                                        |   | $      | -                                      |   | $      | 374,281   |   |
|                                                                    |   |   |                                           |   |   |                                   |   |   |      |   |
| Cost                  incurred during the year:                         |   |   |                                           |   |   |                                   |   |   |      |   |
| Acquisition                  costs                                      |   |   | 85,000                                         |   |   | -                                      |   |   | 85,000    |   |
| Advanced                  royalty                                       |   |   | 30,282                                         |   |   | -                                      |   |   | 30,282    |   |
| Property                  deposit                                       |   |   | 29,467                                         |   |   | -                                      |   |   | 29,467    |   |
| Property                  advances                                      |   |   | -                                              |   |   | 16,409                                 |   |   | 16,409    |   |
| Assaying                                                                |   |   | 8,447                                          |   |   | -                                      |   |   | 8,447     |   |
| Consulting                                                              |   |   | 168,607                                        |   |   | -                                      |   |   | 168,607   |   |
| Claims                  maintenance                                     |   |   | 29,644                                         |   |   | 91,306                                 |   |   | 120,950   |   |
| Field                  equipment and supplies                           |   |   | 44,727                                         |   |   | -                                      |   |   | 44,727    |   |
| Field                  work, labour and supplies                        |   |   | 67,437                                         |   |   | -                                      |   |   | 67,437    |   |
| General                  and administration                             |   |   | 60,761                                         |   |   | -                                      |   |   | 60,761    |   |
| Site                  visits                                            |   |   | 10,573                                         |   |   | -                                      |   |   | 10,573    |   |
| Staking                  programs                                       |   |   | -                                              |   |   | 92,613                                 |   |   | 92,613    |   |
|                                                                    |   |   | 534,945                                        |   |   | 200,328                                |   |   | 735,273   |   |
| Mineral                properties,                end of the year  |   | $      |  909,226                                  |   | $      | 200,328                                |   | $      | 1,109,554 |   |

----

**RODINIA          MINERALS INC.**

**NOTES          TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR          THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                                                              |   |    | **Workman                    Creek** ** **  |   |    | **Mormon                    Lake**  |   |    |                  |   |
|-----------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------|--------|---------|------------------------------------------|--------|---------|-----------------------|--------|
|  **2004**                                                                    |   |    | **Arizona**                                           |   |    | **Arizona**                         |   |    | **Total**   |   |
|                                                                              |   |    |                                                       |   |    |                                     |   |    |                  |   |
| Mineral                    properties, beginning of the year                      |   | $       | -                                                          |   | $       | -                                        |   | $       | -                     |   |
|                                                                              |   |    |                                                       |   |    |                                     |   |    |                  |   |
| Cost                    incurred during the year:                                 |   |    |                                                       |   |    |                                     |   |    |                  |   |
| Property                    deposit                                               |   |    | 42,500                                                     |   |    | -                                        |   |    | 42,500                |   |
| Claims                                                                            |   |    | 39,334                                                     |   |    | -                                        |   |    | 39,334                |   |
| Consulting                                                                        |   |    | 56,705                                                     |   |    | -                                        |   |    | 56,705                |   |
| Field                    equipment and supplies                                   |   |    | 34,398                                                     |   |    | -                                        |   |    | 34,398                |   |
| Field                    work, labour and supplies                                |   |    | 1,263                                                      |   |    | -                                        |   |    | 1,263                 |   |
| General                    and administration                                     |   |    | 16,625                                                     |   |    | -                                        |   |    | 16,625                |   |
| Reports                    and Maps                                               |   |    | 12,712                                                     |   |    | -                                        |   |    | 12,712                |   |
| Site                    visits                                                    |   |    | 6,088                                                      |   |    | -                                        |   |    | 6,088                 |   |
| Staking                    programs                                               |   |    | 164,656                                                    |   |    | -                                        |   |    | 164,656               |   |
|                                                                              |   |    | 374,281                                                    |   |    | -                                        |   |    | 374,281               |   |
|                                                                              |   |    |                                                       |   |    |                                     |   |    |                  |   |
| Mineral                  properties,                  end of the year   |   | $  | 374,281                                                    |   | $  | -                                        |   | $  | 374,281               |   |

----

**RODINIA          MINERALS INC.**

**NOTES          TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR          THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**4.          MINERAL PROPERTIES**

----

**RODINIA            MINERALS INC.**

**NOTES            TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR            THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**4.            MINERAL PROPERTIES**

**5.        CONVERTIBLE DEBT**

----

**RODINIA            MINERALS INC.**

**NOTES            TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR            THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                                                   |   |   |  Shares  |   |   | Amount     |   |
|-------------------------------------------------------------------|--------|--------|--------------------|--------|--------|------------|--------|
| Balance,                      December 31, 2003                   |   |   | 3,683,595          |   | $      | 12,793,357 |   |
|                                                              |   |   |               |   |   |       |   |
| Issued                      during the year:                      |   |   |               |   |   |       |   |
| For                      cash:                                    |   |   |               |   |   |       |   |
| Private                      placements, net of share issue costs |   |   | 1,624,000          |   |   | 350,000    |   |
| Exercise                      of stock options                    |   |   | 120,000            |   |   | 30,000     |   |
| Exercise                      of warrants                         |   |   | 50,000             |   |   | 6,000      |   |
|                                                              |   |   |               |   |   |       |   |
| For                      services - finder’s fees           |   |   | 64,400             |   |   | -          |   |
|                                                              |   |   |               |   |   |       |   |
| Balance,                      December 31, 2004                   |   |   | 5,541,995          |   | $      | 13,179,357 |   |

**6.**
**(b)          Issued and outstanding (continued)**

|                                                                                     |   | Number                    ofShares   |       |  Amount |   |
|------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|--------------|--------|
| Balance,                    December 31, 2004                                            |   |                                           | 5,541,995  |         | $      | 13,179,357 |   |
| Issued                    during the year:                                               |   |                                           |       |         |   |   |   |
|                                                                                     |   |                                           |       |         |   |   |   |
| For                    cash:                                                             |   |                                           |       |         |   |   |   |
|     Private                    placements, net of share issue costs  |   |                                           | 6,108,785  |         |   | 3,485,813 |   |
|     Exercise                    of                    stock options  |   |                                           | 43,360     |         |   | 12,090 |   |
|     Exercise                    of                    warrants       |   |                                           | 3,328,866  |         |   | 842,065 |   |
|     Exercise                    of                    agent options  |   |                                           | 32,184     |         |   | 20,920 |   |
|     Exercise                    of                    agent warrants |   |                                           | 5,250      |         |   | 4,200 |   |
|                                                                                     |   |                                           |       |         |   |   |   |
| Transfers                    from contributed surplus:                                   |   |                                           |       |         |   |   |   |
|     Exercise                    of                    stock options  |   |                                           | -          |         |   | 12,257 |   |
|     Exercise                    of                    agent options  |   |                                           | -          |         |   | 42,396 |   |
|     Exercise                    of                    agent warrants |   |                                           | -          |         |   | 6,717 |   |
|                                                                                     |   |                                           |       |         |   |   |   |
|     For                    services - finder’s fees            |   |                                           | 498,277    |         |   | 14,025 |   |
|                                                                                     |   |                                           |       |         |   |   |   |
|     For                    interest                                  |   |                                           | 17,857     |         |   | 18,750 |   |
|                                                                                     |   |                                           |       |         |   |   |   |
|     For                    conversion of debt                        |   |                                           | 506,000    |         |   | 158,083 |   |
|                                                                                     |   |                                           |       |         |   |   |   |
| Balance,                    December 31, 2005                                            |   |                                           | 16,082,574 |         | $      | 17,796,673 |   |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**6.        SHARE CAPITAL (continued)**

**(b)        Issued and outstanding (continued)**

**(c)        Stock options**

**Stock        option activity since December 31, 2003 is presented        below:**

|                                                                     |   | Number                  of  Shares |      |  Weighted                  Average                  Exercise                  Price |   |
|--------------------------------------------------------------------------|--------|----------------------------------------------|-----------|------------------------------------------------------------------------------------------|--------|
| Outstanding,                December 31,                2003   |   |                                         | 273,360   |                                                                                     | $      | 0.25 |   |
| Granted                                                        |   |                                         | 388,000   |                                                                                     |   | 0.59 |   |
| Exercised                                                           |   |                                         | (120,000  | )                                                                                        |   | 0.25 |   |
| Outstanding,                December 31, 2004        |   |                                         | 541,360   |                                                                                     |   | 0.49 |   |
| Granted                                                        |   |                                         | 1,250,000 |                                                                                     |   | 0.78 |   |
| Exercised                                                      |   |                                         | (43,360   | )                                                                                        |   | 0.28 |   |
| Outstanding,                December 31, 2005        |   |                                         | 1,748,000 |                                                                                     |   | 0.70 |   |

|                               | Number                  ofShares |
|------------------------------------|----------------------------------|
|                               |                             |
| December                  31, 2003 | 273,360                          |
| December                  31, 2004 | 541,360                          |
| December                  31, 2005 | 918,000                          |

----

**RODINIA          MINERALS INC.**

**NOTES          TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR          THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**6.          SHARE CAPITAL (continued)**

**(c)          Stock options (continued)**

**The          following table summarizes the stock options outstanding at December 31,          2005:**

|                 |   |   |                                         |   |   | Weighted                                            |   |   |                |   |   |                                |   |   |                    |   |
|----------------------|--------|--------|----------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|---------------------|--------|--------|-------------------------------------|--------|--------|-------------------------|--------|
|                 |   |   |                                         |   |   | Average                                        |   |   | Weighted       |   |   |                                |   |   | Weighted      |   |
|                 |   |   |                                         |   |   | Remaining                                      |   |   |  Average  |   |   |                                |   |   | Average       |   |
|  Exercise  |   |   | Number                  of    |   |   | Contractual                  Life    |   |   | Exercise       |   |   | Number                         |   |   | Exercise           |   |
|  Price          |   |   | Shares                             |   |   |  in                  Years           |   |   | Price     |   |   |  Exercisable    |   |   | Price    |   |
| $0.25                |   |   | 135,000                                      |   |   | 2.7                                                 |   | $      | 0.20                |   |   | 135,000                             |   | $      | 0.20                    |   |
| 0.30                 |   |   | 150,000                                      |   |   | 3.3                                                 |   |   | 0.30                |   |   | 150,000                             |   |   | 0.30                    |   |
| 0.60                 |   |   | 93,000                                       |   |   | 0.8                                                 |   |   | 0.60                |   |   | 93,000                              |   |   | 0.60                    |   |
| 0.70                 |   |   | 400,000                                      |   |   | 4.9                                                 |   |   | 0.70                |   |   | -                                   |   |   | 0.70                    |   |
| 0.72                 |   |   | 400,000                                      |   |   | 4.7                                                 |   |   | 0.72                |   |   | -                                   |   |   | 0.72                    |   |
| 0.80                 |   |   | 30,000                                       |   |   | 4.8                                                 |   |   | 0.80                |   |   | -                                   |   |   | 0.80                    |   |
| 0.92                 |   |   | 540,000                                      |   |   | 1.1                  0.                             |   |   | 92                  |   |   | 540,000                             |   |   | 0.92                    |   |

**(c)        Warrants**

**Warrant        activity since December 31, 2003 is presented below:**

|                                          |   |   | Number                                          |   |   | Purchase                    Price  |   |
|-----------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                          |   |   | of                    Shares     |   |   | per                    Share            |   |
|                                          |   |   |                                                 |   |   |                                    |   |
| Balance,                    December 31, 2003 |   |   | 1,000,000                                            |   | $      | 0.15                                    |   |
| Issued                                        |   |   | 1,813,616                                            |   |   | 0.23                    - 0.35          |   |
| Exercised                                     |   |   | (50,000                                              | )      |   | 0.15                                    |   |
|                                          |   |   |                                                 |   |   |                                    |   |
| Balance,                    December 31, 2004 |   |   | 2,763,616                                            |   |   | 0.15                    - 0.35          |   |
|                                          |   |   |                                                 |   |   |                                    |   |
| Issued                                        |   |   | 5,661,533                                            |   |   | 0.30                    - 1.10          |   |
| Exercised                                     |   |   | (3,328,866                                           | )      |   | 0.15                    - 0.80          |   |
|                                          |   |   |                                                 |   |   |                                    |   |
| Balance,                    December 31, 2005 |   |   | 5,096,283                                            |   |   | 0.80                    - 1.10          |   |

**Agent        options**

**During        the year ended December 31, 2005, the Company issued 508,159 agent options        to        purchase 508,159 units in connection with the financings described in notes        6(b)(iii) and (iv). Agent option activity since December 31, 2003 is presented        below:**

|                                                     |   |  Number                  of |    |  Exercise                  Price |   |
|----------------------------------------------------------|--------|----------------------------------|---------|---------------------------------------|--------|
|                                                     |   |  Units                      |    | per                  Unit             |   |
| Outstanding,                  December 31, 2003 and 2004 |   | -                                |    | -                                     |   |
| Granted                                                  |   |                             | 508,159 |                                  | $      | 0.65                  - 0.74 |   |
| Exercised                                                |   |                             | (32,184 | )                                     |   | 0.65 |   |
|                                                     |   |                             |    |                                  |   |   |   |
| Outstanding,                  December 31, 2005          |   |                             | 475,975 |                                  |   | 0.65                  - 0.74 |   |

----

**RODINIA        MINERALS INC.**

**NOTES        TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR        THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**6.        SHARE CAPITAL (continued)**

**During        the year ended December 31, 2005, the Company issued 615,605 agent warrants        that        may be exercised to purchase 615,605 common shares in connection with the        financings described in notes 6(b)(iii) and (iv). Agent warrant activity        since        December 31, 2003 is presented**

**below:**

|                                                                                                                                                                   |   |                       |    |  Purchase                    |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|---------|-----------------------------------|--------|
|                                                                                                                                                                   |   | Number                  of |    |                    Price per |   |
|                                                                                                                                                                   |   |  Shares               |    |  Shares                      |   |
|                                                                                                                                                                   |   |                       |    |                              |   |
| Outstanding,                  December 31, 2003 and 2004                                                                                                               |   | -                          |    | -                                 |   |
| Granted                                                                                                                                                                |   |                       | 615,605 |                              | $      | 0.80                  - 1.10 |   |
| Exercised                                                                                                                                                              |   |                       | (5,250  | )                                 |   | 0.80 |   |
|                                                                                                                                                                   |   |                       |    |                              |   |   |   |
| Outstanding,                  December 31, 2005                                                                                                                        |   |                       | 610,355 |                              |   | 0.80                  - 1.10 |   |
|                                                                                                                                                                   |   |                       |    |                              |   |   |   |
| Agent                  warrants outstanding at December 31, 2005 expire between October                  30, 2006                  and March 2,                  2007. |   |                       |    |                              |   |   |   |
|                                                                                                                                                                   |   |                       |    |                              |   |   |   |

|                                                                       |   |  **2005** |      |  **2004** |   |
|----------------------------------------------------------------------------|--------|----------------|-----------|----------------|--------|
| Balance,                  beginning of year                                |   | $              | 257,627   |           | $      | 73,857 |   |
| Stock-based                  compensation (Note 8)                         |   |           | 424,490   |           |   | 183,770 |   |
| Fair                  value of agent options and warrants (Note 6)         |   |           | 826,371   |           |   | - |   |
| Transfer                  to share capital upon exercise of stock options  |   |           | (12,257   | )              |   | - |   |
| Transfer                  to share capital upon exercise of agent options  |   |           | (42,396   | )              |   | - |   |
| Transfer                  to share capital upon exercise of agent warrants |   |           | (6,717    | )              |   | - |   |
|                                                                       |   |           |      |           |   |   |   |
| Balance,                  end of year                                      |   | $              | 1,447,118 |           | $      | 257,627 |   |

|                                               |  **2005**                                |   **2004**                          |
|----------------------------------------------------|-----------------------------------------------|-----------------------------------------------|
| Assumptions:                                       |                                          |                                          |
|                                               |                                          |                                          |
| Expected                  life                     | 2                  -                  5 years | 2                  -                  5 years |
| Expected                  dividend yield           | 0%                                            | 0%                                            |
| Risk-free                  interest rate           | 3.2%                  - 3.8%                  | 2.0%                                          |
| Expected                  volatility               | 109%                  - 177%                  | 94%                  - 134%                   |
| Results:                                           |                                          |                                          |
| Fair                  value of each option granted | $0.55                  - $0.88                | $0.29                  - $0.68                |

----

**RODINIA            MINERALS INC.**

**NOTES            TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR          THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

|                                                                            |   |   | **2005 **  |   |    |  **2004**  |   |
|---------------------------------------------------------------------------------|--------|--------|----------------------|--------|---------|----------------------|--------|
| Future                income tax                assets:                         |   |   |                 |   |    |                 |   |
| Non-capital                  tax losses carried forward                         |   | $      | 418,500              |   | $       | 373,500              |   |
| Capital                  losses carried forward                                 |   |   | 189,000              |   |    | 197,000              |   |
| Share                  issue costs                                              |   |   | 25,000               |   |    | 4,000                |   |
| Property                  and equipment                                         |   |   | 1,000                |   |    | -                    |   |
| Canadian                  exploration expenses                                  |   |   | 377,500              |   |    | 394,000              |   |
| Canadian                  development expenses                                  |   |   | 426,000              |   |    | 445,000              |   |
| Total                  gross future income tax assets                           |   |   | 1,437,000            |   |    | 1,413,500            |   |
| Valuation                  allowance                                            |   |   | (1,437,000           | )      |    | (1,413,500           | )      |
|                                                                            |   |   |                 |   |    |                 |   |
|  Net future                income tax assets      |   | $      | -                    |   | $  | -                    |   |

| 2006 |   | $      | 205,500 |   |
|------|--------|--------|---------|--------|
| 2007 |   |   | 248,500 |   |
| 2008 |   |   | 106,500 |   |
| 2009 |   |   | 96,000  |   |
| 2010 |   |   | 80,500  |   |
| 2014 |   |   | 134,000 |   |
| 2015 |   |   | 356,000 |   |

----

**RODINIA      MINERALS INC.**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**FOR      THE YEARS ENDED DECEMBER 31, 2005 AND 2004**

**13.        COMMITMENTS**

| 2006 |   | $      | 60,000 |   |
|------|--------|--------|--------|--------|
| 2007 |   |   | 60,000 |   |
| 2008 |   |   | 60,000 |   |
| 2009 |   |   | 20,000 |   |
| 2010 |   |   | -      |   |

**14.        SUBSEQUENT EVENTS**

----

**CONSOLIDATED          FINANCIAL STATEMENTS**

**AUDITORS’      REPORT **

**To      the Shareholders of **

**Rodinia      Minerals Inc. **

**(formerly      Donnybrook Resources Inc.) **

| *N.I.                Cameron Inc. (signed)*      |   |
|-----------------------------------------------------------------|--------|
| CHARTERED                  ACCOUNTANTS           |   |
| Vancouver,                British Columbia                 |   |
| March                4, 2005                               |   |
| (Except                for Note 13 which is June 1, 2005)  |   |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**CONSOLIDATED      BALANCE SHEETS**

**December      31, 2004 and 2003 **

| **ASSETS**                                                                                                                                                   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                              |   | **2004**  |   |   | 2003 |   |
| **CURRENT**                                                                                                                                                  |   |   |   |   |   |   |
|                         Cash                                                                                                        | **$**  | **69,493**  |   | $ | 346 |   |
|                         Accounts receivable                                                                                         |   | **2,844**  |   |   | 306 |   |
|                         Prepaid expense                                                                                             |   | **10,000**  |   |   | - |   |
|                                                                                                                                                              |   | **82,337**  |   |   | 652 |   |
| **RESOURCE                PROPERTIES**(Note                5)                                                                                                |   | **374,281**  |   |   | - |   |
|                                                                                                                                                              | **$**  | **456,618**  |   | $ | 652 |   |
|                                                                                                                                                              |   |   |   |   |   |   |
| **LIABILITIES**                                                                                                                                              |   |
|                                                                                                                                                              |   |   |   |   |   |   |
| **CURRENT**                                                                                                                                                  |   |   |   |   |   |   |
|                         Accounts payable (Note 9)                                                                                   | **$**  | **139,220**  |   | $ | 41,615 |   |
|                         Loans payable (Note 6)                                                                                      |   | **135,535**  |   |   | 675 |   |
|                                                                                                                                                              |   | **274,755**  |   |   | 42,290 |   |
|                                                                                                                                                              |   |   |   |   |   |   |
| **SHAREHOLDERS’                EQUITY (DEFICIT)**                                                                                                      |   |
|                                                                                                                                                              |   |   |   |   |   |   |
| **CAPITAL                STOCK**(Notes                5, 7 and 12)                                                                                           |   |   |   |   |   |   |
|                         Authorized:                                                                                                 |   |   |   |   |   |   |
|                                   100,000,000                common shares, without par value              |   |   |   |   |   |   |
|                         Issued and fully paid:                                                                                      |   |   |   |   |   |   |
|                                                      5,541,995 common shares (2003 - 3,683,595)  |   | **13,179,357**  |   |   | 12,793,357 |   |
|                                                                                                                                                              |   |   |   |   |   |   |
| **CONTRIBUTED                SURPLUS**(Note                8)                                                                                                |   | **273,892**  |   |   | 73,857 |   |
|                                                                                                                                                              |   |   |   |   |   |   |
| **DEFICIT**                                                                                                                                                  |   | **(13,271,386**  | **)**  |   | (12,908,852 | )  |
|                                                                                                                                                              |   | **181,863**  |   |   | (41,638 | )  |
|                                                                                                                                                              | **$**  | **456,618**  |   | $ | 652 |   |
|                                                                                                                                                              |   |   |   |   |   |   |
| **SUBSEQUENT                EVENT**(Note                12)                                                                                                  |   |   |   |   |   |   |

**APPROVED      ON BEHALF OF THE BOARD:**

| */s/                Donald Morrison * | Director  |
|--------------------------------------------|----------------|
|                                       |           |
| */s/                Donald Mosher*    | Director  |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**CONSOLIDATED      STATEMENTS OF INCOME AND DEFICIT**

**For      the Years Ended December 31, 2004 and 2003**

|                                                                                                                |   | **2004**      |        |   | 2003        |    |
|---------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------|-------------|---------|
|                                                                                                                |   |               |        |   |        |    |
| **REVENUE**                                                                                                    |   |               |        |   |        |    |
|                         Interest income                                               | **$**  | **1,035**          |        | $      | 12          |    |
|                                                                                                                |   |               |        |   |        |    |
|                                                                                                                |   |               |        |   |        |    |
| **EXPENSES**                                                                                                   |   |               |        |   |        |    |
|                         Stock-based compensation (Note 7)                             | **$**  | **183,770**   |        | $      | 73,857      |    |
|                         Accounting and legal                                          |   | **65,051**         |        |   | 12,263      |    |
|                         Management fees (Note 9)                                      |   | **35,500**    |        |   | 28,264      |    |
|                         Filing fees and services                                      |   | **19,375**         |        |   | 19,718      |    |
|                         Travel, promotion and shareholder                information  |   | **15,404**         |        |   | -           |    |
|                         Finder’s fee                                            |   | **14,025**         |        |   | -           |    |
|                         Consulting fees (Note 9)                                      |   | **11,623**         |        |   | -           |    |
|                         Office, rent and sundry                                       |   | **9,310**          |        |   | 9,109       |    |
|                         Transfer agent fees                                           |   | **3,505**          |        |   | 5,114       |    |
|                         Directors fees (Note 9)                                       |   | **3,000**     |        |   | -           |    |
|                         Communications                                                |   | **2,319**     |        |   | 4,370       |    |
|                         Bank charges and interest                                     |   | **687**            |        |   | 1,744       |    |
|                                                                                                                |   | **363,569**        |        |   | 154,439     |    |
|                                                                                                                |   |               |        |   |        |    |
| **NET                LOSS FOR THE YEAR**                                                                       |   | **(362,534**  | **)**  |   | (154,427    | )  |
|                                                                                                                |   |               |        |   |        |    |
| **DEFICIT                AT BEGINNING OF YEAR**                                                                |   | **(12,908,852**    | **)**  |   | (12,754,425 | )  |
|                                                                                                                |   |               |        |   |        |    |
| **DEFICIT                AT END OF YEAR**                                                                      | **$**  | **(13,271,386**    | **)**  | $      | (12,908,852 | )  |
|                                                                                                                |   |               |        |   |        |    |
|                                                                                                                |   |               |        |   |        |    |
| **Loss                per share**                                                                              | **$**  | **(0.08**          | **)**  | $      | (0.02       | )  |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS **

**For      the Years Ended December 31, 2004 and 2003 **

|                                                                                                                                                |   | **2004**     |        |   | 2003     |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|--------|----------|---------|
| **OPERATING                ACTIVITIES**                                                                                                        |   |              |        |   |     |    |
|                         Net loss for the year                                                                         | **$**  | **(362,534**      | **)**  | $      | (154,427 | )  |
|                         Add (deduct): items not involving cash                                                        |   |              |        |   |     |    |
|                                   Stock-based                compensation                    |   | **183,770**  |        |   | 73,857   |    |
|                                                                                                                                                |   | **(178,764**      | **)**  |   | (80,570  | )  |
|                         Changes in non-cash working capital                                                           |   |              |        |   |     |    |
|                                   (Increase)                decrease in accounts receivable  |   | **(2,538**        | **)**  |   | 1,058    |    |
|                                   (Increase)                decrease in prepaid expense      |   | **(10,000**       | **)**  |   |     |    |
|                                   Increase                (decrease) in accounts payable     |   | **97,605**        |        |   | (1,168   | )  |
|                                                                                                                                                |   |              |        |   |     |    |
|                         Cash applied to operating activities                                                          |   | **(93,697**       | **)**  |   | (80,680  | )  |
|                                                                                                                                                |   |              |        |   |     |    |
| **INVESTING                ACTIVITIES**                                                                                                        |   |              |        |   |     |    |
|                         Resource property recoveries                (expenditures)                                    |   | **(374,281**      | **)**  |   | -        |    |
|                                                                                                                                                |   |              |        |   |     |    |
|                         Cash provided by investing activities                                                         |   | **(374,281**      | **)**  |   | -        |    |
|                                                                                                                                                |   |              |        |   |     |    |
| **FINANCING                ACTIVITIES**                                                                                                        |   |              |        |   |     |    |
|                         Capital stock issued for cash                                                                 |   | **386,000**       |        |   | 120,000  |    |
|                         Increase (decrease) in loans payable                                                          |   | **151,125**       |        |   | (39,925  | )  |
|                                                                                                                                                |   |              |        |   |     |    |
|                         Cash provided by (applied to) financing                activities                             |   | **537,125**       |        |   | 80,075   |    |
|                                                                                                                                                |   |              |        |   |     |    |
| **NET                INCREASE (DECREASE) IN CASH**                                                                                             |   | **69,147**        |        |   | (605     | )  |
|                         **DURING                THE YEAR**                                                            |   |              |        |   |     |    |
|                                                                                                                                                |   |              |        |   |     |    |
| **CASH                AT BEGINNING OF YEAR**                                                                                                   |   | **346**           |        |   | 951      |    |
|                                                                                                                                                |   |              |        |   |     |    |
| **CASH                AT END OF YEAR**                                                                                                         | **$**  | **69,493**        |        | $      | 346      |    |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **1.**                     | **CONSOLIDATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |
|                                      | These                financial statements include the accounts of the Company and its                wholly-owned subsidiary. Donnybrook Platinum Resources Inc. The subsidiary                was incorporated in the State of Wyoming, U.S.A. on December 15,                1999.                                                                                                                                                                                                    |
|                                      |
| **2.**                     | **CHANGE                OF NAME**                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                      |
|                                      | Effective                August 13, 2003, the Company has changed its name from Donnybrook                Resources Inc. to Rodinia Minerals Inc.                                                                                                                                                                                                                                                                                                                                       |
|                                      |
| **3.**                     | **NATURE                OF OPERATIONS**                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                      |
|                                      | The                Company is in the business of exploring and acquiring its resource                properties. As at December 31, 2004, the Company had signed a Letter                of                Intent for an option agreement to acquire a mineral property in Arizona.                                                                                                                                                                                                     |
|                                      |
|                                      | The                recoverability of amounts shown for resource properties and related                deferred costs is dependent upon the discovery of economically recoverable                reserves, the ability of the Company to obtain necessary financing                to                complete the development and future profitable production from the                properties or proceeds from disposition.                                                          |
|                                      |
| **4.**                     | **SIGNIFICANT                ACCOUNTING POLICIES**                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                      |
|                                      | The                financial statements of the Company have been prepared in accordance                with                Canadian generally accepted accounting principles. Because a precise                determination of many assets and liabilities is dependent upon future                events, the preparation of financial statements for a period necessarily                involves the use of estimates, which have been made using careful                judgement. |
|                                      |
|                                      | The                financial statements have, in management’s opinion, been properly prepared                within reasonable limits of materiality and within the framework                of the                significant accounting policies summarized below:                                                                                                                                                                                                              |
|                                      |
|                                      | ***(a)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ***Resource                properties***  |
|                                      |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Acquisition                costs of resource properties together with direct exploration and                development expenditures thereon are deferred in the accounts. When                and if                production is attained, these costs will be amortized. When deferred                expenditures on individual producing properties exceed the estimated                net                realizable value, the properties are written down to the estimated                value.                Costs relating to properties abandoned are written off when the decision                to abandon is made. |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **4.**                     | **SIGNIFICANT                ACCOUNTING POLICIES (Cont’d)**  |
|-------------------------------------------|-------------------------------------------------------------------------|
|                                      |
|                                      | ***(b)***                                                | ***Going                concern***  |
|                                      |
|                                      |                                                                    | The                accompanying financial statements have been presented assuming the                Company                will continue as a going concern. At December 31, 2004, the Company                had                accumulated $13,271,386 in losses and had no revenue-producing operations.                At the date of this report, the Company has almost no liquidity and                its                ability to continue as a going concern is dependent upon its ability                to                raise additional capital or merge with a revenue producing venture                partner. These matters raise substantial doubt about the Company’s ability                to continue as a going concern. No adjustments have been made in                the                accompanying financial statements to provide for this uncertainty. |
|                                      |
|                                      | ***(c)***                                                | ***Stock-based                compensation***  |
|                                      |
|                                      |                                                                    | The                Company grants options in accordance with the policies of the TSX                Venture                Exchange. Effective January 1, 2002, the Company adopted the new                CICA                Handbook Section 3870 “Stock-Based Compensation and Other Stock-Based                Payments”, of accounting for options and other stock-based compensation                payments. This section requires the adoption of the fair value method                effective January 1, 2004 and encourages earlier adoption of this                requirement. Accordingly, the Company has adopted, on a prospective                basis,                the fair value method of accounting for all options, warrants and                other                stock-based compensation payments issued during fiscal 2003. |
|                                      |
| **5.**                     | **RESOURCE                PROPERTIES**                             |
|                                      |
|                                      | Resource                properties consist of:                          |

|   |                                                                              |   | **2004**     |   |   | **2003**  |
|--------|-----------------------------------------------------------------------------------|--------|-------------------|--------|--------|----------------|
|   | Arizona                Property                                              |   |              |   |   |           |
|   |                         Property deposit            | **$**  | **42,500**   |   | **$**  | **-**     |
|   |                         Claims                      |   | **39,334**   |   |   | **-**     |
|   |                         Consulting                  |   | **56,705**   |   |   | **-**     |
|   |                         Site visits                 |   | **6,088**    |   |   | **-**     |
|   |                         Reports and maps            |   | **12,712**   |   |   | **-**     |
|   |                         Staking program             |   | **164,656**  |   |   | **-**     |
|   |                         Equipment rental            |   | **34,398**   |   |   | **-**     |
|   |                         General and administration  |   | **16,625**   |   |   | **-**     |
|   |                         Field expenses              |   | **1,263**    |   |   | **-**     |
|   | Total                Resource Properties                                     | **$**  | **374,281**  |   | $      | **-**     |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **5.**                     | **RESOURCE                PROPERTIES (Cont’d)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |
|                                      | Arizona                Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                      |
|                                      | On                October 26, 2004 the Company entered into a Letter of Intent with                Cooper                Minerals, Inc. (“Cooper”) with the intention to enter into a formal option                agreement which will provide for the acquisition by the Company,                through                its wholly owned subsidiary, Donnybrook Platinum Resources Inc, a                Wyoming                corporation (“DPRI), of a 100% interest in the Workman Creek Uranium                Deposit Project. The Company has been granted the sole and exclusive                irrevocable right and option to acquire, through DPRI, a 100% interest                in                and to the claims, subject only to a 3% NSR, and in and to the data                all on                the terms and subject to the conditions set forth. To exercise the                Option,                the following cash payments must be made at the times specified: |
|                                      |
|                                      | 1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                execution of the Letter of Intent (LoI), $42,500 to Cooper (paid); |
|                                      | 2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                the earlier of (1) 60 days after the date of the LoI and (2) 5 business                days after the acceptance by the TSXV of the Claims as a “Tier 1                Property”, $42,500 to Cooper, as reimbursement of the balance of expenses                (paid after year end); |
|                                      | 3.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                the “Closing Date”, $50,000 to Cooper; |
|                                      | 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The                funds necessary to initiate the preparatory work to carry out the                first                phase of the exploration program recommended in the Report must be                advanced to Cooper upon receipt by the Company of an acceptable budget                with respect to such preparatory work, and the balance of funds necessary                to carry out the first phase of such exploration program (currently                estimated to be $200,000) must be advanced to Cooper within 5 business                days of receipt by the Company of copies of all permits required                to permit                the balance of such first phase to be carried out; |
|                                      | 5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | An                aggregate US$2,000,000 in expenditures in connection with maintaining,                exploring, developing or equipping any one or more of the Claims                (or any                additional properties covered by section 6 of the QD&RRI (“Additional                Properties”)) for commercial production must be incurred as follows: |
|                                      |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | i.                     | on                or before the first anniversary of the date of this LoI, not less                than an                aggregate US$350,000; |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ii.                     | on                or before the second anniversary of the date of this LoI, not less                than an                aggregate US$850,000; |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | iii.                     | on                or before the third anniversary of the date of this LoI, not less                than an                aggregate US$1,400,000; |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | iv.                     | on                or before the fourth anniversary of the date of this LoI, not less                than an                aggregate US$2,000,000; |
|                                      |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | provided,                that, until the earlier of (1) a minimum aggregate US$1 million of                such                expenditures has been incurred in respect of the Claims and (2) a                bankable                feasibility study has been received in respect of the Claims, such                expenditures will only be incurred in respect of the Claims; |
|                                      | 6.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | On                the Closing Date, 2,500,000 of the Company’s Common Shares must be issued                to the direction of Cooper; |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **5.**                     | **RESOURCE                PROPERTIES (Cont’d)**                                                         |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------|
|                                      |
|                                      | Arizona                Property (cont’d)                                                                     |
|                                      |
|                                      |  7.                                                                                            | On                the Closing Date, the Company must accept the subscription (at a                subscription price of $10), by way of private placement subscription                agreement in standard form executed by the “Vendors”, for, and issue to                the “Vendors”, non-transferable share purchase warrants (the “Warrants”)                entitling the purchase by each of the two “Vendors” of 750,000 Common                Shares of the Company at a price per share equal to the greater of                (1)                $0.01 in excess of the closing price of the Company’s shares on the TSXV                on the day prior to the announcement of a “Transaction” (as that term is                defined in the Underlying Agreement), and (2) the price of any financing                completed by the Company concurrently with the Transaction, exercisable                for a period of 5 years from the Closing Date; and |
|                                      |
|                                      | 8.                                                                                                                 | On                the Closing Date, all of Cooper’s obligation under the Underlying                Agreement, including, without limitation, the obligation to make                Advance                Royalty Payments under the QD&RRI, must be assumed. |
|                                      |
|                                      | The                closing date will occur 5 business days after the last of the 3 following                dates: |
|                                      |
|                                      |                                                                                                               | i. | Receipt                of TSX Venture Exchange (”TSVX”) acceptance for filing of the Company’s                graduation to Tier 1 on the TSVX; |
|                                      |                                                                                                               | ii. | Receipt                of discretionary order of the BC Securities Commission permitting                the                issuance of the Company’s shares to the directors of Cooper in                circumstances where the claims are being acquired by DPRI; |
|                                      |                                                                                                               | iii. | Receipt                of TSVX acceptance for filing of the claims as a “Tier 1 property”. |
|                                      |                                                                                                               |   |   |
|                                      |                                                                                                               | The                Company has also agreed to a finder’s fee of up to 227,917 common shares                in respect to this transaction if it closes. |
|                                      |
|                                      |                                                                                                               | During                the year, the Company staked an additional 161 mineral claims in                the same                area. |
|                                      |
| **6.**                     | **LOANS                PAYABLE**                                                                              |

|                                                                |   | **2004**     |   |   | 2003  |
|---------------------------------------------------------------------|--------|-------------------|--------|--------|------------|
| Unsecured                bridge loan payable, due on demand    | **$**  | **-**        |   | $      | -     |
| Unsecured                loans payable, non-interest bearing,  |   |              |   |   |       |
| no                specified terms of repayment                 |   | **135,535**  |   |   | 675   |
|                                                                | $      | **135,535**  |   | $      | 675   |

|   |  The                loans ($151,800 - accepted by the TSX on October 19, 2004) are for                a one                year term, unsecured and non-interest bearing. The lenders have the                right                to convert their loans into units at a deemed value of $0.30 per                unit on                the earlier of March 17, 2005 or the Company graduating to Tier-2                of the                TSX Venture Exchange. Each unit consists of one common share of the                Company and one non-transferable share purchase warrant entitling                the                holder to purchase an additional share of the Company at an exercise                price                of $0.30 per share for a period of one year from the date of the                loan. A                finder’s fee of 46,750 shares valued at $14,025 is payable with respect                to                this transaction.  As                of December 31, 2004, $16,265 of the loan was classified as contributed                surplus to recognize the value of the conversion feature of the                loans |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **7.**                   | **CAPITAL                STOCK**  |
|------------------------------------|----------------------------------------|
|                               |                                   |   |
|                               | (a)                                    | Changes                in capital stock during the years ended December 31 were as follows: |

|                                                  |   | **2004**                        |          | 2003              |   |
|-------------------------------------------------------|--------|--------------------------------------|---------------|------------------------|--------|
|                                                  |   | **Number                  of**  |          |              |   | Number                  of |   |    |   |
|                                                  |   | **Shares**                      |          |  **Amount**  |   | Shares |   |  Amount  |   |
|                                                  |   |                                 |          |                   |   |   |   |   |   |
| **Balance,                  beginning of year**  |   |                                 | **3,683,595** |                   | **$**  | **12,793,357** |   |   | 13,017,975 |   | $ | 12,613,357 |   |
|                                                  |   |                                 |               |                   |   |  |   |   |  |   |   |  |   |
| **Issued                  during the year:**     |   |                                 |               |                   |   |  |   |   |   |   |   |  |   |
| -                  debt settlement               |   |                                 |               |                   |   |  |   |   | 400,000 |   |   | 60,000 |   |
|                                                  |   |                                 |               |                   |   |  |   |   | 13,417,975 |   |   | 12,673,357 |   |
| -                  1:5 share rollback            |   |                                 |               |                   |   |  |   |   | (10,734,380 | ) |   | - |   |
| For                  cash                        |   |                                 |               |                   |   |  |   |   |   |   |   |  |   |
| -                  Private Placement @ $0.18     |   |                                 | **800,000**   |                   |   | **144,000** |   |   | 1,000,000 |   |   | 120,000 |   |
| -                  Private Placement @ $0.25     |   |                                 | **824,000**   |                   |   | **206,000** |   |   |   |   |   |  |   |
| -                  Finders’ fee            |   |                                 | **64,400**    |                   |   |  |   |   |   |   |   |  |   |
| -                  Options exercised @ $0.25     |   |                                 | **120,000**   |                   |   | **30,000** |   |   |   |   |   |  |   |
| -                  Warrants exercised @ $0.12    |   |                                 | **50,000**    |                   |   | **6,000** |   |   |   |   |   |  |   |
|                                                  |   |                                 |               |                   |   |  |   |   |  |   |   |  |   |
| **Balance                  at end of year**      |   |                                 | **5,541,995** |                   | **$**  | **13,179,357** |   |   | 3,683,595 |   | $ | 12,793,357 |   |

|   | (b)                     | During                the year, the Company issued 800,000 units at a price of $0.18 per                unit.                Each unit consists of one common share and one common share purchase                warrant entitling the holder to purchase an additional common share                at a                price of $0.23 per share for a period of one year. Subsequent to                the year                end, 200,000 of these warrants were exercised.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |
|   | (c)                     | During                the year, the Company issued 824,000 units at a price of $0.25 per                unit.                Each unit consists of one common share and one common share purchase                warrant entitling the holder to purchase an additional common share                at a                price of $0.35 per share for a period of one year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |
|   | (d)                     | During                the year, the Company engaged Haywood Securities Inc. (“Haywood”) to                conduct a brokered private placement of 2,000,000 units at a price                of                $0.65 per unit. Each unit (a “Unit”) will consist of one common share of                the Company and one-half share purchase warrant. Each full warrant                will                entitle the holder to purchase one additional common share of the                Company                at a price per common share of $0.80 in the first year and $0.90                in the                second year. Haywood will receive a commission equal to 7.5% of the                proceeds of the offering, payable in cash or Units. Haywood will                also                receive warrants (the “Agent’s Warrants”) equal to 10% of the number of                Units sold under the offering, each Agent’s Warrant being convertible into                one Unit at a price of $0.65, and a corporate finance fee of 30,000                Units                for services rendered in connection with the offering. |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **7.**                     | **CAPITAL                STOCK (Cont’d)**  |
|-------------------------------------------|-------------------------------------------------------|
|                                      |
|                                      | (e)                                    | During                the prior year, the Company completed a private placement of 1 million                shares and 1 million share purchase warrants. Each share purchase                warrant                entitles the holder to purchase an additional common share for $0.12                if                exercised on or before September 8, 2004 and $0.15 per share thereafter                up                to and including September 8, 2005. During the year, 50,000 of those                warrants were exercised for proceeds of $6,000. Subsequent to the                year                end, an additional 200,000 warrants were exercised for proceeds of                $30,000. |
|                                      |
|                                      | (f)                                    | Stock                Option Plan |
|                                      |
|                                      |                                                  | The                shareholders have approved a Stock Option Plan (the “Plan”) that provides                for the issuance of up to 10% of the Company’s issued and outstanding                shares to eligible employees, directors and services providers of                the                Company and its subsidiaries. The Plan authorizes the granting of                options                to purchase shares of the Company’s common stock at an option price equal                to or greater than the closing price of the shares on the day preceding                the award date. The options generally partially vest with the recipient                at                the time of granting, and have a maximum term of 5 years. As at December                31, 2004, all options were fully vested. |
|                                      |
|                                      | (g)                                    | Stock                Options |
|                                      |
|                                      |                                                  | During                the years ended December 31, 2004 and 2003, stock options were granted,                exercised and expired/cancelled as follows: |

|                                                                                                                       |   | **2004**                      |         | 2003               |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------------|--------------------|--------|
|                                                                                                                       |   | **Number                of**  |         | **Weighted**  |   | Number                of |   | Weighted  |   |
|                                                                                                                       |   | **Options**                   |         | **Average**   |   | Options |   | Average  |   |
|                                                                                                                       |   |                               |         | **Price**     |   |   |   | Price  |   |
|                                                                                                                       |   |                               |         |               |   |   |   |   |   |
| Balance                - beginning of year                                                                            |   |                               | **273,360**  |               | **$**  | **0.25** |   |   | 180,800 |   | $ | 0.75 |   |
|                                                  Granted            |   |                               | **175,000**  |               | **$**  | **0.30** |   |   | 273,360 |   | $ | 0.25 |   |
|                                                                                                                       |   |                               | **93,000**   |               | **$**  | **0.60** |   |   |   |   |   |  |   |
|                                                                                                                       |   |                               | **120,000**  |               | **$**  | **1.00** |   |   |   |   |   |  |   |
|                                                  Exercised/expired  |   |                               | **(120,000** | )                  | **$**  | **0.25** |   |   | (180,800 | ) | $ | 0.75 |   |
|                                                                                                                       |   |                               |              |               |   |  |   |   |  |   |   |  |   |
|                                                                                                                       |   |                               | **541,360**  |               | **$**  | **0.49** |   |   | 273,360 |   | $ | 0.25 |   |

|   |   | The                number of options and the weighted average exercise price of options                issued prior to 2003 have been adjusted to reflect the 1:5 rollback                of                shares. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **7.**                     | **CAPITAL                STOCK (Cont’d)**  |
|-------------------------------------------|-------------------------------------------------------|
|                                      |
|                                      | (g)                                    | Stock                Options (cont’d) |
|                                      |
|                                      |                                                  | During                the year ended December 31, 2004, the Company granted 388,000 stock                options to directors and consultants. The fair value of these options                have                been estimated using the Black- Scholes option pricing model using                a                risk-free interest rate of 2.0%, an expected life of 2-5 years, an                imputed                dividend yield of 0%, and a volatility assumption as indicated below: |

| Number                       |   | Exercise  |   | Grant  |   | Value                         |   |  Total  |   | Volatility |   |
|-----------------------------------|--------|----------------|--------|-------------|--------|------------------------------------|--------|-------------------|--------|------------|--------|
| of                  Options  |   | Price     |   | Date   |   | per                  share    |   |  Value  |   | Assumption |   |
|                              |   |           |   |        |   |                               |   |              |   |       |   |
| 175,000                      |   | $              | 0.30   |        |   | April                  13, 2004    |   | $                 | 0.29   |       | $      | 50,750 |   |   | 134 | % |
| 96,000                       |   | $              | 0.60   |        |   | November                  5, 2004  |   | $                 | 0.68   |       |   | 63,420 |   |   | 94 | % |
| 120,000                      |   | $              | 1.00   |        |   | November                  29, 2004 |   | $                 | 0.58   |       |   | 69,600 |   |   | 100 | % |
|                              |   |           |        |        |   |                                    |   |              |        |       | $      | 183,770 |   |   |   |   |

|   | (h) | Share                Purchase Warrants |
|--------|-----|----------------------------------------|

|                                                                                                                       |   | **2004**  |                                     | 2003   |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------------------------------------|--------|--------|
|                                                                                                                            |   |           | **Number                of**   |   |   | **Weighted** |   |   | Number                of |   |   | Weighted |   |
|                                                                                                                       |   |           | **Warrants**                   |   |   | **Average** |   |   | Warrants |   |   | Average |   |
|                                                                                                                       |   |           |                                     |   |   | **Price**   |   |   |   |   |   | Price |   |
|                                                                                                                       |   |           |                                          |   |   |  |   |   |  |   |   |  |   |
| Balance                - beginning of year                                                                            |   |           | **1,000,000**                            |   | **$**  | **0.15** |   |   | 150,000 |   | $ | 3.33 |   |
|                                                  Granted            |   |           | **925,216**                              |   | **$**  | **0.23** |   |   | 1,000,000 |   | $ | 0.15 |   |
|                                                                                                                       |   |           | **888,400**                              |   | **$**  | **0.35** |   |   |   |   |   |  |   |
|                                                  Exercised/expired  |   |           | **(50,000**                              | )      | **$**  | **0.15** |   |   | (150,000 | ) | $ | 3.33 |   |
|                                                                                                                       |   |           |                                          |   |   |  |   |   |  |   |   |  |   |
|                                                                                                                       |   |           | **2,763,616**                            |   | **$**  | **0.24** |   |   | 1,000,000 |   | $ | 0.15 |   |

| **8.** | **CONTRIBUTED                SURPLUS** |
|--------|----------------------------------------|

|                                                     |   | **2004**  |    |                  2003  |
|----------------------------------------------------------|--------|----------------|---------|----------------------------------|
|                                                     |   |           |    |                             |   |   |
| Opening                balance                      |   | $              | 73,857  |                             | $ | - |
| Loan                conversion (Note 6)             |   |           | 16,265  |                             |   | - |
| Employee                and director stock options  |   |           | 183,770 |                             |   | 73,857 |
|                                                     |   |           |         |                             |   |   |   |  |   |
| Closing                balance                      |   | $              | 273,892 |                             | $ | 73,857 |

| **9.**                     | **RELATED                PARTY TRANSACTIONS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |
|                                      | During                the year, the Company was charged $35,500 (2003 - $27,500) by a director                of the Company for management fees; $6,000 (2003 - Nil) by a director                for                consulting fees; $3,000 (2003 - Nil) by 3 directors for directors’ fees.                In addition, the director charged the Company $10,000 (2003 - $ 9,600)                for                rent and telephone expenses. The transactions were recorded at the                exchange amount. |
|                                      |
|                                      | Included                in accounts payable is $Nil (2003 - $18,200) payable to a director.                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **10.**       | **FINANCIAL                INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK**                                                                                                                                                                                                                                                                                                                                                                             |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |
|          | The                Company’s financial instruments consist of cash, accounts receivable,                accounts payable and loans payable. It is management’s opinion that the                Company is not exposed to significant interest, currency or credit                risks                arising from these financial instruments. The fair values of these                financial instruments approximate their carrying value. |
|          |
| **11.**  | **INCOME                TAXES**                                                                                                                                                                                                                                                                                                                                                                                                                        |
|          |
|          | The                Company has non-capital loss carry forwards available to reduce future                taxable income as follows:                                                                                                                                                                                                                                                                                                                         |

| Year                of Expiry                          |   | Amount     |
|-------------------------------------------------------------|--------|-----------------|
|                                                        |   |            |
|                         2005  |   | 177,512    |
|                         2006  |   | 205,710    |
|                         2007  |   | 248,352    |
|                         2008  |   | 106,347    |
|                         2009  |   | 96,312     |
|                         2010  |   | 80,593     |
|                         2014  |   | 178,785    |
|                                                        | $      | 1,093,611  |

|                                       | The                possible tax benefit of these losses is not reflected in these financial                statements.                                                                                                                                                                                                                                                                                                                        |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                       |
|                                       | The                Company has filed tax returns showing Canadian Exploration Expenditures                totaling $1,105,663 and Canadian Development Expenditures totaling                $1,248,697, which are available to reduce future income taxes.                                                                                                                                                                                    |
|                                       |
| **12.**                     | **SUBSEQUENT                EVENTS**                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                       |
|                                       | Subsequent                to the year-end, the Company arranged a $75,000 loan. The loan is                for a                period of 30 days and bears an interest rate of 10% per annum.                                                                                                                                                                                                                                                |
|                                       |
|                                       | This                is an arm’s length transaction. A finder's fee of $7,500 will apply in                accordance with TSX Venture Exchange (the “Exchange”) policies. In                addition, for providing this facility to the Company, the lender                will                receive a bonus of 17,857 common shares, in the maximum number allowed                by                Exchange policies.  |
|                                       |
|                                       | The                funds will be used for working capital purposes and it is anticipated                that                the loan will be repaid out of the proceeds of the Company’s private                placement announced November 24, 2004. The private placement forms                part of                the Company’s reactivation application which is currently being reviewed                by the Exchange. |
|                                       |
|                                       | On                March 2, 2005, the $75,000 loan was paid off.                                                                                                                                                                                                                                                                                                                                                                               |
|                                       |
|                                       | Also                subsequent to the period, the Company closed on the private placement                of 2                million shares for gross proceeds of $1,300,000 (See Note 7d).                                                                                                                                                                                                                                                   |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.**                     | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP**                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                       | These                financial statements are prepared in accordance with Canadian generally                accepted accounting principles (Canadian GAAP). Differences as at                December                31, 2004 between Canadian GAAP and United States generally accepted                accounting principles (U.S. GAAP) are described below, with the financial                statement disclosure restated from Canadian GAAP with adjustments                shown to                conform to U.S. GAAP. |

| **RODINIA                MINERALS INC.**                             |                                               |
|---------------------------------------------------------------------------|----------------------------------------------------|
| **BALANCE                SHEET**                                     |                                               |
| **December                31, 2004**                                 |                                               |
| **(An                Exploration Stage Enterprise)**                 |                                               |
|                                                                      |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      |                                               |   | **2004**  |   |   |   |   |   | **2003**  |   |   |   |
|                                                                      | **Canadian**                                  |   | **Adjustments**  |   | **U.S.                GAAP**  |   | **Canadian**  |   | **Adjustments**  |   | **U.S.                GAAP**  |   |
|                                                                      | **GAAP**                                      |   | **to                arrive at**  |   |   |   | **GAAP**  |   | **to                arrive at**  |   |   |   |
|                                                                      |                                               |   | **U.S.                GAAP**  |   |   |   |   |   | **U.S.                GAAP**  |   |   |   |
|                                                                      |                                               |   |   |   |   |   |   |   |   |   |   |   |
| **ASSETS**                                                           |                                               |
|                                                                      |                         $ |   | $ |   |                         $ |   |                         $ |   | $ |   |                         $ |   |
| **CURRENT**                                                          |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                       Cash                       | 69,493                                             |   | - |   | 69,493 |   | 346 |   | - |   | 346 |   |
|                       Accounts receivable        | 2,844                                              |   | - |   | 2,844 |   | 306 |   | - |   | 306 |   |
|                       Prepaid expense            | 10,000                                             |   | - |   | 10,000 |   | - |   | - |   | - |   |
|                                                                      | 82,337                                             |   |   |   | 82,337 |   | 652 |   |   |   | 652 |   |
|                                                                      |                                               |   |   |   |   |   |   |   |   |   |   |   |
| **RESOURCE                PROPERTIES**                               | 374,281                                            |   | (374,281 | )  | - |   | - |   | - |   | - |   |
|                                                                      |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      | 456,618                                            |   | (374,281 | )  | 82,337 |   | 652 |   | - |   | 652 |   |
|                                                                      |                                               |   |   |   |   |   |   |   |   |   |   |   |
| **LIABILITIES**                                                      |                                               |
| **CURRENT**                                                          |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                       Accounts payable           | 139,220                                            |   | - |   | 139,220 |   | 41,615 |   | - |   | 41,615 |   |
|                       Loan payable               | 135,535                                            |   | - |   | 135,535 |   | 675 |   | - |   | 675 |   |
|                                                                      | 274,755                                            |   | - |   | 274,755 |   | 42,290 |   | - |   | 42,290 |   |
|                                                                      |                                               |   |   |   |   |   |   |   |   |   |   |   |
| **SHAREHOLDERS’                EQUITY (DEFICIT)**              |                                               |
| **CAPITAL                STOCK**                                     |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                       Authorized: 100,000,000    |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                       common shares without      |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                       par value                  | 13,179,357                                         |   | - |   | 13,179,357 |   | 12,793,357 |   | - |   | 12,793,357 |   |
|                       Issued: 5,541,995 shares   |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                       (2003 - 3,683,595 shares)  |                                               |   |   |   |   |   |   |   |   |   |   |   |
| **Contributed                surplus**                               | 273,892                                            |   | 239,830 |   | 513,722 |   | 73,857 |   | 239,830 |   | 313,687 |   |
| **DEFICIT                accumulated**                               |                                               |   |   |   |   |   |   |   |   |   |   |   |
| **during                the exploration stage**                      | (13,271,386                                        | )  | (614,111 | )  | (13,885,497 | )  | (12,908,852 | )  | (239,830 | )  | (13,148,682 | )  |
|                                                                      | 181,863                                            |   | (374,281 | )  | (192,418 | )  | (41,638 | )  | - |   | (41,638 | )  |
|                                                                      |                                               |   |   |   |   |   |   |   |   |   |   |   |
|                                                                      | 456,618                                            |   | (374,281 | )  | 82,337 |   | 652 |   | - |   | 652 |   |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.** | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP** |
|---------|----------------------------------------------------------------------|

----

**RODINIA      MINERALS INC. **

**STATEMENT      OF INCOME AND DEFICIT **

**For      the Years Ended December 31, 2004 and 2003**

**(An      Exploration Stage Enterprise) **

|                                                                            |               |    | **2004**                         |    |                               |    |               |    | **2003**                         |    |                               |    |
|---------------------------------------------------------------------------------|--------------------|---------|---------------------------------------|---------|------------------------------------|---------|--------------------|---------|---------------------------------------|---------|------------------------------------|---------|
|                                                                            | **Canadian**  |    | **Adjustments**                  |    | **U.S.                GAAP**  |    | **Canadian**  |    | **Adjustments**                  |    | **U.S.                GAAP**  |    |
|                                                                            | **GAAP**      |    | **to                arrive at**  |    |                               |    | **GAAP**      |    | **to                arrive at**  |    |                               |    |
|                                                                            |               |    | **U.S.                GAAP**     |    |                               |    |               |    | **U.S.                GAAP**     |    |                               |    |
|                                                                            |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
|                                                                            | $                  |    | $                                     |    | $                                  |    | $                  |    | $                                     |    | $                                  |    |
| **REVENUE**                                                                |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
|                       Interest                         | 1,035              |    | -                                     |    | 1,035                              |    | 12                 |    | -                                     |    | 12                                 |    |
|                                                                            |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
| **EXPENSES**                                                               |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
|                       Accounting and audit             | 65,051             |    | -                                     |    | 65,051                             |    | 12,263             |    | -                                     |    | 12,263                             |    |
|                       Bank charges and interest        | 687                |    | -                                     |    | 687                                |    | 1,744              |    | -                                     |    | 1,744                              |    |
|                       Communications                   | 2,319              |    |                                  |    | 2,319                              |    | 4,370              |    |                                  |    | 4,370                              |    |
|                       Consulting fees                  | 11,623             |    | -                                     |    | 11,623                             |    | -                  |    | -                                     |    | -                                  |    |
|                       Directors’ fees            | 3,000              |    | -                                     |    | 3,000                              |    | -                  |    | -                                     |    | -                                  |    |
|                       Filing fees                      | 19,375             |    | -                                     |    | 19,375                             |    | 19,718             |    | -                                     |    | 19,718                             |    |
|                       Finder’s fees              | 14,025             |    | -                                     |    | 14,025                             |    | -                  |    | -                                     |    | -                                  |    |
|                       Management fees                  | 35,500             |    | -                                     |    | 35,500                             |    | 28,264             |    | -                                     |    | 28,264                             |    |
|                       Office and printing              | 9,310              |    | -                                     |    | 9,310                              |    | 9,109              |    | -                                     |    | 9,109                              |    |
|                       Transfer agent fees              | 3,505              |    | -                                     |    | 3,505                              |    | 5,114              |    | -                                     |    | 5,114                              |    |
|                       Travel, promotion &          |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
|                       shareholders’ information  | 15,404             |    | -                                     |    | 15,404                             |    | -                  |    | -                                     |    | -                                  |    |
|                       Exploration                      |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
|                       expense/recoveries               |               |    | 374,281                               |    | 374,281                            |    | -                  |    | -                                     |    | -                                  |    |
|                       Stock-based compensation         | 183,770            |    |                                  |    | 183,770                            |    | 73,857             |    | -                                     |    | 73,857                             |    |
|                                                                            | 363,569            |    | 374,281                               |    | 737,850                            |    | 154,439            |    | -                                     |    | 154,439                            |    |
|                                                                            |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
| **LOSS                for the year**                                       | (362,534           | )  | (374,281                              | )  | (736,815                           | )  | (154,427           | )  | -                                     |    | (154,427                           | )  |
|                                                                            |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
| **DEFICIT,                Beginning of the**                               |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
| **year**                                                                   | (12,908,852        | )  | (239,830                              | )  | (13,148,682                        | )  | (12,754,425        | )  | (239,830                              | )  | (12,994,255                        | )  |
|                                                                            |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
| **DEFICIT,                End of the year**                                | (13,271,386        | )  | (614,111                              | )  | (13,885,497                        | )  | (12,908,852        | )  | (239,830                              | )  | (13,148,682                        | )  |
|                                                                            |               |    |                                  |    |                               |    |               |    |                                  |    |                               |    |
| **LOSS                PER SHARE**                                          | (0.08              | )  | -                                     |    | (0.16                              | )  | (0.02              | )  | -                                     |    | (0.02                              | )  |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.** | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP** |
|---------|----------------------------------------------------------------------|

----

**RODINIA      MINERALS INC. **

**STATEMENT      OF STOCKHOLDERS’ EQUITY **

**For      the Years Ended December 31, 2004 and 2003**

**(An      Exploration Stage Enterprise)**

**(U.S.      GAAP Only)**

|                                                  |   | Number                  ofCommon                    Shares |      | Total                  CapitalStock |   |                     Retained                    Earnings |   | SharesSubscribedNot                  Issued |        | ContributedSurplus |   | TotalShareholders'Equity |   |
|-------------------------------------------------------|--------|----------------------------------------------------------------------|-----------|-------------------------------------|--------|------------------------------------------------------------------------------|--------|---------------------------------------------|-------------|--------------------|--------|--------------------------|--------|
| Balance.                  End of the Year        |   |                                                                 |           |                                |   |                                                                              |   |                                        |             |               |   |                          |   |   |  |   |   |   |   |
| December                  31, 2002               |   |                                                                 | 2,603,495 |                                | $      | 12,613,357                                                                   |   | $                                           | (12,994,255 | )                  | $      | -                        |   | $ | 239,830 |   | $ | (141,068 | ) |
| Transactions                  during the year    |   |                                                                 |           |                                |   |                                                                              |   |                                        |             |               |   |                          |   |   |  |   |   |   |   |
|  -                  Debt settlement         |   |                                                                 | 80,000    |                                | $      | 60,000                                                                       |   |                                        |             |               |   |                          |   |   |  |   | $ | 60,000 |   |
|  -                  Private Placement       |   |                                                                 | 1,000,000 |                                | $      | 120,000                                                                      |   |                                        |             |               |   |                          |   |   |  |   | $ | 120,000 |   |
|  -                  Contributed surplus     |   |                                                                 |           |                                |   |                                                                              |   |                                        |             |               |   |                          |   | $ | 73,857 |   | $ | 73,857 |   |
|  -Net                  income for the year  |   |                                                                 |           |                                |   |                                                                              |   | $                                           | (154,427    | )                  |   |                          |   |   |  |   | $ | (154,427 | ) |
| Balance.                  End of the Year        |   |                                                                 |           |                                |   |                                                                              |   |                                        |             |               |   |                          |   |   |  |   |   |   |   |
| December                  31, 2003               |   |                                                                 | 3,683,495 |                                | $      | 12,793,357                                                                   |   | $                                           | (13,148,682 | )                  | $      | -                        |   | $ | 313,687 |   | $ | (41,638 | ) |
| Transactions                  during the year    |   |                                                                 |           |                                |   |                                                                              |   |                                        |             |               |   |                          |   |   |  |   |   |   |   |
|  -                  Private Placement       |   |                                                                 | 1,624,000 |                                | $      | 350,000                                                                      |   |                                        |             |               |   |                          |   |   |  |   | $ | 350,000 |   |
|  -                  Finder’s fees     |   |                                                                 | 64,400    |                                | $      | -                                                                            |   |                                        |             |               |   |                          |   |   |  |   | $ | - |   |
|  -                  Exercise of options     |   |                                                                 | 120,000   |                                | $      | 30,000                                                                       |   |                                        |             |               |   |                          |   |   |  |   | $ | 30,000 |   |
|  -                  Exercise of warrants    |   |                                                                 | 50,000    |                                | $      | 6,000                                                                        |   |                                        |             |               |   |                          |   |   |  |   | $ | 6,000 |   |
|  -                  Contributed surplus     |   |                                                                 |           |                                |   |                                                                              |   |                                        |             |               |   |                          |   | $ | 200,035 |   | $ | 200,035 |   |
|  -Net                  income for the year  |   |                                                                 |           |                                |   |                                                                              |   | $                                           | (736,815    | )                  | $      | -                        |   |   |  |   | $ | (736,815 | ) |
| Balance.                  End of the Year        |   |                                                                 |           |                                |   |                                                                              |   |                                        |             |               |   |                          |   |   |  |   |   |   |   |
| December                  31, 2004               |   |                                                                 | 5,541,895 |                                | $      | 13,179,357                                                                   |   | $                                           | (13,885,497 | )                  | $      | -                        |   | $ | 513,722 |   | $ | (192,418 | ) |

----

**RODINIA      MINERALS INC. **

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.** | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP** |
|---------|----------------------------------------------------------------------|

----

**RODINIA      MINERALS INC.**

**STATEMENT      OF CASH FLOWS **

**For      the Years Ended December 31, 2004 and 2003**

**(An      Exploration Stage Enterprise) **

|                                                                                                      |               |    | **2004**                         |    |                               |    |               |    | **2003**                         |   |                               |    |
|-----------------------------------------------------------------------------------------------------------|--------------------|---------|---------------------------------------|---------|------------------------------------|---------|--------------------|---------|---------------------------------------|--------|------------------------------------|---------|
|                                                                                                      | **Canadian**  |    | **Adjustments**                  |    | **U.S.                GAAP**  |    | **Canadian**  |    | **Adjustments**                  |   | **U.S.                GAAP**  |    |
|                                                                                                      | **GAAP**      |    | **to                arrive at**  |    |                               |    | **GAAP**      |    | **to                arrive at**  |   |                               |    |
|                                                                                                      |               |    | **U.S.                GAAP**     |    |                               |    |               |    | **U.S.                GAAP**     |   |                               |    |
|                                                                                                      |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
|                                                                                                      | $                  |    | $                                     |    | $                                  |    | $                  |    | $                                     |   | $                                  |    |
| **CASH                PROVIDED (USED) BY:**                                                          |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
|                                                                                                      |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
| **OPERATING                ACTIVITIES**                                                              |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
| Operations                                                                                           |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
|      Net                loss for the period                                 | (362,534           | )  | (374,281                              | )  | (736,815                           | )  | (154,427           | )  | -                                |   | (154,427                           | )  |
|      Items                not involving cash                                |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
|           Stock-based                compensation  | 183,770            |    | -                                     |    | 183,770                            |    | 73,857             |    | -                                |   | 73,857                             |    |
|                                                                                                      | (178,764           | )  | (374,281                              | )  | (553,045                           | )  | (80,570            | )  | -                                |   | (80,570                            | )  |
|                                                                                                      |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
| Changes                in non-cash working capital                                                   | 85,067             |    | -                                     |    | 85,067                             |    | (110               | )  | -                                |   | (110                               | )  |
|                                                                                                      | (93,697            | )  | (374,281                              | )  | (467,978                           | )  | (80,680            | )  | -                                |   | (80,680                            | )  |
|                                                                                                      |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
| **FINANCING                ACTIVITIES**                                                              |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
|      Increase                in loans payable                               | 151,125            |    | -                                     |    | 151,125                            |    | (39,925            | )  | -                                |   | (39,925                            | )  |
|      Shares                issued for cash                                  | 286,000            |    | -                                     |    | 286,000                            |    | 120,000            |    | -                                |   | 120,000                            |    |
|                                                                                                      | 537,125            |    | -                                     |    | 537,125                            |    | 80,075             |    | -                                |   | 80,075                             |    |
|                                                                                                      |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
| **INVESTING                ACTIVITIES**                                                              |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
|      Resources                property                                      |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
|      expenditures                                                           | (374,281           | )  | 374,281                               |    | -                                  |    | -                  |    | -                                |   | -                                  |    |
|                                                                                                      | (374,281           | )  | 374,281                               |    | -                                  |    | -                  |    | -                                |   | -                                  |    |
|                                                                                                      |               |    |                                  |    |                               |    |               |    |                                  |   |                               |    |
| **(DECREASE)                INCREASE IN** **CASH**                                              | 69,147             |    | -                                     |    | 69,147                             |    | (605               | )  | -                                |   | (605                               | )  |
| **CASH                (DEFICIENCY)** **BEGINNING                OF YEAR**                       | 346                |    | -                                     |    | 346                                |    | 951                |    | -                                |   | 951                                |    |
| **CASH                (DEFICIENCY) END** **OF                YEAR**                             | 69,493             |    | -                                     |    | 69,493                             |    | 346                |    | -                                |   | 346                                |    |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.**                     | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP**                                                                     |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|                                       |
|                                       | Detailed                adjustments from Canadian GAAP to U.S. GAAP, referenced to disclosure                restated, above, are as follows: |
|                                       |
|                                       | a)                                                                                                                             | Accounting                for start-up costs - Mining Properties-Deferred Exploration Costs |
|                                       |
|                                       |                                                                                                                                          | Acquisition                Costs |
|                                       |                                                                                                                                          | Mineral                property acquisition costs are capitalized in accordance with FAS-141                subject, however to impairment pursuant to FAS-144. Exploration costs                and                mine development costs to be incurred, including those to be incurred                in                advance of commercial production and those incurred to expand capacity                of                proposed mines, are expensed as incurred while the Company is in                the                exploration stage. There are no discounted present cash flows available                from the properties. |
|                                       |
|                                       |                                                                                                                                          | Deferred                Exploration Costs |
|                                       |                                                                                                                                          | Under                Canadian accounting principles, these costs and recoveries may be                deferred                prior to the commencement of commercial operations. Accounting principles                in the United States require expenditures and revenue during the                start-up                of operations to be charged to earnings. |
|                                       |
|                                       |                                                                                                                                          | During                the year ended December 31, 2004, acquisition costs and deferred                exploration costs were $374,281 (2003 - $Nil). Accordingly, these                amounts                were expensed in the statement of income under United States GAAP. |
|                                       |
|                                       | b)                                                                                                                             | Loss                carry forward |
|                                       |
|                                       |                                                                                                                                          | The                accounting for income taxes under Canadian GAAP and United States                GAAP is                essentially the same, except that: |
|                                       |                                                                                                                                          | -                     | income                tax rates of enacted or substantively enacted tax law must be used                to                calculate future income tax assets and liabilities under Canadian                GAAP; |
|                                       |                                                                                                                                          | -                     | Only                income tax rates of enacted tax law can be used under United States                GAAP. |
|                                       |
|                                       |                                                                                                                                          | For                both Canadian GAAP and U.S. GAAP, no Future Income Tax (Canadian                GAAP) or                Deferred Tax (U.S. GAAP) are either recorded as assets or as liabilities,                as they are offset by valuation reserves due to uncertainty of utilization                of tax losses. |
|                                       |
|                                       | c)                                                                                                                             | Earnings                (Loss) per Common Share |
|                                       |
|                                       |                                                                                                                                          | Loss                per common share for Canadian GAAP for the years ended December 31,                2004                and 2003 have changed due to fact that the losses have been revised                under                U.S. GAAP. |

|   |   |                                                                                                                                                           |   | Net                Loss  |    |   | Loss                Per Share  |    |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|--------|-------------------------------------|---------|
|   |   | Year                Ended                                                                                                                                 |   | Canadian                GAAP  |    |   | U.S.                GAAP            |    |   | Canadian                GAAP |   |   | U.S.                GAAP |   |
|   |   | 2003                                                                                                                                                      | $      | (154,427                      | )  | $      | (154,427                            | )  | $ | (0.02 | )  | $ | (0.02 | )  |
|   |   | 2004                                                                                                                                                      | $      | (362,534                      | )  | $      | (736,815                            | )  | $ | (0.08 | )  | $ | (0.16 | )  |
|   |   |                                                                                                                                                           |
|   |   | The                diluted loss per common share does not increase the basic loss per                common                share, due to antidilutive factors. |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.**                     | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP**  |
|--------------------------------------------|----------------------------------------------------------------------------|
|                                       |
|                                       | d)                                                          | Accounting                for asset retirement obligations |
|                                       |
|                                       |                                                                       | In                August of 2001, U.S. FASB issued Statement of Financial Accounting                Standards No. 143, “Accounting for Asset Retirement Obligations” (“SFAS                143”). SFAS 143 addresses financial accounting and reporting for                obligations associated with the retirement of tangible long-lived                assets                and the associated asset retirement costs. SFAS 143 applies to all                entities. It applies to legal obligations associated with the retirement                of long-lived assets that result from the acquisition, construction,                development and / or the normal operation of a long-lived asset,                except                for certain obligations of lessees. SFAS 143 requires that the fair                value                of a liability for an asset retirement obligation be recognized in                the                period in which it is incurred if a reasonable estimate of fair value                can                be made. The associated asset retirement costs are capitalized as                part of                the carrying amount of the long-lived asset. SFAS 143 is effective                for                financial statements issued for fiscal years beginning after June                15,                2002. The Company adopted SFAS 143 for the fiscal year beginning                on                January 1, 2003. The Company believes that SFAS 143 will not have                a                material effect on the Company’s results of operations, financial position                or liquidity. |
|                                       |
|                                       | e)                                                          | Accounting                for costs associated with exit or disposal activities |
|                                       |
|                                       |                                                                       | The                U.S. FASB recently issued new Standard No. 146 relating to accounting                for                costs associated with exit or disposal activities. Effective January                1,                2003, the new standard requires the recognition of costs associated                with                exit or disposal activities when they are incurred rather than at                the date                of a commitment to an exit or disposal plan. |
|                                       |
|                                       | f)                                                          | Investment                securities |
|                                       |
|                                       |                                                                       | United                States GAAP requires that investment securities be classified as                either                “available for sale” or “held to maturity”, and requires available for                sale securities to be reported on the balance sheet at their estimated                fair values. Unrealized gains and losses arising from changes in                fair                values of available for sale securities are reported net of income                taxes                in other comprehensive income. For United States GAAP, the Company                accounts for substantially all investment securities as available                for                sale. Under Canadian GAAP, investment securities are carried at cost                or                amortized cost, with other than temporary declines in value recognized                based upon expected net realizable values. |
|                                       |
|                                       | g)                                                          | Stock-based                Compensation |
|                                       |
|                                       |                                                                       | Accounting                for Stock-based Compensation for both United States and Canadian                GAAP uses                the fair value-based method to measure compensation expense. |
|                                       |
|                                       | h)                                                          | Exploration                Stage Enterprise |
|                                       |
|                                       |                                                                       | Under                the Canadian accounting principles, the Company is considered to                be a                Development Stage Enterprise. In accordance with U.S. accounting                principles this reference is revised to Exploration Stage Enterprise. |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.**                     | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP**  |
|--------------------------------------------|----------------------------------------------------------------------------|
|                                       |
|                                       | h)                                                          | Exploration                Stage Enterprise (continued) |
|                                       |
|                                       |                                                                       | Additional                disclosure of the following items is required under U.S. accounting                principles for exploration stage enterprises: (1) separate caption                in the                shareholders’ equity section of the balance sheet reporting cumulative net                losses during the exploration stage, and this is disclosed in the                above                mentioned balance sheet reconciled to United States GAAP., (2) cumulative                amounts of revenues and expenses since inception, (3) cumulative                statement                of cash flows since inception, and (4) details of each issuance of                capital                stock since inception. The Company has been an exploration stage                since                April 14, 1986 and the accumulated figures, for Items 2, 3 and 4,                are not                available and therefore are not disclosed. |
|                                       |
|                                       | i)                                                          | Statement                of Stockholders’ Equity |
|                                       |
|                                       |                                                                       | A                separate Statement of Stockholders’ Equity is not required for Canadian                GAAP; it is, however, required in accordance with U.S. GAAP and,                accordingly, is disclosed as a separate statement in the abovementioned                for U.S. GAAP. |
|                                       |
|                                       | j)                                                          | Recent                Accounting Pronouncements |
|                                       |
|                                       |                                                                       | In                December 2003, the United States Securities and Exchange Commission                issued                Staff Accounting Bulletin No. 104, “Revenue Recognition” (“SAB 104”),                which supersedes SAB 101, “Revenue Recognition in Financial Statements”.                The primary purpose of SAB 104 is to rescind accounting guidance                contained                in SAB 101 related to multiple element revenue arrangements, which                was                superseded as a result of the issuance of EITF 00-21, “Accounting for                Revenue Arrangements with Multiple Deliverables”. While the wording of SAB                104 has changed to reflect the issuance of EITF 00-21, the revenue                recognition principles of SAB 101 remain largely unchanged by the                issuance                of SAB 104. The adoption of SAB 104 did not have a material impact                on the                Company’s financial statements. |
|                                       |
|                                       |                                                                       | In                May 2003, the FASB issued SFAS No. 150, “Accounting for Certain Financial                Instruments with Characteristics of both Liabilities and Equity”. SFAS No.                150 establishes standards for how an issuer classifies and measures                certain financial instruments with characteristics of both liabilities                and                equity. It requires that an issuer classify a financial instrument                that is                within its scope as a liability (or an asset in some circumstances).                The                requirements of SFAS No. 150 apply to issuers’ classification and                measurement of freestanding financial instruments, including those                that                comprise more than one option or forward contract. SFAS No. 150 does                not                apply to features that are embedded in a financial instrument that                is not                a derivative in its entirety. SFAS No. 150 is effective for financial                instruments entered into or modified after May 31, 2003, and otherwise                is                effective at the beginning of the first interim period beginning                after                June 15, 2003, except for mandatory redeemable financial instruments                of                non-public entities. It is to be implemented by reporting the cumulative                effect of a change in an accounting principle for financial instruments                created before the issuance date of SFAS No. 150 and still existing                at the                beginning of the interim period of adoption. Restatement is not permitted.                The adoption of this standard did not have a material effect on the                Company’s results of operations or financial position. |

----

**RODINIA      MINERALS INC.**

**(formerly      Donnybrook Resources Inc.)**

**NOTES      TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For      the Years Ended December 31, 2004 and 2003 **

| **13.**                     | **RECONCILIATION                OF CANADIAN AND UNITED STATES GAAP**  |
|--------------------------------------------|----------------------------------------------------------------------------|
|                                       |
|                                       | j)                                                          | Recent                Accounting Pronouncements (continued) |
|                                       |
|                                       |                                                                       | In                April 2003, FASB issued SFAS No. 149, “Amendment of Statement 133 on                Derivative Instruments and Hedging Activities”. As the Company does not                have any derivative instruments or hedging activities, the provisions                of                this pronouncement have no effect on the Company. |

----

**SIGNATURES**

|                              |                                        |                               |
|-----------------------------------|---------------------------------------------|------------------------------------|
|                              | **Rodinia              Minerals, Inc**      |
|                         |                                   | (Registrant)                  |
| Date:                May 26, 2006 | By:                               | /s/ Don              Morrison |
|                              | Don              Morrison                   |
|                              | President              and              CEO |

----

**Item      19. Exhibits**

| Exhibit                  1. | 3.0/3.1                  Articles of Incorporation*                                                         |
|-----------------------------|-------------------------------------------------------------------------------------------------------------|
| Exhibit                  2. | Property                  Report*                                                                           |
| Exhibit                  3. | Stock                  Option Plan*                                                                         |
| Exhibit                  4. | Cooper                  Minerals Agreement*                                                                 |
| Exhibit                  5. | Lucky                  Boy Agreement*                                                                       |
| Exhibit                  6. | Letter                  of Intent between Rodinia Minerals Inc. and Cooper Minerals,                  Inc.* |
| Exhibit                  7. | 23.1                  Consent of Manning Elliott LLP Chartered                  Accountants                 |