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UNITED STATESSECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549

FORM 20-F

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

OR

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended:September 30, 2009

OR

[   ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 0-26414

GLOBETECH VENTURES CORP.(Exact Name of Registrant as specified in its charter)

Province of British Columbia, Canada(Jurisdiction of incorporation or organization)

Suite 1128  789 West Pender Street, British Columbia V6C
1H2(Address of principal executive offices)

Securities registered or to be registered pursuant to Section
12(b) of the Act:

None(Title of Class)

Securities registered or to be registered pursuant to Section 12
(g) of the Act:

Common Shares, no par value(Title of
Class)

Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act:

None(Title of Class)

Indicate the number of outstanding shares of each of the
Companys classes of capital or common stock as of the close of the period
covered by this registration statement: 32,494,363 Common Shares as at
September 30, 2009

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Indicate by check mark whether the Company (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the Company was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes
[X]    No [   ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated filer (as
defined in Rule 12b-2 of the Act).

[   ] Large Accelerated
Filer        [  
]    Accelerated
Filer           [X]
Non-Accelerated Filer

Indicate by check mark which financial statement item the
registrant has elected to follow. [   ] Item 17   
[X] Item 18

If this is an annual report, indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). [   ] Yes    [X] No

ii

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TABLE OF CONTENTS

|FORWARD-LOOKING
      STATEMENTS                                                                   | 1 
|-------------------------------------------------------------------------------------------------- | --
|PART
      I                                                                                       | 1 
|ITEM
      1. Identity of Directors, Senior Management, and Advisors                               | 1 
|ITEM
      2. Offer Statistics and Expected Timetable                                              | 1 
|ITEM
      3. Key Information                                                                      | 1 
|Risk
      Factors                                                                                 | 3 
|ITEM
      4                                                                                       | 5 
|A.
      Information on the Company                                                                | 5 
|B. 
      Business Overview                                                                        | 5 
|C. 
      Organizational Structure                                                                 | 5 
|D.
      Property, Plant and Equipment                                                             | 5 
|E.
      Mineral Property  Gold Buck, British Columbia, Canada                                    | 6 
|F. 
      Website                                                                                  | 6 
|G.
      Mineral Property  Gladys Lake, British Columbia, Canada                                  | 7 
|ITEM
      5                                                                                       | 7 
|Operating
      and Financial Review and Prospects                                                 | 7 
|Results
      of Operations                                                                        | 7 
|Liquidity
      and Capital Resources                                                              | 8 
|Research
      and Development                                                                     | 8 
|Legal
      Proceedings                                                                            | 8 
|Tabular
      Disclosure of Contractual Obligations                                                | 8 
|ITEM
      6                                                                                       | 9 
|Directors,
      Senior Management, and Employees                                                  | 9 
|ITEM
      7                                                                                       | 10
|Major
      Shareholders and Related Party Transactions                                            | 10
|Related
      Party Transactions                                                                   | 11
|ITEM
      8                                                                                       | 11
|Financial
      Information                                                                        | 11
|ITEM
      9                                                                                       | 12
|The
      Offer and Listing                                                                        | 12
|ITEM
      10                                                                                      | 12
|Additional
      Information                                                                       | 12
|Taxation
      - Certain Canadian Income Tax Consequences to United States Investors               | 17
|ITEM
      11 - Quantitative and Qualitative Disclosures About Market Risk                         | 18
|ITEM
      12 - Description of Securities Other Than Equity Securities                             | 18
|PART
      II                                                                                      | 18
|ITEM
      13 - Defaults, Dividends Arrearages and Delinquencies                                   | 18
|ITEM
      14 - Material Modifications to the Rights of Security Holders and Use of
      Proceeds | 18
|ITEM
      15. CONTROLS AND PROCEDURES                                                             | 19
|ITEM
      16.A - Audit Committee Financial Expert                                                 | 21
|ITEM
      16.B - Code of Ethics                                                                   | 21
|ITEM
      16.C - Principal Accountant Fees and Services                                           | 21
|ITEM
      16.D - Exemptions from the Listing Standards for Audit Committees                       | 21
|ITEM
      16.E - Purchases of Equity Securities by the Issuer and Affiliated
      Purchasers     | 22
|ITEM
      16.F - Changes in Registrants Certifying Accountant                                    | 22
|ITEM
      16.G - Corporate Governance                                                             | 22

iii

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|PART III                             | 22
|------------------------------------ | --
|ITEM 17 -
      Financial Statements | 22
|ITEM 18 - Financial Statements       | 22
|ITEM 19 -
      Exhibits             | 22

iv

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FORWARD-LOOKING STATEMENTS

All statements, other than statements of historical fact
included in this Form 20-F, are, or may be deemed to be, forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the Securities Act), and Section 21E of the Securities Exchange Act
of 1934 (the Exchange Act). Such forward-looking statements involve
assumptions, known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of Globetech Ventures
Corp. (the Company) to be materially different from any future results,
performance, or achievements expressed or implied by such forward-looking
statements contained in this Form 20-F. Such potential risks and uncertainties
include, without limitation, the Company being in the exploration and
development stages with its properties and projects, having limited financial
resources, dealing in an industry with fluctuating demand and pricing, having to
work with substantial governmental regulations, working in an industry involving
hazardous operations, and other risk factors detailed herein. The
forward-looking statements are made as of the date of this Form 20-F and the
Company assumes no obligation to update the forward-looking statements or to
update the reasons actual results could differ from those projected in such
forward-looking statements. Therefore, readers are cautioned not to place undue
reliance on these forward-looking statements.

The Companys consolidated financial statements and all other
references to currency throughout this Form 20-F are stated in Canadian Dollars
(Cdn) unless specifically indicated otherwise and are prepared in accordance
with Canadian generally accepted accounting principles (Canadian GAAP), the
application of which, in the case of the Company, conforms in all material
respects for the periods presented with U.S. GAAP, except as noted in the notes
to the consolidated financial statements.

PART I

**ITEM
1.**               **Identity
of Directors, Senior Management, and Advisors**

Not applicable.

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

Not applicable.

**ITEM
3.**               **Key
Information**

Selected Financial Data

The selected consolidated financial data for each of the years
in the most recent five-year periods ended September 30, 2009 have been derived
from our consolidated financial statements and the related notes. The
consolidated financial statements for the year ended September 30, 2009 can be
found included in this Annual Report beginning on page F-1.

Our consolidated financial statements have been prepared in
accordance with Canadian GAAP. Refer to Note 14 of the consolidated financial
statements included herein for a discussion of the material differences between
Canadian GAAP and U.S. GAAP, and their effect on the Companys financial
statements.

1

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Summary Financial Data

|                                          |   | Year       |   |   | Year       |   |   | Year       |   |   | Year       |   |   | Year       |  
|----------------------------------------- | - | ---------- | - | - | ---------- | - | - | ---------- | - | - | ---------- | - | - | ---------- | -
|                                          |   | ended      |   |   | ended      |   |   | ended      |   |   | ended      |   |   | ended      |  
|                                          |   | September  |   |   | September  |   |   | September  |   |   | September  |   |   | September  |  
|                                          |   | 30, 2009   |   |   | 30, 2008   |   |   | 30, 2007   |   |   | 30, 2006   |   |   | 30, 2005   |  
|Canadian GAAP:                            |   |            |   |   |            |   |   |            |   |   |            |   |   |            |  
|Revenue                                   | $ | Nil        |   | $ | Nil        |   | $ | Nil        |   | $ | Nil        |   | $ | Nil        |  
|Loss for the year                         |   | (999,218   | ) |   | (518,856   | ) |   | (600,851   | ) |   | (507,426   | ) |   | (778,853   | )
|Basic and diluted loss per share          |   | (0.03      | ) |   | (0.02      | ) |   | (0.03      | ) |   | (0.03      | ) |   | (0.05      | )
|Weighted average shares
      outstanding |   | 32,268,780 |   |   | 21,396,073 |   |   | 17,315,172 |   |   | 15,036,926 |   |   | 14,340,414 |  
|Dividends                                 |   | Nil        |   |   | Nil        |   |   | Nil        |   |   | Nil        |   |   | Nil        |  
|Total assets                              |   | 10,725     |   |   | 852,889    |   |   | 107,926    |   |   | 83,482     |   |   | 133,628    |  
|Shareholder equity (Deficiency)           |   | (197,757   | ) |   | 726,533    |   |   | (73,756    | ) |   | (566,735   | ) |   | (269,079   | )
|                                          |   |            |   |   |            |   |   |            |   |   |            |   |   |            |  
|U.S. GAAP:                                |   |            |   |   |            |   |   |            |   |   |            |   |   |            |  
|Loss for the year                         |   | (975,491   | ) |   | (518,856   | ) |   | (600,851   | ) |   | (534,750   | ) |   | (829,260   | )
|Basic and diluted loss per share          |   | (0.03      | ) |   | (0.02      | ) |   | (0.03      | ) |   | (0.04      | ) |   | (0.06      | )
|Weighted average shares
      outstanding |   | 32,268,780 |   |   | 21,396,073 |   |   | 17,315,172 |   |   | 15,036,926 |   |   | 14,340,414 |  
|Total Assets                              |   | 10,725     |   |   | 829,162    |   |   | 84,199     |   |   | 5,751      |   |   | 83,321     |  
|Shareholder Equity
      (Deficiency)     |   | (197,757   | ) |   | 702,806    |   |   | (97,483    | ) |   | (644,466   | ) |   | (319,486   | )

Currency and Exchange rates

All dollar amounts set forth in this report are in Canadian
dollars, except where otherwise indicated. The following table sets forth (i)
the rates of exchange for the Canadian dollar, expressed in U.S. dollars, in
effect at the end of each of the periods indicated; (ii) the average exchange
rates in effect on the last day of each month during such periods; and (iii) the
high and low exchange rate during such periods, in each case based on the noon
buying rate in New York City for cable transfers in Canadian dollars as
certified for customs purposes by the Federal Reserve Bank of New York:

|                             |  | Average |  |  | High   |  |  | Low   |  |  | Close  | 
|---------------------------- |  | ------- |  |  | ------ |  |  | ----- |  |  | ------ | 
|February 2010                |  | .9471   |  |  | .9639  |  |  | .9275 |  |  | .9512  | 
|January 2010                 |  | .9584   |  |  | .9779  |  |  | .9336 |  |  | .9347  | 
|December 2009                |  | .9473   |  |  | .9645  |  |  | .9304 |  |  | .9532  | 
|November 2009                |  | .9414   |  |  | .9597  |  |  | .9195 |  |  | .9425  | 
|October 2009                 |  | .9489   |  |  | .9795  |  |  | .9123 |  |  | .9328  | 
|September 2009               |  | .9241   |  |  | .9439  |  |  | .9005 |  |  | .9211  | 
|                             |  |         |  |  |        |  |  |       |  |  |        | 
|Fiscal Year Ended 09/30/2009 |  | .8508   |  |  | .9593  |  |  | .7653 |  |  | .9211  | 
|Fiscal Year Ended 09/30/2008 |  | .9917   |  |  | 1.0908 |  |  | .9262 |  |  | .9437  | 
|Fiscal Year Ended 09/30/2007 |  | .9002   |  |  | 1.0041 |  |  | .8437 |  |  | 1.0041 | 
|Fiscal Year Ended 09/30/2006 |  | .8754   |  |  | .9148  |  |  | .8345 |  |  | .8979  | 
|Fiscal Year Ended 09/30/2005 |  | .8181   |  |  | .8601  |  |  | .7836 |  |  | .8542  | 

2

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Risk Factors

History of losses, likelihood of future losses and
dependence on additional financing

Globetechs principle business activities is the exploration
and development of mineral properties of which the Company has no ore reserves
and no revenue. In addition the Company will require capital to explore for
minerals which may not be readily available. The Company does not have any
positive cash flow from operations. The Company relies on private placements,
exercise of stock options and warrants to raise funds from equity.

The Company is subject to a number of significant uncertainties
and risks including those described below and those described elsewhere in this
Annual Report. These and other risk factors, may ultimately affect the Company
in a manner and to a degree that cannot be foreseen at this time.

Exploration and Mining Risks

The business of exploration for minerals involves a high degree
of risk. Few properties that are explored are ultimately developed into
producing mines. The properties in which the Company has, or is acquiring an
interest in have no known body of commercial ore. Unusual or unexpected
formations, formation pressures, fires, power outages, labour disruptions,
flooding, explorations, cave-ins, landslides, and the inability to obtain
suitable adequate machinery, equipment, or labour are other risks involved in
the operation of mines and the conduct of exploration programs. The Company has
relied on and may continue to rely upon consultants and others for exploration
and development expertise. Although substantial benefits may be derived from the
discovery of a major mineral deposit, no assurance can be given that minerals
will be discovered in sufficient quantities to justify commercial operations or
that funds required for development can be obtained on a timely basis. The
economics of developing mineral properties are affected by many factors
including the cost of operations, variations in the grade of ore mined,
fluctuations in metal markets, costs of processing equipment, and other such
factors as government regulations, including regulations relating to royalties,
allowable production, importing and exporting of minerals, and environmental
protection. The Company has no producing mines.

Development Risks

The marketability of minerals acquired or discovered by the
Company may be affected by numerous factors which are beyond the control of the
Company and which cannot be accurately predicted, such as market fluctuations,
the proximity and capacity of milling facilities, mineral markets and processing
equipment, and such other factors as government regulations, including
regulations relating to royalties, allowable production, importing and exporting
of minerals, and environmental protection.

Need for Additional Financing

Due to the nature of the Companys business, there can be no
assurance that the Company will be profitable. For at least the last five years,
the Company has incurred losses. The Company has paid no dividends on its shares
since incorporation and does not anticipate doing so in the foreseeable future.
The only present source of funds available to the Company is through the sale of
its equity shares. Even if the results of operations are encouraging, the
Company may not have sufficient funds to conduct the further development that
may be necessary to determine whether or not a commercial product exists. While
the Company may generate additional working capital through further equity
offerings or through the sale or possible syndication of its property, there is
no assurance that any such funds will be available. If available, future equity
financings may result in substantial dilution to purchasers under the offering.
At present it is impossible to determine what amounts of additional funds, if
any, may be required. If the Company is unable to raise such funds it may suffer
dilution or loss of interest in its assets.

3

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Mineral Prices

The mining industry in general is intensely competitive and
there is no assurance that, even if commercial quantities of ore are discovered,
a profitable market may exist for the sale of minerals produced by the Company.
Factors beyond the control of the Company affect the marketability of any
substances discovered. Mineral prices, in particular gold prices, have
fluctuated widely in recent years. The marketability of minerals is also
affected by numerous other factors beyond the control of the Company. These
other factors include government regulations relating to price, royalties,
allowable production, and importing and exporting of minerals.

Competition

The Company competes against other companies possessing greater
financial resources and technical facilities than itself.

Dependence on Key Management

The Companys development to date has depended, and in the
future will continue to depend, on the efforts of key management. The Company
does not have management contracts with any of the management of the Company.

Environmental and Other Regulatory Requirements

Mineral exploration activities require permits from various
governmental authorities and are and will be governed by laws and regulations
governing prospecting, development, mining, production, exports, taxes, labour
standards, occupational health, waste disposal, toxic substances, land use,
environmental protection, safety and other matters. Companies engaged in the
exploration and development of mineral properties generally experience increased
costs, and delays as a result of the need to comply with applicable laws,
regulations, and permits. The Company believes it is in substantial compliance
with all material laws and regulations which currently apply to its activities.

Failure to comply with applicable laws, regulations, and
permitting requirements may result in enforcement actions thereunder, including
orders issued by regulatory of judicial authorities causing operations to cease
or be curtailed, and may include corrective measures requiring capital
expenditures, instalment of additional equipment, or remedial actions. Parties
engaged in mineral exploration and development activities may be required to
compensate those suffering loss or damage by reason of the mining activities and
may have civil or criminal fines or penalties imposed for violations of
applicable laws or regulations and, in particular, environmental laws.

Amendments to current laws, regulations, and permits governing
operations and activities of mining companies, or more stringent implementation
thereof, could have material adverse impact on the Company and cause increases
in capital expenditures or production costs or reduction in levels of production
at producing properties or require abandonment or delays in development of new
mining properties.

Price Fluctuations: Share Price Volatility

In recent years, securities markets have experienced a high
level of price and volume volatility, and the market price of securities of many
companies, particularly those considered development stage companies, have
experienced wide fluctuations in price which have not necessarily been related
to the operating performance, underlying asset values or prospects of such
companies.

4

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Dividends

All of the Companys available funds will be invested to
finance the growth of the Companys business and therefore investors cannot
expect to receive a dividend on the Companys common shares in the foreseeable
future.

ITEM 4

**A.**               **Information on the Company**

Globetech Ventures Corp. (Globetech or the Company), a
public company quoted on the OTC Bulletin Board under the symbol GTVCF, was
incorporated under the laws of the Province of British Columbia on November 20,
1991 under the name Universal Enterprises Corp. The Company then changed its
name to Colossal Resources Corp. on August 17, 1992 and became a reporting
issuer with its shares listed for trading on the Vancouver Stock Exchange under
the symbol CLP. On February 24, 1997 the Company voluntarily de-listed its
shares from the Vancouver Stock Exchange. Its shares were listed for trading on
the NASDAQ Small Cap Exchange under the symbol CLPZF on April 3, 1996. On July
28, 1998 the Companys shares were de-listed from the NASDAQ Small Cap Exchange
for failing to maintain a bid price of not less than US $1.00 per share. The
Companys common shares began quotation on the OTC Bulletin Board under the
symbol CLPZF. On September 20, 2000 the Company changed its name to Globetech
Ventures Corp. with a new trading symbol of GTVCF.

The Company is currently a reporting issuer under the
securities laws of British Columbia and Alberta.

**B.**               **Business
Overview**

The Companys head office and principal place of business is
located at Suite 1130  789 West Pender Street, Vancouver, British Columbia V6C
1H2.

Globetechs principal business activities are the exploration
and development of mineral properties with the intent of developing a mine and
the production and processing of mineral resources. The Company does not have
any mineral properties containing a known ore deposit. The Company had
previously launched a website and was intent in developing a service business
from that website. With no significant results and insufficient capital the
Company went back to mineral exploration, a business that the directors and
officers are familiar with.

The Companys primary focus for 2010 is to conduct exploration
programs on the Gold Buck property.

The Company is affected by seasonality, with winter conditions
making exploration on the property difficult at this early stage of exploration.

**C.**               **Organizational
Structure**

The Company was incorporated in the province of British
Columbia. The Company has no significant subsidiaries and is taking steps to
wind down all old subsidiary companies.

**D.**               **Property,
Plant and Equipment**

The Company rents executive and administrative office space
located at Suite 1130  789 West Pender Street, Vancouver, British Columbia, V6C
21H2, Canada, for the sum of $2,000 per month.

5

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**E.**               **Mineral
Property  Gold Buck, British Columbia, Canada**

On September 30, 2009 the Company signed an option agreement to
earn a 100% interest, subject to a 3% Net Smelter Return (NSR) Royalty, in the
500 hectare porphyry copper-gold Goldbuck property in the Quesnel Trough of
Central British Columbia. The road accessible property lies 58 kilometres east
of Williams Lake.

The Goldbuck property lies 5 kilometres northeast of the blind
Fjordland Exploration Inc. copper-gold-molybdenum Southeast Zone recently
discovered on their Woodjam property. The Goldbuck property is underlain by
Eocene calc-alkaline volcanic and sediment and Miocene flood basalt cover rocks.
The Triassic Jurassic Takomkane batholith lies immediately to the southern
boundary of the property.

A property wide soil geochemistry program was completed on the
Goldbuck property by a previous company in 2006. This program was successful in
identifying two linear copper-in-soil anomalies: A  150 to 550 metres wide and
1200 metres long and B  250 to 550 metres wide by 950 metres long. Selective
follow up excavator trenching consistently intersected a hardpan layer at a
depth of 2.5 metres. Composite soil samples from the base of the trenches
returned copper values from 19 to 40 ppm.

Globetech plans a program of Mobile Metal Ion (MMI) soil
geochemistry to penetrate through the hardpan layer and 35 line kilometres of
follow-up Induced Polarization (IP) surveying to test the copper-in-soil
anomalies in advance of diamond drilling.

Globetech is earning a 100% interest, subject to a 3% Net
Smelter Return (NSR) royalty by issuing 2.1 million shares and by making cash
payments totaling $350,000 over the next 32 months. Globetech can purchase 1⁄2 of
the NSR for $1,000,000 at any time up to the 5th anniversary of the
agreement.

R. Tim Henneberry, P.Geo., an independent consultant to
Globetech, is the Qualified Person as defined in National Instrument 43-101,
Canada, who has reviewed and approved the technical content of the above
referenced material.

**F.**               **Website**

Globetech had provided an on-demand 100% web-based VoIP (Voice
Over IP) portal/service that operated on the Peer-to-Peer principle with a
real-time location based portal built around the core converged VoIP/VIDEO
service. Globetech wanted to provide online-members a way to communicate
globally with their peers in real-time via a single portal. In addition reports
were designed to record time, location and other data for management purposes.
It was envisaged that other organizations could also benefit from the
competitive advantage of the resale of critically needed value added Sales or
e-Learning tools to their entire customer or salesperson base.

Globetechs business model was based on 4 integral components:
(1) Browser-Based Peer-to-Peer VOIP, (2) low cost subscription based
post-payment Billing Method, (3) incentivised 2 tier global channel partner
network accessing untapped vertical markets, and (4) First ever real-time Portal
& Social Community Networks built around the core browser-based Peer-to-Peer
VOIP service that allows account reports.

A Peer-to-Peer VOIP service embedded in a browser places
on-demand globally accessible VOIP service via any computer was the main
feature. It also provided a portal environment built around it with a push of
location based travel & accommodation services for leisure and business
purposes. Ultimately, Globetech was designing a 100% embedded dialler inside a
web browser making both VOICE/VIDEO (plus other services such as SMS & file sharing) accessible
as well as real-time portal services to anyone in a non-invasive manner to any
network or computer. Uniquely, the billing system allows users to track all
VOIP, pay-per-use services, value-added services, & real-time portal
services to their global account on a per-use basis. Therefore any subscriber
can use any connected computer to make & receive long-distance calls, and
use their subscription account to track a number of activities.

6

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Globetech had launched a beta version of its dating site under
the website name: matingcall.com.This site was operational with some
of its features installed. The purpose was to debug the site and also populate
it.

In operating the site for several months the Company did not
record any significant increase in membership and decided that it did not have
the necessary capital to engage in major marketing campaigns. The Company does
not believe organic growth would produce any significant results. The Company
decided not to pursue this technology and return to mineral exploration.

**G.**               **Mineral
Property  Gladys Lake, British Columbia, Canada**

On February 28, 2005, Globetech announced that it had entered
into an option agreement whereby the Company can earn a 100% interest in the
Gladys Lake porphyry molybdenum property from Mr. John Peter Ross of Whitehorse,
Yukon. The Company kept the property on the basis that molybdenum would be a
good prospective metal and that this property was in close proximity to a
prospective mine going into production. Molybdenum prices soared from a low of
$3.00 to over $30.00 per pound but have settled in a range below $10.00. It
seemed improbable to raise equity funds on a commodity that is so volatile and
the Company decided not to pursue this project. Effectively the Company had no
interest in pursuing this property for some time but waited for the vendors to
effectively terminate the agreement. There are no residual effects.

ITEM 5

Operating and Financial Review and Prospects

The Company has prepared Consolidated Financial Statements in
accordance with Canadian generally accepted accounting principles, which differ
in certain respects from U.S. GAAP. You can read about some of the principal
differences in Note 14 to the Consolidated Financial Statements, where you will
find a reconciliation of our Consolidated Financial Statements and U.S. GAAP.

Results of Operations

Year Ended September 30, 2009

For the year ended September 30, 2009, the Company had a net
loss of $999,218 compared to a net loss of $518,856 for the previous year. The
major items in 2009 was the write down of the previously held mineral property
at Gladys Lake for $109,231 and the write down of the website costs of $725,000.
It was decided not to pursue the Gladys Lake property as the price of molybdenum
was too low and very volatile. The Company waited for the vendors to demand
payment under the terms of the agreement and effectively lost any rights to the
property. The Company also decided not to pursue the website business as results
were disappointing and as a result where additional financing to improve
penetration would be very difficult. The Company decided to go back to mineral
exploration with the addition of a gold exploration property. Various operating
costs have been reduced as a conscious effort to sustain operations.

7

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Year Ended September 30, 2008

For the year ended September 30, 2008, the Company had a net
loss of $518,856 compared to a net loss of $600,851 for the previous year. One
of the major items is stock-based compensation expensed as a result of stock
options granted in 2008. Without stock-based compensation expense of $223,209,
the loss for 2008 is $295,647 down significantly from the previous year. The
Company spent its efforts on finding a new business reducing the need for public
relations and stock promotion, as can be seen in the reduction from $83,358 in
2007 to a mere $1,445 in 2008. Consulting fees were also down as a result of
efforts focused on the dating site website business.

Year Ended September 30, 2007

For the year ended September 30, 2007, the Company had a net
loss of $600,851 compared to a net loss of $507,426 for the previous year. The
main differences were consulting fees of $248,500 as compared to $261,499 in
2006, interest expense of $68,065 compared to $88,986, public relations of
$83,358 compared to $10,710 and travel expense of $16,034 compared to $4,620.
The Company has looked at projects in India, Singapore and Mexico in the past
year contributing to consulting and travel costs. With the decrease in loans
payable interest expense has also decreased. The Company incurred $83,406 for a
public relation and shareholder information program.

Liquidity and Capital Resources

At September 30, 2009 the Company had a working capital
deficiency of $207,757. The Company expects to issue shares for debt and raise
additional financing from a private placement.

At September 30, 2008, the Company had a working capital
deficiency of $110,014 as compared to the previous year end deficiency of
$169,063. The Company retired loan interest of $36,250 by issuing 241,667 shares
at a price of $0.15. In addition, the Company issued 2,366,817 shares from
treasury for the settlement of debts of $294,686 during the year ended September
30, 2008. Pursuant to the acquisition of the Gladys Lake option, the Company
issued 100,000 shares.

The Company needs to raise additional cash for working capital
or other expenses to properly continue operations. We may encounter lower than
anticipated opportunities to raise equity funding, higher than anticipated
expenses, or opportunities for acquisitions of other business initiatives that
require significant cash commitments, or other unanticipated problems or
expenses that could result in a requirement for additional capital before that
time. If we need to raise additional cash, financing may not be available to us
on favorable terms, or at all. No assurance can be given that the Company will
be able to raise sufficient funds. In addition, the Company will be required to
raise additional funds for working capital.

Research and Development

There are no research and development tasks currently being
undertaken.

Legal Proceedings

Nil

Tabular Disclosure of Contractual Obligations

There were no outstanding loans at September 30, 2009 and 2008.

8

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ITEM 6

Directors, Senior Management, and Employees

The directors and senior management of the Company are as
follows:

|Name            | Position                                                   | Year in Which Elected or Appointed
|--------------- | ---------------------------------------------------------- | ----------------------------------
|                |                                                            |                                   
|Casey Forward   | President, CEO & Director,
        Chief Financial Officer | 2003                              
|Dr. K. Sachdeva | Director                                                   | 2004                              
|Ian Bartholomew | Director                                                   | 2006                              

Casey Forward, President, CEO, CFO, Director

Casey Forward is a Certified General Accountant and has been
running an independent accountancy practice in Canada since 1990. He has worked
for public companies in Canada, the United States, and Great Britain. He has
owned companies in Canada and, in particular, he was an owner and president of a
company in the construction and land development business and an owner and
president of a storage and transport company, both located in Edmonton, Alberta,
Canada. Before entering the field of accountancy, he was studying molecular
biology at the University of Manitoba.

Dr. K Sachdeva, Director

Dr. Sachdeva is a practicing acupressurist and a businessman in
Vancouver B.C.

Ian Bartholomew, Director

Ian Bartholomew is a Chartered Accountant in Vancouver B.C.

Cash Compensation:

Total compensation accrued and/or paid (directly and/or
indirectly) to all directors/senior management during the fiscal year ended
September 30, 2009 was $54,000.

The Company has no formal management agreements with any
director or member of senior management.

Director Compensation:

The Company has no formal plan for compensating its Directors
for their service in their capacity as such, or for services rendered to the
Company as consultants or experts.

9

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Stock Options:

As at September 30, 2009 the following stock options were
outstanding to senior management and directors.

|                |            |               | Market Value  |                  
|--------------- | ---------- | ------------- | ------------- | -----------------
|                |            |               | of Securities |                  
|                | Securities |               | Underlying    |                  
|                | Under      | Exercise or   | Options on    |                  
|                | Options    | Base Price of | the Date of   |                  
|Name            | Granted    | Security      | Grant         | Expiry Date      
|                |            |               |               |                  
|Casey Forward   | 600,000    | $0.15         | $0.16         | December 20, 2010
|                |            |               |               |                  
|Dr. Sachdeva    | 200,000    | $0.15         | $0.16         | December 20, 2010
|                |            |               |               |                  
|Ian Bartholomew | 200,000    | $0.15         | $0.16         | December 20, 2010

Board Practices

The Company has elected an audit committee of which it is
desirable to have not fewer than three directors, of whom a majority shall not
be officers or employees of the Company or an affiliate of the Company. As the
Company is small it may be impossible at times to have three members of which
two are independent. The audit committees functions are to monitor overall
adherence to Company policy, the effectiveness of the Companys internal audit
personnel and their audit activities and to meet with the Companys accountants
and auditors on financial and audit matters, as appropriate.

Employees

As of September 30, 2009, the end of the most resent fiscal
year, the Company had no employees.

ITEM 7

Major Shareholders and Related Party Transactions

The Companys securities are recorded on the books of its
transfer agent in registered form. The majority of such shares are registered in
the name of intermediaries such as brokerage houses and clearing houses on
behalf of their respective clients. The Company does not have knowledge of the
beneficial owners thereof. To the best of its knowledge the Company is not
directly nor indirectly owned or controlled by another corporation(s) or by a
foreign government. The following table lists as of March 26, 2010 each person
who, to the knowledge of the Company, owns more than 5% of the Companys voting
securities and the total amount of the Companys voting securities owned by the
Companys officers and directors.

|Title of Class | Name of Beneficial
      Owner(1) | Amount and Nature of
      Beneficial Ownership | Percent of Total
|-------------- | --------------------------------- | ----------------------------------------------- | ----------------
|Common Shares  | Cede
      & Co                   | 11,297,794                                      | 32.7%           
|               | CDS
      & Co                    | 4,219,329                                       | 12.2%           
|               | Officers and directors            | 1,715,000                                       | 5.4%            

10

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Related Party Transactions

(a) Loans from Related Parties

Nil

(b) Related Party Transactions

|The Company has entered into the following                     |   |        |  |   |         |  |   |         | 
|-------------------------------------------------------------- | - | ------ |  | - | ------- |  | - | ------- | 
|transactions with
      related parties:                       |   | 2009   |  |   | 2008    |  |   | 2007    | 
|Management or consulting fees to officers
      of the Company | $ | 36,000 |  | $ | 72,000  |  | $ | 84,000  | 
|                                                               |   |        |  |   |         |  |   |         | 
|Consulting fees to a director(s)                               |   | 18,000 |  |   | 34,000  |  |   | 56,000  | 
|                                                               |   |        |  |   |         |  |   |         | 
|                                                               | $ | 54,000 |  | $ | 106,000 |  | $ | 140,000 | 

As at September 30, 2009, there was $101,748 (2008 - $3,865)
due to two directors, and $25,000 (2008- $7,000) due to a former director and
officer of the Company.

Officer and directors entered into debt settlement agreements
to retire debt of $nil (2008 - $115,500) and received nil (2008 - 1,155,000)
shares at $0.10 each.

Amounts due to related parties do not bear interest, are
unsecured, and have no fixed payment terms.

ITEM 8

Financial Information

The Company has elected to provide financial statements
pursuant to Item 18.

The financial statements filed as part of this Annual Report
are listed in Item 18. Financial Statements.

All financial statements herein, unless otherwise stated, are
presented in accordance with Canadian GAAP. Such financial statements have been
reconciled to U.S. GAAP. For information regarding applicable exchange rates
that were in effect for Canadian dollars against United States dollars, see
Item 3. Key Information.

Neither the Company nor any of its subsidiaries are subject or
has recently been subject to any legal or arbitration proceeding, including any
bankruptcy, receivership or similar proceedings and those involving any
third-party, which may have or have had in the recent past, significant effect
on the Companys financial position or profitability. To the knowledge of the
Company, there are no such legal or arbitration proceedings contemplated.

11

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ITEM 9

The Offer and Listing

The following table lists the volume of trading, high, low, and
closing sales prices for the Companys common shares for the last six months,
the last eight fiscal quarters, and the last four fiscal years.

|                   | US
        Dollars
|------------------ | ------------------
|                   |                   
|Period Ended       | High              
|                   |                   
|Monthly            |                   
|February, 2010     | $0.08             
|January, 2010      | 0.08              
|December, 2009     | 0.05              
|November, 2009     | 0.04              
|October, 2009      | 0.05              
|September, 2009    | 0.05              
|                   |                   
|Quarterly          |                   
|December 31, 2009  | 0.05              
|September 30, 2009 | 0.08              
|June 30, 2009      | 0.16              
|March 31, 2009     | 0.17              
|December 31, 2008  | 0.08              
|September 30, 2008 | 0.20              
|June 30, 2008      | 0.30              
|March 31, 2008     | 0.19              
|                   |                   
|Annually           |                   
|September 30, 2009 | 0.17              
|September 30, 2008 | 0.34              
|September 30, 2007 | 0.32              
|September 30, 2006 | 0.82              
|September 30, 2005 | 0.67              

The principal trading market is the OTC Bulletin Board where
the common shares of the Company are quoted under the stock symbol GTVCF.OB.
Effective February 19, 2004, the Companys common shares were approved for
trading over the counter on the Frankfurt and Berlin Stock Exchanges under the
stock symbols GTVCF.F and GTVCF.BE respectively.

ITEM 10

Additional Information

Share Capital

Our authorized share capital as at September 30, 2009 was
unlimited common shares without par value. Our issued and outstanding share
capital at September 30, 2009 was 32,494,363.

All our shares, both issued and unissued, are common shares of
the same class and rank equally as to dividends, voting powers and participation
in assets upon liquidation. At any general meeting, subject to the restrictions
on joint registered owners of our common shares, on a show of hands every
shareholder who is present in person and entitled to vote has one vote and on a
poll every shareholder has one vote for each share of which he or she is the
registered owner and may exercise such vote either in person or by proxy. Our
directors may, from time to time, declare and authorize payment of dividends. No
common shares have been issued subject to call or assessment. There
are no pre-emptive or conversion rights. There are no provisions for surrender,
sinking or purchase funds.

12

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Options to acquire common shares granted to our directors and
officers are described under Item 6  Directors, Senior Management and
Employees  Executive Compensation.

Memorandum and Articles of Association

We are registered in British Columbia, Canada, certificate of
incorporation No. 188691. We do not have any stated "objects" or "purposes" as
the Company Act of the Province of British Columbia does not require it. Our
memorandum (Memorandum) has unlimited common shares without par value.

Pursuant to the laws of British Columbia, the province has
enacted a new company act, the Business Corporations Act. We have registered our
transition documents with the registrar of companies and we have obtained
shareholder approval to change to the provisions of the new company act at our
annual general meeting on March 22, 2005. Our articles of association (Articles
of Association) contain the following provisions:

Voting Rights

Shareholders shall have the right to receive notice of, to
attend, and to vote at all general meetings. Except as otherwise provided in the
Articles of Association, on a show of hands each holder of shares present in
person and entitled to vote shall have one vote and upon a poll each such holder
who is present in person or by proxy and entitled to vote shall have one vote in
respect of every share held by him.

Variation of Class Rights and
Alteration of Capital

| | (i)  | We may by ordinary resolution increase the share capital,
      and cancel any shares which at the date of the passing of the resolution
      have not been taken or agreed to be taken by any person.                         
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                 
| | (ii) | By special resolution that requires a three-fourths
      majority, we may consolidate and divide all or any of the share capital
      into shares of larger amount, sub-divide the shares into shares of smaller
      amount.

Transfer of Shares

| | (i) | Any member can transfer shares by delivering an
      instrument of transfer to our transfer agent.
| | --- | ---------------------------------------------------------------------------------------------------

Directors

| | (i)  | Our business is managed by the Directors who may exercise
      all powers subject to the provisions of the Articles of Association and
      the Business Corporations Act of British Columbia.                                                                                                                                                                   
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                                    
| | (ii) | The number of Directors shall be not less than four. At
      our last annual general meeting, the number of directors was five. A
      Director shall not be required to hold any shares in the capital of our
      Company. At each annual general meeting of our Company, all of the board
      of directors retire and our shareholders elect a new
  board.

13

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| | (iii) | A Director shall not vote but can be counted in the
      quorum present on any motion in respect of any contract, arrangement,
      transaction or any other proposal in which he has an interest that is to
      his knowledge a material interest.                                
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                        
| | (iv)  | The Directors shall be paid for their services as
      Directors such sums (if any) as the Directors may from time to time
      determine.                                                                                                                                           
| |       |                                                                                                                                                                                                                                                                                        
| | (v)   | The Directors may be paid all reasonable travelling,
      hotel and other expenses properly incurred by them in attending and
      returning from meetings of the Directors or any committee of the Directors
      or general meetings or otherwise in connection with our
business.
| |       |                                                                                                                                                                                                                                                                                        
| | (vi)  | Directors can vote to remove a director at a directors
      meeting.                                                                                                                                                                                                                  

Borrowing Powers

| | (i) | The Directors may exercise all of the powers to borrow
      money and to mortgage or charge its undertakings, properties, assets and
      uncalled capital, or any part thereof, and, subject to the provisions of
      the Articles of Association, to issue debentures, debenture stock and
      other securities whether outright or as security for any debt, liability
      or obligation of us or of any third party.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dividends and Distributions on
Liquidation to Shareholders

| | (i)   | The Directors may declare dividends, and need not give
      notice to any member. Subject to any priority, preference or special
      rights, all dividends shall be declared and paid according to the number
      of shares held on a specified date with respect of the period of which the
      dividend is paid.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                          
| | (ii)  | The Directors may pay such interim dividends as they may
      determine.                                                                                                                                                                                                                                                
| |       |                                                                                                                                                                                                                                                                                                                          
| | (iii) | No dividend shall bear interest.                                                                                                                                                                                                                                                                                         

General Meetings

| | (i)  | Each year we hold a general meeting as the annual general
      meeting in addition to any other meetings in that year, and not more than
      13 months shall elapse between the date of one annual general meeting and
      that of the next. The annual general meeting shall be held at such time
      and place, as the Directors shall appoint.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                         
| | (ii) | All general meetings other than annual general meetings
      are extraordinary general meetings. The Directors may, whenever they think
      fit, convene an extraordinary general meeting.                                                                                                                                                           

Committees of the Board of Directors

Our board of directors has established an audit committee. Our
audit committee will recommend a firm to be appointed as independent auditors to
audit financial statements and to perform services related to the audit, review
the scope and results of the audit with the independent auditors, review with
management and the independent auditors our annual operating results and
consider the adequacy of the internal accounting procedures and the effect of
the procedures relating to the auditors' independence. In addition, the audit committee will monitor the board's corporate
governance practices, propose nominees annually for election to the board, make
recommendations as to the composition of the committees of the board and review
the functioning of the board and the powers, mandates and performance of the
committees.

14

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Audit Committee Members:

| | 1. | Casey Forward                                                                
| | -- | -----------------------------------------------------------------------------
| | 2. | Dr. Kanwaljit Sachdeva  independent director with
      financial experience
| | 3. | Ian Bartholomew  independent director with financial
      experience       

Our board of directors has established a compensation committee
to review remuneration paid to senior officers of the Company.

Compensation Committee Members:

| | 1. | Casey Forward  
| | -- | ---------------
| | 2. | Dr. K. Sachdeva

Our board of directors has established a corporate governance
committee to (1) identify and select qualified individuals to serve as directors
of the Company and nominate such individuals for election as directors at the
Company's annual meeting of shareholders (2) develop and establish corporate
governance policies and procedures for the Company and (3) administer the Code
of Ethics adopted by the Company

Corporate Governance Committee:

| | 1. | Casey Forward  
| | -- | ---------------
| | 2. | Ian Bartholomew

Exchange Control and Other Limitations Affecting Security
Holders

There is no law or government decree of regulation in Canada
that restricts the export or import of capital, or that affects the remittance
of dividends, interest or other payments to a non-resident holder of common
shares, other than withholding tax requirements.

There is no limitation imposed by Canadian law or by the
articles or other charter documents of a company on the right of a non-resident
to hold or vote common shares of a company, other than as provided in the
Investment Canada Act, as amended (the Investment Act).

The Investment Act generally prohibits implementation of a
reviewable investment by an individual, government, corporation, partnership,
trust or joint venture that is non-Canadian unless the minister responsible for
the Investment Act is satisfied that the investment is likely to be of net
benefit to Canada. If an investment by a non-Canadian is not a reviewable
investment, it requires the filing of a short notice.

An investment in common shares of a company by a non-Canadian
that is a WTO investor would be reviewable if the value of the assets
of the Company equalled or exceeded $184 million, the threshold established for
1999. In subsequent years, the threshold amount may be increased or decreased in
accordance with the provisions of the Investment Act. A WTO investor is a member
of the World Trade Organization, current members of which include the European
Community, Germany, Japan, Mexico, the United Kingdom and the United States, or
a WTO investor-controlled entity, as defined in the Investment Act.

15

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An investment in common shares of a company by a non-Canadian,
other than a WTO investor, would be reviewable under the Investment Act if it
were an investment to acquire control of a company and the value of the assets
were $5.0 million.

The Investment Act would not apply to certain transactions in
relation to our common shares, including:

An acquisition of common shares of a company by any person made
in the ordinary course of that persons business as a trader or dealer in
securities;

An acquisition of control of a company by an amalgamation,
merger, consolidation or corporate reorganization following which the control of
the Company, remains unchanged.

Taxation

U.S. FEDERAL INCOME TAX CONSIDERATIONS

The following is a summary of
certain material U.S. federal income tax consequences to a U.S. Holder (as
defined below) arising from and relating to the ownership and disposition of our
Common Shares.

This summary is for general
information purposes only and does not purport to be a complete analysis or
listing of all potential U.S. federal income tax consequences that may apply to
a U.S. Holder as a result of the ownership and disposition of our Common Shares.
In addition, this summary does not take into account the individual facts and
circumstances of any particular U.S. Holder that may affect the U.S. federal
income tax consequences applicable to such U.S. Holder. Accordingly, this
summary is not intended to be, and should not be construed as, legal or U.S.
federal income tax advice with respect to any U.S. Holder. Each U.S. Holder
should consult its own financial advisor, legal counsel, or accountant regarding
the U.S. federal, U.S. state and local, and foreign tax consequences arising
from or relating to the ownership and disposition of our Common Shares.

No legal opinion from U.S. legal
counsel or ruling from the Internal Revenue Service (IRS) has been requested,
or will be obtained, regarding the U.S. federal income tax consequences to U.S.
Holders of the ownership and disposition of the Common Shares. This summary is
not binding on the IRS, and the IRS is not precluded from taking a position that
is different from, and contrary to, the positions taken in this summary. In
addition, because the authorities on which this summary is based are subject to
various interpretations, the IRS and the U.S. courts could disagree with one or
more of the positions taken in this summary.

Scope of this Disclosure

Authorities and Assumptions

This summary is based on the
Internal Revenue Code of 1986, as amended (the Code), Treasury Regulations,
published IRS rulings, judicial decisions, published administrative positions of
the IRS, and the Convention between Canada and the U.S. of America with Respect
to Taxes on Income and on Capital, signed September 26, 1980, as amended (the
Canada-U.S. Tax Treaty), in each case, as in effect and available, as of the
date hereof. Any of the authorities on which this summary is based could be
changed in a material and adverse manner at any time, and any such change could
be applied on a retroactive basis. Except as explicitly set forth herein, this
summary does not discuss the potential effects, whether adverse or beneficial,
of any proposed legislation or regulations.

This summary assumes that the
U.S. Holder holds each Common Share as a capital asset within the meaning of
Section 1221 of the Code.

16

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U.S. Holders

For purposes of this summary, a
U.S. Holder is a beneficial owner of Common Shares that, for U.S. federal
income tax purposes, is (a) an individual who is a citizen or resident of the
U.S., (b) a corporation, or other entity classified as a corporation for U.S.
federal income tax purposes, that is created or organized in or under the laws
of the U.S., any state in the U.S. or the District of Columbia, (c) an estate if
the income of such estate is subject to U.S. federal income tax regardless of
the source of such income, or (d) a trust if (i) such trust has validly elected
to be treated as a U.S. person for U.S. federal income tax purposes or (ii) a
U.S. court is able to exercise primary

Taxation - Certain Canadian Income Tax Consequences to
United States Investors

This section is to make United States persons aware and caution
them as to some of the consequences of investing in the Company (a Canadian
company).

A brief description of certain provisions of the tax treaty
between Canada and the United States is included below. The consequences of
state and local taxes are not considered. The following information is general
and security holders should seek the advice of their own tax advisors.

TAXATION OF DIVIDENDS

A holder of a common share who is not resident in Canada for
purposes of the Income Tax Act will be subject to Canadian withholding tax on
dividends paid or credited to the holder of the common share. The rate of
withholding tax on dividends is 25% of the amount of the dividend. This rate may
be reduced under the provisions of an international tax treaty to which Canada
is a party. Under the tax treaty that Canada has entered into with the United
States, the rate of Canadian withholding tax is generally reduced to 15%, or 5%
in the case of a corporate holder which owns 10% or more of the voting shares. A
foreign tax credit for the tax withheld may be available to a holder resident in
the United States against U.S. federal income taxes.

DISPOSITION OF COMMON SHARES

A non-resident holder of a common share will not be subject to
tax under the Income Tax Act in respect of a capital gain realized on the
disposition of a common share unless the common share is a "taxable Canadian
property" (as defined in the Income Tax Act). Shares of a corporation that are
listed on a prescribed stock exchange are generally not considered to be taxable
Canadian property. Taxable Canadian property includes any common share held by a
non-resident if used in carrying on a business (other than an insurance
business) in Canada. A non-resident whose common shares constitute taxable
Canadian property will realize upon disposition, a capital gain (or a capital
loss).

One-half of any capital gain realized by a holder (a taxable
capital gain) will be included in computing the holder's income.

Non-residents are advised to consult their tax advisers with
regard to the availability of a treaty exemption and their own particular
circumstances.

Passive Foreign Investment Company

A foreign corporation with one or more U.S. shareholders is a
PFIC if 75% or more of its income is passive income or if at least 50% of its
assets would be invested in instruments which produce interest, dividends and/or
capital gains. Unlike a controlled foreign corporation or a foreign personal
holding company, there is no minimum percentage ownership by U.S. shareholder to
trigger application of the PFIC rules. If a foreign corporation has a high enough
percentage of passive income or assets, it is a PFIC as regards any U.S.
shareholder no matter how small their ownership percentage of the foreign
corporation and regardless of whether the U.S. shareholders, individually or in
the aggregate, have the ability to control the business or investments of the
foreign corporation.

17

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If a person owns shares in a PFIC and sells them for a profit,
that person must generally pro-rate its profit over all the years it held the
shares in the PFIC, pay U.S. income tax on the profit allocated to each year at
the highest U.S. rate in effect for that year, and pay interest on all the prior
years tax, computed from the tax return due date for the year to which the
income is attributable.

The above rule may not apply if a person elects to treat its
investment as a "Qualified Electing Fund" (QEF). This election is made by
attaching Form 8621 to the annual tax return. This will permit the annual
inclusion of the QEF in a persons pro-rata share of ordinary income and
long-term capital gains.

We do not believe it was a passive foreign investment company
during the fiscal period ended September 30, 2004 or any other year.

Future Developments

The foregoing discussion is based on existing provisions of the
United States tax laws, existing and proposed regulations thereafter, and
current administrative rulings and court decisions, all of which are subject to
change. Any such changes could affect the validity of this discussion. In
addition, the implementation of certain aspects of the PFIC rules requires the
issuance of regulations which in many such instances have not yet been
promulgated and which may have retroactive effect. Furthermore, legislation has
been proposed which would replace the PFIC provisions with a consolidated
anti-deferral regime. While this legislation was vetoed, it may be re-introduced
in subsequent years.

ALL PROSPECTIVE INVESTORS ARE ADVISED TO CONSULT THEIR OWN TAX
ADVISORS WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF PURCHASING THE COMMON
SHARES.

ITEM 11 - Quantitative and Qualitative Disclosures About
Market Risk

Not applicable.

ITEM 12 - Description of Securities Other Than Equity
Securities

Not applicable.

PART II

ITEM 13 - Defaults, Dividends Arrearages and Delinquencies

Not applicable.

ITEM 14 - Material Modifications to the Rights of Security
Holders and Use of Proceeds

Not applicable.

18

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ITEM 15. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure Controls and Procedures

We carried out an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of September 30, 2009 (the Evaluation Date). This evaluation
was carried out under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer. Based upon that evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures were not effective as of the Evaluation Date
as a result of the material weaknesses in internal control over financial
reporting discussed below.

Disclosure controls and procedures are those controls and
procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Exchange Act are recorded,
processed, summarized and reported within the time periods specified in the
SEC's rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required
to be disclosed in our reports filed under the Exchange Act is accumulated and
communicated to management, including our Chief Executive Officer and Chief
Financial Officer, to allow timely decisions regarding required disclosure.

Notwithstanding the assessment that our internal control over
financial reporting was not effective and that there were material weaknesses as
identified in this report, we believe that our financial statements contained in
our Annual Report on Form 20-F for the year ended September 30, 2009 fairly
present our financial condition, results of operations and cash flows in all
material respects.

Management's Annual Report on Internal Control Over
Financial Reporting

Our management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in
Rules 13a-15(f) and 15d-15(f) under the Exchange Act, for the Company.

Internal control over financial reporting includes those
policies and procedures that: (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of our assets; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that our receipts
and expenditures are being made only in accordance with authorizations of its
management and directors; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of our assets that could have a material effect on the financial statements.

Management recognizes that there are inherent limitations in
the effectiveness of any system of internal control, and accordingly, even
effective internal control can provide only reasonable assurance with respect to
financial statement preparation and may not prevent or detect material
misstatements. In addition, effective internal control at a point in time may
become ineffective in future periods because of changes in conditions or due to
deterioration in the degree of compliance with our established policies and
procedures.

A material weakness is a significant deficiency, or combination
of significant deficiencies, that results in there being a more than remote
likelihood that a material misstatement of the annual or interim financial
statements will not be prevented or detected.

19

---

Under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer, management conducted an
evaluation of the effectiveness of our internal control over financial
reporting, as of the Evaluation Date, based on the framework set forth in
Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on its evaluation under
this framework, management concluded that our internal control over financial
reporting was not effective as of the Evaluation Date.

Management assessed the effectiveness of the Companys internal
control over financial reporting as of Evaluation Date and identified the
following material weaknesses:

Insufficient Resources:We have an inadequate number of
personnel with requisite expertise in the key functional areas of finance and
accounting.

Inadequate Segregation of Duties: We have an inadequate
number of personnel to properly implement control procedures.

Insufficient Written Policies & Procedures:We have
insufficient written policies and procedures for accounting and financial
reporting.

Management is committed to improving its internal controls and
will (1) continue to use third party specialists to address shortfalls in
staffing and to assist the Company with accounting and finance responsibilities,
(2) increase the frequency of independent reconciliations of significant
accounts which will mitigate the lack of segregation of duties until there are
sufficient personnel and (3) prepare and implement sufficient written policies
and checklists for financial reporting and closing processes and (4) may
consider appointing outside directors and audit committee members in the future.

Management, including our Chief Executive Officer and the Chief
Financial Officer, has discussed the material weakness noted above with our
independent registered public accounting firm. Due to the nature of this
material weakness, there is a more than remote likelihood that misstatements
which could be material to the annual or interim financial statements could
occur that would not be prevented or detected.

This annual report does not include an attestation report of
our registered public accounting firm regarding internal control over financial
reporting. Management's report was not subject to attestation by the our
registered public accounting firm pursuant to temporary rules of the SEC that
permit us to provide only management's report in this annual report.

Changes in internal control over financial reporting

As of the Evaluation Date, there were no changes in our
internal control over financial reporting that occurred during the fiscal year
ended September 30, 2009 that have materially affected, or that are reasonably
likely to materially affect, our internal control over financial reporting.

Limitations on the effectiveness of controls and
procedures

Our management, including our Chief Executive Officer and the
Chief Financial Officer, do not expect that the our controls and procedures will
prevent all potential errors or fraud. A control system, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met.

20

---

ITEM 16.A - Audit Committee Financial Expert

The Board of Directors has determined that Ian Bartholomew,
member of the audit committee, qualifies as Audit Committee Financial Expert in
accordance with the terms of Item 16.A of Form 20-F. For further information
please refer to ITEM 6.  Directors, Senior Management, and Employees.

ITEM 16.B - Code of Ethics

Globetech Ventures Corp. has adopted a written code of ethics
that applies to, among others, the principal executive officer, principal
financial officer, and principal accounting officer, or such persons performing
similar functions. The Code of ethics was filed as Exhibit 10.3 to the 2003 Form
20-F Annual Report.

Good ethics and good business are inseparable. We shall apply
these high standards in all relationships including with fellow employees,
customers, partners, shareholders, government officials, suppliers, communities,
competitors, and the general public. In turn, we expect each of these
constituencies to maintain equally high standards of conduct.

The Company, its employees and its agents must comply fully
will all laws and regulations. No employee should permit his or her personal
interest to conflict, or appear to conflict, with the interests of the Company.
Employees must be free of any personal relationships, activities or financial
affairs that may influence any business decisions that could affect the Company.

While it is impossible to cover every situation where a
violation or conflict could occur, there are many areas where care is required,
including corporate records, political contributions, gifts and entertainment,
relations with auditors, compliance with laws and regulations, and confidential
information. However, this is not a substitute for sound judgment. Any actual,
potential, or perceived conflict of interest or ethical violation should be
reported immediately.

It is the responsibility of the Board of Directors to ensure
the Code of Ethics is understood and complied with.

ITEM 16.C - Principal Accountant Fees and Services

Davidson & Company LLP was appointed the Company auditors
effective March 2, 2009. Previously MacKay LLP was appointed the Companys
auditor effective March 27, 2003. Audit fees paid or accrued are as follows:

|Audit fees (Davidson & Company LLP)
      2009 | $ | 35,560 | 
|---------------------------------------------- | - | ------ | 
|Other fees in 2009                             | $ | Nil    | 
|Audit fees (MacKay LLP) 2008                   | $ | 30,502 | 
|Other fees in 2008                             |   | Nil    | 
|Audit fees (MacKay LLP) 2007                   | $ | 19,000 | 
|Other fees in 2007                             |   | Nil    | 

ITEM 16.D - Exemptions from the Listing Standards for Audit
Committees

Not applicable.

21

---

ITEM 16.E - Purchases of Equity Securities by the Issuer and
Affiliated Purchasers

Not applicable.

ITEM 16.F - Changes in Registrants Certifying Accountant

Not applicable.

ITEM 16.G - Corporate Governance

Not applicable.

PART III

ITEM 17 - Financial Statements

Not applicable.

ITEM 18 - Financial Statements

See our consolidated financial
statements beginning on page F-1.

ITEM 19 - Exhibits

| | Gold
      Buck Option Agreement
| | --------------------------------

22

---







Globetech Ventures Corp. (A development stage
company)

Consolidated Financial Statements (Expressed in
Canadian dollars)

September 30, 2009







23

---

GLOBETECH VENTURES CORP.
  (An Exploration Stage
  Company)

CONSOLIDATED FINANCIAL STATEMENTS
  (Expressed in
  Canadian dollars)



SEPTEMBER 30, 2009

---

|DAVIDSON & COMPANY LLP |                       |  | A Partnership of Incorporated Professionals
|---------------------- | --------------------- |  | -------------------------------------------
|                       | Chartered Accountants | 



REPORT OF INDEPENDENT REGISTERED PUBLIC
  ACCOUNTING FIRM

To the Shareholders of 
  Globetech Ventures Corp.

We have audited the consolidated balance sheet of Globetech
  Ventures Corp. as at September 30, 2009 and the consolidated statements of
  operations and deficit and cash flows for the year then ended. These financial
  statements are the responsibility of the Company's management. Our
  responsibility is to express an opinion on these financial statements based on
  our audit.

We conducted our audit in accordance with Canadian generally
  accepted auditing standards and with the standards of the Public Company
  Accounting Oversight Board (United States). Those standards require that we plan
  and perform an audit to obtain reasonable assurance whether the financial
  statements are free of material misstatement. An audit includes examining, on a
  test basis, evidence supporting the amounts and disclosures in the financial
  statements. An audit also includes assessing the accounting principles used and
  significant estimates made by management, as well as evaluating the overall
  financial statement presentation.

In our opinion, these consolidated financial statements present
  fairly, in all material respects, the financial position of the Company as at
  September 30, 2009 and the results of its operations and cash flows for the year
  then ended in accordance with Canadian generally accepted accounting
  principles.

The consolidated financial statements as at September 30, 2008
  and for the years ended September 30, 2008 and 2007 contain reconciliations
  of the financial statements between Canadian and United States generally accepted
  accounting principles, which prior to the restatement of the reconciliation
  of differences as described in Note 3, were examined by other auditors who expressed
  an opinion without reservation on those statements in their report dated January
  16, 2009.

|                                        | DAVIDSON & COMPANY LLP
|--------------------------------------- | ------------------------
|                                        |                         
|Vancouver, Canada                       | Chartered Accountants   
|                                        |                         
|January 28, 2010                        |                         
|(except as to Note 13 and Note 14 which |                         
|is as of March 29, 2010)                |                         



COMMENTS BY AUDITORS FOR U.S. READERS ON CANADA
  U.S. REPORTING DIFFERENCE

In the United States, reporting standards for auditors require
  the addition of an explanatory paragraph (following the opinion paragraph) when
  the financial statements are affected by conditions and events that cast
  substantial doubt on the Company's ability to continue as a going concern, such
  as those described in Note 1 to the consolidated financial statements. Our
  report to the shareholders dated January 28, 2010 is expressed in accordance
  with Canadian reporting standards which do not permit a reference to such events
  and conditions in the auditors' report when these are adequately disclosed in
  the consolidated financial statements.

|                                        | DAVIDSON & COMPANY LLP
|--------------------------------------- | ------------------------
|                                        |                         
|Vancouver, Canada                       | Chartered Accountants   
|                                        |                         
|January 28, 2010                        |                         
|(except as to Note 13 and Note 14 which |                         
|is as of March 29, 2010)                |                         

nexia 
  1200 - 609 Granville Street, P.O. Box 10372, Pacific Centre,
  Vancouver, B.C., Canada  V7Y 1G6
  Telephone (604) 687-0947  
  Fax (604) 687-6172

---

|GLOBETECH VENTURES CORP.       
|-------------------------------
|(An Exploration Stage Company) 
|CONSOLIDATED BALANCE SHEETS    
|(Expressed in Canadian dollars)
|AS AT SEPTEMBER 30             
|                               

|                                                                    |   | 2009        |   |   | 2008        |  
|------------------------------------------------------------------- | - | ----------- | - | - | ----------- | -
|                                                                    |   |             |   |   |             |  
|                                                                    |   |             |   |   |             |  
|ASSETS                                                              |   |             |   |   |             |  
|                                                                    |   |             |   |   |             |  
|Current                                                             |   |             |   |   |             |  
|Cash                                                                | $ | 546         |   | $ | 15,259      |  
|GST
      refundable                                                |   | 179         |   |   | 1,083       |  
|                                                                    |   |             |   |   |             |  
|Total current assets                                                |   | 725         |   |   | 16,342      |  
|                                                                    |   |             |   |   |             |  
|Equipment(Note 4)                                                   |   | -           |   |   | 2,316       |  
|Mineral properties(Note 5)                                          |   | 10,000      |   |   | 109,231     |  
|Website license(Note 6)                                             |   | -           |   |   | 725,000     |  
|                                                                    |   |             |   |   |             |  
|Total assets                                                        | $ | 10,725      |   | $ | 852,889     |  
|                                                                    |   |             |   |   |             |  
|                                                                    |   |             |   |   |             |  
|LIABILITIES AND SHAREHOLDERS' EQUITY
      (DEFICIENCY)             |   |             |   |   |             |  
|                                                                    |   |             |   |   |             |  
|Current                                                             |   |             |   |   |             |  
|Accounts
      payable and accrued liabilities                      | $ | 96,734      |   | $ | 30,907      |  
|Amount payable pursuant
      to website license agreement (Note 6) |   | -           |   |   | 84,584      |  
|Due to
      related parties (Note 7)                               |   | 111,748     |   |   | 10,865      |  
|                                                                    |   |             |   |   |             |  
|Total current liabilities                                           |   | 208,482     |   |   | 126,356     |  
|                                                                    |   |             |   |   |             |  
|Shareholders' equity
      (deficiency)                             |   |             |   |   |             |  
|Capital stock                                                       |   |             |   |   |             |  
|Authorized                                                          |   |             |   |   |             |  
|Unlimited common shares with no par value                           |   |             |   |   |             |  
|Issued and outstanding (2009 - 32,494,363; 2008 
      32,030,363) |   | 36,396,531  |   |   | 36,321,603  |  
|Contributed surplus                                                 |   | 2,925,087   |   |   | 2,925,087   |  
|Deficit                                                             |   | (38,845,906 | ) |   | (38,520,157 | )
|Deficit accumulated
      during the exploration stage              |   | (673,469    | ) |   | -           |  
|                                                                    |   |             |   |   |             |  
|Total shareholders equity (deficiency)                             |   | (197,757    | ) |   | 726,533     |  
|                                                                    |   |             |   |   |             |  
|Total
      liabilities and shareholders equity (deficiency)       | $ | 10,725      |   | $ | 852,889     |  
|                                                                    |   |             |   |   |             |  
|Going concern(Note 1)                                               |   |             |   |   |             |  
|Subsequent events(Note 13)                                          |   |             |   |   |             |  

On behalf of the Board:

|Casey
      Forward | Director | Ping Shen | Director
|--------------------- | -------- | ----------- | --------

The accompanying notes are an integral part of these
  consolidated financial statements

---

|GLOBETECH VENTURES CORP.             
|-------------------------------------
|(An Exploration Stage Company)       
|CONSOLIDATED STATEMENTS OF OPERATIONS
|(Expressed in Canadian dollars)      
|                                     

|                                                     |   | Cumulative from   |            |   |               |            |   |               |            |   |               |  
|---------------------------------------------------- | - | ----------------- | ---------- | - | ------------- | ---------- | - | ------------- | ---------- | - | ------------- | -
|                                                     |   | the start of the  |            |   |               |            |   |               |            |   |               |  
|                                                     |   | exploration stage |            |   |               |            |   |               |            |   |               |  
|                                                     |   | beginning         |            |   |               |            |   |               |            |   |               |  
|                                                     |   | July 1, 2009 to   |            |   | Year Ended    |            |   | Year Ended    |            |   | Year Ended    |  
|                                                     |   | September 30,     |            |   | September 30, |            |   | September 30, |            |   | September 30, |  
|                                                     |   | 2009              |            |   | 2009          |            |   | 2008          |            |   | 2007          |  
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|EXPENSES                                             |   |                   |            |   |               |            |   |               |            |   |               |  
|Accounting and legal (Note 7)                        | $ | 24,500            |            | $ | 54,207        |            | $ | 42,502        |            | $ | 44,658        |  
|Amortization                                         |   | 1,519             |            |   | 2,316         |            |   | 887           |            |   | 424           |  
|Consulting fees (Note 7)                             |   | -                 |            |   | 87,128        |            |   | 135,965       |            |   | 248,500       |  
|Interest and bank charges                            |   | -                 |            |   | 2,098         |            |   | 790           |            |   | 68,065        |  
|Management fees (Note 7)                             |   | -                 |            |   | 36,000        |            |   | 72,000        |            |   | 60,000        |  
|Office and miscellaneous                             |   | 6,000             |            |   | 30,179        |            |   | 27,239        |            |   | 41,133        |  
|Property examination costs                           |   | -                 |            |   | -             |            |   | -             |            |   | 20,213        |  
|Public relations                                     |   | -                 |            |   | 2,231         |            |   | 1,445         |            |   | 83,358        |  
|Regulatory and transfer agent fees                   |   | 1,034             |            |   | 7,844         |            |   | 3,988         |            |   | 8,818         |  
|Stock-based compensation                             |   | -                 |            |   | -             |            |   | 223,209       |            |   | -             |  
|Telephone                                            |   | -                 |            |   | -             |            |   | 200           |            |   | 9,471         |  
|Travel and promotion                                 |   | -                 |            |   | -             |            |   | 1,724         |            |   | 16,034        |  
|Website maintenance fees                             |   | -                 |            |   | 27,568        |            |   | 9,000         |            |   | -             |  
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|                                                     |   | 33,053            |            |   | 249,571       |            |   | 518,949       |            |   | 600,674       |  
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|Net loss before other items                          |   | (33,053           | )          |   | (249,571      | )          |   | (518,949      | )          |   | (600,674      | )
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|OTHER ITEMS                                          |   |                   |            |   |               |            |   |               |            |   |               |  
|Foreign exchange loss                                |   | -                 |            |   | -             |            |   | -             |            |   | (182          | )
|Interest income                                      |   | -                 |            |   | -             |            |   | 93            |            |   | 5             |  
|Gain on settlement of debt                           |   | 84,584            |            |   | 84,584        |            |   | -             |            |   | -             |  
|Write-down of mineral properties                     |   | -                 |            |   | (109,231      | )          |   | -             |            |   | -             |  
|Write-down of website license                        |   | (725,000          | )          |   | (725,000      | )          |   | -             |            |   | -             |  
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|                                                     |   | (640,416          | )          |   | (749,647      | )          |   | 93            |            |   | (177          | )
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|Net loss for the period                              | $ | (673,469          | )          | $ | (999,218      | )          | $ | (518,856      | )          | $ | (600,851      | )
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|Basic and diluted loss per common share              |   |                   |            | $ | (0.03         | )          | $ | (0.02         | )          | $ | (0.03         | )
|                                                     |   |                   |            |   |               |            |   |               |            |   |               |  
|Weighted average number of common shares outstanding |   |                   | 32,268,780 |   |               | 21,396,073 |   |               | 17,315,172 |  

The accompanying notes are an integral part of these consolidated
  financial statements.

---

|GLOBETECH VENTURES CORP.                                          
|------------------------------------------------------------------
|(An Exploration Stage Company)                                    
|CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
      (DEFICIENCY)
|(Expressed in Canadian dollars)                                   
|                                                                  

|                                        |  |            |   |   |                      |   |   |             |   |   |             |   |   | Deficit     |   |   |          |  
|--------------------------------------- |  | ---------- | - | - | -------------------- | - | - | ----------- | - | - | ----------- | - | - | ----------- | - | - | -------- | -
|                                        |  |            |   |   |                      |   |   |             |   |   |             |   |   | accumulated |   |   |          |  
|                                        |  |            |   |   | Common               |   |   |             |   |   |             |   |   | during the  |   |   |          |  
|                                        |  | Number of  |   |   | Shares Issued        |   |   | Contributed |   |   |             |   |   | exploration |   |   |          |  
|                                        |  | Shares     |   |   | and
      Fully Paid |   |   | Surplus     |   |   | Deficit     |   |   | stage       |   |   | Total    |  
|                                        |  |            |   |   |                      |   |   |             |   |   |             |   |   |             |   |   |          |  
|                                        |  |            |   |   |                      |   |   |             |   |   |             |   |   |             |   |   |          |  
|Balance, September 30, 2006             |  | 15,640,751 |   | $ | 33,824,961           |   | $ | 3,008,754   |   | $ | (37,400,450 | ) | $ | -           |   | $ | (566,735 | )
|Issuance of shares for cash:            |  |            |   |   |                      |   |   |             |   |   |             |   |   |             |   |   |          |  
|Exercise of options                     |  | 900,000    |   |   | 603,876              |   |   | (306,876    | ) |   | -           |   |   | -           |   |   | 297,000  |  
|Acquisition of Gladys Lake option       |  | 50,000     |   |   | 16,500               |   |   | -           |   |   | -           |   |   | -           |   |   | 16,500   |  
|Issued on
      conversion of debt      |  | 3,731,128  |   |   | 780,330              |   |   | -           |   |   | -           |   |   | -           |   |   | 780,330  |  
|Loss for the year                       |  | -          |   |   | -                    |   |   | -           |   |   | (600,851    | ) |   | -           |   |   | (600,851 | )
|                                        |  |            |   |   |                      |   |   |             |   |   |             |   |   |             |   |   |          |  
|Balance, September 30, 2007             |  | 20,321,879 |   |   | 35,225,667           |   |   | 2,701,878   |   |   | (38,001,301 | ) |   | -           |   |   | (73,756  | )
|Issuance of shares for cash:            |  |            |   |   |                      |   |   |             |   |   |             |   |   |             |   |   |          |  
|Private placements                      |  | 3,000,000  |   |   | 150,000              |   |   | -           |   |   | -           |   |   | -           |   |   | 150,000  |  
|Acquisition of
      Gladys Lake option |  | 100,000    |   |   | 15,000               |   |   | -           |   |   | -           |   |   | -           |   |   | 15,000   |  
|Issued on conversion of debt            |  | 2,608,484  |   |   | 330,936              |   |   | -           |   |   | -           |   |   | -           |   |   | 330,936  |  
|Acquisition of
      technology         |  | 6,000,000  |   |   | 600,000              |   |   | -           |   |   | -           |   |   | -           |   |   | 600,000  |  
|Stock-based compensation                |  | -          |   |   | -                    |   |   | 223,209     |   |   | -           |   |   | -           |   |   | 223,209  |  
|Loss for the year                       |  | -          |   |   | -                    |   |   | -           |   |   | (518,856    | ) |   | -           |   |   | (518,856 | )
|                                        |  |            |   |   |                      |   |   |             |   |   |             |   |   |             |   |   |          |  
|Balance, September 30, 2008             |  | 32,030,363 |   |   | 36,321,603           |   |   | 2,925,087   |   |   | (38,520,157 | ) |   | -           |   |   | 726,533  |  
|Issued for services                     |  | 850,000    |   |   | 138,175              |   |   | -           |   |   | -           |   |   | -           |   |   | 138,175  |  
|Treasury shares to
      be cancelled   |  | (375,000   | ) |   | (60,937              | ) |   | -           |   |   | -           |   |   | -           |   |   | (60,937  | )
|Shares cancelled                        |  | (11,000    | ) |   | (2,310               | ) |   | -           |   |   | -           |   |   | -           |   |   | (2,310   | )
|Loss for the year                       |  | -          |   |   | -                    |   |   | -           |   |   | (325,749    | ) |   | (673,469    | ) |   | (999,218 | )
|                                        |  |            |   |   |                      |   |   |             |   |   |             |   |   |             |   |   |          |  
|Balance, September 30, 2009             |  | 32,494,363 |   | $ | 36,396,531           |   | $ | 2,925,087   |   | $ | (38,845,906 | ) | $ | (673,469    | ) | $ | (197,757 | )

The accompanying notes are an integral part of these
  consolidated financial statements.

---

|GLOBETECH VENTURES CORP.             
|-------------------------------------
|(An Exploration Stage Company)       
|CONSOLIDATED STATEMENTS OF CASH FLOWS
|(Expressed in Canadian dollars)      
|                                     

|                                                                                        |   | Cumulative from   |   |   |               |   |   |               |   |   |               |  
|--------------------------------------------------------------------------------------- | - | ----------------- | - | - | ------------- | - | - | ------------- | - | - | ------------- | -
|                                                                                        |   | the start of the  |   |   |               |   |   |               |   |   |               |  
|                                                                                        |   | exploration stage |   |   |               |   |   |               |   |   |               |  
|                                                                                        |   | beginning         |   |   |               |   |   |               |   |   |               |  
|                                                                                        |   | July 1, 2009 to   |   |   | Year Ended    |   |   | Year Ended    |   |   | Year Ended    |  
|                                                                                        |   | September 30,     |   |   | September 30, |   |   | September 30, |   |   | September 30, |  
|                                                                                        |   | 2009              |   |   | 2009          |   |   | 2008          |   |   | 2007          |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|CASH FLOWS FROM OPERATING ACTIVITIES                                                    |   |                   |   |   |               |   |   |               |   |   |               |  
|Net loss for the period                                                                 | $ | (673,469          | ) | $ | (999,218      | ) | $ | (518,856      | ) | $ | (600,851      | )
|Items not involving
      cash                                                          |   |                   |   |   |               |   |   |               |   |   |               |  
|Accrued interest and foreign exchange on 
                        
      converted debt |   | -                 |   |   | -             |   |   | -             |   |   | 67,928        |  
|Amortization                                                                            |   | 1,518             |   |   | 2,316         |   |   | 887           |   |   | 424           |  
|Gain on
      settlement of debts                                                       |   | (84,584           | ) |   | (84,584       | ) |   | -             |   |   | -             |  
|Write-down of mineral properties                                                        |   | -                 |   |   | 109,231       |   |   | -             |   |   | -             |  
|Write-down
      of website license                                                     |   | 725,000           |   |   | 725,000       |   |   | -             |   |   | -             |  
|Shares issued for services                                                              |   | -                 |   |   | 74,928        |   |   | -             |   |   | -             |  
|Stock-based
      compensation                                                          |   | -                 |   |   | -             |   |   | 223,209       |   |   | -             |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|Changes in non-cash working capital
      items:                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|GST refundable and other receivables                                                    |   | 258               |   |   | 904           |   |   | 11,408        |   |   | (8,523        | )
|Accounts
      payable and accrued liabilities                                          |   | 39,392            |   |   | 65,827        |   |   | 206,119       |   |   | 359,997       |  
|Due to related parties                                                                  |   | (8,130            | ) |   | 90,883        |   |   | (15,093       | ) |   | (116,130      | )
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|Net cash used in operating activities                                                   |   | (15               | ) |   | (14,713       | ) |   | (92,326       | ) |   | (297,155      | )
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|CASH FLOWS FROM FINANCING ACTIVITIES                                                    |   |                   |   |   |               |   |   |               |   |   |               |  
|Shares issued for cash                                                                  |   | -                 |   |   | -             |   |   | 150,000       |   |   | 297,000       |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|Net cash provided by
      financing activities                                         |   | -                 |   |   | -             |   |   | 150,000       |   |   | 297,000       |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|CASH FLOWS FROM INVESTING ACTIVITIES                                                    |   |                   |   |   |               |   |   |               |   |   |               |  
|Acquisition of website license                                                          |   | -                 |   |   | -             |   |   | (40,416       | ) |   | -             |  
|Purchase of equipment                                                                   |   | -                 |   |   | -             |   |   | (2,127        | ) |   | -             |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|Net cash used in
      investing activities                                             |   | -                 |   |   | -             |   |   | (42,543       | ) |   | -             |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|Change in cash during the period                                                        |   | (15               | ) |   | (14,713       | ) |   | 15,131        |   |   | (155          | )
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|Cash, beginning of period                                                               |   | 561               |   |   | 15,259        |   |   | 128           |   |   | 283           |  
|                                                                                        |   |                   |   |   |               |   |   |               |   |   |               |  
|Cash, end of period                                                                     | $ | 546               |   | $ | 546           |   | $ | 15,259        |   | $ | 128           |  

Supplemental disclosure with respect to cash flows(Note
  10)

The accompanying notes are an integral part of these
  consolidated financial statements.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|1. | NATURE OF OPERATIONS AND GOING CONCERN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | Globetech Ventures Corp. ("the Company") was incorporated
      under the laws of British Columbia, Canada. During the year ended
      September 30, 2005, the Company entered into a mineral property option
      agreement whereby it could earn a 100% interest in the Gladys Lake
      molybdenum property in the province of British Columbia. In order to earn
      its interest the Company was required to pay a total of $95,000 over a
      period of four years and issue 400,000 of its common shares over this same
      time period. From the date of acquisition to September 30, 2008 the
      Company paid a total of $85,504 in acquisition costs and incurred nominal
      exploration costs of $23,727. During the year ended September 30, 2008,
      the Company decided to refocus its business activities and entered into a
      website software licensing agreement for the use of online dating
      services. To acquire the website license the Company was required to pay
      an initial fee of $125,000 and issue 6,000,000 of its common shares.
      During fiscal 2008 the Company paid and/or accrued $125,000 and issued the
      6,000,000 common shares which had a fair value of $600,000. During the
      fourth quarter of fiscal 2009 the Company reviewed the traffic to the
      website and determined that it was not being populated as contemplated and
      decided not to continue pursuing this venture. As a result the Company
      wrote-off its investment in the web site license in the fourth quarter of
      fiscal 2009. During the fourth quarter of 2009 the Company decided to
      change its business focus and entered into a mineral property option
      agreement to acquire a 100% interest in the Gold Buck claims located in
      the Williams Lake area of British Columbia, Canada, by paying a total of
      $350,000 over a period of three years and issuing 2,100,000 common shares
      of the Company.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | The Company is considered to be in the exploration stage
      and is in the process of exploring and developing its mineral properties
      and has not yet determined whether the properties contain ore reserves
      that are economically recoverable. The recoverability of the amounts shown
      for mineral properties and related deferred exploration costs is dependent
      upon the existence of economically recoverable reserves, the ability of
      the Company to obtain necessary financing to complete the development of
      those reserves and upon future profitable production.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | These consolidated financial statements have been
      prepared assuming the Company will continue on a going- concern basis. The
      Company has incurred losses since inception and the ability of the Company
      to continue as a going-concern depends upon its ability to develop
      profitable operations and to continue to raise adequate financing.
      Management is actively targeting sources of additional financing through
      alliances with financial, exploration and mining entities, or other
      business and financial transactions which would assure continuation of the
      Companys operations and exploration programs. In order for the Company to
      meet its liabilities as they come due and to continue its operations, the
      Company is solely dependent upon its ability to generate such
      financing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | There can be no assurance that the Company will be able
      to continue to raise funds, in which case the Company may be unable to
      meet its obligations. Should the Company be unable to realize its assets
      and discharge its liabilities in the normal course of business, the net
      realizable value of its assets may be materially less than the amounts
      recorded on the balance sheets. The financial statements do not include
      any adjustments relating to the recoverability and classification of
      recorded asset amounts and classification of liabilities that might be
      necessary should the Company be unable to continue in
      existence.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

| |                                                  |   | 2009        |   |   | 2008        |  
| | ------------------------------------------------ | - | ----------- | - | - | ----------- | -
| |                                                  |   |             |   |   |             |  
| | Working capital (deficiency)                     | $ | (207,757    | ) | $ | (110,014    | )
| | Deficit                                          |   | (38,845,906 | ) |   | (38,520,157 | )
| | Deficit accumulated during the exploration stage |   | (673,469    | ) |   | -           |  

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|2. | SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Basis of presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | These consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles. A summary of the significant accounting policies are as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Basis of consolidation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Sacolco (Pty) Ltd. ("Sacolco"), Glowing Green Minerals Ltd. ("Glowing"), and its 60% owned subsidiary Qasim Mining
      Enterprises Ltd. ("QMEL"). These consolidated financial statements also include the accounts of the wholly owned subsidiaries of Sacolco, Impro Metals (Pty) Ltd. and Sachemco (Pty) Ltd. All significant inter-company balances and transactions have
      been eliminated.                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | The Companys financial instruments consist of cash, accounts payable and accrued liabilities and amount payable pursuant to website license agreement. The fair value of the Companys current assets and current
      liabilities are estimated by management to approximate their carrying values due to their immediate or short-term maturity. It is managements opinion that the Company is not exposed to significant interest, or credit risks arising from these
      financial instruments. The Company limits its exposure to credit loss by placing its cash and cash equivalents with high credit quality financial institutions.                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | The Company has classified its cash as held for trading financial assets, its accounts payable and accrued liabilities, due to related parties and amount payable pursuant to website license agreement as "other
      financial liabilities".                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | All other financial instruments will be recorded at cost or amortized cost, subject to impairment reviews. The criteria for assessing an other-than-temporary impairment remain unchanged. Transaction costs incurred to acquire
      financial instruments are included in the underlying balance.                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Derivatives embedded in other financial instruments must be separated and fair valued as separate derivatives under the new standard. The Company has not identified any derivatives nor embedded derivatives in any of its
      instruments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | Mineral properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | All costs related to the acquisition, exploration and development of mineral properties are capitalized by property. If economically recoverable ore reserves are developed, capitalized costs of the related property are
      reclassified as mining assets and amortized using the unit of production method. When a property is abandoned, all related costs are written off to operations. If, after management review, it is determined that the carrying amount of a mineral
      property is impaired, that property is written down to its estimated net realizable value. A mineral property is reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|2. | SIGNIFICANT ACCOUNTING POLICIES(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Mineral properties(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The amounts shown for mineral properties do not necessarily represent present or future values. Their recoverability is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the
      necessary financing to complete the development, and future profitable production or proceeds from the disposition thereof.                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Intangible assets, consisting of a website license and software, are recorded at acquisition cost.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The intangible assets are not amortized but subject to managements review of impairment annually or when events or changes in circumstance indicate that the carrying amount of an asset may not be recoverable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Research and development costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company expenses development costs as they are incurred. Development costs are expensed as incurred until the commercialization of the website is achieved at which time any additional costs will be capitalized and amortized
      prospectively over their estimated economic life. To date, the Company has not capitalized any development costs.                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Impairment of long-lived assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Canadian generally accepted accounting principles require long-lived assets and intangibles held and used by the Company to be reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying
      amount of an asset may not be recoverable. If changes in circumstances indicate that the carrying amount of an asset that an entity expects to hold and use may not be recoverable, future cash flows expected to result from the use of the asset and
      its disposition must be estimated. If the undiscounted value of the future cash flows is less than the carrying amount of the asset, impairment is recognized.                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Asset retirement obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Asset retirement obligations are recognized for the expected obligations related to the retirement of long-lived tangible assets that arise from the acquisition, construction, development or normal operation of such assets. An
      asset retirement obligation is recognized in the period in which it is incurred and when a reasonable estimate of the fair value of the liability can be made with a corresponding asset retirement cost recognized by increasing the carrying amount of
      the related long-lived asset. The asset retirement cost is subsequently allocated in a rational and systematic method over the underlying asset's useful life. The initial fair value of the liability is accreted, by charges to operations, to its
      estimated future value.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|2. | SIGNIFICANT ACCOUNTING POLICIES(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Stock-based compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company follows the Canadian Institute of Chartered
      Accountants Handbook section 3870, Stock-based Compensation and Other
      Stock-based Payments, and accounts for all grants of options to employees,
      non-employees and directors in accordance with the fair value method for
      accounting for stock-based compensation as defined by accounting
      principles generally accepted in Canada. The fair value of stock-based
      compensation awards are calculated using the Black-Scholes option pricing
      model ("Black-Scholes"). All option grants vest immediately.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Basic and diluted loss per share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Company is using the treasury stock method to
      determine the dilutive effect of stock options and other dilutive
      instruments. The treasury stock method assumes that proceeds received from
      in-the-money stock options are used to repurchase common shares at the
      prevailing market rate.                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Basic loss per share figures have been calculated using
      the weighted average number of common shares outstanding during the
      respective periods. Diluted loss per share figures are equal to those of
      basic loss per share for each year since the effects of the share purchase
      warrants and stock options have been excluded as they are
      anti-dilutive.                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The following outstanding warrants and stock options were
      excluded from the diluted loss per share computation as their effect would
      have been anti-dilutive:                                                                                                                                                                                                                                                                                                                                                                                                                                 

| |               |  | 2009      |  |  | 2008      |  |  | 2007      | 
| | ------------- |  | --------- |  |  | --------- |  |  | --------- | 
| |               |  |           |  |  |           |  |  |           | 
| | Stock options |  | 1,800,000 |  |  | 1,800,000 |  |  | 1,200,000 | 
| | Warrants      |  | -         |  |  | 3,000,000 |  |  | 3,000,000 | 

Income taxes

The Company uses the asset and
  liability method of accounting for income taxes. Under the asset and liability
  method, future tax assets and liabilities are recognized for the future tax
  consequences attributable to differences between the financial statement
  carrying amounts of existing assets and liabilities and their respective tax
  bases and loss carryforwards. Future tax assets and liabilities are measured
  using the substantively enacted tax rates expected to apply when the asset is
  realized or liability settled. The effect on future tax assets and liabilities
  of a change in tax rates is recognized in income in the period that substantive
  enactment or enactment occurs. To the extent that the Company does not consider
  it to be more likely than not that a future tax asset will be recovered, it
  provides a valuation allowance against the excess.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|2. | SIGNIFICANT ACCOUNTING POLICIES(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Use of estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
      disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates are subject to measurement uncertainty. Actual results could differ
      from these estimates. Significant areas requiring the use of management estimates relate to the determination of impairment of mineral property interests and website license and the determination of fair value for stock based transactions. Where
      estimates have been used financial results as determined by actual events could differ from those estimates.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Adoption of new accounting policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | CICA Handbook section 1400 - general standards of financial statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | This section requires management to make an assessment of the Companys ability to continue as a going concern, and to disclose any material uncertainties related to events or conditions that may cast significant doubt upon
      the entitys ability to continue as a going concern.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | EIC 174  Mining exploration costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | The AcSB issued EIC-174, "Mining Exploration Costs" which provides guidance to mining enterprises related to the measurement of exploration costs and the conditions that a mining enterprise should consider when determining the
      need to perform an impairment review of such costs. The standard applies to financial statements issued after March 27, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | CICA Handbook section 3064 - goodwill and other intangibles assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | This new section replaces Section 3062, Goodwill and other intangible assets and Section 3450, Research and development costs. It establishes standards for the recognition, measurement, presentation and disclosure of goodwill
      subsequent to its initial recognition and of intangible assets by profit-oriented enterprises. Standards concerning goodwill are unchanged from the standards included in the previous Section 3062.                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | The Company adopted these standards effective October 1, 2008 and management has determined that the adoption of these new standards did not have a material impact on the financial statements of the Company or its business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|2. | SIGNIFICANT ACCOUNTING POLICIES(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | Future changes in accounting policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | Business combinations, non-controlling interests and consolidated financial statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | In January 2009, the CICA issued Handbook Sections 1582 Business Combinations, 1601 Consolidated Financial Statements and 1602 Non-controlling Interests which replace CICA Handbook Sections 1581
      Business Combinations and 1600 Consolidated Financial Statements. Section 1582 establishes standards for the accounting for business combinations that is equivalent to the business combination accounting standard under IFRS.
      Section 1582 is applicable for the Companys business combinations with acquisition dates on or after October 1, 2011. Section 1601 together with Section 1602 establishes standards for the preparation of consolidated financial statements.
      Section 1601 is applicable for the Companys interim and annual consolidated financial statements for its fiscal year beginning October 1, 2011. Early adoption of these Sections is permitted and all three Sections must be adopted
      concurrently.                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | International financial reporting standards                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | In addition to the above new accounting standards, the Accounting Standards Board (AcSB), in 2006, published a new strategic plan that will significantly affect financial reporting requirements for Canadian companies.
      The AcSB strategic plan outlines the convergence of Canadian GAAP with International Financial Reporting Standards (IFRS) over an expected five year transitional period. In February 2008, the AcSB announced that 2011 is the changeover
      date for publicly listed companies to use IFRS, replacing Canadas own GAAP. The date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. The transition date of October 1, 2011 will
      require the restatement for comparative purposes of amounts reported by the Company for the year ended September 30, 2011. While the Company has begun assessing the adoption of IFRS for 2011, the financial reporting impact of the transition to IFRS
      cannot be reasonably estimated at this time.

|3. | RESTATEMENT                                                                                                                                     
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                 
|   | During the year ended September 30, 2009, the Company restated the following reconciled financial statements under United States GAAP (Note 14):
|   |                                                                                                                                                 
|   | a)                                                                                                                                              
|   |                                                                                                                                                 
|   |                                                                                                                                                 
|   |                                                                                                                                                 
|   | b)                                                                                                                                              
|   |                                                                                                                                                 
|   |                                                                                                                                                 

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|3. | RESTATEMENT(contd)
|-- | --------------------
|   |                     
|   | b)                  
|   |                     
|   |                     
|   |                     
|   | c)                  
|   |                     
|   |                     
|   |                     
|4. | EQUIPMENT           

| |                    |   | September
      30, |  |   | September
      30, | 
| | ------------------ | - | ------------------- |  | - | ------------------- | 
| |                    |   | 2009                |  |   | 2008                | 
| |                    |   |                     |  |   |                     | 
| |                    |   |                     |  |   | Accumulated         | 
| |                    |   | Cost                |  |   | Amortization        | 
| |                    |   |                     |  |   |                     | 
| | Office equipment   | $ | -                   |  | $ | -                   | 
| | Computer equipment |   | -                   |  |   | -                   | 
| |                    |   |                     |  |   |                     | 
| |                    | $ | -                   |  | $ | -                   | 

|5. | MINERAL PROPERTIES AND DEFERRED EXPLORATION
      COSTS
|-- | -------------------------------------------------------

| | For the year ended September 30, 2009                |   | Gold Buck |  |   | Gladys Lake |   |   | Total    |  
| | ---------------------------------------------------- | - | --------- |  | - | ----------- | - | - | -------- | -
| |                                                      |   |           |  |   |             |   |   |          |  
| | Acquisition costs, beginning of year                 | $ | -         |  | $ | 85,504      |   | $ | 85,504   |  
| | Cash                                                 |   | 10,000    |  |   | -           |   |   | 10,000   |  
| |                                                      |   |           |  |   |             |   |   |          |  
| | Acquisition costs, end of year                       |   | 10,000    |  |   | -           |   |   | 10,000   |  
| |                                                      |   |           |  |   |             |   |   |          |  
| | Deferred exploration expenditures, beginning of year |   | -         |  |   | 23,727      |   |   | -        |  
| |                                                      |   |           |  |   |             |   |   |          |  
| | Deferred exploration expenditures, end of year       |   | -         |  |   | 23,727      |   |   | -        |  
| |                                                      |   |           |  |   |             |   |   |          |  
| | Total                                                |   | 10,000    |  |   | 109,231     |   |   | 119,231  |  
| |                                                      |   |           |  |   |             |   |   |          |  
| | Writen-off                                           |   | -         |  |   | (109,231    | ) |   | (109,231 | )
| |                                                      |   |           |  |   |             |   |   |          |  
| | Balance, end
      of year                           | $ | 10,000    |  | $ | -           |   | $ | 10,000   |  

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|5. | MINERAL PROPERTIES AND DEFERRED EXPLORATION COSTS(contd)
|-- | ----------------------------------------------------------

| | Accumulated costs to September 30, 2008 |   | Gladys Lake |  |   | Total   | 
| | --------------------------------------- | - | ----------- |  | - | ------- | 
| |                                         |   |             |  |   |         | 
| | Acquisition costs                       |   |             |  |   |         | 
| | Cash                                    | $ | 25,000      |  | $ | 25,000  | 
| | Shares                                  |   | 60,504      |  |   | 60,504  | 
| |                                         |   |             |  |   |         | 
| |                                         |   | 85,504      |  |   | 85,504  | 
| |                                         |   |             |  |   |         | 
| | Deferred exploration expenditures       |   |             |  |   |         | 
| | Report                                  |   | 13,199      |  |   | 13,199  | 
| | Assessment work                         |   | 1,789       |  |   | 1,789   | 
| | Geologist                               |   | 4,000       |  |   | 4,000   | 
| | Transportation                          |   | 4,739       |  |   | 4,739   | 
| |                                         |   |             |  |   |         | 
| |                                         |   | 23,727      |  |   | 23,727  | 
| |                                         |   |             |  |   |         | 
| | Balance at September 30, 2008           | $ | 109,231     |  | $ | 109,231 | 

Gold Buck claims

On September 30, 2009, Globetech
  entered into an option agreement whereby the Company can earn a 100% interest in
  the Gold Buck claim located east of Williams Lake, British Columbia.

In order to earn a 100% interest, the
  Company is required to pay a total of $350,000, in ascending payments over a
  period of three years. The agreement also calls for the issuing of 2,100,000
  shares of Globetech (issued subsequent to September 30, 2009). The vendor would
  retain a 3% Net Smelter Return Royalty, half of which can be purchased by the
  Company for the sum of $1,000,000 at any time within five years.

Cash terms are:

| | (i)    | down payment of $10,000; (paid)                          
| | ------ | ---------------------------------------------------------
| | (ii)   | payment of $20,000 on or before January 31,
      2010;  
| | (iii)  | payment of $50,000 on or before June 12, 2010;           
| | (iv)   | payment of $10,000 on or before September 30,
      2010;
| | (v)    | payment of $100,000 on or before June 12, 2011;          
| | (vi)   | payment of $10,000 on or before September 30,
      2011 
| | (vii)  | payment of $100,000 on or before June 12, 2012;          
| | (viii) | payment of $50,000 on or before September 30,
      2012.

Gladys Lake

On March 21, 2005, Globetech entered
  into an option agreement whereby the Company can earn a 100% interest in the
  Gladys Lake porphyry molybdenum property located in the Atlin area of the
  Province of British Columbia .

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|5. | MINERAL PROPERTIES AND DEFERRED MINERAL PROPERTY
      EXPENDITURES(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | Gladys Lake(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | In order to earn a 100% interest, the Company was
      required to pay a total of $95,000, in ascending payments over a period of
      four years. The agreement also called for the issuing of 400,000 shares of
      Globetech over this same period. Since April 12, 2005, the Company has
      issued 250,000 shares from treasury. After a four-year period, the Company
      agreed to pay an annual advance royalty of $25,000 commencing February 28,
      2010. On completion of a bankable feasibility, the Company would issue to
      the vendor a further 400,000 shares of Globetech. The vendor would retain
      a 3% Net Smelter Return Royalty, 2% of which can be purchased by the
      Company on a pro-rata basis for the sum of $2,000,000 at any time within
      five years of commencement of commercial production. An initial down
      payment of $10,000 was made.                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | During 2008, the Company paid $NIL (2007 - $NIL) and
      issued an additional 100,000 (2007 - 50,000) shares. During the current
      year the Company decided not to proceed with the development of the
      property and has written off accumulated costs of $109,231.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|6. | WEBSITE LICENSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | The Company entered into an agreement to license
      proprietary website software. The Company agreed to pay an initial fee of
      $125,000 and issue six million shares (issued at a price of $0.10 per
      share as agreed to between the parties) in consideration of the license
      and the basic system. The Company has paid $40,418 towards the initial fee
      with the balance payable on or before December 31, 2009. The Company also
      agreed to pay a maintenance fee of $6,000 per month which provides ongoing
      services. The initial term was for one year where after the Company had
      the right to renew on an annual basis unless terminated by the Company by
      giving three month's notice. The licensor was to provide a basic host of
      services, and was to provide or write additional program services at cost
      plus 20% plus royalties. The Company reviewed the traffic to the site and
      decided that the website service was not being populated as contemplated
      and decided not to continue pursuing this venture.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | Intangible assets can be summarized as
      follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

| |                               |   |          |  
| | ----------------------------- | - | -------- | -
| | Balance at September 30, 2007 | $ | -        |  
| | License fee                   |   | 725,000  |  
| |                               |   |          |  
| | Balance at September 30, 2008 |   | 725,000  |  
| | Write-down of website         |   | (725,000 | )
| |                               |   |          |  
| | Balance, September 30, 2009   | $ | -        |  

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|7. | RELATED PARTIES                                                                                                                                                                                                                                                                                                   
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                   
|   | The Company has entered into the following transactions
      with related parties which are in the normal course of operations and have
      been valued in these financial statements at the exchange amount which is
      the amount of consideration established and agreed to by the related
      parties.

| |                                                     |   | September 30, |  |   | September 30, | 
| | --------------------------------------------------- | - | ------------- |  | - | ------------- | 
| |                                                     |   | 2009          |  |   | 2008          | 
| |                                                     |   |               |  |   |               | 
| | Management fees to officers of the Company          | $ | 36,000        |  | $ | 72,000        | 
| | Consulting fees paid to a director                  |   | -             |  |   | 16,000        | 
| | Paid or accrued accounting fees to an
      officer |   | 18,000        |  |   | 18,000        | 
| |                                                     |   |               |  |   |               | 
| |                                                     | $ | 54,000        |  | $ | 106,000       | 

|   | Officers and directors entered into debt settlement
      agreements to retire debt of $nil (2008 - $115,500) and received nil
      shares (2008 - 1,155,000) at $0.10 each.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                              
|   | Amounts due to related parties do not bear interest, are
      unsecured, and have no fixed payment terms.                                                                   
|   |                                                                                                                                                                              
|8. | SHARE CAPITAL                                                                                                                                                                

| | a) | Common shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The authorized share capital of the Company is unlimited
      without par value. All shares, both issued and unissued, are common shares
      of the same class and rank equally as to dividends, voting powers and
      participation in assets upon liquidation. At any general meeting, subject
      to the restrictions on joint registered owners of the Companys common
      shares, on a show of hands every shareholder who is present in person and
      entitled to vote has one vote and on a poll every shareholder has one vote
      for each share of which he or she is the registered owner and may exercise
      such vote either in person or by proxy. The Companys directors may, from
      time to time, declare and authorize payment of dividends. No common shares
      have been issued subject to call or assessment. There are no pre-emptive
      or conversion rights. There are no provisions for surrender, sinking or
      purchase funds.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | b) | Share issuance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | During the year ended September 30, 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | The Company issued 850,000 shares at an average price of
      US$0.13 for services of which 375,000 are being returned to treasury for
      cancellation. In addition 11,000 shares valued at $2,310 issued in 2006
      for services were returned for cancellation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | During the year ended September 30,
      2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|8. | SHARE CAPITAL(contd)
|-- | ----------------------
|   |                       
|   | b)                    
|   |                       
|   |                       
|   |                       
|   |                       
|   |                       
|   | c)                    
|   |                       
|   |                       
|   |                       
|   |                       

| |                                                            |  |            |   |   | Weighted                |  |   | Aggregate | 
| | ---------------------------------------------------------- |  | ---------- | - | - | ----------------------- |  | - | --------- | 
| |                                                            |  | Number of  |   |   | Average                 |  |   | Intrinsic | 
| |                                                            |  | Options    |   |   | Exercise Price          |  |   | Value     | 
| |                                                            |  |            |   |   |                         |  |   |           | 
| | Outstanding and exercisable
      at September 30, 2006    |  | 2,100,000  |   |   | US$        
       0.78 |  |   |           | 
| | Options exercised                                          |  | (900,000   | ) |   | US$          0.30       |  |   |           | 
| |                                                            |  |            |   |   |                         |  |   |           | 
| | Outstanding and exercisable at September 30,
      2007    |  | 1,200,000  |   |   | US$          0.78       |  |   |           | 
| | Options granted                                            |  | 1,800,000  |   |   | 0.16                    |  |   |           | 
| | Options
      cancelled/expired                            |  | (1,200,000 | ) |   | US$          0.78       |  |   |           | 
| | Options exercised                                          |  | -          |   |   | -                       |  |   |           | 
| |                                                            |  |            |   |   |                         |  |   |           | 
| | Outstanding and exercisable at September 30, 2008 and 2009 |  | 1,800,000  |   | $ | 0.16                    |  | $ | -         | 

The Company has 1,800,000 stock
  options of which 1,600,000, exercisable at a price of $0.15, were granted on
  December 20, 2007 that expire on December 20, 2010 and 200,000, exercisable at a
  price of $0.20, were granted on July 31, 2008, expiring on July 31, 2010.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|8. | SHARE CAPITAL(contd)
|-- | ----------------------
|   |                       
|   | c)                    
|   |                       
|   |                       
|   |                       
|   |                       
|   |                       
|   |                       

| |                                            |  | 2009 |  |   | 2008       |  |  | 2007 | 
| | ------------------------------------------ |  | ---- |  | - | ---------- |  |  | ---- | 
| |                                            |  |      |  |   |            |  |  |      | 
| | Risk free interest rate                    |  | -    |  |   | 3.8%       |  |  | -    | 
| | Expected life                              |  | -    |  |   | 2.86 years |  |  | -    | 
| | Expected annual volatility                 |  | -    |  |   | 145.35%    |  |  | -    | 
| | Expected dividend                          |  | -    |  |   | -          |  |  | -    | 
| | Weighted average fair value of each option |  | -    |  | $ | 0.12       |  |  | -    | 

Option pricing models require the
  input of highly subjective assumptions including the expected price volatility.
  Changes in the subjective input assumptions can materially affect the fair value
  estimate, and therefore the existing models do not necessarily provide a
  reliable single measure of the fair value of the Company's stock options.

The following table summarizes
  information about stock options outstanding at September 30, 2009:

| |                                |  | Options
      Outstanding |  |  | Options Exercisable | 
| | ------------------------------ |  | ------------------------- |  |  | ------------------- | 
| |                                |  |                           |  |  |                     | 
| |                                |  | Weighted                  |  |  |                     | 
| |                                |  | Number                    |  |  | Average             | 
| |                                |  | Outstanding               |  |  | Remaining           | 
| |                                |  | at September              |  |  | Contractual         | 
| | Range of exercise
      prices |  | 30,
      2009            |  |  | Life
      (Years)  | 
| |                                |  |                           |  |  |                     | 
| | $
      0.15 - $0.20           |  | 1,800,000                 |  |  | 1.2                 | 

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|8. | SHARE CAPITAL(contd)                                                                          
|-- | ------------------------------------------------------------------------------------------------
|   |                                                                                                 
|   | d)                                                                                              
|   |                                                                                                 
|   |                                                                                                 
|   |                                                                                                 
|9. | INCOME TAXES                                                                                    
|   |                                                                                                 
|   | A reconciliation of income taxes at statutory rates with
      the reported taxes is as follows:

| |                                                               |   | 2009     |   |   | 2008     |   |   | 2007     |  
| | ------------------------------------------------------------- | - | -------- | - | - | -------- | - | - | -------- | -
| |                                                               |   |          |   |   |          |   |   |          |  
| | Loss before income taxes                                      | $ | (999,218 | ) | $ | (518,856 | ) | $ | (600,851 | )
| |                                                               |   |          |   |   |          |   |   |          |  
| | Income tax recovery at statutory rates                        | $ | (301,014 | ) | $ | (165,567 | ) | $ | (208,015 | )
| | Non-deductible expenses                                       |   | 33,603   |   |   | 71,501   |   |   | 147      |  
| | Unrecognized (recognized) benefit of
      non-capital losses |   | 267,411  |   |   | 94,066   |   |   | 207,868  |  
| |                                                               |   |          |   |   |          |   |   |          |  
| | Future income tax recovery                                    | $ | -        |   | $ | -        |   | $ | -        |  

The significant components of the
  Companys future income tax assets are as follows:

| |                                    |   | 2009       |   |   | 2008       |  
| | ---------------------------------- | - | ---------- | - | - | ---------- | -
| |                                    |   |            |   |   |            |  
| | Future income tax assets           |   |            |   |   |            |  
| | Property, plant and equipment      | $ | 8,000      |   | $ | 8,078      |  
| | Mineral properties                 |   | 365,000    |   |   | 337,437    |  
| | Net capital losses available       |   | 2,730,000  |   |   | 2,838,701  |  
| | Non-capital losses
      available |   | 570,000    |   |   | 664,691    |  
| |                                    |   |            |   |   |            |  
| |                                    |   | 3,673,000  |   |   | 3,848,907  |  
| | Valuation allowance                |   | (3,673,000 | ) |   | (3,848,907 | )
| |                                    |   |            |   |   |            |  
| |                                    | $ | -          |   | $ | -          |  

The Company has incurred non-capital
  losses of approximately $2,279,000 which may be applied to reduce taxable income
  in future years to 2029. In addition, the Company has net capital losses of
  approximately $21,836,000 which may be applied against taxable capital gains in
  the future. These net capital losses can be carried forward indefinitely. Also,
  the Company has available certain exploration and development expenditures to
  reduce taxable income of future years.

Future tax benefits which arise as a
  result of these future income tax assets have not been recognized in these
  financial statements as they are not considered more likely than not to be
  realized.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|10. | SUPPLEMENTAL DISCLOSURES WITH RESPECT TO CASH
      FLOWS
|--- | ---------------------------------------------------------

| |                                            |   |      |  |   |      |  |   |      | 
| | ------------------------------------------ | - | ---- |  | - | ---- |  | - | ---- | 
| |                                            |   | 2009 |  |   | 2008 |  |   | 2007 | 
| |                                            |   |      |  |   |      |  |   |      | 
| | Cash paid during the year for interest     | $ | -    |  | $ | -    |  | $ | -    | 
| |                                            |   |      |  |   |      |  |   |      | 
| | Cash paid during the year for income taxes | $ | -    |  | $ | -    |  | $ | -    | 

| |                                            |   | 2009   |  |   | 2008    |  |   | 2007    | 
| | ------------------------------------------ | - | ------ |  | - | ------- |  | - | ------- | 
| |                                            |   |        |  |   |         |  |   |         | 
| | Shares issued for:                         |   |        |  |   |         |  |   |         | 
| | Website costs                              | $ | -      |  | $ | 600,000 |  | $ | -       | 
| | Mineral property                           |   | -      |  |   | 15,000  |  |   | 16,500  | 
| | Debt settlement                            |   |        |  |   | 330,938 |  |   | 780,330 | 
| |                                            |   |        |  |   |         |  |   |         | 
| | Mineral property in due to related parties |   | 10,000 |  |   | -       |  |   | -       | 
| |                                            |   |        |  |   |         |  |   |         | 
| | Accounts payable
      in website costs    |   | -      |  |   | 84,584  |  |   | -       | 

|11. | CAPITAL DISCLOSURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | The Company considers its capital to consist of its debt
      and equity. Its objectives when managing capital are to safeguard the
      entitys ability to continue as a going concern and to identify, acquire
      and explore mineral properties. The Board of Directors does not establish
      quantitative return on capital criteria for management but rather relies
      on the expertise of the Companys management to sustain future development
      of the business. There were no changes in the Companys approach to
      capital management during fiscal 2009. Neither the Company nor its
      subsidiary are subject to externally imposed capital
      requirements.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|12. | FINANCIAL INSTRUMENTS AND RISKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    | The Company's financial instruments consist of cash,
      accounts payable and accrued liabilities and due to related parties. 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 value of these financial instruments approximates
      their carrying values, unless otherwise noted.                                                                                                                                                                                                                                                                             

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|12. | FINANCIAL INSTRUMENTS AND RISKS(contd)                                                                      
|--- | --------------------------------------------------------------------------------------------------------------
|    |                                                                                                               
|    | The Companys risk exposures and the impact on the
      Companys financial instruments are summarized below:
|    |                                                                                                               
|    | i)                                                                                                            
|    |                                                                                                               
|    |                                                                                                               
|    |                                                                                                               
|    | ii)                                                                                                           
|    |                                                                                                               
|    |                                                                                                               
|    |                                                                                                               
|    | iii)                                                                                                          
|    |                                                                                                               
|    |                                                                                                               
|    |                                                                                                               
|    | iv)                                                                                                           
|    |                                                                                                               
|    |                                                                                                               
|    |                                                                                                               
|    | v)                                                                                                            
|    |                                                                                                               
|    |                                                                                                               
|    |                                                                                                               
|    |                                                                                                               

In general, fair values determined by
  Level 1 inputs are quoted prices (unadjusted) in active markets for identical
  assets or liabilities. Fair value determined by Level 2 inputs utilize
  observable inputs other Level 1 prices, such as quoted prices for similar assets
  or liabilities, quoted prices in markets that are not active or other inputs
  that are observable or can be corroborated by observable market data for
  substantially the full term of the related assets or liabilities. Fair values
  determined by Level 3 inputs are observable data points for the asset or
  liability, and include situations where there is little, if any, market activity
  for the asset or liability.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|12. | FINANCIAL INSTRUMENTS AND RISKS(contd)                                                                                                                                                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                             
|    | The following table presents information about the
      Companys financial assets and liabilities that have been measured at fair
      value as of September 30, 2009, and indicates the fair value hierarchy of
      the valuation inputs utilized to determine such fair
      values.

| |                                                                |   | Fair
      Value at |  |   | Quoted
      Prices in |  |   | Significant Other | 
| | -------------------------------------------------------------- | - | ------------------- |  | - | ---------------------- |  | - | ----------------- | 
| |                                                                |   | September 30,       |  |   | Active Markets         |  |   | Observable        | 
| | Description                                                    |   | 2009                |  |   | (Level 1)              |  |   | Inputs (Level 2)  | 
| |                                                                |   |                     |  |   |                        |  |   |                   | 
| | Assets:                                                        |   |                     |  |   |                        |  |   |                   | 
| | Cash                                                           | $ | 546                 |  | $ | 546                    |  | $ | -                 | 
| |                                                                |   |                     |  |   |                        |  |   |                   | 
| | Assets measured
      at fair value at September 30, 2009      | $ | 546                 |  | $ | 546                    |  | $ | -                 | 
| |                                                                |   |                     |  |   |                        |  |   |                   | 
| | Liabilities:                                                   |   |                     |  |   |                        |  |   |                   | 
| | Accounts payable and accrued liabilities                       | $ | 96,734              |  | $ | -                      |  | $ | 96,734            | 
| | Due to related
      parties                                   | $ | 111,748             |  | $ | -                      |  | $ | 111,748           | 
| |                                                                |   |                     |  |   |                        |  |   |                   | 
| | Liabilities
      measured at fair value at September 30, 2009 | $ | 208,482             |  | $ | -                      |  | $ | 208,482           | 

|13. | SUBSEQUENT EVENTS                                                                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                   
|    | Subsequent to year end, the Company issued 2,100,000
      shares towards its mineral property option agreement (Note 5).                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                   
|14. | DIFFERENCES BETWEEN CANADIAN AND UNITED STATES
      GENERALLY ACCEPTED ACCOUNTING PRINCIPLES                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                   
|    | These financial statements have been prepared in
      accordance with Canadian GAAP. Material variations in the accounting
      principles, practices and methods used in preparing these financial
      statements from principles, practices and methods accepted in the United
      States (United States GAAP) are described and quantified
      below.

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|14. | DIFFERENCES BETWEEN CANADIAN AND UNITED STATES
      GENERALLY ACCEPTED ACCOUNTING PRINCIPLES(contd)                           
|--- | ---------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                  
|    | Balance sheets                                                                                                                   
|    |                                                                                                                                  
|    | The impact of the differences between Canadian GAAP and
      United States GAAP on the balance sheets would be as
      follows:

| |                                   |   |          |   |   | 2009        |  |   |               |   |   |          |  |   | 2008        |   |   |               | 
| | --------------------------------- | - | -------- | - | - | ----------- |  | - | ------------- | - | - | -------- |  | - | ----------- | - | - | ------------- | 
| |                                   |   |          |   |   |             |  |   |               |   |   |          |  |   |             |   |   |               | 
| |                                   |   | Balance, |   |   |             |  |   | Balance,      |   |   | Balance, |  |   |             |   |   | Balance,      | 
| |                                   |   | Canadian |   |   |             |  |   | United States |   |   | Canadian |  |   |             |   |   | United States | 
| |                                   |   | GAAP     |   |   | Adjustments |  |   | GAAP          |   |   | GAAP     |  |   | Adjustments |   |   | GAAP          | 
| |                                   |   |          |   |   |             |  |   |               |   |   |          |  |   |             |   |   | (restated)    | 
| |                                   |   |          |   |   |             |  |   |               |   |   |          |  |   |             |   |   |               | 
| | Current assets                    | $ | 725      |   | $ | -           |  | $ | 725           |   | $ | 16,342   |  | $ | -           |   | $ | 16,342        | 
| | Equipment                         |   | -        |   |   | -           |  |   | -             |   |   | 2,316    |  |   | -           |   |   | 2,316         | 
| | Website costs                     |   | -        |   |   | -           |  |   | -             |   |   | 725,000  |  |   | -           |   |   | 725,000       | 
| | Mineral properties                |   | 10,000   |   |   | -           |  |   | 10,000        |   |   | 109,231  |  |   | (23,727     | ) |   | 85,504        | 
| |                                   |   |          |   |   |             |  |   |               |   |   |          |  |   |             |   |   |               | 
| |                                   | $ | 10,725   |   | $ | -           |  | $ | 10,725        |   | $ | 852,889  |  | $ | (23,727     | ) | $ | 829,162       | 
| |                                   |   |          |   |   |             |  |   |               |   |   |          |  |   |             |   |   |               | 
| | Current liabilities               | $ | 208,482  |   | $ | -           |  | $ | 208,482       |   | $ | 126,356  |  | $ | -           |   | $ | 126,356       | 
| | Shareholders equity (deficiency) |   | (197,757 | ) |   | -           |  |   | (197,757      | ) |   | 726,533  |  |   | (23,727     | ) |   | 702,806       | 
| |                                   |   |          |   |   |             |  |   |               |   |   |          |  |   |             |   |   |               | 
| |                                   | $ | 10,725   |   | $ | -           |  | $ | 10,725        |   | $ | 852,889  |  | $ | (23,727     | ) | $ | 829,162       | 

Statements of operations

The impact of the differences between
  Canadian GAAP and United States GAAP on the statements of operations would be as
  follows:

| |                                                                                         |   | Period
      from |   |   |            |   |   |            |   |   |            |  
| | --------------------------------------------------------------------------------------- | - | ----------------- | - | - | ---------- | - | - | ---------- | - | - | ---------- | -
| |                                                                                         |   | July 1, 2009 to   |   |   |            |   |   |            |   |   |            |  
| |                                                                                         |   | September 30,     |   |   |            |   |   |            |   |   |            |  
| |                                                                                         |   | 2009              |   |   | 2009       |   |   | 2008       |   |   | 2007       |  
| |                                                                                         |   |                   |   |   |            |   |   | (restated) |   |   | (restated) |  
| | Loss for the period, Canadian GAAP                                                      | $ | (673,469          | ) | $ | (999,218   | ) | $ | (518,856   | ) | $ | (600,851   | )
| | Adjustments:                                                                            |   |                   |   |   |            |   |   |            |   |   |            |  
| | Mineral properties and
      deferred exploration costs                                 |   | -                 |   |   | 23,727     |   |   | -          |   |   | -          |  
| |                                                                                         |   |                   |   |   |            |   |   |            |   |   |            |  
| | Loss for the period, United States GAAP                                                 | $ | (673,469          | ) | $ | (975,491   | ) | $ | (518,856   | ) | $ | (600,851   | )
| |                                                                                         |   |                   |   |   |            |   |   |            |   |   |            |  
| | Basic and diluted loss per common share, United States 
              GAAP              |   |                   |   | $ | (0.03      | ) | $ | (0.02      | ) | $ | (0.03      | )
| |                                                                                         |   |                   |   |   |            |   |   |            |   |   |            |  
| | Weighted average number of common shares 
              outstanding, United States GAAP |   |                   |   |   | 32,268,780 |   |   | 21,396,073 |   |   | 17,315,172 |  

---

|GLOBETECH VENTURES CORP.                      
|----------------------------------------------
|(An Exploration Stage Company)                
|NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|(Expressed in Canadian dollars)               
|SEPTEMBER 30, 2009                            
|                                              

|14. | DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES(contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Statements of cash flows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | There were no material differences between Canadian GAAP and United States GAAP on the statements of cash flows for the year ended September 30, 2007, 2008 and 2009 and for the period from July 1, 2009 to September 30, 2009.                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Mineral property interests and deferred exploration costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | In accordance with EITF 04-02, Whether Mineral Rights are Tangible or Intangible Assets, the Company classifies the costs of acquiring its mineral interests as tangible assets resulting in no difference between Canadian and
      US GAAP. Under US GAAP, exploration costs on mineral properties, other than acquisition costs, prior to the establishment of proven or probable reserves are expensed as incurred. Under Canadian GAAP these costs may be deferred.                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Under US GAAP, the Company performs evaluations of its investment in mineral properties to assess the recoverability and the residual value of its investments in these assets. All mineral properties are reviewed for impairment
      whenever events or circumstances change which indicates the carrying amount of an asset may not be recoverable, utilizing established guidelines based on undiscounted future net cash flows from the asset or upon the determination that certain
      exploration properties do not have sufficient potential for economic mineralization.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Impact of recent United States accounting pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

---

SIGNATURES

The
Registrant hereby certifies that it meets all of the requirements for filing on
Form 20-F and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.



/s/ Casey ForwardCasey Forward President
and Chief Financial Officer



March 30, 2010

24

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