---

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,
2007

OR

[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THESECURITIES 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, Vancouver,
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: 20,321,879 Common Shares as at
September 30, 2007

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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.                                                                        | Identity of
      Directors, Senior Management, and Advisors
|ITEM 2.                                                                              | Offer Statistics and Expected
      Timetable               
|ITEM
      3.                                                                        | Key
      Information                                       
|Selected Financial Data                                                              | 1                                                           
|Currency and Exchange rates                                                          | 2                                                           
|Risk Factors                                                                         | 3                                                           
|ITEM
      4                                                                         |                                                             
|Information on the Company                                                           | 5                                                           
|ITEM
      5                                                                         |                                                             
|Operating and Financial Review and Prospects                                         | 8                                                           
|Results of Operations                                                                | 8                                                           
|ITEM 6                                                                               |                                                             
|Directors, Senior Management, and
      Employees                                    | 10                                                          
|ITEM 7                                                                               |                                                             
|Major Shareholders and Related Party
      Transactions                              | 12                                                          
|Related Party Transactions                                                           | 13                                                          
|ITEM
      8                                                                         |                                                             
|Financial Information                                                                | 13                                                          
|ITEM
      9                                                                         |                                                             
|The Offer and Listing                                                                | 14                                                          
|ITEM
      10                                                                        |                                                             
|Additional Information                                                               | 15                                                          
|Exchange Control and Other Limitations
      Affecting Security Holders              | 18                                                          
|Taxation - Certain Canadian Income Tax Consequences to
      United States Investors | 18                                                          
|ITEM
      11                                                                        |                                                             
|Quantitative and Qualitative Disclosures About Market Risk                           | 20                                                          
|ITEM
      12                                                                        |                                                             
|Description of Securities Other Than Equity Securities                               | 20                                                          
|PART II                                                                              |                                                             
|ITEM 13                                                                              |                                                             
|Defaults, Dividends Arrearages and
      Delinquencies                               | 20                                                          
|ITEM 14                                                                              |                                                             
|Material Modifications to the Rights of
      Security Holders and Use of Proceeds   | 20                                                          
|ITEM 15                                                                              |                                                             
|Controls and Procedures                                                              | 20                                                          
|ITEM 16.A                                                                            |                                                             
|Audit Committee Financial Expert                                                     | 21                                                          
|ITEM 16.B                                                                            |                                                             
|Code of Ethics                                                                       | 21                                                          
|ITEM 16.C                                                                            |                                                             
|Principal Accountant Fees and Services                                               | 22                                                          
|ITEM 16.D                                                                            |                                                             
|Exemptions from the Listing Standards for
      Audit Committees                     | 22                                                          

iii

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|ITEM
      16.E                                                              |    | 22
|---------------------------------------------------------------------------- | -- | --
|Purchases
      of Equity Securities by the Issuer and Affiliated Purchasers | 22
|PART
      III                                                               | 22
|ITEM
      17                                                                |    | 23
|Financial
      Statements                                                   | 23
|ITEM
      18                                                                |    | 23
|Financial
      Statements                                                   | 23
|ITEM 19                                                                      |    | 24
|Exhibits                                                                     | 24

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, 2007 have
been derived from our consolidated financial statements and the related notes.
The consolidated financial statements for the year ended September 30, 2007 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, 2007   |   |  | 30, 2006   |   |  | 30, 2005   |   |  | 30, 2004   |   |  | 30, 2003  |  
|Canadian GAAP:             |  |            |   |  |            |   |  |            |   |  |            |   |  |           |  
|Revenue                    |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil       |  
|Net Income/(Loss)          |  | (600,851   | ) |  | (507,426   | ) |  | (778,853   | ) |  | (7,302,024 | ) |  | (47,171   | )
|Per Share                  |  | (0.03      | ) |  | (0.03      | ) |  | (0.05      | ) |  | (0.60      | ) |  | (0.00     | )
|Weighted Average           |  | 17,315,172 |   |  | 15,036,926 |   |  | 14,340,414 |   |  | 12,246,150 |   |  | 9,489,939 |  
|Shares                     |  |            |   |  |            |   |  |            |   |  |            |   |  |           |  
|Dividends                  |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil        |   |  | Nil       |  
|Total Assets               |  | 107,926    |   |  | 83,482     |   |  | 133,628    |   |  | 309,598    |   |  | 19,021    |  
|Shareholder
      Equity   |  | (73,756    | ) |  | (566,735   | ) |  | (269,079   | ) |  | (165,088   | ) |  | (938,464  | )
|(Deficiency)               |  |            |   |  |            |   |  |            |   |  |            |   |  |           |  
|                           |  |            |   |  |            |   |  |            |   |  |            |   |  |           |  
|U.S. GAAP:                 |  |            |   |  |            |   |  |            |   |  |            |   |  |           |  
|Net Income/(Loss)          |  | (617,351   | ) |  | (534,750   | ) |  | (829,260   | ) |  | (7,302,024 | ) |  | (47,171   | )
|Per Share                  |  | (0.03      | ) |  | (0.04      | ) |  | (0.06      | ) |  | (0.60      | ) |  | (0.00     | )
|Weighted Ave.
      Shares |  | 17,315,172 |   |  | 15,036,926 |   |  | 14,340,414 |   |  | 12,246,150 |   |  | 9,489,939 |  
|Total Assets               |  | 13,695     |   |  | 5,751      |   |  | 83,321     |   |  | 309,598    |   |  | 19,021    |  
|Shareholder Equity         |  | (167,987   | ) |  | (644,466   | ) |  | (319,486   | ) |  | (165,088   | ) |  | (938,464  | )
|(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   | 
|---------------------------- |  | ------- |  |  | ------ |  |  | ----- |  |  | ------- | 
|                             |  |         |  |  |        |  |  |       |  |  |         | 
|February 2008                |  | .9986   |  |  | 1.0297 |  |  | .9804 |  |  | .1.0220 | 
|January 2008                 |  | .9899   |  |  | 1.0240 |  |  | .9634 |  |  | 1.0034  | 
|December 2007                |  | .9993   |  |  | 1.0247 |  |  | .9756 |  |  | 1.0194  | 
|November 2007                |  | 1.0401  |  |  | 1.1038 |  |  | .9997 |  |  | 1.0104  | 
|October 2007                 |  | 1.0245  |  |  | 1.0510 |  |  | .9982 |  |  | 1.0478  | 
|September 2007               |  | .9718   |  |  | 1.0084 |  |  | .9437 |  |  | 1.0881  | 
|                             |  |         |  |  |        |  |  |       |  |  |         | 
|Fiscal Year Ended 09/30/2007 |  | .8997   |  |  | 1.0084 |  |  | .8420 |  |  | 1.0081  | 
|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   | 
|Fiscal Year Ended 09/30/2003 |  | .6858   |  |  | .7404  |  |  | .6329 |  |  | .7404   | 

2

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On March 28, 2008, 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 (the Exchange Rate) was US $0.98273 = $1.00
Canadian.

Risk Factors

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

Globetechs principle business activities include the acquiring
and developing of mineral properties and if warranted the processing of related
mineral resources. The Company is currently pursuing and evaluating potential
mineral properties and other business ventures. The Company does not have any
positive cash flow from operations. The Company relies on private placements,
exercise of stock options and warrants to raise funds from equity.

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

Exploration and Mining Risks

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

Development Risks

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

Need for Additional Financing

Due to the nature of the Companys business, there can be no
assurance that the Company will be profitable. For at least the last five years,
the Company has incurred losses. The Company has paid no dividends on its shares
since incorporation and does not anticipate doing so in the foreseeable future.
The only present source of funds available to the Company is through the sale of
its equity shares. Even if the results of exploration are encouraging, the
Company may not have sufficient funds to conduct the further exploration that
may be necessary to determine whether or not a commercially mineable deposit
exists. While the Company may generate additional working capital through
further equity offerings or

3

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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. The Companys ability to
maintain its interests in its mineral properties and to fund ongoing exploration
costs will be entirely dependant in its ability to raise additional funds by
equity financings. If the Company is unable to raise such funds it may suffer
dilution or loss of interest in its mineral properties.

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.

Uninsured Risks

In the course of exploration, development and
production of mineral properties, certain risks, and in particular, unexpected
or unusual geological operating conditions including rock bursts, cave-ins,
fires, flooding, and earthquakes may occur. The Company may decide not to take
out insurance against such risks as a result of high premiums or other reasons.
Should such liabilities arise, they could reduce or eliminate any future
profitability and result in increasing costs and a decline in the value of the
securities of the Company.

Competition

The Company competes against other companies
possessing greater financial resources and technical facilities than itself for
the acquisition of mineral concessions, claims, leases, and other mineral
interests as well as for the recruitment and retention of qualified
employees.

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,

4

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instalment of additional equipment, or remedial
actions. Parties engaged in mineral exploration and development activities may
be required to compensate those suffering loss or damage by reason of the mining
activities and may have civil or criminal fines or penalties imposed for
violations of applicable laws or regulations and, in particular, environmental
laws.

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

Price Fluctuations: Share Price
Volatility

In recent years, securities markets have
experienced a high level of price and volume volatility, and the market price of
securities of many companies, particularly those considered development stage
companies, have experienced wide fluctuations in price which have not
necessarily been related to the operating performance, underlying asset values
or prospects of such companies. In particular, the share price of the Companys
common shares fluctuated from a high of US $0.32 to a low of US $0.17 within the
twelve (12) months ended September 30, 2007. There can be no assurance that
continual fluctuations in price will not occur.

Permits and Licenses

The operations of the Company may require licenses
and permits for various governmental authorities. There can be no assurance that
the Company will be able to obtain all necessary licenses and permits that may
be required to carry out exploration, development and mining operations at its
projects.

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.

5

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Globetechs principal business activities are the exploration
and development of mineral properties with the intent of developing a mine and
the production and processing of mineral resources. The Company is currently
pursuing and evaluating mineral properties and potential business ventures. The
Company does not have any mineral properties containing a known ore deposit.

British Columbia, Canada

On February 28, 2005, Globetech announced that it 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. On April 12, 2005, the Company issued 50,000 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 and the $15,000 payment for the March 21, 2006
payment. The Company has not made the March 21, 2007 payment yet, but has
intentions to do so.

|Date           | Amount | Paid | Shares  | Issued       
|-------------- | ------ | ---- | ------- | -------------
|March 21, 2008 | 25,000 |      | 100,000 | 50,000 shares
|               |        |      |         | issued       
|March 21, 2009 | 25,000 |      | 150,000 |              

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

6

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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% MoS2       
|Hole 3 | 72 to 175        | 103 | 0.051% MoS2       
|       | 332 to 490       | 168 | 0.022% MoS2       
|Hole 4 | not sampled        |      |                   
|Hole 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.

Amapa State, Brazil

Globetech announced on March 9, 2004, that it
finalized a definitive agreement (the Agreement) to acquire all the issued and
outstanding shares of Braz Gold LtdA, a Brazilian company which owns title to
approximately 130,000 acres (approximately 53,000 hectares) of mineral claims
(the Mineral Claims) prospective for gold and other minerals in the Vila Nova
Greenstone belt in Amapa State, northern Brazil.

The principal terms of the Agreement required the
Company to issue 2,000,000 common shares at a deemed value of US $1.50 per
share, which shares would be released over a 2 1⁄2 year period. In addition, the
Company issued to the vendors a net smelter return royalty (NSR) of 1% to a
maximum of US $8,000,000. Other provisions in the Agreement include the
Companys requirement to fund through Braz Gold, property payments for a total
of US $2,000,000 by December 2005 and to make minimum exploration expenditures
of US $1,750,000 to December 2005. Upon completion of a bankable feasibility
study the Vendors may compel the Company to repurchase the NSR for US $4,000,000
in cash or by way of the issuance of shares in its capital at a deemed price of
US $4.00 per share. In addition, upon completion of such bankable feasibility
study verifying a minimum commercial grade mineral deposit of one million
ounces, the Company will make a payment of US $2,000,000 to the landowners.

The subject claims are located on the prolific
Vila Nova greenstone belt, in the south-central part of Amapa State some 100 km
northwest of the state capital of Macapa. The area is easily accessed by road
and rail and has access to electricity as well as water from the substantial
surrounding river systems. The Vila Nova greenstone belt forms part of a stable
Precambrian Guyanan Shield rock formation, which in the adjacent countries of
Venezuela, French Guiana, and Guyana, hosts world class gold deposits. The Omai
gold deposit in Guyana, has a reserve of approximately 4.2 million ounces of
gold. The Guyanan

7

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shield has historically produced large amounts of
gold, some 4.8 million ounces having been mined in the 19thcentury alone. In the Vila Nova greenstone
belt, in similar rocks to those found in Globetechs claim area, the Amapari
gold deposit lies north of the Companys claim area. The Amapari gold deposit
which has a resource in excess of 2 million ounces of gold, was recently
acquired by Wheaton River Minerals for $105 million. Located to the south of
Globetechs claim area lies the large open-pit and underground vein-gold working
of Mineracao do Vila Nova with a multiple parallel quartz-vein deposit showing
visible gold. In December 2003, the Company commissioned a review of the mineral
resource by an independent geologist.

Notwithstanding, the Companys mineral claims may
have characteristics or be adjacent to properties that have reserves or have
produced gold, for clarification the Companys mineral claims have no reserves
as defined by the SEC.

It was determined by the Company that in spite of
an interesting potential, this property was difficult for the Company to handle.
The property is located in Brazil where the Company has limited experience. The
property is an early stage exploration property where geological targets may
yield no results. The Company was concerned that a great deal of money may have
to be spent with limited results. The Company experienced difficulties in
obtaining proper information. The Company decided from a risk management point
of view to discontinue exploration of the Amapa property, during the year ended
September 30, 2004 and recorded a write-down of mineral properties of $4,425,208
at that time.

In regards to the Amapa property in Brazil the
Company is trying to cancel two million shares issued pursuant to the Amapa
agreement. The Company believes that these shares should be cancelled, and is
prepared to take whatever action is necessary.

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 12 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,
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

8

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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.

Year Ended September 30,
2005

For the year ended September 30, 2005, the Company
had a net loss of $778,853 compared to a net loss of $7,302,024 for the previous
year. The main differences were stock-based compensation of $579,654 expensed in
the current year compared to $2,429,100 in the previous year and the write-down
of mineral properties of $4,425,208 in the previous year as compared to nil in
the current year. Stock-based compensation is a non-cash expense computed as a
result of stock options being granted, and a fair value derived from the trading
price of the companys stock market price. The current stock-based compensation
was calculated on a volatility of 199%, an expected life of 3 years and an
interest risk-free rate of 2.18% as compared to the previous year where the
volatility was calculated at 172%, the expected life was 4 years and a risk-free
rate of 2.92% . The fair value of the stock options was $0.34 per share as
compared to $1.32 per share in the previous year.

On January 24, 2005 the Company announced that it
was no longer pursing any exploration or development work on the Amapa property.
It was decided that the environment was too difficult to work within and that
results found could be of a very preliminary nature with a potential for a high
cost of exploration. This write-down of $4,425,208 was taken in the previous
year.

There was a general decrease in the administrative
expenses for the current year notably for accounting and legal, consulting fees,
public relations, and travel and promotion. In the previous year there was an
active program to find a suitable mineral property and preparations being made
in anticipation of the exploration of the Amapa property. When the Company
decided not to pursue this property there was a void in activity. The Company
has taken on the Gladys Lake property and completed a geological report. The
Company intends to complete a proposed Phase 1 work program of $50,000 and if
warranted the Phase 2 program of $125,000.

As a result of the settlement of a lawsuit with
one of the Companys previous lawyers, a refund of some $18,000 was receivable
at September 30, 2005 and the reduction in legal expense of some
$24,000.

Liquidity and Capital
Resources

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

9

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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.

At September 30, 2005, the Company had $51,085 in cash with a
working capital deficiency of $321,582. The Company issued 80,000 of treasury
stock for the settlement of debts of $40,637 and 100,000 shares for debts of
$36,067 during the year ended September 30, 2005. Pursuant to the acquisition of
the Gladys Lake option, the Company issued 50,000 shares.

Research and Development

There are no research and development tasks currently being
undertaken.

Legal Proceedings

In regards to the Amapa property in Brazil that the Company was
previously involved in, the Company is trying to cancel two million shares
issued pursuant to the Amapa agreement. The Company believes that these shares
should be cancelled, and is prepared to take whatever action is necessary.

Tabular Disclosure of Contractual Obligations

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

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

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

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

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 or
| | --------------- | ------------------------- | ------------------------------
| |                 |                           | Appointed                     
| |                 |                           |                               
| | Casey Forward   | President, CEO & Director | 2003                          
| | Dr. K. Sachdeva | Director                  | 2004                          
| | Ian Bartholomew | Director                  | 2006                          
| | Ping Shen       | Chief Financial Officer   | 2006                          

10

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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, 2007 was $140,000.

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

Director Compensation:

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

Stock Options:

During the financial ended September 30, 2007 the
following stock options were outstanding to senior management and directors.
There was no options granted for the year ended September 30, 2007.

|              |            |               | 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 | 55,000     | US $0.30      | US $0.29      | February 3,
      2008
|Dr. Sachdeva  | 600,000    | US $0.30      | US $0.29      | February 3, 2008      
|Ian           | 15,000     | US $0.30      | US $0.29      | February 3,           

11

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|Bartholomew |        |          |          | 2008            
|----------- | ------ | -------- | -------- | ----------------
|Ping Shen   | 30,000 | US $0.30 | US $0.29 | February 3, 2008

These 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.

The new options are as follows:

|                |            |               | 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         | US $0.16      | December
      20, 2010
|Dr. Sachdeva    | 600,000    | $0.15         | US $0.16      | December 20, 2010      
|Ian Bartholomew | 200,000    | $0.15         | US $0.16      | December
      20, 2010
|Ping Shen       | 200,000    | $0.15         | US $0.16      | December 20, 2010      

Board Practices

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

Employees

As of September 30, 2007, the end of the most
resent fiscal year, the Company had no employees.

ITEM 7

Major Shareholders and Related Party
Transactions

The Companys securities are recorded on the
  books of its transfer agent in registered form. The majority of such shares
  are registered in the name of intermediaries such as brokerage houses and clearing
  houses on behalf of their respective clients. The Company does not have knowledge
  of the beneficial owners thereof. To the best of its knowledge the Company is
  not directly nor indirectly owned or controlled by another corporation(s) or
  by a foreign government. The following table lists as of March 28, 2008 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.

12

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Title of Class
      **Name of Beneficial**
        
        Owner(1)
      **Amount and Nature**
        
        of Beneficial Ownership
    Percent of TotalCommon Shares
    YOUNG.JT/TEN, JOAO LUIS PULGATTI & JOHN
    2,000,000
    9.8%Officers and directors
    1,250,000
    6.2%


Related Party Transactions

(a) Loans from Related Parties

|                                              |   | 2007 |  |   | 2006 |  |   | 2005    | 
|--------------------------------------------- | - | ---- |  | - | ---- |  | - | ------- | 
|Companies with common
      directors         |   |      |  |   |      |  |   |         | 
|Loan payable bearing interest at 10% per      |   |      |  |   |      |  |   |         | 
|annum*                                        | $ | -    |  | $ |      |  | $ | 231,101 | 
|Previous President                            |   |      |  |   |      |  |   |         | 
|Previously a loan payable bearing interest at |   |      |  |   |      |  |   |         | 
|10% per annum                                 |   | -    |  |   |      |  |   | 36,747  | 
|                                              |   |      |  |   |      |  |   |         | 
|                                              | $ | -    |  | $ | -    |  | $ | 267,848 | 

Loans from related parties are unsecured, and have
no fixed terms of repayment; accordingly fair value cannot be reliably
determined.

* This amount is no longer due to a related
company, having no common directors and has been reclassified as a loan payable.

(b) Related Party Transactions

|The Company has entered into the
      following       |   |         |  |   |        |  |   |        | 
|------------------------------------------------------ | - | ------- |  | - | ------ |  | - | ------ | 
|transactions with related parties:                     |   | 2006    |  |   | 2006   |  |   | 2005   | 
|Management or consulting fees to officers of
      the |   |         |  |   |        |  |   |        | 
|Company                                                | $ | 84,000  |  | $ | 84,000 |  | $ | 46,000 | 
|                                                       |   |         |  |   |        |  |   |        | 
|Consulting fees to a director                          |   | 56,000  |  |   | -      |  |   | -      | 
|                                                       |   |         |  |   |        |  |   |        | 
|                                                       | $ | 140,000 |  | $ | 84,000 |  | $ | 46,000 | 

Included in accounts payable and accrued
liabilities was $13,958 (2006 - $99,753) due to a director, and $12,000 (2006 -
$42,335) due to an officer of the Company.

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.

13

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

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

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

ITEM 9

The Offer and Listing

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

| |                    |      | US Dollars |        
| | ------------------ | ---- | ---------- | -------
| |                    |      |            |        
| | Period Ended       | High | Low        | Closing
| |                    |      |            |        
| | Monthly            |      |            |        
| | March, 2008        | 0.18 | 0.12       | 0.17   
| | February, 2008     | 0.17 | 0.10       | 0.17   
| | January, 2008      | 0.19 | 0.10       | 0.14   
| | December, 2007     | 0.20 | 0.16       | 0.19   
| | November, 2007     | 0.34 | 0.17       | 0.17   
| | October, 2007      | 0.24 | 0.16       | 0.22   
| |                    |      |            |        
| | Quarterly          |      |            |        
| | December 31, 2007  | 0.34 | 0.16       | 0.19   
| | September 30, 2007 | 0.30 | 0.16       | 0.20   
| | June 30, 2007      | 0.31 | 0.17       | 0.27   
| | March 31, 2007     | 0.32 | 0.20       | 0.26   
| | December 31, 2006  | 0.32 | 0.19       | 0.25   
| | September 30, 2006 | 0.48 | 0.19       | 0.21   
| | June 30, 2006      | 0.82 | 0.24       | 0.27   
| | March 31, 2006     | 0.62 | 0.16       | 0.59   
| |                    |      |            |        
| | Annually           |      |            |        
| | September 30, 2007 | 0.32 | 0.17       | 0.27   
| | September 30, 2006 | 0.82 | 0.19       | 0.21   
| | September 30, 2005 | 0.67 | 0.13       | 0.17   
| | September 30, 2004 | 2.50 | 0.20       | 0.46   
| | September 30, 2003 | 1.65 | 0.05       | 0.28   

14

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

ITEM 10

Additional Information

Share Capital

Our authorized share capital as at September 30,
2007 was unlimited common shares without par value. Our issued and outstanding
share capital at September 30, 2007 was 20,321,879.

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

15

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

Transfer of
Shares

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

Directors

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

16

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| | (ii)  | The Directors may pay such interim dividends
      as they may determine.
| | ----- | -------------------------------------------------------------------------
| |       |                                                                          
| | (iii) | No dividend shall bear
    interest.                                     

General Meetings

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

Committees of the Board
of Directors

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

|Audit Committee Members:
|------------------------
|                        
|                        
|                        

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

17

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Exchange Control and Other Limitations
Affecting Security Holders

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

There is no limitation imposed by Canadian law or
by the articles or other charter documents of a company on the right of a
non-resident to hold or vote common shares of a company, other than as provided
in theInvestment 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.

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

18

---

Canada has entered into with the United States,
the rate of Canadian withholding tax is generally reduced to 15%, or 5% in the
case of a corporate holder which owns 10% or more of the voting shares. A
foreign tax credit for the tax withheld may be available to a holder resident in
the United States against U.S. federal income taxes.

DISPOSITION OF COMMON SHARES

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

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

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

Passive Foreign
Investment Company

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

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,

19

---

legislation has been proposed which would replace
the PFIC provisions with a consolidated anti-deferral regime. While this
legislation was vetoed, it may be re-introduced in subsequent years.

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

ITEM 11

Quantitative and Qualitative Disclosures About
Market Risk

Not applicable.

ITEM 12

Description of Securities Other Than Equity
Securities

Not applicable.

PART II

ITEM 13

Defaults, Dividends Arrearages and
Delinquencies

Not applicable.

ITEM 14

Material Modifications to the Rights of
Security Holders and Use of Proceeds

Not applicable.

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, 2007. 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

20

---

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 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, 2007 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.

21

---

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

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

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

ITEM 16.C

Principal Accountant Fees and Services

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

| | Audit fees (MacKay LLP) 2007 | $ | 19,000 | 
| | ---------------------------- | - | ------ | 
| | Other fees in 2006           |   | Nil    | 
| | Audit fees (MacKay LLP) 2006 | $ | 12,000 | 
| | Other fees in 2006           |   | Nil    | 
| | Audit fees (MacKay LLP) 2005 |   | 10,160 | 
| | Other fees in 2005           |   | 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

22

---

ITEM 17

Financial Statements

Not applicable.

ITEM 18

Financial Statements

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

23

---



Auditors' Report

To the Shareholders of 
  Globetech Ventures Corp.

We have audited the consolidated balance sheets of Globetech
  Ventures Corp. as at September 30, 2007 and 2006 and the consolidated statements
  of operations and deficit, shareholders equity (deficiency) and cash flows
  for each of the years in the three year period ended September 30, 2007 and
  the period from December 1991 to September 30, 2007. These financial statements
  are the responsibility of the company's management. Our responsibility is to
  express an opinion on these financial statements based on our audits.

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

In our opinion, these consolidated financial statements present
  fairly, in all material respects, the financial position of the company as at
  September 30, 2007 and 2006 and the results of its operations and its cash flows
  for each of the years in the three year period ended September 30, 2007 and
  the period from December 1991 to September 30, 2007 in accordance with Canadian
  generally accepted accounting principles.

The financial statements as at September 30, 2001 and for period
  from December 1991 to September 30, 2001 were audited by another auditor who
  expressed an opinion without reservation on those statements in their report
  dated February 20, 2002.

|                  | MacKay LLP         
|----------------- | ---------------------
|Vancouver, Canada |                      
|January 28, 2008  | Chartered Accountants

mackay.ca refers to the Canadian firm MacKay LLP

F-1

---



Comments by Auditors for U.S. Readers on Canada  United
  States Reporting Differences

In the United States, reporting standards for auditors require
  the addition of an explanatory paragraph (following the opinion paragraph) when
  the financial statements are affected by conditions and events that cast substantial
  doubt on the Companys ability to continue as a going concern, such as
  those described in Note 1 to the consolidated financial statements. Our report
  to the shareholders is expressed in accordance with Canadian reporting standards
  which do not permit a reference to such events and conditions in the auditors
  report when they are adequately disclosed in the financial statements. Canadian
  generally accepted accounting principles vary in certain significant respects
  from accounting principles generally accepted in the United States. Application
  of accounting principles generally accepted in the United States would have
  affected results of operations for each of the years in the three year period
  ended September 30, 2007 and assets, liabilities and shareholders equity
  as at September 30, 2007 and 2006 to the extent summarized in note 12 to the
  consolidated financial statements.

|                  | MacKay LLP         
|----------------- | ---------------------
|Vancouver, Canada |                      
|January 28, 2008  | Chartered Accountants

mackay.ca refers to the Canadian firm MacKay LLP

F-2

---

Globetech Ventures Corp.(An exploration stage company)

Consolidated Financial Statements

For the year ended September 30, 2007

in Canadian dollars



F-3

---

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

|                                                       |   | September 30, |   |   | September 30, |  
|------------------------------------------------------ | - | ------------- | - | - | ------------- | -
|                                                       |   | 2007          |   |   | 2006          |  
|                                                       |   |               |   |   |               |  
|ASSETS                                                 |   |               |   |   |               |  
|                                                       |   |               |   |   |               |  
|Current Assets                                         |   |               |   |   |               |  
|Cash                                                   | $ | 128           |   | $ | 283           |  
|GST refundable                                         |   | 12,491        |   |   | 3,968         |  
|                                                       |   | 12,619        |   |   | 4,251         |  
|                                                       |   |               |   |   |               |  
|Equipment (note 3)                                     |   | 1,076         |   |   | 1,500         |  
|Mineral properties (note 4)                            |   | 94,231        |   |   | 77,731        |  
|                                                       |   |               |   |   |               |  
|                                                       | $ | 107,926       |   | $ | 83,482        |  
|                                                       |   |               |   |   |               |  
|                                                       |   |               |   |   |               |  
|                                                       |   |               |   |   |               |  
|                                                       |   |               |   |   |               |  
|LIABILITIES                                            |   |               |   |   |               |  
|                                                       |   |               |   |   |               |  
|Current Liabilities                                    |   |               |   |   |               |  
|Accounts
      payable and accrued liabilities         | $ | 145,432 $     |   |   | 307,119       |  
|Loans payable (note 6)                                 |   | 36,250        |   |   | 343,098       |  
|                                                       |   | 181,682       |   |   | 650,217       |  
|                                                       |   |               |   |   |               |  
|                                                       |   |               |   |   |               |  
|SHAREHOLDERS' DEFICIENCY                               |   |               |   |   |               |  
|                                                       |   |               |   |   |               |  
|Capital stock                                          |   |               |   |   |               |  
|Authorized                                             |   |               |   |   |               |  
|Unlimited common
      shares with no par value        |   |               |   |   |               |  
|Issued and
      outstanding - (note 7)                |   | 35,225,667    |   |   | 33,824,961    |  
|Contributed surplus                                    |   | 2,701,878     |   |   | 3,008,754     |  
|Deficit accumulated during the
      exploration stage |   | (38,001,301   | ) |   | (37,400,450   | )
|                                                       |   |               |   |   |               |  
|                                                       |   | (73,756       | ) |   | (566,735      | )
|                                                       |   |               |   |   |               |  
|                                                       | $ | 107,926       |   | $ | 83,482        |  

Contingencies (Notes 4 and 10)

| | Casey Forward           | 
| | ----------------------- | 
| | President               | 
| |                         | 
| | 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 to |   |   | For the year ended September 30, |  
|                                                                            |   | September 30,    |   |   |                                  |   |   |             |   |   |             |  
|                                                                            |   | 2007             |   |   | 2007                             |   |   | 2006        |   |   | 2005        |  
|                                                                            |   |                  |   |   |                                  |   |   |             |   |   |             |  
|Revenue                                                                     | $ | 846,207          |   | $ | -                                |   | $ | -           |   | $ | -           |  
|                                                                            |   |                  |   |   |                                  |   |   |             |   |   |             |  
|Cost of revenues                                                            |   | 1,362,702        |   |   |                                  |   |   |             |   |   |             |  
|Gross Profit
      (loss)                                                   |   | (516,495         | ) |   | -                                |   |   | -           |   |   | -           |  
|                                                                            |   |                  |   |   |                                  |   |   |             |   |   |             |  
|Administrative expenses                                                     |   |                  |   |   |                                  |   |   |             |   |   |             |  
|Accounting and legal
      (note 5)                                         |   | 1,179,068        |   |   | 44,658                           |   |   | 44,335      |   |   | 36,079      |  
|Amortization                                                                |   | 610,823          |   |   | 424                              |   |   | 596         |   |   | 840         |  
|Consulting fees
      (note 5)                                              |   | 1,279,964        |   |   | 248,500                          |   |   | 261,499     |   |   | 39,000      |  
|Directors fees                                                              |   | 97,149           |   |   | -                                |   |   | -           |   |   | -           |  
|Interest and bank
      charges                                             |   | 805,855          |   |   | 68,065                           |   |   | 88,986      |   |   | 29,923      |  
|Interest on long term debt                                                  |   | 164,704          |   |   | -                                |   |   | -           |   |   | -           |  
|Management fees
      (note 5)                                              |   | 562,117          |   |   | 60,000                           |   |   | 60,000      |   |   | 46,000      |  
|Office and miscellaneous                                                    |   | 1,041,325        |   |   | 41,133                           |   |   | 24,290      |   |   | 14,297      |  
|Property examination
      costs                                            |   | 20,213           |   |   | 20,213                           |   |   | -           |   |   | -           |  
|Public relations                                                            |   | 809,765          |   |   | 83,358                           |   |   | 10,710      |   |   | 17,119      |  
|Regulatory and transfer
      agent fees                                    |   | 172,440          |   |   | 8,818                            |   |   | 10,796      |   |   | -           |  
|Repairs and maintenance                                                     |   | 497,118          |   |   | -                                |   |   | -           |   |   | -           |  
|Salaries and wages                                                          |   | 1,483,601        |   |   | -                                |   |   | -           |   |   | -           |  
|Stock-based compensation                                                    |   | 3,008,754        |   |   | -                                |   |   | -           |   |   | 579,654     |  
|Telephone                                                                   |   | 325,295          |   |   | 9,471                            |   |   | 624         |   |   | 2,367       |  
|Travel and promotion                                                        |   | 1,595,094        |   |   | 16,034                           |   |   | 4,620       |   |   | 3,405       |  
|                                                                            |   | 13,653,285       |   |   | 600,674                          |   |   | 506,456     |   |   | 768,684     |  
|Income (loss)
      before other items                                      |   | (14,169,780      | ) |   | (600,674                         | ) |   | (506,456    | ) |   | (768,684    | )
|Other items                                                                 |   |                  |   |   |                                  |   |   |             |   |   |             |  
|Equity loss from investment                                                 |   | (102,449         | ) |   | -                                |   |   | -           |   |   | -           |  
|Foreign exchange
      loss                                                 |   | (204,804         | ) |   | (182                             | ) |   | (970        | ) |   | (10,169     | )
|Gain on settlement or write-down
      of debt                              |   | 237,100          |   |   | -                                |   |   | -           |   |   | -           |  
|Impairment of notes
      receivable                                        |   | (1,367,945       | ) |   | -                                |   |   | -           |   |   | -           |  
|Interest income                                                             |   | 339,777          |   |   | 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      | ) |   | -                                |   |   | -           |   |   | -           |  
|                                                                            |   | (24,899,088      | ) |   | (177                             | ) |   | (970        | ) |   | (10,169     | )
|Loss from operations before income taxes and non-controlling
      interest |   | (39,068,868      | ) |   | (600,851                         | ) |   | (507,426    | ) |   | (778,853    | )
|Non-controlling interest                                                    |   | 1,067,567        |   |   | -                                |   |   | -           |   |   | -           |  
|Net loss and comprehensive loss for the period                              |   | (38,001,301      | ) |   | (600,851                         | ) |   | (507,426    | ) |   | (778,853    | )
|Deficit, beginning of period                                                |   | -                |   |   | (37,400,450                      | ) |   | (36,893,024 | ) |   | (36,114,171 | )
|Deficit, end
      of period                                                | $ | (38,001,301      | ) | $ | (38,001,301                      | ) | $ | (37,400,450 | ) | $ | (36,893,024 | )
|                                                                            |   |                  |   |   |                                  |   |   |             |   |   |             |  
|Basic and diluted
      loss per share                                      |   |                  |   | $ | (0.03                            | ) | $ | (0.03       | ) | $ | (0.05       | )
|Weighted average number of shares                                           |   |                  |   |   |                                  |   |   |             |   |   |             |  
|Basic and diluted                                                           |   |                  |   |   | 17,315,172                       |   |   | 15,036,926  |   |   | 14,340,414  |  

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 Equity |  |   |                     |   |   |            |  
|                                    |  |                  |  |   | Common Shares    |   |   | portion of         |  |   | Deficit accumulated |   |   |            |  
|                                    |  |                  |  |   | issued and fully |   |   | convertible        |  |   | during the          |   |   |            |  
|                                    |  | Number of shares |  |   | 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)
      (continued)
|(in Canadian
      dollars)                                                   

|                                                            |  |                  |   |   |                  |   |   | Contributed        |   |   |                     |   |   |             |  
|----------------------------------------------------------- |  | ---------------- | - | - | ---------------- | - | - | ------------------ | - | - | ------------------- | - | - | ----------- | -
|                                                            |  |                  |   |   |                  |   |   | Surplus and Equity |   |   |                     |   |   |             |  
|                                                            |  |                  |   |   | Common Shares    |   |   | portion of         |   |   | Deficit accumulated |   |   |             |  
|                                                            |  |                  |   |   | issued and fully |   |   | convertible        |   |   | during the          |   |   |             |  
|                                                            |  | Number of shares |   |   | 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 period                                         |  | -                |   |   | -                |   |   | -                  |   |   | (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     |  

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)
      (continued)
|(in Canadian
      dollars)                                                   

|                                                         |  |                  |  |   |                  |   |   | Contributed        |   |   |                     |   |   |            |  
|-------------------------------------------------------- |  | ---------------- |  | - | ---------------- | - | - | ------------------ | - | - | ------------------- | - | - | ---------- | -
|                                                         |  |                  |  |   |                  |   |   | Surplus and Equity |   |   | Deficit accumulated |   |   |            |  
|                                                         |  |                  |  |   | Common Shares    |   |   | portion of         |   |   | during the          |   |   |            |  
|                                                         |  |                  |  |   | issued and fully |   |   | convertible        |   |   | exploration stage - |   |   |            |  
|                                                         |  | Number of shares |  |   | paid             |   |   | debentures         |   |   | unaudited           |   |   | Total      |  
|                                                         |  |                  |  |   |                  |   |   |                    |   |   |                     |   |   |            |  
|Balance forward                                          |  | 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   | )
|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   | )
|Acquisition of Gladys Lake option                        |  | 50,000           |  |   | 16,500           |   |   | -                  |   |   | -                   |   |   | 16,500     |  
|Issued on conversion of debt                             |  | 3,731,128        |  |   | 780,330          |   |   | -                  |   |   | -                   |   |   | 780,330    |  
|Issued on exercise of stock options                      |  | 900,000          |  |   | 603,876          |   |   | (306,876           | ) |   | -                   |   |   | 297,000    |  
|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    | )

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 to |   |   | For the year ended September 30, |  
|                                                              |   | September 30,    |   |   |                                  |   |   |          |   |   |          |  
|                                                              |   | 2007             |   |   | 2007                             |   |   | 2006     |   |   | 2005     |  
|                                                              |   |                  |   |   |                                  |   |   |          |   |   |          |  
|Operating Activities                                          |   |                  |   |   |                                  |   |   |          |   |   |          |  
|Net loss for the period                                       | $ | (38,001,301      | ) | $ | (600,851                         | ) | $ | (507,426 | ) | $ | (778,853 | )
|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                                                  |   | 610,823          |   |   | 424                              |   |   | 596      |   |   | 840      |  
|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         | ) |   | -                                |   |   | -        |   |   | -        |  
|Stock-based
      compensation                                |   | 3,008,754        |   |   | -                                |   |   | -        |   |   | 579,654  |  
|Change in non-cash working capital                            |   |                  |   |   |                                  |   |   |          |   |   |          |  
|GST
      refundable and other receivables                    |   | (199,571         | ) |   | (8,523                           | ) |   | 24,569   |   |   | (28,537  | )
|Inventory                                                     |   | (299,208         | ) |   | -                                |   |   | -        |   |   | -        |  
|Prepaid
      expenses and deposits                           |   | 2,275            |   |   | -                                |   |   | 1,503    |   |   | 772      |  
|Accounts payable and accrued liabilities                      |   | 3,494,998        |   |   | 243,867                          |   |   | 357,893  |   |   | 18,362   |  
|Net cash used in operating activities                         |   | (6,691,009       | ) |   | (333,405                         | ) |   | (33,978  | ) |   | (207,762 | )
|                                                              |   |                  |   |   |                                  |   |   |          |   |   |          |  
|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)             |   | 18,872,405       |   |   | 297,000                          |   |   | -        |   |   | -        |  
|Net cash provided
      from (used in) financing activities   |   | 25,143,069       |   |   | 333,250                          |   |   | -        |   |   | -        |  
|                                                              |   |                  |   |   |                                  |   |   |          |   |   |          |  
|Investing Activities                                          |   |                  |   |   |                                  |   |   |          |   |   |          |  
|Notes receivable
      advanced                               |   | (1,284,732       | ) |   | -                                |   |   | -        |   |   | -        |  
|Purchase of subsidiaries, net of
      cash                   |   | (1,355,771       | ) |   | -                                |   |   | -        |   |   | -        |  
|Purchase of equipment                                         |   | (12,367,763      | ) |   | -                                |   |   | -        |   |   | -        |  
|Expenditures on mineral properties                            |   | (2,478,099       | ) |   | -                                |   |   | (16,824  | ) |   | (31,903  | )
|Due from related
      parties                                |   | (525,227         | ) |   | -                                |   |   | -        |   |   | (13,637  | )
|Deposit                                                       |   | (440,340         | ) |   | -                                |   |   | -        |   |   | -        |  
|Net cash used in investing activities                         |   | (18,451,932      | ) |   | -                                |   |   | (16,824  | ) |   | (45,540  | )
|                                                              |   |                  |   |   |                                  |   |   |          |   |   |          |  
|Change in cash                                                |   | 128              |   |   | (155                             | ) |   | (50,802  | ) |   | (253,302 | )
|                                                              |   |                  |   |   |                                  |   |   |          |   |   |          |  
|Cash at beginning of period                                   |   | -                |   |   | 283                              |   |   | 51,085   |   |   | 304,387  |  
|                                                              |   |                  |   |   |                                  |   |   |          |   |   |          |  
|Cash at end of period                                         | $ | 128              |   | $ | 128                              |   | $ | 283      |   | $ | 51,085   |  

Supplemental cash flow information (note 9)

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

F-9

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|1. | Nature of Operations and Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Globetech Ventures Corp. ("the Company") is
        incorporated under the laws of British Columbia, Canada, and its principal
        business activities include acquiring, exploring and developing mineral
        properties and the processing of related mineral resources.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | 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.                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2. | Significant Accounting Policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | These financial statements have been prepared
        in accordance with generally accepted accounting principles in Canada
        ("Canadian GAAP") and reflect the significant accounting policies outlined
        below. These policies conform, in all material respects, with accounting
        principles generally accepted in the United States ("U.S. GAAP"), except
        as discussed in Note 12.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | 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 significiant
        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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Effective October 1, 2006, the Company adopted
        CICA Handbook Section 1530, Comprehensive Income,CICA Handbook
        Section 3855, Financial Instruments - Recognition and Measurement,CICA Handbook Section 3861, Financial Instruments - Presentation
        and Disclosureand CICA Handbook Section 3865, Hedges.These
        new Handbook Sections provide comprehensive requirements for the recognition
        and measurement of financial instruments, as well as standards on when
        and how hedge accounting may be applied. Handbook Section 1530 also introduces
        a new component of equity referred to as comprehensive income.                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Under Section 3855, all financial instruments
        are classified into one of five categories: held-for-trading, held-to-maturity,
        loans and receivables, available-for-sale financial assets or other financial
        liabilities. All financial instruments are measured in the balance sheet
        at fair value except for loans and receivables, held-to-maturity instruments
        and other financial liabilities, which are measured at amortized cost.
        Subsequent measurement and changes in fair value will depend on their
        initial classification. Held-for-trading financials assets and liabilities
        are measured at fair value and changes in fair value are recognized into
        net income. Available-for-sale financial instruments are measured at their
        fair value with changes in fair value recorded in other comprehensive
        income.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | As a result of the adoption of these new standards,
        the Company has classified its receivables as loans and receivables. Accounts
        payable and accrued liabilities are classified as other liabilities, which
        are measured at amortized cost.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | As a result of application of Section 3855,
        the Company's deficit as at October 1, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Mineral properties consist of exploration
        and mining concessions, options and contracts. Acquisition and exploration
        costs are capitalized and deferred until such time as the property is
        put into production, or the property is disposed of by sale or abandonment.
        If put into production, the costs of acquisition and exploration will
        be written off over the life of the property based on estimated economic
        reserves. Proceeds received from the sale of any interest in a property
        will be credited against the carrying value of the property, with any
        excess included in operations for the period. If a property is abandoned,
        the acquisition and deferred exploration costs will be written off to
        operations.                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | 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 reviews capitalized costs on its
        mineral properties on an annual basis and will recognize impairment in
        value based upon current exploration results and upon managements
        assessment of the future probability of profitable revenues from the property
        or sale of the property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | Recorded costs of mineral properties and deferred
        exploration costs are not intended to reflect present or future values
        of mineral properties. The recorded costs are subject to measurement uncertainty
        and it is reasonably possible, based on existing knowledge, that changes
        in future conditions could require a material change in the recognized
        amount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   | The Company records mineral exploration tax
        credits using the cost reduction approach. These credits are accrued when
        the qualifying expenditures are made and there is reasonable assurance
        the tax credits will be realized.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

F-10

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|2. | Significant Accounting Policies continued                                                                                                                                                
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                          
|   | ***d)***                                                                                                                                                                                 
|   |                                                                                                                                                                                          
|   | Equipment is carried at cost less accumulated
        amortization. Amortization is being provided for annually using the declining
        balance method at the following annual rates:

| | Office equipment   | 20% | 
| | ------------------ | --- | 
| | Computer equipment | 30% | 

| | ***e)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Income (loss) per share                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | Income (loss) per
        share amounts have been calculated based on the weighted average number
        of shares outstanding during the year. The weighted average number of
        shares outstanding during the year ended September 30, 2007 was 17,315,172
        (2006 - 15,036,926; 2005 - 14,340,414).                                                                                                                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | The Company uses the
        treasury stock method of calculating fully diluted per share amounts whereby
        any proceeds from the exercise of stock options or other dilutive instruments
        are assumed to be used to purchase common shares at the average market
        price during the period. The assumed conversion of outstanding common
        share options and warrants have an anti-dilutive effect in the presented
        years.                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | ***f)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Foreign currency
        translation   
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | The monetary assets
        and liabilities of the Company that are denominated in foreign currencies
        are translated at the rate of exchange at the balance sheet date. Revenues
        and expenses are translated at the exchange rate prevailing at the transaction
        date. Exchange gains and losses arising on translation are included in
        the consolidated statements of operations.                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | All of the Company's
        foreign subsidiaries are integrated with the Company and translated using
        the temporal method. Under this method, monetary assets and liabilities
        are translated at the rate of exchange at the balance sheet date. Non-monetary
        assets and liabilities are translated at exchange rates prevailing at
        the transaction date. Income and expenses are translated at rates which
        approximate those in effect on transaction dates. Gains and losses arising
        from restatement of foreign currency monetary assets and liabilities at
        each period end are included in operations.                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | ***g)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 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 amount of assets and liabilities and disclosure of
        contingent liabilities at the date of the financial statements, and the
        reported amounts of revenues and expenditures during the reporting period.
        Actual results could differ from those reported.                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | ***h)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Income taxes                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | Income taxes are accounted
        for using the future income tax method. Under this method income taxes
        are recognized for the estimated income taxes payable for the current
        year and future income taxes are recognized for temporary differences
        between the tax and accounting bases of assets and liabilities and for
        the benefit of losses available to be carried forward for tax purposes
        that are more likely than not to be realized. Future income tax assets
        and liabilities are measured using tax rates expected to apply in the
        years in which the temporary differences are expected to be recovered
        or settled.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | ***i)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Stock based compensation               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | The Company uses the
        fair value method to account for stock-based compensation. Stock-based
        compensation awards expense is calculated using the Black-Scholes option
        pricing model and is charged to operations as the options vest with an
        offsetting credit to contributed surplus.                                                                                                                                                                                                                                                                                                                                                                             
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | ***j)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Impairment of long-lived
        assets
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | The Company determines
        if an impairment loss exists by determining if the carrying amount of
        a long-lived asset exceeds the sum of the undiscounted cash flows expected
        to result from its use and eventual disposition. If an impairment exists,
        the amount of the loss is measured as the amount by which the long-lived
        asset's carrying amount exceeds its fair value.                                                                                                                                                                                                                                                                                
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | ***k)***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Share issue costs                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                        
| | Cost associated with
        the issuance of share capital are charged directly to share capital.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

F-11

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|3. | Equipment
|-- | ---------

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

| |                    |   | September 30, 2006 | 
| | ------------------ | - | ------------------ | 
| |                    |   |                    | 
| |                    |   | Cost               | 
| | Office equipment   | $ | 5,222              | 
| | Computer equipment |   | 26,313             | 
| |                    | $ | 31,535             | 

|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. The Gladys Lake property is situated in northwestern
        British Columbia approximately 50 km northeast of Atlin and 15 km north
        of the Adanac Molybdenum Corporation molybdenum deposit presently undergoing
        final engineering studies and permitting.                                                                                                                                                                                                                                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   | 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 150,000
        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 2007, the Company paid $NIL (2006 - $15,000)
        and issued an additional 50,000 (2006 - 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, 2007  |  |   | 50,000          |  |   | Issued        | 
| |                                                                                 |   | March 21, 2008  |  |   | 100,000         |  |   |               | 
| |                                                                                 |   | March 21, 2009  |  |   | 150,000         |  |   |               | 
| |                                                                                 |   |                 |  |   |                 |  |   |               | 
| |                                                                                 |   |                 |  |   |                 |  |   |               | 
| |                                                                                 |   | For the year    |  |   | For the year    |  |   | Cumulative to | 
| |                                                                                 |   | ended September |  |   | ended September |  |   | September 30, | 
| | The Company has incurred the following costs on the Gladys
      Lake property: |   | 30, 2007        |  |   | 30, 2006        |  |   | 2007          | 
| | Acquisition costs                                                               | $ | 16,500          |  | $ | 54,004          |  | $ | 70,504        | 
| | Exploration costs                                                               |   |                 |  |   |                 |  |   |               | 
| | Report                                                                          |   | -               |  |   | 13,199          |  |   | 13,199        | 
| | Assessment work                                                                 |   | -               |  |   | 1,789           |  |   | 1,789         | 
| | Geologist                                                                       |   | -               |  |   | 4,000           |  |   | 4,000         | 
| | Transportation                                                                  |   | -               |  |   | 4,739           |  |   | 4,739         | 
| |                                                                                 | $ | 16,500          |  | $ | 77,731          |  | $ | 94,231        | 

F-12

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|5. | 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,      | 
| |                                               |   | 2007               | 
| | Management fees to officers of the Company    | $ | 60,000             | 
| | Consulting fees paid to a director            |   | 56,000             | 
| | Paid or accrued accounting fees to an officer |   | 24,000             | 
| |                                               | $ | 140,000            | 

Included in accounts payable and accrued
  liabilities was $13,958 (2006 - $99,753) due to a director, and $12,000 (2006
  - $42,335) due to an officer of the Company.

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.

|6. | Loans Payable
|-- | -------------

| |                                                               |   | 2007   |  |   | 2006    | 
| | ------------------------------------------------------------- | - | ------ |  | - | ------- | 
| | Loans payable which were unsecured, due on demand and bearing |   |        |  |   |         | 
| | interest at 10% per annum                                     | $ | 36,250 |  | $ | 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
  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 has been recognized and the Company
  has agreed to issue an additional 241,667 shares as payment in full.

|7. | Share Capital
|-- | -------------
|   |              
|   | a)           
|   |              
|   |              

| | **b)** | **Issued**                                        |  | Number of Shares |  |   |       |  |   | Share
      Capital | 
| | ------ | ------------------------------------------------- |  | ---------------- |  | - | ----- |  | - | ------------------- | 
| |        | Balance, September
      30, 2005                 |  | 14,471,939       |  |   |       |  | $ | 33,615,191          | 
| |        | Warrant shares issued (note 7d )                  |  | 257,812          |  |   |       |  |   | -                   | 
| |        | Acquisition of Gladys
      Lake option (note 4 ) |  | 50,000           |  |   |       |  |   | 10,500              | 
| |        | Shares
      issued for debt                      |  | 861,000          |  |   |       |  |   | 199,270             | 
| |        | 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 (note 6 )                  |  | 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          | 

F-13

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|7. | Share Capital continued
|-- | -----------------------
|   |                        
|   | ***c)***               

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 |   |  |                                 | 
| | ------------------------------------------------------- |  | --------- | - |  | ------------------------------- | 
| |                                                         |  | Options   |   |  | Weighted average exercise price | 
| |                                                         |  |           |   |  |                                 | 
| | Outstanding and exercisable at September 30,
      2005 |  | 2,100,000 |   |  | US$ 0.54                        | 
| | Options granted                                         |  | -         |   |  | -                               | 
| | Options cancelled / expired                             |  | -         |   |  | -                               | 
| | Options exercised                                       |  | -         |   |  | -                               | 
| | 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                        | 

The Company has 1,200,000 stock options
  of which 800,000, exercisable at a price of US$0.30, were granted on February
  3, 2005 that expire on February 3, 2008 and 400,000, exercisable at a price
  of US$1.75, were granted on March 12, 2004, expiring on March 12, 2008. Subsequent
  to year end the balance of the 800,000 stock options were cancelled. See subsequent
  events.

The following table summarizes information
  about stock options outstanding at September 30, 2007:

| |                   |  | Options Outstanding |  |  | Options Exercisable       | 
| | ----------------- |  | ------------------- |  |  | ------------------------- | 
| |                   |  |                     |  |  |                           | 
| |                   |  | Number              |  |  | Weighted average          | 
| |                   |  | outstanding at      |  |  | remaining                 | 
| | Range of exercise |  | September 30,       |  |  | contractual life exercise | 
| | prices (USD$)     |  | 2007                |  |  | (years)                   | 
| | $ 0.30 - $1.75    |  | 1,200,000           |  |  | 0.4                       | 

| | d) | Warrants                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | Pursuant to a convertible debenture agreement dated
        July 28, 2004 the holders held 1,000,000 warrants to purchase shares at
        $0.475 USD per share and exercised their right to obtain 257,812 cashless
        warrants in lieu of exercising the 1,000,000 warrants. During the year
        ended September 30, 2006, the Company issued 257,812 shares at a deemed
        value of $nil per share.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    | At September 30, 2007, the Company had NIL (2006 - 600,000)
        common share purchase warrants outstanding to purchase NIL (2006 - 600,000)
        common shares of the Company.                                                                                                                                                                                                                                

| | Warrants outstanding
      at September 30, 2006 |  | Issue date     |  |  | Outstanding |  |  | Purchase price |  |  | Expiry date | 
| | ------------------------------------------------ |  | -------------- |  |  | ----------- |  |  | -------------- |  |  | ----------- | 
| |                                                  |  | June 30, 2004  |  |  | 300,000     |  |  | USD $ 1.00     |  |  | 30-Jun-07   | 
| |                                                  |  | April 23, 2004 |  |  | 300,000     |  |  | USD $ 1.00     |  |  | 23-Apr-07   | 

F-14

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|8. | Income Taxes
|-- | ------------

> A reconciliation of income taxes
>     at statutory rates with the reported taxes is as follows:

| |                                          |   | 2007     |   |   | 2006     |   |   | 2005     |  
| | ---------------------------------------- | - | -------- | - | - | -------- | - | - | -------- | -
| |                                          |   |          |   |   |          |   |   |          |  
| | Loss before income taxes                 | $ | (600,851 | ) | $ | (507,426 | ) | $ | (778,853 | )
| | Income tax recovery at statutory rates   |   | 205,010  |   |   | 173,134  |   |   | 265,745  |  
| | Effect of tax rate change                |   | (17,602  | ) |   | (613,762 | ) |   | -        |  
| | Non-deductible items for tax purposes    |   | -        |   |   | (53,599  | ) |   | (198,065 | )
| | Non-capital loss expired                 |   | (128,034 | ) |   | (89,356  | ) |   | -        |  
| | Unrecognized benefit of non-capital loss |   | -        |   |   | -        |   |   | (67,680  | )
| | Change in valuation allowance            |   | (47,006  | ) |   | 583,583  |   |   | -        |  
| |                                          |   |          |   |   |          |   |   |          |  
| |                                          | $ | 12,368   |   | $ | -        |   | $ | -        |  

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

| |                               |   | 2007       |   |   | 2006       |   |   | 2005       |  
| | ----------------------------- | - | ---------- | - | - | ---------- | - | - | ---------- | -
| | Future income tax assets      |   |            |   |   |            |   |   |            |  
| | Property, plant and equipment | $ | 9,357      |   | $ | 9,225      |   | $ | 9,950      |  
| | Mineral properties            |   | 1,805,862  |   |   | 1,805,862  |   |   | 1,987,613  |  
| | Net capital losses available  |   | 3,384,604  |   |   | 3,384,604  |   |   | 3,725,249  |  
| | Non-capital losses available  |   | 814,398    |   |   | 755,829    |   |   | 816,292    |  
| |                               |   | 6,014,221  |   |   | 5,955,520  |   |   | 6,539,104  |  
| | Valuation allowance           |   | (6,014,221 | ) |   | (5,955,520 | ) |   | (6,539,104 | )
| |                               |   |            |   |   |            |   |   |            |  
| |                               | $ | -          |   | $ | -          |   | $ | -          |  

> The Company has incurred non-capital
>     losses of approximately $2,627,029 which may be applied to reduce taxable
>     income in future years. These non-capital losses will expire as follows:

2008
      $
      456,8412009
      
      277,5362010
      
      176,8162014
      
      446,5302015
      
      198,3592026
      
      506,8302027
      
      564,177$
      2,627,089


> 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.

|9. | Supplemental Cash Flow Information
|-- | ----------------------------------

| |                                |   | 2007     |   |   | 2006    |   |   | 2005    |  
| | ------------------------------ | - | -------- | - | - | ------- | - | - | ------- | -
| | Financing Activity             |   |          |   |   |         |   |   |         |  
| | Share capital issued for:      |   |          |   |   |         |   |   |         |  
| | Mineral property               | $ | 16,500   |   | $ | 10,500  |   | $ | 18,504  |  
| | Debt                           | $ | 374,776  |   |   |         |   |   |         |  
| | Long-term debt (repayment)     | $ | (374,776 | ) |   |         |   |   |         |  
| | Investing Activity             |   |          |   |   |         |   |   |         |  
| | Investment in mineral property | $ | 16,500   |   | $ | (10,500 | ) | $ | (18,504 | )

F-15

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|10. | Contingencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | On January 24, 2005 the Company announced that it is
        no longer interested in pursuing any exploration or development work on
        the Amapa property in Brazil and the Agreement was terminated. The company
        recorded a write down of mineral properties of $4,425,208 during the year.                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | The Company has made a demand for the return of 2,000,000
        shares issued in connection with the Amapa property due to breach of the
        contract. The Company is of the opinion that the breaches incurred by
        the defendants occurred before any non-performance of the contract on
        its part and that it should able to exercise its rights under the contract
        to repurchase the 2,000,000 shares issued for $100.00. The outcome is
        not determinable and no provision has been made in these financial statements. 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|11. | Subsequent event                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | The Company issued 360,000 shares at a price of $0.2333
        USD per share to settle debts totaling $84,000 USD.                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | On December 20, 2007 the Company cancelled 800,000 stock
        options and set 1,200,000 new options to directors and officers at a rate
        of $0.15 per share for a period of 3 years. Stock-based compensation is
        calculated at $129,946 using the Black Scholes Option Pricing Model assuming
        no dividends are to be paid, with a weighted average expected stock option
        life of 3 years, a weighted average volatility of the Company's share
        price of 107.1% and an average annual risk free interest rate of 3.8%.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|12. | 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:                                                                                                                                                                                                                                                                  

| |                                                                         |   | Period from      |   |   | For the year ended |        
| | ----------------------------------------------------------------------- | - | ---------------- | - | - | ------------------ | -------
| |                                                                         |   | December 1991    |   |   |                    |        
| |                                                                         |   | to September 30, |   |   |                    |        
| |                                                                         |   | 2007             |   |   | 2007               |        
| | Loss for the year under Canadian GAAP                                   | $ | (38,001,301      | ) | $ | (600,851           | )      
| | Mineral property expenditures expensed under US GAAP                    |   | (94,231          | ) |   | (16,500            | )      
| | Compensation expense on granting of stock options                       |   | (3,388,662       | ) |   | -                  |        
| | Compensation expense
      on release of escrow shares                  |   | (3,435,000       | ) |   | -                  |        
| | United States GAAP                                                      | $ | (44,919,194      | ) | $ | (617,351           | )      
| | Gain (loss) per share
      - United States GAAP                        |   |                  |   | $ | (0.03              | )      
| |                                                                         |   |                  |   |   |                    |        
| |                                                                         |   |                  |   |   |                    |        
| |                                                                         |   |                  |   |   |                    |        
| | Total assets under Canadian GAAP                                        |   |                  |   |   |                    |        
| | Mineral property expenditures expensed under United States GAAP         |   |                  |   |   |                    | (94,231
| | 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      |   |                  |   |   |                    |        
| | Cumulative compensation expense
      on release of escrow shares       |   |                  |   |   |                    |        
| | Contributed surplus as reported                                         |   |                  |   |   |                    |        
| | Capital stock under United States GAAP                                  |   |                  |   |   |                    |        
| | Deficit under Canadian GAAP                                             |   |                  |   |   |                    |        
| | Mineral property expenditures
      expensed under US GAAP              |   |                  |   |   |                    |        
| | Cumulative compensation expense
      on granting of stock options      |   |                  |   |   |                    |        
| | Cumulative compensation expense on release
      of escrow shares       |   |                  |   |   |                    |        
| | Deficit under United States GAAP                                        |   |                  |   |   |                    |        
| | Shareholders' deficiency under United States GAAP                       |   |                  |   |   |                    |        
| |                                                                         |   |                  |   |   |                    |        
| |                                                                         |   |                  |   |   |                    |        
| | Shareholders' deficiency and liabilities under United States
      GAAP |   |                  |   |   |                    |        

F-16

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|12. | Differences between Canadian and United
        States Generally Accepted Accounting Principles ("GAAP") (in Canadian
        dollars) continued
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                 
|    | a)                                                                                                                                              
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    | b)                                                                                                                                              
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    | c)                                                                                                                                              
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    | d)                                                                                                                                              
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    | e)                                                                                                                                              
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 
|    |                                                                                                                                                 

F-17

---

| | Globetech Ventures Corp.                  
| | ------------------------------------------
| | Notes to Consolidated Financial Statements
| | September 30, 2007                        
| | (in
      Canadian dollars)               

|12. | Differences between Canadian and United States
      Generally Accepted Accounting Principles ("GAAP") (in Canadian dollars)
      continued
|--- | --------------------------------------------------------------------------------------------------------------------------------------------

In September 2006, the Securities Exchange
  Commission (SEC) issued Staff Accounting Bulletin (SAB)
  SAB No. 108. SAB No.108 provides guidance on how prior year misstatements should
  be taken into consideration when qualifying misstatements in current years financial
  statements for purposes of determining whether the current years financial
  statements are materially misstated. SAB No. 108 permits companies to record
  the cumulative effect of initial adoption by recording the necessary correcting
  adjustments to the carrying values of assets and liabilities as of the beginning
  of the 2006 year with the offsetting adjustments recorded to the opening balance
  of retained earnings. SAB No. 108 is effective for fiscal years ending on or
  after November 15, 2006. The application of SAB No. 108 did not have an impact
  on the Companys consolidated balance sheets, statements of operations
  or statements of shareholders equity for 2007, 2006 or 2005.

In February 2007 the FASB issued FAS
  159, which allows an irrevocable option, Fair Value Option (FVO), to carry eligible
  financial assets and liabilities at fair value, with the election made on an
  instrument-by-instrument basis. Changes in fair value for these instruments
  would be recorded in earnings. The objective of FAS 159 is to improve financial
  reporting by providing entities with the opportunity to mitigate volatility
  in reported earnings caused by measuring related assets and liabilities differently
  without having to apply complex hedge accounting provisions.

Under FAS 159 an entity must elect whether
  to use the FVO on the date an item is initially recognized, with limited exceptions.
  Since the FVO is an instrument by instrument election, companies may record
  identical financial assets and liabilities either at fair value or on another
  measurement basis permitted by US GAAP, such as amortized cost. One exception
  to the instrument-by-instrument guidance is that for investments that would
  otherwise fall under equity method accounting, the election must be made for
  all of the investors financial interests (equity and debt, including guarantees)
  in the same entity.

The company does not expect to have
  any eligible financial instruments where it is necessary to make any elections.

F-18

---

ITEM 19

Exhibits

|Exhibit |  |                                                                                        
|------- |  | ---------------------------------------------------------------------------------------
|Number  |  | Description                                                                            
|        |  |                                                                                        
|12.1    |  | Section
      302 Certification by Chief Executive Officer.                            
|        |  |                                                                                        
|12.2    |  | Section
      302 Certification by Chief Financial Officer.                            
|        |  |                                                                                        
|13.1    |  | Section
      906 Certification by Chief Executive Officer and Chief Financial Officer.

24

---

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, 2008

25

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