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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, 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, 2008

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: 32,030,363 Common Shares as at
September 30, 2008

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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                           |                                                                                     
|                                 | ITEM 1.                                                                             
|                                 | ITEM 2.                                                                             
|                                 | ITEM 3.                                                                             
|                                 | Selected
      Financial Data                                                       
|                                 | Currency and Exchange rates                                                         
|                                 | Risk
      Factors                                                                  
|                                 | ITEM 4                                                                              
|                                 | Information
      on the Company                                                    
|                                 | Website                                                                             
|                                 | Mineral
      Property - British Columbia, Canada                                   
|                                 | ITEM 5                                                                              
|                                 | Operating
      and Financial Review and Prospects                                  
|                                 | Results of Operations                                                               
|                                 | ITEM 6                                                                              
|                                 | Directors, Senior Management, and Employees                                         
|                                 | ITEM 7                                                                              
|                                 | Major Shareholders and Related Party Transactions                                   
|                                 | Related
      Party Transactions                                                    
|                                 | ITEM 8                                                                              
|                                 | Financial
      Information                                                         
|                                 | ITEM 9                                                                              
|                                 | The
      Offer and Listing                                                         
|                                 | ITEM 10                                                                             
|                                 | Additional
      Information                                                        
|                                 | Exchange Control and Other Limitations Affecting
      Security Holders             
|                                 | Taxation
      - Certain Canadian Income Tax Consequences to United States Investors
|                                 | ITEM 11                                                                             
|                                 | Quantitative
      and Qualitative Disclosures About Market Risk                    
|                                 | ITEM 12                                                                             
|                                 | Description
      of Securities Other Than Equity Securities                        
|PART II                          | 22                                                                                  
|                                 | ITEM 13                                                                             
|                                 | Defaults, Dividends Arrearages and Delinquencies                                    
|                                 | ITEM 14                                                                             
|                                 | Material Modifications to the Rights of Security
      Holders and Use of Proceeds  
|                                 | ITEM 15                                                                             
|                                 | Controls and Procedures                                                             
|                                 | ITEM 16.A                                                                           
|                                 | Audit Committee Financial Expert                                                    
|                                 | ITEM 16.B                                                                           
|                                 | Code of Ethics                                                                      
|                                 | ITEM 16.C                                                                           
|                                 | Principal Accountant Fees and Services                                              

iii

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| | ITEM 16.D                                                                    | 24
| | ---------------------------------------------------------------------------- | --
| | Exemptions from the Listing Standards for Audit Committees                   | 24
| | ITEM 16.E                                                                    | 24
| | Purchases of Equity Securities by the Issuer and Affiliated
      Purchasers | 24
| | PART III                                                                     | 24
| | ITEM 17                                                                      | 24
| | Financial Statements                                                         | 24
| | ITEM 18                                                                      | 25
| | Financial Statements                                                         | 25
| | ITEM 19                                                                      | 25
| | Exhibits                                                                     | 25

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, 2008 have been derived
from our consolidated financial statements and the related notes. The
consolidated financial statements for the year ended September 30, 2008 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 12 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, 2008   |   |  | 30, 2007   |   |  | 30, 2006   |   |  | 30, 2005   |   |  | 30, 2004   |  
|Canadian GAAP:       |  |            |   |  |            |   |  |            |   |  |            |   |  |            |  
|Revenue              |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil        |  
|Net Income/(Loss)    |  | (518,865   | ) |  | (600,851   | ) |  | (507,426   | ) |  | (778,853   | ) |  | (7,302,024 | )
|Per Share            |  | (0.02      | ) |  | (0.03      | ) |  | (0.03      | ) |  | (0.05      | ) |  | (0.60      | )
|Weighted Average     |  | 21,396,073 |   |  | 17,315,172 |   |  | 15,036,926 |   |  | 14,340,414 |   |  | 12,246,150 |  
|Shares               |  |            |   |  |            |   |  |            |   |  |            |   |  |            |  
|Dividends            |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil        |  
|Total Assets         |  | 852,889    |   |  | 107,926    |   |  | 83,482     |   |  | 133,628    |   |  | 309,598    |  
|Shareholder Equity   |  | 726,533    |   |  | (73,756    | ) |  | (566,735   | ) |  | (269,079   | ) |  | (165,088   | )
|(Deficiency)         |  |            |   |  |            |   |  |            |   |  |            |   |  |            |  
|                     |  |            |   |  |            |   |  |            |   |  |            |   |  |            |  
|U.S. GAAP:           |  |            |   |  |            |   |  |            |   |  |            |   |  |            |  
|Net Income/(Loss)    |  | (1,133,856 | ) |  | (617,351   | ) |  | (534,750   | ) |  | (829,260   | ) |  | (7,302,024 | )
|Per Share            |  | (0.03      | ) |  | (0.03      | ) |  | (0.04      | ) |  | (0.06      | ) |  | (0.60      | )
|Weighted Ave. Shares |  | 21,396,073 |   |  | 17,315,172 |   |  | 15,036,926 |   |  | 14,340,414 |   |  | 12,246,150 |  
|Total Assets         |  | 143,658    |   |  | 13,695     |   |  | 5,751      |   |  | 83,321     |   |  | 309,598    |  
|Shareholder Equity   |  | 17,302     |   |  | (167,987   | ) |  | (644,466   | ) |  | (319,486   | ) |  | (165,088   | )
|(Deficiency)         |  |            |   |  |            |   |  |            |   |  |            |   |  |            |  

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  | 
|---------------------------- |  | ------- |  |  | ------ |  |  | ----- |  |  | ------ | 
|December 2008                |  | .8108   |  |  | .8360  |  |  | .7710 |  |  | .8170  | 
|November 2008                |  | .8223   |  |  | .8694  |  |  | .7782 |  |  | .8091  | 
|October 2008                 |  | .8470   |  |  | .9428  |  |  | .7727 |  |  | .8225  | 
|September 2008               |  | .9452   |  |  | .9673  |  |  | .9262 |  |  | .9437  | 
|                             |  |         |  |  |        |  |  |       |  |  |        | 
|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  | 
|Fiscal Year Ended 09/30/2004 |  | .7551   |  |  | .7886  |  |  | .7138 |  |  | .7876  | 

2

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Risk Factors

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

Globetechs principle business activities include a new website
product and the acquisition and development of mineral properties which require
capital. Globetechs new venture into a website dating service does not produce
any cash flow at the moment and will require additional capital to maintain and
popularize the site. 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.

The global economic recession and uncertainty of the
market for our product, including slow-down in expenditures and other trends in
our industry, could have a material adverse effect on our results.

Our business is dependent on an anticipated market demand for
our website product. We have no history, no customer base so we are uncertain
about any acceptance of our website product. Furthermore with the current
economic conditions we are uncertain about any market acceptance for a new
product.

Undetected defects and errors may impair the market
acceptance of our products.

Our products could contain undetected defects or errors,
especially when first introduced or when new versions are released, due to
defects or errors we fail to detect. These defects or errors may be found after
the commencement of commercial versions. As a result, when problems occur it may
result in significant customer relations problems and injure our reputation,
thus impairing the market acceptance of our products.

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.

3

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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.

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.

4

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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.

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

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s head office and principal place of business is
located at Suite 1128  789 West Pender Street, Vancouver, British Columbia V6C
1H2.

Globetechs principal business activities are twofold  a
website service business and the exploration and development of mineral
properties with the intent of developing a mine and the production and
processing of mineral resources. The Company has launched a website and is
developing a service business from that website. In addition the Company is
continuing with a mineral exploration property it acquired. The Company does not
have any mineral properties containing a known ore deposit.

Website

Globetech wants to provide on-demand 100% web-based VoIP (Voice
Over IP) portal/service that operates on the Peer-to-Peer principle with a
real-time location based portal built around the core converged VoIP/VIDEO
service. Globetech wants to provide online-members a way to communicate

5

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globally with their peers in real-time via a single portal. In
addition reports can be generated to record time, location and other data for
management purposes. Other organizations can 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 will sell its
services by building a distribution network with channel partners.

Globetechs business model is 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. It also provides a
portal environment built around it with a push of location based travel &
accommodation services for leisure and business purposes. Ultimately, Globetech
is 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.

Globetech has launched a beta version of its dating site under
the website name: matingcall.com.This site is operational with some of
its features installed. The purpose is to debug the site and also populate it.
Population of the site will require a marketing budget which the Company is
developing. The Company does not believe organic growth will produce any
significant results.

The VOIP component of the dating site is operational. Some echo
problems have occurred that required a software rewrite. Globetech has two
servers located at Peer One in Vancouver, British Columbia and is installing
additional servers in Poland. The Company believes the additional servers will
also reduce echo issues.

The Company is working on a SMS system presently to interact
with the dating site and cell phone technology.

Revenue is projected from advertising hits and SMS. No
projections are available yet.

During 2008, the Company entered into an agreement to license
proprietary website software. The terms are as follow:

- cash consideration of $125,000 ($40,416 paid)
- issuance of 6 million of shares (issued); and
- a maintenance fee of $6,000 per month

Additional development services are billed at cost plus 20%.

The initial term is for one year where after the Company has
the right to renew on an annual basis unless terminated by the Company by giving
three month's notice. The licensor provides a basic host of services, and will
provide or write additional program services at cost plus 20% plus
royalties.

The Globetech service/product is a new method for delivery and
access of global VoIP application  an accessible communications system, based
on the Peer-to-Peer principle.

6

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Definition:

VoIPis a technology that allows
telephone calls to be made over computer networks like the Internet. VoIP
converts analog voice signals into digital data packets and supports real-time,
two-way transmission of conversations using Internet Protocol (IP).

VoIP calls can be
made on the Internet using a VoIP service provider and standard computer audio
systems. Alternatively, some service providers support VoIP through ordinary
telephones that use special adapters to connect to a home computer network. Many
VoIP implementations are based on the H.323 technology standard.

The technology is omnipresent but the business application is
totally new as far as the Company knows meaning the method of delivery is new
for SIP VOIP application.

Definition:

SIP- Session Initiation Protocol - is a network
communications protocol commonly employed for VoIP signaling. In VoIP
networking, SIP is an alternative approach to signaling using the H.323 protocol
standards.

SIP is designed to
support the calling features of traditional telephone systems. However, unlike
the traditional technology for telephone signaling, SIP is a peer-to-peer
protocol. SIP is also a general-purpose protocol for multimedia communications
not limited to voice applications.

Definition:

H.323is a protocol standard for
multimedia communications. H.323 was designed to support real-time transfer of
audio and video data over packet networks like IP. The standard involves several
different protocols covering specific aspects of Internet telephony. The
International Telecommunications Union (ITU-T) maintains H.323 and these related
standards.

Globetech intends to take all the features and benefits of
Skype and embed them into a website, creating an accessible and on-demand
VOIP/VOICE service.

Definition:

Skype is a computer program that
can be used to make voice calls over the internet to anyone else who is also
using Skype. It is necessary to download software onto your computer to use
Skype. Once you download, register and install the software, you'll need to plug
in a headset, speakers or compatible phone to start using Skype.

By embedding Peer to Peer VoIP services and features directly
into a website Globetech will make communication easily accessible to anyone who
is at home or abroad and is able to get access the Globetech website from their
computer, friends computer, PDA, Wi-Fi Mobile, internet café, library computer
 literally anywhere, anytime. Our marketing analogy is Globetech is to VOIP,
as Hotmail is to email; accessible by logging into a website from anywhere
using your login. This is a no software installation which Globetech feels is
invasive technology with all the advantages of total mobility. Globetech wants
to make affordable communication available from any computer.

Globetechs web based (website) services delivery lends
  itself to building a portal around the core VoIP service with a push of services
  and products not previously offered with VoIP. The Globetech portal will be
  the 1st to offer incoming & outgoing full VoIP communication and real-time
  location based portal services through a single multi-lingual portal, and a
  single user account. These services will be designed, marketed and sold direct
  to consumers worldwide, leisure travelers and business travelers, small
  to medium sized businesses and institutions offering online (distance) education
  around the world. This allows Globetech to target three primary markets, the
  online dating market, transient consumer/business user and SME's.

7

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Initially, Globetech will focus on a friendship/dating site to
  provide a tool for long distance communication between users around
  the world offering real-time voice communication. The core converged VoIP and
  video conferencing service will be packaged for members registered around the
  globe. Globetech will enable members to log into the Globetech VoIP portal/website
  using their member login and become a part of a real-time live VoIP system.
  In addition, affiliate partnerships will be sought to increase exposure to provide
  sales revenues, and create a revenue stream.

By deploying Globetech as a fully web based service it is hoped
that other opportunities from building a portal around the core VoIP service
will become desirable. Any Globetech subscriber in the world will be able to
access all common VoIP services and location based access to other members
and/or friends and associates. Globetech is enabled to pursue sales and business
relationships with various agencies to provide communication services based on
any location connected to the internet. For example, web-based VoIP is ideal for
the transient consumer or business user, particularly when offered with full
real-time online travel planning and reservation services. In addition,
Globetech could market to small to medium sized businesses with enterprise level
package by offering self-managed on-demand VoIP and real-time portal services.

Globetech has servers based in Vancouver, British Columbia,
Canada and is presently installing additional servers in Poland.

Mineral Property - 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.

In order to earn a 100% interest, the Company is required to
pay a total of $95,000, in ascending payments over a period of four years. The
agreement also calls 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 the four-year period, the Company agrees to pay an annual
advance royalty of $25,000 commencing February 28, 2010. On completion of a
bankable feasibility, the Company will issue to the vendor a further 400,000
shares of Globetech. The vendor will 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.

On November 13, 2007, the Company announced that it had entered
into an option agreement with Forbes and Manhattan B.C. Ltd. ("Manhattan").
Under this agreement Manhattan may earn a 65% interest in the Gladys Lake
molybdenum property by incurring $1.0 million in exploration and development
expense and making cash payments to the vendor. Globetech will continue to issue
shares to the vendor as previously agreed.

During 2008, the Company paid $NIL (2007 - $NIL) and issued an
additional 100,000 (2007 - 50,000) shares. Under the option agreement with
Manhattan, the Company no longer needs to make cash payments to the vendor.

8

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Date
    
    Shares
    
    
    IssuedMarch 21, 2005/6/7
    
    150,000
    
    
    150,000 sharesissuedMarch 21, 2008
    
    100,000
    
    
    100,000 sharesissuedMarch 21, 2009
    
    150,000
    
    
    not issued


The Gladys Lake property is located approximately 30 air miles
northeast of the town of Atlin, British Columbia just south of the western end
of Gladys Lake. It is accessible by gravel road that leads from the Atlin Road
approximately six miles north of Atlin. The Gladys Lake property consists of 50
new grid claims or cells. Each cell is approximately 300 metres by 500 metres in
size. The history of the property started in 1969 when an Atlin prospector
staked 232 claims covering the showing. In 1970 Amax optioned the property and
completed a program of geological mapping, geochemical sampling road building
and trenching. In 1971 Amax completed a five-hole diamond drilling program
totalling 726 metres. This work was not filed for assessment. In 1978 Quest
Explorations completed a program of recovering core from the 1971 program,
logging the core and analyzing composites of the mineralized sections of the
core.

A detailed geological description of the Gladys Lake is as
follows: The property is underlain by a sequence of sediments of the Late
Paleozoic Cache Creek Group. These rocks are intruded by small bodies of Late
Mesozoic alaskite. The alaskite consists of a ring-dyke complex exposed at
higher elevations and a probable large stock-like body at depth. Roughly
centered about the alaskite is a quartz vein stockwork zone lying within a
larger zone of weakly to intensely altered rocks. The alaskite complex has an
outer diameter ranging from 1600 feet (500 m) to 2300 feet (700 m). The
hornfelsed and altered zones are both roughly centered about the alaskite
outcrop. The hornfelsed zone measures approximately 11,000 feet (3500 m) and
7500 feet (2000 m) respectively. The wallrock alteration zone lies within the
hornfelsed zone. The long and short axis, respectively are approximately 8200
feet (2500 m) and 5500 feet (1500 m). It is characterized by pervasive weak to
intense degrees of bleaching and silicification with attendant development of
sericite occurring along fractures and disseminated along margins of quartz
veins. Quartz veining occurs widespread throughout the alteration zone with
sedimentary rocks and alaskite. Veins commonly range from 1/8 in to 3⁄4 in wide
and are relatively continuous and sharp walled. The quartz vein stockwork zone
is roughly centered about the alaskite ring dyke complex. Sulphide minerals
recognized on the property include pyrite, molybdenite chalcopyrite, and
pyrrhotite. Very minor amounts of scheelite and wolframite have been observed.
Minor amounts of molybdenite occur in quartz veins and to a lesser extent along
fractures throughout the stockwork zone. Molybdenite occurs as medium grained
flakes, books, and rosettes along margins of quartz veins within the stockwork
zone and in most of the stringer zones. Also fine grained molybdenite occurs
along dry fractures within the stockwork zone.

The geochemistry survey completed by Amax in 1970 produced an
anomalous target 4000 feet (1200 m) by 2700 feet (800 m). This soil geochemical
anomaly outlines the trace of the main molybdenum mineralization in the quartz
stockwork zone.

Surface rock sampling from outcrop and trenching gave range
from 0.02% to 0.05% MoS2. Core sampling in 1978 gave the following values:

Hole 1
    220 to 401
    179
    0.110% MoS2.Hole 2
    200 to 586
    386
    0.089% MoS2Hole 3
    72 to 175
    103
    0.051% MoS2


9

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332 to 490
    168
    0.022% MoS2Hole 4
    not sampledHole 5
    520 to 556
    36
    0.087% MoS2


The Gladys Lake property hosts a molybdenum deposit similar in
tenor and size to the Adanac Deposit to the south. The property has an excellent
anomalous soil footprint and weakly mineralized surface showings of molybdenite.
Limited diamond drilling suggests that the grade of the mineralized body is
similar to that at Adanac around 0.05 to 0.1% molybdenum.

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 13 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, 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. The Company has retained
its interest in the Gladys Lake mineral property where the cost of retaining its
interest is low. The Company is considering moving the mining asset to a
subsidiary company or selling its interest outright. At the moment the Company
has an interest in two businesses.

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.

Year Ended September 30, 2006

For the year ended September 30, 2006, the Company had a net
  loss of $507,426 compared to a net loss of $778,853 for the previous year The
  main differences were stock-based compensation of $579,654 expensed in the previous
  year compared to $nil in 2006, consulting fees of $261,499 in 2006 compared
  to $39,000 in the previous year. As there were no options granted in 2006, there
  was no stock-based compensation expense. The Company looked at a number of projects
  in 2006 resulting in increased consulting expense. Under the terms of a convertible
  debenture dated July 28, 2004 the holders exercised their right to obtain 257,812
  cashless warrants. The Company issued 257,812 common shares at a value of $165,000.

10

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Liquidity and Capital Resources

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 of treasury stock
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.

At September 30, 2007, the Company had a working capital
deficiency of $169,063 as compared to the previous year end deficiency of
$645,966. The Company retired loans payable of $374,776 by issuing of 1,873,880
shares at a price of $0.20. In addition, the Company issued 1,857,248 of
treasury stock for the settlement of debts of $405,554 during the year ended
September 30, 2007. During the year, 900,000 stock options were exercised at a
price of $0.30 USD (equivalent to $0.33 CAD). Pursuant to the acquisition of the
Gladys Lake option, the Company issued 50,000 shares.

At September 31, 2006, the Company had a working capital
deficiency of $645,964. The Company issued 861,000 shares at $0.23 to retire
debt of $199,270. The Company will need to do a financing to enable the Company
to move ahead.

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, 2008.

The following table details loans payable as at September 30,
2007:

| | Interest on loan payable to Oloris
      Investments Corp., due on demand, interest at 10% per annum, | $ | 36,250 | 
| | ----------------------------------------------------------------------------------------------------- | - | ------ | 

The following table details loans payable as at September 30,
2006:

11

---

| | Loan payable to Oloris Investments Corp.,
      due on demand, interest at 10% per annum, | $ | 343,098 | 
| | ----------------------------------------------------------------------------------------- | - | ------- | 

On January 31, 2007 the Company entered into debt settlement
agreements to retire all of the above debt indebtedness plus additional interest
of $31,678 for a total of $374,776. The debt was settled on May 4, 2007 by the
issuance of 1,873,880 shares at a price of $0.20 per share. Additional interest
of $36,250 was paid by the issuance of 241,667 shares on January 15, 2008.

ITEM 6

Directors, Senior Management, and Employees

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

Name
    Position
    Year in Which
      Elected orAppointedCasey Forward
    President, CEO & Director
    2003Dr. K. Sachdeva
    Director
    2004Ian Bartholomew
    Director
    2006Ping Shen
    Chief Financial Officer
    2006


Casey Forward, President, CEO, 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.

Ping Shen, Chief Financial Officer

Ping Shen is a Certified General 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, 2008 was $106,000.

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

12

---

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.

Stock Options:

During the financial ended September 30, 2008 the following
stock options were outstanding to senior management and directors. There was
1,800,000 stock options granted for the year ended September 30, 2008 of which
1,600,000 were granted to officers 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
|Ping Shen       | 600,000    | $0.15         | $0.16         | December 20, 2010

A total of 1,200,000 options have been cancelled on December
20, 2007 and have been replaced with new options at $0.15 for a period of three
years from December 20, 2007.

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, 2008, 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

13

---

February 9, 2009 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 TotalCommon Shares
    Cede
      & Co
    11,308,494
    35.4%CDS
      & Co
    4,019,329
    12.5%Officers and directors
    1,715,000
    5.4%


Related Party Transactions

(a) Loans from Related Parties

Nil

(b) Related Party Transactions

|The Company has entered into the following             |   |         |  |   |         |  |   |        | 
|------------------------------------------------------ | - | ------- |  | - | ------- |  | - | ------ | 
|transactions with
      related parties:               |   | 2008    |  |   | 2007    |  |   | 2006   | 
|Management or consulting fees to officers
      of the |   |         |  |   |         |  |   |        | 
|Company                                                | $ | 72,000  |  | $ | 84,000  |  | $ | 84,000 | 
|                                                       |   |         |  |   |         |  |   |        | 
|Consulting fees to
      a director(s)                 |   | 32,000  |  |   | 56,000  |  |   | -      | 
|                                                       |   |         |  |   |         |  |   |        | 
|                                                       | $ | 106,000 |  | $ | 140,000 |  | $ | 46,000 | 

Included in accounts payable and accrued liabilities was $3,865
(2007 - $13,958) due to a director, and $7,000 (2007 - $12,000) due to an
officer of the Company.

Officer and directors entered into debt settlement agreements
to retire debt of $115,500 and received 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. Accordingly the fair value cannot be
readily determined.

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.

14

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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.

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 five months,
the last eight fiscal quarters, and the last four fiscal years.

US DollarsPeriod Ended
    
    High
    
    
    Low
    
    
    ClosingMonthlyFebruary, 2009
    
    0.16
    
    
    0.10
    
    
    0.14January, 2009
    
    0.17
    
    
    0.02
    
    
    0.16December, 2008
    
    0.05
    
    
    0.01
    
    
    0.01November, 2008
    
    0.05
    
    
    0.03
    
    
    0.03October, 2008
    
    0.08
    
    
    0.04
    
    
    0.08QuarterlyDecember 31, 2008
    
    0.08
    
    
    0.01
    
    
    0.01September 30, 2008
    
    0.20
    
    
    0.07
    
    
    0.08June 30, 2008
    
    0.30
    
    
    0.11
    
    
    0.20March 31, 2008
    
    0.19
    
    
    0.10
    
    
    0.12December 31, 2007
    
    0.34
    
    
    0.16
    
    
    0.19September 30, 2007
    
    0.30
    
    
    0.16
    
    
    0.20June 30, 2007
    
    0.31
    
    
    0.17
    
    
    0.27March 31, 2007
    
    0.32
    
    
    0.20
    
    
    0.26AnnuallySeptember 30, 2008
    
    0.34
    
    
    0.07
    
    
    0.08September 30, 2007
    
    0.32
    
    
    0.17
    
    
    0.27September 30, 2006
    
    0.82
    
    
    0.19
    
    
    0.21September 30, 2005
    
    0.67
    
    
    0.13
    
    
    0.17


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

15

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Additional Information

Share Capital

Our authorized share capital as at September 30, 2008 was
unlimited common shares without par value. Our issued and outstanding share
capital at September 30, 2008 was 32,030,363.

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.

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

16

---

| | (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.
| |       |                                                                                                                                                                                                                                                                                                                                                                  
| | (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
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

17

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| |      | 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.

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.

18

---

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.

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.

E.      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.

19

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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.

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.

20

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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.

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.

21

---

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.

ITEM 15

Controls and Procedures

Globetech has performed an evaluation of the effectiveness of
the design and operation of its disclosure controls and procedures as at
September 30, 2008. Disclosure controls and procedures are designed to ensure
that the material financial and non-financial information required to be
disclosed in this Form 20-F is accumulated and communicated to its management
including the chief executive officer and the principal accounting and financial
officer. The disclosure controls and procedures also ensures that the Form 20-F
that it files is recorded, processed, summarized and reported within the time
periods specified in the Commissions rules and forms. The evaluation was
performed under the supervision of the chief executive officer and the chief
financial officer.

In designing and evaluating the Companys disclosure controls
and procedures, the Companys management, including the chief executive officer
and chief financial officer, recognized that any controls and procedures, no
matter how well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives, and the Companys management
necessarily was required to apply its judgment in evaluating the cost-benefit
relationship of possible controls and procedures. Because of the inherent
limitations in all control systems, no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any,
within the Company have been detected.

The Companys management, with the participation of the chief
executive officer and chief financial officer, has evaluated the effectiveness
of the design and operation of its disclosure controls and

22

---

procedures pursuant to Exchange Act Rule 13a-14(c) as of the
end of the period covered by this Form 20-F. Based on that evaluation, the chief
executive officer and chief financial officer have concluded that these
disclosure controls and procedures are effective at the reasonable assurance
level. As the Company is a small company without employees, the preparation of
this report, and all financial reports are prepared by the chief executive
officer and chief financial officer. The Company does employ consultants for
some needs, all of whom report directly to the chief executive officer and chief
financial officer There was no changes in our internal control over financial
reporting that occurred during our most recently completed fiscal year ended
September 30, 2008 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.

Extension of Compliance Date for Managements Report on
Internal Control Over Financial Reporting

The Company is currently considered a non-accelerated filer
pursuant to Rule 12b-2 of the Exchange Act. Therefore, the Company is not
currently required to make statements regarding the effectiveness of internal
control over financial reporting under Section 404 of the Sarbanes-Oxley Act.
However, the Company and its management, including its President and Chief
Financial Officer, recognize that the Company, as a small business issuer, will
likely be required to comply with disclosure report requirements of Section 404
at some future date.

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.

23

---

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

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

Audit fees (MacKay LLP) 2008
    $
    30,502Other fees in 2008
    $
    NilAudit fees (MacKay LLP) 2007
    $
    19,000Other fees in 2007
    
    NilAudit fees (MacKay LLP) 2006
    $
    12,000Other fees in 2006
    
    Nil


ITEM 16.D

Exemptions from the Listing Standards for Audit
Committees

Not applicable.

ITEM 16.E

Purchases of Equity Securities by the Issuer and Affiliated
Purchasers

Not applicable.

PART III

ITEM 17

Financial Statements

Not applicable.

24

---

ITEM 18

Financial Statements

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

ITEM 19

Exhibits

Software Licence
  and Service Agreement

Section 302
  Certification - CEO

Section 302
  Certification - CFO

Section 906
  Certification - CEO

Section 906
  Certification - CFO

25

---

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
    Forward                 | 
|------------------------------------- | 
|Casey Forward                         | 
|President and Chief Financial Officer | 

March 29, 2009

26

---

Globetech Ventures Corp.
  (An exploration stage company)

Consolidated Financial Statements



For the year ended September 30, 2008

in Canadian dollars

****

********************************F-******************************1**

---





F-2

---



F-3

---

Globetech Ventures Corp.(An exploration stage company) 
  Consolidated Balance Sheets 
  (in Canadian dollars)

|                                                            |   | September 30, |   |   | September 30, |  
|----------------------------------------------------------- | - | ------------- | - | - | ------------- | -
|                                                            |   | 2008          |   |   | 2007          |  
|                                                            |   |               |   |   |               |  
|ASSETS                                                      |   |               |   |   |               |  
|                                                            |   |               |   |   |               |  
|Current Assets                                              |   |               |   |   |               |  
|Cash                                                        | $ | 15,259        |   | $ | 128           |  
|GST refundable                                              |   | 1,083         |   |   | 12,491        |  
|                                                            |   | 16,342        |   |   | 12,619        |  
|Equipment (note
      3)                                    |   | 2,316         |   |   | 1,076         |  
|Mineral properties (note 4)                                 |   | 109,231       |   |   | 94,231        |  
|Website costs (note 5)                                      |   | 725,000       |   |   | -             |  
|                                                            |   |               |   |   |               |  
|                                                            | $ | 852,889       |   | $ | 107,926       |  
|                                                            |   |               |   |   |               |  
|                                                            |   |               |   |   |               |  
|                                                            |   |               |   |   |               |  
|LIABILITIES                                                 |   |               |   |   |               |  
|                                                            |   |               |   |   |               |  
|Current Liabilities                                         |   |               |   |   |               |  
|Accounts payable
      and accrued liabilities              | $ | 41,772        |   | $ | 145,432       |  
|Amount
      payable pursuant to license agreement (note 5) |   | 84,584        |   |   | -             |  
|Loans payable (note 7)                                      |   | -             |   |   | 36,250        |  
|                                                            |   | 126,356       |   |   | 181,682       |  
|                                                            |   |               |   |   |               |  
|                                                            |   |               |   |   |               |  
|SHAREHOLDERS' EQUITY (DEFICIENCY)                           |   |               |   |   |               |  
|                                                            |   |               |   |   |               |  
|Capital stock                                               |   |               |   |   |               |  
|Authorized                                                  |   |               |   |   |               |  
|Unlimited
      common shares with no par value             |   |               |   |   |               |  
|Issued and
      outstanding - (note 8)                     |   | 36,321,603    |   |   | 35,225,667    |  
|Contributed surplus (note 9)                                |   | 2,925,087     |   |   | 2,701,878     |  
|Deficit accumulated during the
      exploration stage      |   | (38,520,157   | ) |   | (38,001,301   | )
|                                                            |   |               |   |   |               |  
|                                                            |   | 726,533       |   |   | (73,756       | )
|                                                            |   |               |   |   |               |  
|                                                            | $ | 852,889       |   | $ | 107,926       |  

Going concern (note 1) 
  Commitments (notes 4 and 5)

| | /s/ Casey
      Forward | 
| | ----------------------- | 
| | Casey Forward           | 
| | President               | 
| |                         | 
| |                         | 
| | /s/ Ping Shen           | 
| | Ping Shen               | 
| | Chief Financial Officer | 

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

F-4

---

Globetech Ventures Corp.(An exploration stage company)Consolidated Statements of Operations and Deficit 
  (in Canadian dollars)

|                                                                   |   | Period
      from |   |   |                                        |   |   |             |   |   |             |  
|------------------------------------------------------------------ | - | ----------------- | - | - | -------------------------------------- | - | - | ----------- | - | - | ----------- | -
|                                                                   |   | December 1991     |   |   | For the year ended September
      30, |  
|                                                                   |   | to September      |   |   |                                        |   |   |             |   |   |             |  
|                                                                   |   | 30,
      2008    |   |   | 2008                                   |   |   | 2007        |   |   | 2006        |  
|Revenue                                                            | $ | 846,207           |   | $ | -                                      |   | $ | -           |   | $ | -           |  
|Cost of revenues                                                   |   | 1,362,702         |   |   |                                        |   |   |             |   |   |             |  
|Gross Profit (loss)                                                |   | (516,495          | ) |   | -                                      |   |   | -           |   |   | -           |  
|Administrative expenses                                            |   |                   |   |   |                                        |   |   |             |   |   |             |  
|Accounting and legal
      (note 6)                                |   | 1,221,570         |   |   | 42,502                                 |   |   | 44,658      |   |   | 44,335      |  
|Amortization                                                       |   | 611,710           |   |   | 887                                    |   |   | 424         |   |   | 596         |  
|Consulting fees
      (note 6)                                     |   | 1,415,929         |   |   | 135,965                                |   |   | 248,500     |   |   | 261,499     |  
|Directors fees                                                     |   | 97,149            |   |   | -                                      |   |   | -           |   |   | -           |  
|Interest and bank
      charges                                    |   | 806,645           |   |   | 790                                    |   |   | 68,065      |   |   | 88,986      |  
|Interest on long term debt                                         |   | 164,704           |   |   | -                                      |   |   | -           |   |   | -           |  
|Management fees
      (note 6)                                     |   | 634,117           |   |   | 72,000                                 |   |   | 60,000      |   |   | 60,000      |  
|Office and miscellaneous                                           |   | 1,068,564         |   |   | 27,239                                 |   |   | 41,133      |   |   | 24,290      |  
|Property examination
      costs                                   |   | 20,213            |   |   | -                                      |   |   | 20,213      |   |   | -           |  
|Public relations                                                   |   | 811,210           |   |   | 1,445                                  |   |   | 83,358      |   |   | 10,710      |  
|Regulatory and transfer
      agent fees                           |   | 176,428           |   |   | 3,988                                  |   |   | 8,818       |   |   | 10,796      |  
|Repairs and maintenance                                            |   | 497,118           |   |   | -                                      |   |   | -           |   |   | -           |  
|Salaries and wages                                                 |   | 1,483,601         |   |   | -                                      |   |   | -           |   |   | -           |  
|Stock-based compensation                                           |   | 3,231,963         |   |   | 223,209                                |   |   | -           |   |   | -           |  
|Telephone                                                          |   | 325,495           |   |   | 200                                    |   |   | 9,471       |   |   | 624         |  
|Travel and promotion                                               |   | 1,596,818         |   |   | 1,724                                  |   |   | 16,034      |   |   | 4,620       |  
|Website maintenance fees                                           |   | 9,000             |   |   | 9,000                                  |   |   | -           |   |   | -           |  
|                                                                   |   | 14,172,234        |   |   | 518,949                                |   |   | 600,674     |   |   | 506,456     |  
|Income (loss) before other items                                   |   | (14,688,729       | ) |   | (518,949                               | ) |   | (600,674    | ) |   | (506,456    | )
|Other items                                                        |   |                   |   |   |                                        |   |   |             |   |   |             |  
|Equity loss from
      investment                                  |   | (102,449          | ) |   | -                                      |   |   | -           |   |   | -           |  
|Foreign exchange loss                                              |   | (204,804          | ) |   | -                                      |   |   | (182        | ) |   | (970        | )
|Gain on settlement
      or write-down of debt                     |   | 237,100           |   |   | -                                      |   |   | -           |   |   | -           |  
|Impairment of notes receivable                                     |   | (1,367,945        | ) |   | -                                      |   |   | -           |   |   | -           |  
|Interest income                                                    |   | 339,870           |   |   | 93                                     |   |   | 5           |   |   | -           |  
|Miscellaneous income                                               |   | 114,695           |   |   | -                                      |   |   | -           |   |   | -           |  
|Write-down of investment                                           |   | (89,626           | ) |   | -                                      |   |   | -           |   |   | -           |  
|Write-down of mineral properties                                   |   | (4,857,651        | ) |   | -                                      |   |   | -           |   |   | -           |  
|Recovery (write-off) of subsidiaries                               |   | (18,968,185       | ) |   | -                                      |   |   | -           |   |   | -           |  
|                                                                   |   | (24,898,995       | ) |   | 93                                     |   |   | (177        | ) |   | (970        | )
|Loss from operations before income taxes and
      non-controlling |   |                   |   |   |                                        |   |   |             |   |   |             |  
|interest                                                           |   | (39,587,724       | ) |   | (518,856                               | ) |   | (600,851    | ) |   | (507,426    | )
|Non-controlling interest                                           |   | 1,067,567         |   |   | -                                      |   |   | -           |   |   | -           |  
|Net loss and comprehensive loss for the period                     |   | (38,520,157       | ) |   | (518,856                               | ) |   | (600,851    | ) |   | (507,426    | )
|Deficit, beginning of period                                       |   | -                 |   |   | (38,001,301                            | ) |   | (37,400,450 | ) |   | (36,893,024 | )
|                                                                   |   |                   |   |   |                                        |   |   |             |   |   |             |  
|Deficit, end of period                                             | $ | (38,520,157       | ) | $ | (38,520,157                            | ) | $ | (38,001,301 | ) | $ | (37,400,450 | )
|                                                                   |   |                   |   |   |                                        |   |   |             |   |   |             |  
|Basic and diluted loss per share                                   |   |                   |   | $ | (0.02                                  | ) | $ | (0.03       | ) | $ | (0.03       | )
|Weighted average number of shares                                  |   |                   |   |   |                                        |   |   |             |   |   |             |  
|Basic and diluted                                                  |   |                   |   |   | 21,396,073                             |   |   | 17,315,172  |   |   | 15,036,926  |  

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

F-5

---

|Globetech Ventures Corp.                                    
|------------------------------------------------------------
|(An exploration stage company)                              
|Consolidated Statements of Shareholders' Equity (Deficiency)
|(in Canadian dollars)                                       

|                                    |  |           |  |   |                      |   |   | Contributed       |  |   |                   |   |   |            |  
|----------------------------------- |  | --------- |  | - | -------------------- | - | - | ----------------- |  | - | ----------------- | - | - | ---------- | -
|                                    |  |           |  |   |                      |   |   | Surplus and       |  |   | Deficit           |   |   |            |  
|                                    |  |           |  |   | Common               |   |   | Equity portion of |  |   | accumulated       |   |   |            |  
|                                    |  | Number of |  |   | Shares issued        |   |   | convertible       |  |   | during the        |   |   |            |  
|                                    |  | shares    |  |   | and
      fully paid |   |   | debentures        |  |   | exploration stage |   |   | Total      |  
|                                    |  |           |  |   |                      |   |   |                   |  |   |                   |   |   |            |  
|Balance December, 1991              |  | -         |  | $ | -                    |   | $ | -                 |  | $ | -                 |   | $ | -          |  
|Issuance of shares for cash         |  |           |  |   |                      |   |   |                   |  |   |                   |   |   |            |  
|Private placements                  |  | 1,280,001 |  |   | 159,500              |   |   | -                 |  |   | -                 |   |   | 159,500    |  
|Loss for the period                 |  | -         |  |   | -                    |   |   | -                 |  |   | (32,080           | ) |   | (32,080    | )
|Balance September 30, 1992          |  | 1,280,001 |  |   | 159,500              |   |   | -                 |  |   | (32,080           | ) |   | 127,420    |  
|Issuance of shares for cash         |  |           |  |   |                      |   |   |                   |  |   |                   |   |   |            |  
|By way of prospectus                |  | 600,000   |  |   | 360,000              |   |   | -                 |  |   | -                 |   |   | 360,000    |  
|Exercise of options                 |  | 112,000   |  |   | 67,200               |   |   | -                 |  |   | -                 |   |   | 67,200     |  
|Exercise of warrants                |  | 100,000   |  |   | 60,000               |   |   | -                 |  |   | -                 |   |   | 60,000     |  
|Issuance of shares for property     |  | 150,000   |  |   | 90,000               |   |   | -                 |  |   | -                 |   |   | 90,000     |  
|Share issue costs                   |  | -         |  |   | (83,205              | ) |   | -                 |  |   | -                 |   |   | (83,205    | )
|Loss for the year                   |  | -         |  |   | -                    |   |   | -                 |  |   | (105,902          | ) |   | (105,902   | )
|Balance September 30, 1993          |  | 2,242,001 |  |   | 653,495              |   |   | -                 |  |   | (137,982          | ) |   | 515,513    |  
|Issuance of shares for cash         |  |           |  |   |                      |   |   |                   |  |   |                   |   |   |            |  
|Private placements                  |  | 400,000   |  |   | 576,000              |   |   | -                 |  |   | -                 |   |   | 576,000    |  
|Share issue costs                   |  | -         |  |   | (60,622              | ) |   | -                 |  |   | -                 |   |   | (60,622    | )
|Loss for the year                   |  | -         |  |   | -                    |   |   | -                 |  |   | (403,571          | ) |   | (403,571   | )
|Balance September
      30, 1994    |  | 2,642,001 |  |   | 1,168,873            |   |   | -                 |  |   | (541,553          | ) |   | 627,320    |  
|Issuance of shares for cash         |  |           |  |   |                      |   |   |                   |  |   |                   |   |   |            |  
|Private placements                  |  | 418,000   |  |   | 1,121,400            |   |   | -                 |  |   | -                 |   |   | 1,121,400  |  
|Exercise of options                 |  | 204,000   |  |   | 347,440              |   |   | -                 |  |   | -                 |   |   | 347,440    |  
|Issuance of shares for finders fees |  | 35,069    |  |   | 99,570               |   |   | -                 |  |   | -                 |   |   | 99,570     |  
|Share issue costs                   |  | -         |  |   | (108,570             | ) |   | -                 |  |   | -                 |   |   | (108,570   | )
|Loss for the year                   |  | -         |  |   | -                    |   |   | -                 |  |   | (343,044          | ) |   | (343,044   | )
|Balance September 30, 1995          |  | 3,299,070 |  |   | 2,628,713            |   |   | -                 |  |   | (884,597          | ) |   | 1,744,116  |  
|Issuance of shares for cash         |  |           |  |   |                      |   |   |                   |  |   |                   |   |   |            |  
|Private placements                  |  | 1,488,000 |  |   | 6,178,000            |   |   | -                 |  |   | -                 |   |   | 6,178,000  |  
|Exercise of options                 |  | 1,128,584 |  |   | 4,161,930            |   |   | -                 |  |   | -                 |   |   | 4,161,930  |  
|Issuance of shares for finders fees |  | 75,624    |  |   | 197,379              |   |   | -                 |  |   | -                 |   |   | 197,379    |  
|Share issue costs                   |  | -         |  |   | (365,874             | ) |   | -                 |  |   | -                 |   |   | (365,874   | )
|Loss for the year                   |  | -         |  |   | -                    |   |   | -                 |  |   | (1,533,474        | ) |   | (1,533,474 | )
|Balance September
      30, 1996    |  | 5,991,278 |  | $ | 12,800,148           |   | $ | -                 |  | $ | (2,418,071        | ) | $ | 10,382,077 |  

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

F-6

---

|Globetech Ventures Corp.                                    
|------------------------------------------------------------
|(An exploration stage company)                              
|Consolidated Statements of Shareholders' Equity (Deficiency)
|(in Canadian dollars)                                       

|                                             |  |            |   |   |                      |   |   | Contributed       |   |   |                   |   |   |             |  
|-------------------------------------------- |  | ---------- | - | - | -------------------- | - | - | ----------------- | - | - | ----------------- | - | - | ----------- | -
|                                             |  |            |   |   |                      |   |   | Surplus and       |   |   | Deficit           |   |   |             |  
|                                             |  |            |   |   | Common               |   |   | Equity portion of |   |   | accumulated       |   |   |             |  
|                                             |  | Number of  |   |   | Shares issued        |   |   | convertible       |   |   | during the        |   |   |             |  
|                                             |  | shares     |   |   | and
      fully paid |   |   | debentures        |   |   | exploration stage |   |   | Total       |  
|Balance forward                              |  | 5,991,278  |   | $ | 12,800,148           |   | $ | -                 |   | $ | (2,418,071        | ) | $ | 10,382,077  |  
|Issuance of shares for cash                  |  |            |   |   |                      |   |   |                   |   |   |                   |   |   |             |  
|Exercise of options                          |  | 243,000    |   |   | 639,730              |   |   | -                 |   |   | -                 |   |   | 639,730     |  
|Exercise of warrants                         |  | 845,447    |   |   | 3,696,723            |   |   | -                 |   |   | -                 |   |   | 3,696,723   |  
|Issued on conversion of debt                 |  | 2,464,950  |   |   | 4,821,079            |   |   | -                 |   |   | -                 |   |   | 4,821,079   |  
|Issuance of common shares for                |  |            |   |   |                      |   |   |                   |   |   |                   |   |   |             |  
|acquisition of subsidiary                    |  | 171,282    |   |   | 1,124,745            |   |   | -                 |   |   | -                 |   |   | 1,124,745   |  
|Issuance of shares for finders fees          |  | 65,298     |   |   | 457,086              |   |   | -                 |   |   | -                 |   |   | 457,086     |  
|Share issue costs                            |  | -          |   |   | (472,562             | ) |   | -                 |   |   | -                 |   |   | (472,562    | )
|Equity portion of convertible debentures     |  | -          |   |   | -                    |   |   | 169,760           |   |   | -                 |   |   | 169,760     |  
|Loss for the year                            |  | -          |   |   | -                    |   |   | -                 |   |   | (2,822,786        | ) |   | (2,822,786  | )
|Balance September
      30, 1997             |  | 9,781,255  |   |   | 23,066,949           |   |   | 169,760           |   |   | (5,240,857        | ) |   | 17,995,852  |  
|Contingent consideration on acquisition of   |  |            |   |   |                      |   |   |                   |   |   |                   |   |   |             |  
|subsidiary                                   |  | -          |   |   | (1,086,901           | ) |   | -                 |   |   | -                 |   |   | (1,086,901  | )
|Issued on conversion of debt                 |  | 277,776    |   |   | 261,679              |   |   | (59,219           | ) |   | -                 |   |   | 202,460     |  
|                                             |  | 10,059,031 |   |   | 22,241,727           |   |   | 110,541           |   |   | (5,240,857        | ) |   | 17,111,411  |  
|Capital stock consolidation (7.5:1)          |  | (8,717,827 | ) |   | -                    |   |   | -                 |   |   | -                 |   |   | -           |  
|Issued on conversion of debt                 |  | 221,234    |   |   | 519,691              |   |   | (110,541          | ) |   | -                 |   |   | 409,150     |  
|Issued on settlement of debt                 |  | 550,000    |   |   | 111,152              |   |   | -                 |   |   | -                 |   |   | 111,152     |  
|Loss for the year                            |  | -          |   |   | -                    |   |   | -                 |   |   | (20,236,904       | ) |   | (20,236,904 | )
|Balance September 30, 1998                   |  | 2,112,438  |   |   | 22,872,570           |   |   | (110,541          | ) |   | (25,477,761       | ) |   | (2,605,191  | )
|Issued on settlement of debt                 |  | 1,433,364  |   |   | 1,604,029            |   |   | -                 |   |   | -                 |   |   | 1,604,029   |  
|Loss for the year                            |  | -          |   |   |                      |   |   | -                 |   |   | (706,147          | ) |   | (706,147    | )
|Balance September
      30, 1999             |  | 3,545,802  |   |   | 24,476,599           |   |   | -                 |   |   | (26,183,908       | ) |   | (1,707,309  | )
|Issuance of shares for cash                  |  |            |   |   |                      |   |   |                   |   |   |                   |   |   |             |  
|Exercise of options                          |  | 24,100     |   |   | 56,321               |   |   | -                 |   |   | -                 |   |   | 56,321      |  
|Exercise of warrants                         |  | 227,273    |   |   | 370,612              |   |   | -                 |   |   | -                 |   |   | 370,612     |  
|Issued on conversion of debt                 |  | 1,830,073  |   |   | 1,078,550            |   |   | -                 |   |   | -                 |   |   | 1,078,550   |  
|Issued on settlement of debt                 |  | 220,748    |   |   | 489,660              |   |   | -                 |   |   | -                 |   |   | 489,660     |  
|Subscriptions received in advance            |  | -          |   |   | 369,875              |   |   | -                 |   |   | -                 |   |   | 369,875     |  
|Share issue costs                            |  | -          |   |   | (74,141              | ) |   | -                 |   |   | -                 |   |   | (74,141     | )
|Loss for the year                            |  | -          |   |   | -                    |   |   | -                 |   |   | (438,663          | ) |   | (438,663    | )
|Balance September 30, 2000                   |  | 5,847,996  |   |   | 26,767,476           |   |   | -                 |   |   | (26,622,571       | ) |   | 144,905     |  
|Issuance of shares for cash                  |  |            |   |   |                      |   |   |                   |   |   |                   |   |   |             |  
|Private placement                            |  | 2,000,000  |   |   | 456,840              |   |   | -                 |   |   | -                 |   |   | 456,840     |  
|Issued for subscriptions received in advance |  | 227,273    |   |   | 369,875              |   |   | -                 |   |   | -                 |   |   | 369,875     |  
|Subscriptions received in advance            |  | -          |   |   | (369,875             | ) |   | -                 |   |   | -                 |   |   | (369,875    | )
|Issued on acquisition of equity investment   |  | 500,000    |   |   | 192,075              |   |   | -                 |   |   | -                 |   |   | 192,075     |  
|Issued on settlement of debt                 |  | 914,670    |   |   | 502,784              |   |   | -                 |   |   | -                 |   |   | 502,784     |  
|Share issue costs                            |  | -          |   |   | (45,492              | ) |   | -                 |   |   | -                 |   |   | (45,492     | )
|Loss for the year                            |  | -          |   |   | -                    |   |   | -                 |   |   | (1,822,692        | ) |   | (1,822,692  | )
|Balance September
      30, 2001             |  | 9,489,939  |   | $ | 27,873,683           |   | $ | -                 |   | $ | (28,445,263       | ) | $ | (571,580    | )

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

F-7

---

Globetech Ventures Corp.(An exploration stage company)Consolidated Statements of Shareholders' Equity (Deficiency) 
  (in Canadian dollars)

|                                                  |  |            |  |   |                      |   |   | Contributed       |   |   |                   |   |   |            |  
|------------------------------------------------- |  | ---------- |  | - | -------------------- | - | - | ----------------- | - | - | ----------------- | - | - | ---------- | -
|                                                  |  |            |  |   |                      |   |   | Surplus and       |   |   | Deficit           |   |   |            |  
|                                                  |  |            |  |   | Common               |   |   | Equity portion of |   |   | accumulated       |   |   |            |  
|                                                  |  | Number of  |  |   | Shares issued        |   |   | convertible       |   |   | during the        |   |   |            |  
|                                                  |  | shares     |  |   | and
      fully paid |   |   | debentures        |   |   | exploration stage |   |   | Total      |  
|Balance forward                                   |  | 9,489,939  |  | $ | 27,873,683           |   | $ | -                 |   | $ | (28,445,263       | ) | $ | (571,580   | )
|Loss for the year                                 |  | -          |  |   | -                    |   |   | -                 |   |   | (319,713          | ) |   | (319,713   | )
|Balance September 30, 2002                        |  | 9,489,939  |  |   | 27,873,683           |   |   | -                 |   |   | (28,764,976       | ) |   | (891,293   | )
|Loss for the year                                 |  | -          |  |   | -                    |   |   | -                 |   |   | (47,171           | ) |   | (47,171    | )
|Balance September 30, 2003                        |  | 9,489,939  |  |   | 27,873,683           |   |   | -                 |   |   | (28,812,147       | ) |   | (938,464   | )
|Issuance of shares for cash                       |  |            |  |   |                      |   |   |                   |   |   |                   |   |   |            |  
|Private placements                                |  | 1,797,674  |  |   | 1,299,990            |   |   | -                 |   |   | -                 |   |   | 1,299,990  |  
|Issued on conversion of debt                      |  | 652,000    |  |   | 432,000              |   |   | -                 |   |   | -                 |   |   | 432,000    |  
|Acquisition of Brazil Gold Ltda.                  |  | 2,000,000  |  |   | 4,050,000            |   |   | -                 |   |   | -                 |   |   | 4,050,000  |  
|Share issue costs                                 |  | -          |  |   | (135,690             | ) |   | -                 |   |   | -                 |   |   | (135,690   | )
|Contributed surplus                               |  | -          |  |   | -                    |   |   | 2,429,100         |   |   | -                 |   |   | 2,429,100  |  
|Loss for the year                                 |  | -          |  |   | -                    |   |   | -                 |   |   | (7,302,024        | ) |   | (7,302,024 | )
|Balance September 30, 2004                        |  | 13,939,613 |  |   | 33,519,983           |   |   | 2,429,100         |   |   | (36,114,171       | ) |   | (165,088   | )
|Issuance of shares for cash                       |  |            |  |   |                      |   |   |                   |   |   |                   |   |   |            |  
|Private placement - August
      4, 2004 - shares |  |            |  |   |                      |   |   |                   |   |   |                   |   |   |            |  
|issued due to repricing clause                    |  | 302,326    |  |   | -                    |   |   | -                 |   |   | -                 |   |   | -          |  
|Acquisition of Gladys Lake option                 |  | 50,000     |  |   | 18,504               |   |   | -                 |   |   | -                 |   |   | 18,504     |  
|Issued on conversion of debt                      |  | 180,000    |  |   | 76,704               |   |   | -                 |   |   | -                 |   |   | 76,704     |  
|Contributed surplus                               |  | -          |  |   | -                    |   |   | 579,654           |   |   | -                 |   |   | 579,654    |  
|Loss for the year                                 |  | -          |  |   | -                    |   |   | -                 |   |   | (778,853          | ) |   | (778,853   | )
|Balance September 30, 2005                        |  | 14,471,939 |  |   | 33,615,191           |   |   | 3,008,754         |   |   | (36,893,024       | ) |   | (269,079   | )
|Warrant shares issued                             |  | 257,812    |  |   | -                    |   |   | -                 |   |   | -                 |   |   | -          |  
|Acquisition of Gladys Lake option                 |  | 50,000     |  |   | 10,500               |   |   | -                 |   |   | -                 |   |   | 10,500     |  
|Issued on conversion of debt                      |  | 861,000    |  |   | 199,270              |   |   | -                 |   |   | -                 |   |   | 199,270    |  
|Loss for the year                                 |  | -          |  |   | -                    |   |   | -                 |   |   | (507,426          | ) |   | (507,426   | )
|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    |  
|Contributed surplus                               |  | -          |  |   | -                    |   |   | 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    |  

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

F-8

---

Globetech Ventures Corp.(An exploration stage company) 
  Consolidated Statements of Cash Flows 
  (in Canadian dollars)

|                                                              |   | Period
      from |   |   |                                        |   |   |          |   |   |          |  
|------------------------------------------------------------- | - | ----------------- | - | - | -------------------------------------- | - | - | -------- | - | - | -------- | -
|                                                              |   | December 1991     |   |   | For the year ended September
      30, |  
|                                                              |   | to September      |   |   |                                        |   |   |          |   |   |          |  
|                                                              |   | 30,
      2008    |   |   | 2008                                   |   |   | 2007     |   |   | 2006     |  
|                                                              |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Operating Activities                                          |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Net loss for the period                                       | $ | (38,520,157       | ) | $ | (518,856                               | ) | $ | (600,851 | ) | $ | (507,426 | )
|Items not involving
      cash                                |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Accrued interest
      and foreign exchange on converted debt |   | 531,386           |   |   | -                                      |   |   | 31,678   |   |   | 88,887   |  
|Accrued
      interest on notes receivable                    |   | (83,213           | ) |   | -                                      |   |   | -        |   |   | -        |  
|Amortization                                                  |   | 611,710           |   |   | 887                                    |   |   | 424      |   |   | 596      |  
|Equity
      loss from investment                             |   | 102,449           |   |   | -                                      |   |   | -        |   |   | -        |  
|Impairment
      of notes receivable                          |   | 1,367,945         |   |   | -                                      |   |   | -        |   |   | -        |  
|Non-controlling
      interest                                |   | (1,067,567        | ) |   | -                                      |   |   | -        |   |   | -        |  
|Shares issued
      on settlement of subsidiary debt          |   | 267,370           |   |   | -                                      |   |   | -        |   |   | -        |  
|Write-down
      of investment                                |   | 89,626            |   |   | -                                      |   |   | -        |   |   | -        |  
|Write-down
      of mineral properties                        |   | 4,857,651         |   |   | -                                      |   |   | -        |   |   | -        |  
|Write-off
      subsidiaries, net of cash                     |   | 18,738,788        |   |   | -                                      |   |   | -        |   |   | -        |  
|Write-down
      of debt                                      |   | (112,214          | ) |   | -                                      |   |   | -        |   |   | -        |  
|Shares
      issued for services                              |   | 55,000            |   |   | 55,000                                 |   |   | -        |   |   | -        |  
|Stock-based
      compensation                                |   | 3,231,963         |   |   | 223,209                                |   |   | -        |   |   | -        |  
|Change in non-cash
      working capital                      |   |                   |   |   |                                        |   |   |          |   |   |          |  
|GST refundable
      and other receivables                    |   | (188,163          | ) |   | 11,408                                 |   |   | (8,523   | ) |   | 24,569   |  
|Inventory                                                     |   | (299,208          | ) |   | -                                      |   |   | -        |   |   | -        |  
|Prepaid expenses
      and deposits                           |   | 2,275             |   |   | -                                      |   |   | -        |   |   | 1,503    |  
|Accounts
      payable and accrued liabilities                |   | 3,631,024         |   |   | 136,026                                |   |   | 243,867  |   |   | 357,893  |  
|Net cash used in
      operating activities                   |   | (6,783,335        | ) |   | (92,326                                | ) |   | (333,405 | ) |   | (33,978  | )
|                                                              |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Financing Activities                                          |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Advances from related
      parties                           |   | 1,284,949         |   |   | -                                      |   |   | -        |   |   | -        |  
|Loans payable                                                 |   | 36,250            |   |   | -                                      |   |   | 36,250   |   |   | -        |  
|Net proceeds on
      issuance of convertible debentures      |   | 4,949,465         |   |   | -                                      |   |   | -        |   |   | -        |  
|Shares issued for cash (net of issue costs)                   |   | 19,022,405        |   |   | 150,000                                |   |   | 297,000  |   |   | -        |  
|Net cash provided from financing activities                   |   | 25,293,069        |   |   | 150,000                                |   |   | 333,250  |   |   | -        |  
|                                                              |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Investing Activities                                          |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Amount payable pursuant to license
      agreement (note 5)   |   | 84,584            |   |   | 84,584                                 |   |   | -        |   |   |          |  
|Notes receivable
      advanced                               |   | (1,284,732        | ) |   | -                                      |   |   | -        |   |   | -        |  
|Purchase of subsidiaries, net of
      cash                   |   | (1,355,771        | ) |   | -                                      |   |   | -        |   |   | -        |  
|Purchase of equipment                                         |   | (12,369,890       | ) |   | (2,127                                 | ) |   | -        |   |   | -        |  
|Expenditures on mineral properties                            |   | (2,478,099        | ) |   | -                                      |   |   | -        |   |   | (16,824  | )
|Acquisition of technology                                     |   | (125,000          | ) |   | (125,000                               | ) |   |          |   |   |          |  
|Due from related parties                                      |   | (525,227          | ) |   | -                                      |   |   | -        |   |   | -        |  
|Deposit                                                       |   | (440,340          | ) |   | -                                      |   |   | -        |   |   | -        |  
|Net cash used in
      investing activities                   |   | (18,494,475       | ) |   | (42,543                                | ) |   | -        |   |   | (16,824  | )
|                                                              |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Change in cash                                                |   | 15,259            |   |   | 15,131                                 |   |   | (155     | ) |   | (50,802  | )
|                                                              |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Cash at beginning
      of period                             |   | -                 |   |   | 128                                    |   |   | 283      |   |   | 51,085   |  
|                                                              |   |                   |   |   |                                        |   |   |          |   |   |          |  
|Cash at end of
      period                                   | $ | 15,259            |   | $ | 15,259                                 |   | $ | 128      |   | $ | 283      |  

Supplemental cash flow information (Note 11)

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

F-9

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|1. | Nature of Operations and Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Globetech Ventures Corp. ("the Company") is incorporated
        under the laws of British Columbia, Canada. Its operating activities include
        a website service business and the retention of an interest in a mineral
        property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | These consolidated financial statements have been prepared
        in accordance with Canadian generally accepted accounting principles with
        the assumption that the Company will be able to realize its assets and
        discharge its liabilities in the normal course of business rather than
        through a process of forced liquidation. Continued operations of the Company
        are dependent on the Company's ability to receive continued financial
        support, complete equity financing, or generate profitable operations
        in the future. These financial statements do not include any adjustments
        to the amounts and classification of assets and liabilities that might
        be necessary should the Company be unable to continue in business.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The Company has recurring operating losses, an accumulated
        deficit of $38,520,157 and negative working capital of $110,014 at September
        30, 2008. The continuing operations of the Company are dependent upon
        its ability to continue to raise adequate financing and to commence profitable
        operations in the future.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|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.                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | During the year ended September 30, 1998, the Company
        determined that it was not feasible to continue the operations of Sacolco,
        Glowing and QMEL. Consequently, all net assets and related costs were
        written-off to operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Financial instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The Company's financial instruments consist of cash,
        accounts payable and accrued liabilities and amount payable pursuant to
        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.                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | Effective October 1, 2007, the Company adopted the new
        accounting standards for financial instruments including the Canadian
        Institute of Chartered Accountants ("CICA") Handbook Section 3855 "Financial
        Instruments - recognition and measurement", Section 3862 "Financial Instruments
        - disclosure and presentation", Section 3863 "Financial Instruments -
        presentation" and Section 3865, "Hedges". These standards have been applied
        prospectively.                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The financial instruments standards established recognition
        and measurement criteria for financial assets, financial liabilities and
        financial derivatives. All financial instruments are required to be measured
        at fair value on initial recognition except in specific circumstances;
        changes in fair value in subsequent periods depends on whether the financial
        instrument has been classified as "held-for-trading", "available for sale",
        "held-to-maturity", "loans and receivables" or "other financial liabilities".                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | "Held-for-trading" financial assets and financial liabilities
        are measured at fair value with changes in fair value recognized in earnings.
        "Available for sale" financial assets are measured at fair value, with
        changes in fair value recognized in other comprehensive income. "Held-to-maturity"
        financial assets and "loans and receivables" and "other financial liabilities"
        are measured at amortized cost. The standard also permits the designation
        of any financial instrument as held-for-trading upon initial recognition.                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The Company has classified its cash and cash equivalents
        as "held for trading" financial assets, its accounts payable and accrued
        liabilities, amount payable pursuant to license agreement and loans payable
        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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   | The adoption of the new standards had no effect on opening
        deficit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

F-10

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|2. | Significant Accounting Policies continued
      Comprehensive income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | CICA Handbook Section 1530 "Comprehensive Income", requires
        the presentation of comprehensive income and its components. Comprehensive
        income is the change in the net assets of a company arising from transactions,
        events and circumstances not related to shareholders. The Company adopted,
        without restatement of prior periods, the recommendations included in
        this section as at October 1, 2007. The adoption of this accounting standard
        had no material impact on the financial results of the Company. For the
        year ended September 30, 2008 comprehensive loss was equal to net loss.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Mineral properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The Company records its interests in mineral properties
        at the lower of cost or estimated recoverable value. Where specific exploration
        programs are planned and budgeted by management, the cost of mineral properties
        and related exploration expenditures are capitalized until the properties
        are placed into commercial production, sold, abandoned or determined by
        management to be impaired in value. These costs will be amortized over
        the estimated useful lives of the properties following the commencement
        of production or written off if the properties are sold or abandoned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The costs include the cash or other consideration and
        the assigned value of shares issued, if any, on the acquisition of mineral
        properties. Costs related to properties acquired under option agreements
        or joint ventures, whereby payments are made at the sole discretion of
        the Company, are recorded in the accounts at such time as the payments
        are made. For properties held jointly with other parties the Company only
        records its proportionate share of acquisition and exploration costs.
        The proceeds from options granted are deducted from the cost of the related
        property and any excess is deducted from other remaining capitalized property
        costs. The Company does not accrue estimated future costs of maintaining
        its mineral properties in good standing.
      Capitalized costs as reported on the balance sheet represent
        costs incurred to date and may not reflect actual, present, or future
        values. Recovery of carrying value is dependent upon future commercial
        success or proceeds from disposition of the mineral interests. It is reasonably
        possible, based on existing knowledge that changes in future conditions
        could require a change in the recognized amounts. Although the Company
        has taken steps to verify title to mineral properties in which it has
        an interest, in accordance with industry norms for the current stage of
        exploration of such properties, these procedures do not guarantee the
        Company's title. Property may be subject to unregistered prior agreements
        or inadvertent non-compliance with regulatory requirements.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Management evaluates each mineral interest on a reporting
        period basis or as events and circumstances warrant, and makes a determination
        based on exploration activity and results, estimated future cash flows
        and availability of funding as to which costs are capitalized or charged
        as impairment charges. Write-downs due to impairment in value are charged
        to operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Mineral property interests, where future cash flows
        are not reasonably determinable, are evaluated for impairment based on
        results of exploration work, management's intentions and determination
        of the extent to which future exploration programs are warranted and likely
        to be funded.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | General exploration costs not related to specific properties
        and general administrative expenses are charged to operations in the year
        in which they are incurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Website costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Website costs include acquired website development,
        customer relationships and acquired technology. Amortization is provided
        on a straight-line basis over five years upon completion of the website
        based on estimated useful life. The Company has launched a beta site which
        is being used as a pre-launch site. The Company periodically evaluates
        intangible assets for impairment in accordance with CICA Handbook section
        3063 whenever events or changes in circumstances indicate that the carrying
        amount of an asset may not be recoverable. Recoverability is assessed
        based on the carrying value of the asset and its fair value, which is
        generally determined based on the discounted cash flows expected to result
        from the use and the eventual disposal of the asset. An impairment loss
        is recognized when the carrying amount is not recoverable and exceeds
        fair value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The intangible assets are not amortized because the
        Company is not yet utilizing them on a commercial level. Amortization
        will begin upon the commencement of commercial use.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

F-11

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|2. | Significant Accounting Policies continued
      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. Management
        determined that there has been no impairment of the Company's long-lived
        assets as at September 30, 2008.                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 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.                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 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. Forfeitures are accounted
        for as they occur.                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 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 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 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 as 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.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | Share capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | The fair value of the common shares issued in the private
        placements was determined to be the more easily measurable component and
        were valued at their fair value, as determined by the closing quoted bid
        price on the announcement date. The balance, if any, was allocated to
        the attached warrants. Any fair value attributed to the warrants is recorded
        as contributed surplus.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | 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
        development costs 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.                

F-12

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|2. | Significant Accounting Policies continued
      Risk management                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The Company is engaged in website development and manages
        related industry risk issues directly. The Company may be at risk for
        user issues. Management is not aware of and does not anticipate any significant
        user remediation costs or liabilities in respect of its current operations;
        however it is not possible to be certain that all aspects of user issues
        affecting the Company, if any, have been fully determined or resolved.
        The Company may also be unable to develop adequate software to meet its
        needs.                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The Company is also engaged in mineral exploration and
        manages related industry risk issues directly. The Company may be at risk
        for environmental issues and fluctuations in commodity pricing. Management
        is not aware of and does not anticipate any significant environmental
        remediation costs or liabilities in respect of its current operations;
        however it is not possible to be certain that all aspects of environmental
        issues affecting the Company, if any, have been fully determined or resolved.                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The Company is not exposed to significant credit concentration
        or interest rate risk. The Company manages the liquidity risk by careful
        management of its working capital to ensure its expenditures will not
        exceed available resources.                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Changes in accounting policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Effective October 1, 2007, the Company adopted CICA
        Handbook Section 1506 "Accounting Changes.". This new standard establishes
        criteria for changing accounting policies, together with the accounting
        treatment and disclosure of changes in accounting policies, changes in
        accounting estimates and the correction of errors. The disclosure is to
        include, on an interim and annual basis, a description and the impact
        on the Company on any new primary source of GAAP that has been issued
        but is not yet effective.                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Recent Accounting Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The following accounting pronouncements are applicable
        to future reporting periods. The Company is currently evaluating the effects
        of adopting these standards:
      On January 8, 2008, the CICA issued Section 3064, Goodwill
        and Intangible Assets. Section 3064, establishes standards for the recognition
        measurement and disclosure of goodwill and intangible assets. Section
        3064 is effective for annual and interim financial statements for fiscal
        years beginning on or after October 1, 2008 and will be adopted on October
        1, 2008.                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | The Canadian Accountability Standards Board ("AcSB")
        amended CICA Handbook Section 1400, to include requirements for management
        to assess and disclose an entity's ability to continue as a going concern.
        This section applies to interim and annual financial statements relating
        to fiscal years beginning on or after January 1, 2008 and will be adopted
        by the Company on October 1, 2008.                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | In 2006, Canada's Accounting Standards Board (AcSB)
        ratified a strategic plan that will result in the convergence of Canadian
        GAAP, as used by public companies, with International Financial Reporting
        Standards over a transitional period. The AcSB has developed and published
        a detailed implementation plan, with a changeover date for fiscal years
        beginning on or after January 1, 2011. This initiative is in its early
        stages as of the date of these annual financial statements. Accordingly,
        it would be premature to assess the impact of the initiative on the Company
        at this time.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|3. | Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

| |                    |   | September 30, 2008 | 
| | ------------------ | - | ------------------ | 
| |                    |   |                    | 
| |                    |   | Cost               | 
| | Office equipment   | $ | 5,222              | 
| | Computer equipment |   | 28,439             | 
| |                    | $ | 33,661             | 

| |                    |   | September 30, 2007 | 
| | ------------------ | - | ------------------ | 
| |                    |   |                    | 
| |                    |   | Cost               | 
| | Office equipment   | $ | 5,222              | 
| | Computer equipment |   | 26,313             | 
| |                    | $ | 31,535             | 

F-13

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|4. | Mineral Properties and Deferred Mineral Property
        Expenditures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | In order to earn a 100% interest, the Company is required
        to pay a total of $95,000, in ascending payments over a period of four
        years. The agreement also calls 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 the four-year period, the Company agrees to
        pay an annual advance royalty of $25,000 commencing February 28, 2010.
        On completion of a bankable feasibility, the Company will issue to the
        vendor a further 400,000 shares of Globetech. The vendor will 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.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | On November 13, 2007, the Company announced that it
        had entered into an option agreement with Forbes and Manhattan B.C. Ltd.
        ("Manhattan"). Under this agreement Manhattan may earn a 65% interest
        in the Gladys Lake molybdenum property by incurring $1.0 million in exploration
        and development expense and making cash payments to the vendor. Globetech
        will continue to issue shares to the vendor as previously agreed.                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | During 2008, the Company paid $NIL (2007 - $NIL) and
        issued an additional 100,000 (2007 - 50,000) shares. Under the option
        agreement with Manhattan, the Company no longer needs to make cash payments
        to the vendor.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

| | The schedule of share
      issuances is as follows:      |   | Date                 |  |   | Shares        |  |   | Status        | 
| | --------------------------------------------------------- | - | -------------------- |  | - | ------------- |  | - | ------------- | 
| |                                                           |   | March 21, 2005/06/07 |  |   | 150,000       |  |   | Issued        | 
| |                                                           |   | March 21, 2008       |  |   | 100,000       |  |   | Issued        | 
| |                                                           |   | March 21, 2009       |  |   | 150,000       |  |   |               | 
| |                                                           |   | For the year         |  |   | For the year  |  |   |               | 
| |                                                           |   | ended                |  |   | ended         |  |   | Cumulative to | 
| | The Company has incurred the following costs
      on the |   | September 30,        |  |   | September 30, |  |   | September 30, | 
| | Gladys Lake property:                                     |   | 2008                 |  |   | 2007          |  |   | 2008          | 
| | Acquisition costs                                         | $ | 15,000               |  | $ | 16,500        |  | $ | 85,504        | 
| | Exploration costs                                         |   |                      |  |   |               |  |   |               | 
| | Report                                                    |   | -                    |  |   | -             |  |   | 13,199        | 
| | Assessment work                                           |   | -                    |  |   | -             |  |   | 1,789         | 
| | Geologist                                                 |   | -                    |  |   | -             |  |   | 4,000         | 
| | Transportation                                            |   | -                    |  |   | -             |  |   | 4,739         | 
| |                                                           | $ | 15,000               |  | $ | 16,500        |  | $ | 109,231       | 

|5. | Website Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   | The Company has entered into an agreement to license
        proprietary website software. The Company has 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 is for one year where after the Company
        has the right to renew on an annual basis unless terminated by the Company
        by giving three month's notice. The licensor provides a basic host of
        services, and will provide or write additional program services at cost
        plus 20% plus royalties.

| | Intangible Assets can be summarized as follows: |   |         | 
| | ----------------------------------------------- | - | ------- | 
| | Balance, September 30, 2007                     | $ | -       | 
| | License fee                                     |   | 125,000 | 
| | Website development
      costs                 |   | 600,000 | 
| | Balance, September 30, 2008                     | $ | 725,000 | 





---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|6. | 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.

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

Included in accounts payable and accrued
  liabilities was $3,865 (2007 - $13,958) due to a director, and $7,000 (2007
  - $12,000) due to an officer of the Company.

Officer and directors entered into debt
  settlement agreements to retire debt of $115,500 and received 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. Accordingly the
  fair value cannot be readily determined.

|7. | Loans Payable
|-- | -------------

| |                                                                              |   | 2008 |  |   | 2007   | 
| | ---------------------------------------------------------------------------- | - | ---- |  | - | ------ | 
| | Loans payable which were unsecured, due on demand and bearing
      interest |   |      |  |   |        | 
| | at
      10% per annum                                                       | $ | -    |  | $ | 36,250 | 

On January 31, 2007 the Company entered
  into debt settlement agreements to retire debt of $343,908 plus additional interest
  of $31,678 for a total of $374,776. The debt was settled in part on May 4, 2007
  by the issuance of 1,873,880 shares at a price of $0.20 per share. Additional
  interest of $36,250 had been recognized and the Company issued 241,667 shares
  at a price of $0.15 per share as payment in full. The shares were valued based
  on market price at the date of the debt settlement agreement less a discount
  for lack of market liquidity.

|8. | Share Capital
|-- | -------------
|   |              
|   | a)           
|   |              
|   |              

| | b) | Issued                                            |  | Number
      of Shares |  |   |       |  |   | Share
      Capital | 
| | -- | ------------------------------------------------- |  | ---------------------- |  | - | ----- |  | - | ------------------- | 
| |    | Balance, September 30, 2006                       |  | 15,640,751             |  |   |       |  |   | 33,824,961          | 
| |    | Acquisition of Gladys Lake option (note 4 )       |  | 50,000                 |  | $ | 0.33  |  |   | 16,500              | 
| |    | Exercise of options                               |  | 900,000                |  | $ | 0.33  |  |   | 297,000             | 
| |    | Shares issued for debt                            |  | 1,873,880              |  | $ | 0.20  |  |   | 374,776             | 
| |    | Shares issued for debt                            |  | 1,296,745              |  | $ | 0.20  |  |   | 259,349             | 
| |    | Shares issued for debt                            |  | 271,500                |  | $ | 0.20  |  |   | 54,300              | 
| |    | Shares issued for debt                            |  | 289,003                |  | $ | 0.318 |  |   | 91,905              | 
| |    | Contributed
      surplus allocated               |  | -                      |  |   |       |  |   | 306,876             | 
| |    | Balance, September 30, 2007                       |  | 20,321,879             |  |   |       |  | $ | 35,225,667          | 
| |    | Shares issued for debt                            |  | 2,608,484              |  | $ | 0.13  |  |   | 330,936             | 
| |    | Private placement                                 |  | 3,000,000              |  | $ | 0.05  |  |   | 150,000             | 
| |    | Acquisition of technology (note 5 )               |  | 6,000,000              |  | $ | 0.10  |  |   | 600,000             | 
| |    | Acquisition
      of Gladys Lake option (note 4 ) |  | 100,000                |  | $ | 0.15  |  |   | 15,000              | 
| |    | Balance,
      September 30, 2008                 |  | 32,030,363             |  |   |       |  | $ | 36,321,603          | 

The Company completed a private placement
  of 3,000,000 units at $0.05 per unit. Each unit consists of one common share
  and one non-transferable share purchase warrant enabling the holder to purchase
  one common share for $0.10 exercisable until June 10, 2009.

The Company entered into debt settlement
  agreements to retire debt of $330,938 by issuing 2,608,484 shares at an average
  price of $0.13. Included in this amount is the issuance of 241,667 shares for
  interest on loans of $36,250 (note 7) and the issuance of 1,155,000 for amounts
  owing to related parties of $115,500 (note 6).

F-15

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|8. | Share Capital continued
      c)         
         Stock Options
|-- | ----------------------------------------------------------------

The Company has adopted an incentive
  stock option plan (the "Plan"). The essential elements of the Plan provide that
  the aggregate number of shares of the Company's capital stock issuable pursuant
  to options granted under the Plan may not exceed 5,800,630 shares. Options granted
  under the Plan may have a maximum term of five (5) years. The exercise price
  of the options granted under the Plan will not be less than the fair market
  value of the common stock at the date of grant. The Plan Administrator shall
  specify the vesting schedule for each stock option granted.

The Company is authorized to grant options
  to directors, employees and consultants. Stock option transactions and the number
  of stock options outstanding are summarized as follows:

| |                                                         |  | Number of  |   |   | Weighted average | 
| | ------------------------------------------------------- |  | ---------- | - | - | ---------------- | 
| |                                                         |  | Options    |   |   | exercise price   | 
| | Outstanding and exercisable at September 30,
      2006 |  | 2,100,000  |   |   | US$ 0.54         | 
| | Options granted                                         |  | -          |   |   | -                | 
| | Options cancelled / expired                             |  | -          |   |   | -                | 
| | 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       |  | 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.

During the current and prior year, stock-based
  compensation has been recorded in the amount of $223,209 (2007 - Nil) and included
  in contributed surplus. The amount is management's estimate of the fair value
  of the 1,800,000 (2007 - Nil) stock options granted and vested during the year,
  and has been expensed in the statement of operations. The weighted average fair
  value of options granted during the year is as follows:

| |                                                       |  | 2008             |  |  | 2007            | 
| | ----------------------------------------------------- |  | ---------------- |  |  | --------------- | 
| |                                                       |  |                  |  |  | Weighted        | 
| |                                                       |  | Weighted         |  |  | average fair    | 
| |                                                       |  | average exercise |  |  | value of option | 
| | Exercise price:                                       |  | price ($)        |  |  | ($)             | 
| | equals                                                |  | -                |  |  | -               | 
| | exceeds                                               |  | 0.20             |  |  | 0.07            | 
| | less than                                             |  | 0.15             |  |  | 0.13            | 
| | the market price of the stock on the grant
      date |  |                  |  |  |                 | 

The above fair value amounts were calculated
  using the Black Scholes option pricing model using the following weighted average
  assumptions:

| |                            |  | 2008       |  |  | 2007 | 
| | -------------------------- |  | ---------- |  |  | ---- | 
| | Risk free interest rate    |  | 3.8%       |  |  | n/a  | 
| | Expected life              |  | 2.86 years |  |  | n/a  | 
| | Expected annual volatility |  | 145.35%    |  |  | n/a  | 
| | Expected dividend          |  | -          |  |  | n/a  | 

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.

F-16

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|8. | Share Capital continued                                                                                  
|-- | ---------------------------------------------------------------------------------------------------------
|   |                                                                                                          
|   | The following table summarizes information about stock
        options outstanding at September 30, 2008:

Options
        Outstanding
      
      
      Options
        ExercisableWeightedaverage
      
      
      Weighted
      
      
      Number
      
      
      WeightedNumber outstanding
      
      
      remaining
      
      
      average
      
      
      exercisable at
      
      
      averageRange of exercise
      
      at September 30,
      
      
      contractual life
      
      
      exercise
      
      
      September 30,
      
      
      exerciseprices
      
      2008
      
      
      (years)
      
      
      price
      
      
      2008
      
      
      price$
        0.15 - $0.20
      
      1,800,000
      
      
      2.2
      
      $
      0.16
      
      
      1,800,000
      
      $
      0.16


| | d) | Warrants
| | -- | --------

Pursuant to a private placement of 3,000,000
  units, there are 3,000,000 warrants exercisable at $0.10 to purchase one common
  share until June 10, 2009.

|9. | Contributed Surplus
|-- | -------------------

| | Contributed surplus is as follows: |   | For the year  |  |   | For the year  |  
| | ---------------------------------- | - | ------------- |  | - | ------------- | -
| |                                    |   | ended         |  |   | ended         |  
| |                                    |   | September 30, |  |   | September 30, |  
| |                                    |   | 2008          |  |   | 2007          |  
| | Balance, beginning
      of year   | $ | 2,701,878     |  | $ | 3,008,754     |  
| | Options granted                    |   | 223,209       |  |   | -             |  
| | Options exercised                  |   | -             |  |   | (306,876      | )
| | Balance, at end of year            | $ | 2,925,087     |  | $ | 2,701,878     |  

|10. | Income Taxes                                                                                    
|--- | ------------------------------------------------------------------------------------------------
|    |                                                                                                 
|    | A reconciliation of income taxes at statutory rates
      with the reported taxes is as follows:

| |                                        |   | 2008       |   |   | 2007     |  
| | -------------------------------------- | - | ---------- | - | - | -------- | -
| | Loss before income taxes               | $ | (518,856   | ) | $ | (600,851 | )
| | Income tax recovery at statutory rates |   | (165,567   | ) |   | 205,010  |  
| | Effect of tax rate change              |   | 960,458    |   |   | (17,602  | )
| | Non-deductible items for tax purposes  |   | 71,501     |   |   | -        |  
| | Non-capital loss expired               |   | 145,778    |   |   | (128,034 | )
| | Change in valuation
      allowance    |   | (1,012,170 | ) |   | (47,006  | )
| |                                        | $ | -          |   | $ | 12,368   |  

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

| |                               |   | 2008       |   |   | 2007       |  
| | ----------------------------- | - | ---------- | - | - | ---------- | -
| | Future income tax assets      |   |            |   |   |            |  
| | Property, plant and equipment | $ | 8,078      |   | $ | 9,357      |  
| | Mineral properties            |   | 1,514,594  |   |   | 1,805,862  |  
| | Net capital losses available  |   | 2,838,701  |   |   | 3,384,604  |  
| | Non-capital losses available  |   | 664,691    |   |   | 814,398    |  
| |                               |   | 5,026,064  |   |   | 6,014,221  |  
| | Valuation allowance           |   | (5,026,064 | ) |   | (6,014,221 | )
| |                               | $ | -          |   | $ | -          |  

F-17

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|10. | Income Taxes continued                                                                                                                                                                                 
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                        
|    | The Company has incurred non-capital losses of approximately
        $2,556,503 which may be applied to reduce taxable income in future years.
        These non-capital losses will expire as follows:

2009
      $
      277,5362010
      
      176,8162014
      
      502,6372015
      
      198,3592026
      
      506,8302027
      
      600,4272028
      
      293,898$
      2,556,503


In addition, the Company has net capital
  losses of approximately $10,918,080 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.

|**11.** | Supplemental Cash Flow Information
|------- | ----------------------------------

| |                                |   | 2008     |   |   | 2007     |  
| | ------------------------------ | - | -------- | - | - | -------- | -
| | Financing Activities           |   |          |   |   |          |  
| | Share capital issued for:      |   |          |   |   |          |  
| | Website costs                  | $ | 600,000  |   | $ | -        |  
| | Mineral property               | $ | 15,000   |   | $ | 16,500   |  
| | Debt                           | $ | 330,936  |   | $ | 374,776  |  
| | Long-term debt (repayment)     | $ | (330,936 | ) | $ | (374,776 | )
| | Investing Activities           |   |          |   |   |          |  
| | Investment in mineral property | $ | (15,000  | ) | $ | (16,500  | )
| | Website costs                  | $ | (600,000 | ) | $ | -        |  

|12. | Segmented Information                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                        
|    | The Company operates primarily in two segments, being
        website development and mineral exploration. The following are significant
        items.

| |                                        |   | For the year  |  |   | For the year  | 
| | -------------------------------------- | - | ------------- |  | - | ------------- | 
| |                                        |   | ended         |  |   | ended         | 
| |                                        |   | September 30, |  |   | September 30, | 
| | Amortization                           |   | 2008          |  |   | 2007          | 
| | Website development                    | $ | 887           |  | $ | -             | 
| | Mineral exploration                    |   | -             |  |   | 424           | 
| |                                        | $ | 887           |  | $ | -             | 
| |                                        |   |               |  |   |               | 
| | Stock-based compensation               |   |               |  |   |               | 
| | Website development                    | $ | 14,715        |  | $ | -             | 
| | Mineral exploration                    |   | 208,494       |  |   | -             | 
| |                                        | $ | 223,209       |  | $ | -             | 
| |                                        |   |               |  |   |               | 
| | Total expenditures
      for equipment |   |               |  |   |               | 
| | Website development                    | $ | 2,127         |  | $ | -             | 
| | Mineral exploration                    |   | -             |  |   | -             | 
| |                                        | $ | 2,127         |  | $ | -             | 
| |                                        |   |               |  |   |               | 
| | Total capitalized expenditures         |   |               |  |   |               | 
| | Website development                    | $ | 725,000       |  | $ | -             | 
| | Mineral exploration                    |   | 15,000        |  |   | 16,500        | 
| |                                        | $ | 740,000       |  | $ | 16,500        | 

F-18

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|13. | Differences between Canadian and United States Generally
        Accepted Accounting Principles ("GAAP") (in Canadian dollars)                                                                                                                                                               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                              
|    | These financial statements are prepared in accordance
        with GAAP in Canada, which differs in some respects from GAAP in the United
        States. The material differences between Canadian and United States GAAP,
        in respect of these financial statements, are as follows:

| |                                                                       |   |                  |   |   | For the year ended September
      30 |           
| | --------------------------------------------------------------------- | - | ---------------- | - | - | ------------------------------------- | ----------
| |                                                                       |   | Period from      |   |   |                                       |           
| |                                                                       |   | December 1991    |   |   |                                       |           
| |                                                                       |   | to September 30, |   |   |                                       |           
| |                                                                       |   | 2008             |   |   | 2008                                  |           
| | Loss for the year under Canadian GAAP                                 | $ | (38,520,157      | ) | $ | (518,856                              | )         
| | Mineral property expenditures expensed under US GAAP                  |   | (109,231         | ) |   | (15,000                               | )         
| | Website development costs                                             |   | (600,000         | ) |   | (600,000                              | )         
| | Compensation expense on granting of stock options                     |   | (3,388,662       | ) |   | -                                     |           
| | Compensation expense on release of escrow shares                      |   | (3,435,000       | ) |   | -                                     |           
| | United States GAAP                                                    | $ | (46,053,050      | ) | $ | (1,133,856                            | )         
| | Gain (loss) per share - United States GAAP                            |   |                  |   | $ | (0.03                                 | )         
| |                                                                       |   |                  |   |   |                                       |           
| |                                                                       |   |                  |   |   |                                       |           
| | Total assets under Canadian GAAP                                      |   |                  |   |   |                                       |           
| | Website development costs expensed under US
      GAAP                |   |                  |   |   |                                       |           
| | Mineral
      property expenditures expensed under United States GAAP |   |                  |   |   |                                       | (109,231  
| | Total assets under United States GAAP                                 |   |                  |   |   |                                       |           
| |                                                                       |   |                  |   |   |                                       |           
| | Total liabilities under United States GAAP                            |   |                  |   |   |                                       |           
| | Capital stock under Canadian GAAP                                     |   |                  |   |   |                                       |           
| | Cumulative compensation
      expense on granting of stock options    |   |                  |   |   |                                       | 3,388,662 
| | Cumulative compensation expense on release
      of escrow shares     |   |                  |   |   |                                       | 3,435,000 
| | Contributed surplus as reported                                       |   |                  |   |   |                                       |           
| | Capital stock under
      United States GAAP                          |   |                  |   |   |                                       |           
| | Deficit under Canadian GAAP                                           |   |                  |   |   |                                       |           
| | Mineral property expenditures expensed
      under US GAAP            |   |                  |   |   |                                       | (109,231  
| | Website
      development costs                                       |   |                  |   |   |                                       |           
| | Cumulative compensation expense on granting
      of stock options    |   |                  |   |   |                                       | (3,388,662
| | Cumulative compensation expense on release of escrow
      shares     |   |                  |   |   |                                       | (3,435,000
| | Deficit under United
      States GAAP                                |   |                  |   |   |                                       |           
| | Shareholders' deficiency under United States GAAP                     |   |                  |   |   |                                       |           
| |                                                                       |   |                  |   |   |                                       |           
| | Shareholders' deficiency and liabilities under United States GAAP     |   |                  |   |   | $                                     | 143,658   

| | a) | Mineral property exploration and development                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    | Under United States GAAP, all mineral exploration property
        expenditures are expensed in the year incurred in an exploration stage
        company until there is substantial evidence that a commercial body of
        ore has been located. Canadian GAAP allows resource exploration and development
        property expenditures to be deferred during this process. This has resulted
        in a decrease to assets of $109,231 and an increase in loss for the year
        of $15,000.

F-19

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| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2008                        
| | (in
      Canadian dollars)               

|13. | Differences between Canadian and United
        States Generally Accepted Accounting Principles ("GAAP") (in Canadian
        dollars) continued
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------
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F-20

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