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UNITED STATES 
Expires: January 31, 2008 
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Washington, D.C. 20549 
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**FORM 20-F 
Amendment I 

(Mark One) 

___ 
**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    January 31, 2005**
OR 
___ 
**TRANSITION REPORT PURSUANT    TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period    from to**
Commission file number 0-28980    
ROYAL STANDARD MINERALS INC. 

(Exact name of Registrant as specified in its charter) 
(Translation of Registrant's    name into English) 
CANADA 

(Jurisdiction of incorporation or organization) 
3258 MOB NECK ROAD 

HEATHSVILLE, VIRGINIA 22473 

(Address of principal executive offices) 
Securities registered or to be    registered pursuant to Section 12(b) of the Act. 
Title of each class 

____________________________________ 

____________________________________ 
Name of each exchange on which    registered 

____________________________________ 

____________________________________ 
Securities registered or to be    registered pursuant to Section 12(g) of the Act. 
COMMON SHARES 
(Title of Class) 
(Title of Class) 
Securities for which there is    a reporting obligation pursuant to Section 15(d) of the Act. 
(Title of Class) 
SEC 1852 (6-04) 
**Persons who respond to the    collection of information contained in this form are not required to respond unless the    form displays a currently valid OMB control number**
Indicate the number of    outstanding shares of each of the issuer's classes of capital or common stock as of the    close of the period covered by the annual report. 
43,143,518 Common Shares 
Indicate by check mark whether    the registrant (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 registrant 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 which    financial statement item the registrant has elected to follow. 
___X___ Item 17 _____ Item 18
(APPLICABLE ONLY TO ISSUERS    INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) 
Indicate by check mark whether    the registrant has filed all documents and reports required to be filed by Sections 12, 13    or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of    securities under a plan confirmed by a court. 
______Yes _____No 
**PART 1**
ITEM 1 
IDENTITY OF DIRECTORS, SENIOR    MANAGEMENT AND ADVISERS 
5 
ITEM 2 
OFFER STATISTICS AND EXPECTED    TIMETABLE 
5 
ITEM 3 
KEY INFORMATION 
5 
*A.*
*Selected financial data*
5 
*B.*
*Capitalization and    indebtedness*
6 
*C.*
*Reasons for the offer and use    of proceeds*
6 
*D.*
*Risk factors*
6 
ITEM 4 
INFORMATION ON THE COMPANY 
9 
*A.*
*History and development of the    company*
9 
*B.*
*Business overview*
9 
*C.*
*Organizational structure*
16 
*D.*
*Property, plants and equipment*
16 
ITEM 5 
OPERATING AND FINANCIAL REVIEW    AND PROSPECTS 
16 
*A.*
*Operating results*
16 
*B.*
*Liquidity and capital    resources*
19 
*C.*
*Research and development,    patents and licenses, etc.*
21 
*D.*
*Trend information*
21 
*E.*
*Off balance sheet arrangements*
21 
*F.*
*Tabular disclosures of    contractual obligations*
21 
*G.*
*Safe harbor*
21 
ITEM 6 
DIRECTORS, SENIOR MANAGEMENT AND    EMPLOYEES 
21 
*A.*
*Directors and senior    management*
21 
*B.*
*Compensation*
23 
*C.*
*Board practices*
25 
*D.*
*Employees*
30 
*E.*
*Share ownership*
30 
ITEM 7 
MAJOR SHAREHOLDERS AND RELATED    PARTY TRANSACTIONS 
31 
*A.*
*Major shareholders*
31 
B. 
*Related party transactions*
31 
C. 
*Interests of experts and    counsel*
31 
ITEM 8 
FINANCIAL INFORMATION 
31 
*A.*
*Consolidated statements and    other financial information*
31 
*B.*
*Significant changes*
32 
ITEM 9 
THE OFFER AND LISTING 
32 
*A.*
*Offer and listing details*
32 
*B.*
*Plan of distribution*
34 
*C.*
*Markets*
34 
*D.*
*Selling shareholders*
35 
*E.*
*Dilution*
35 
*F.*
*Expense of the issue*
35 
ITEM 10 
ADDITIONAL INFORMATION 
35 
*A.*
*Share capital*
35 
*B.*
*Memorandum and articles of    association*
35 
*C.*
*Material contracts*
35 
*D.*
*Exchange controls*
35 
*E.*
*Taxation*
37 
*F.*
*Dividends and paying agents*
38 
*G.*
*Statements by experts*
38 
*H.*
*Documents on display*
38 
*I.*
*Subsidiary information*
38 
ITEM 11 
QUANTITATIVE AND QUALITATIVE    DISCLOSURES ABOUT MARKET RISK 
39 
ITEM 12 
DESCRIPTION OF SECURITIES OTHER    THAN EQUITY SECURITIES 
39 
PART II 
ITEM 13 
DEFAULTS, DIVIDENT ARREARAGES AND    DELINQUENCIES 
39 
ITEM 14 
MATERIAL MODIFICATIONS TO THE    RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 
39 
ITEM 15 
CONTROLS AND PROCEDURES 
39 
ITEM 16 
[RESERVED] 
40 
ITEM 16A 
AUDIT COMMITTEE FINANCIAL REPORT 
40 
ITEM 16B 
CODE OF ETHICS 
40 
ITEM 16C 
PRINCIPAL ACCOUNTANT FEES AND    SERVICES 
40
ITEM 16D 
EXEMPTIONS FROM THE LISTING    STANDARDS FOR AUDIT COMMITTEES 
40 
ITEM 16E 
PURCHASES OF EQUITY SECURITIES BY    THE ISSUER AND AFFILIATED PURCHASERS 
40 
PART III 
ITEM 17 
FINANCIAL STATEMENTS 
41 
ITEM 18 
FINANCIAL STATEMENTS 
74 
ITEM 19 
EXHIBITS 
74 
SIGNATURES 
74 
CERTIFICATIONS 
75 
CERTIFICATIONS PURSUANT TO    SECTION 906 
77 
**PART I 
Item 1. Identity of Directors, Senior Management and Advisers 

Not Applicable 

**Item 2. Offer Statistics and Expected Timetable 
Not Applicable 

**Item 3. Key Information 
A. Selected financial data. 

The table below presents selected statement of operations andbalance sheet data for Royal Standard Minerals Inc. as at and for the fiscal years endedJanuary 31, 2005, 2004, 2003, 2002 and 2001. The selected financial data presented hereinis prepared in accordance with accounting principles generally accepted in Canada("Canadian GAAP") and include the accounts of the Company and its wholly-ownedsubsidiaries, Southeastern Resources Inc., Pinon Exploration Corporation, Standard EnergyInc., and Manhattan Mining Co., all United States Companies. 

A summary of the differences between accounting principles generallyaccepted in Canada ("Canadian GAAP") and those generally accepted in the UnitedStates ("US GAAP") which affect the Company is contained in Note 15 of theConsolidated Financial Statements included with this report. 
**Royal Standard Minerals Inc. 

(An Exploration Stage Enterprise) 

Consolidated Financial Statement Data 

For the Years Ended January 31 

(Expressed in US Currency)**
**2005**
2004
2003
2002
2001
Statement of Operations
Revenue 
$0 
$0 
$0 
$10,332 
$8,282 
Administrative Expenses 
$578,632 
$565,907 
$330,598 
$144,690 
$57,158 
Net loss for the year 
($481,723) 
($554,626) 
($416,803) 
$295,648 
($2,597492) 
Deficit, beginning of year 
($7,377,424) 
($6,822,798) 
($6,405,995) 
($6,701,643) 
($4,104,151) 
Deficit, end of year 
($7,859,147) 
($7,377,424) 
($6,822,798) 
($6,405,995) 
($6,701,643) 
Earnings (loss) per common share 
Basic 
($0.01) 
($0.02) 
($0.02) 
$0.02 
($0.15) 
Diluted 
($0.01) 
($0.02) 
($0.02) 
$0.01 
($0.15) 
Weighted Average Shares    Outstanding 
41,090,912 
31,330,379 
25,537,033 
27,031,338 
23,116,459 
**Balance Sheet**
Year Ended January 31 
**2005**
2004
2003
2002
2001
Current Assets 
$541,835 
$273,291 
$377,753 
$619,968 
$251,962 
Interest in Mineral Properties    and Related Deferred Exploration Costs 
$2,526,046 
$1,253,444 
$781,039 
$113,078 
$49,380 
Equipment 
$37,735 
$52,656 
$53,688 
$0 
$0 *Currency Exchange Rates**Except where otherwise indicated, all of the dollar figures in thisannual report on Form 20-F, including the financial statements, refer to United Statescurrency. The following table sets forth, for the periods indicated, certain exchangerates based on the exchange rates reported by the Federal Reserve Bank of New York as thenoon buying rates in New York City for cable transfers in foreign currencies as certifiedfor customs purposes (the “Noon Buying Rate”). Such rates quoted arethe number of U.S. dollars per Cdn $1.00 and are the inverse of rates quoted by theFederal Reserve Bank of New York for the number of Canadian dollars per U.S. $1.00. 

Year Ended December 31, 
2000 
2001 
2002 
2003 
2004 
High for the period 
.6973 
.6696 
.8532 
.7738 
.8493 
Low for the period 
.6413 
.6266 
.7992 
.6329 
.7196 
Average rate for the period(1)
.6735 
.6446 
.8308 
.7186 
.7716 
Rate at end of period 
.6666 
.6279 
.8358 
.7738 
.8308 
_______________ 
- (1) Based on the average exchange rates on the last day of each month during the    applicable period. 

**B. Capitalization and indebtedness. 
Not Applicable 

**C. Reasons for the offer and use of proceeds. 
Not Applicable 
- D. Risk factors. 
The operations of Royal Standard involve a number of substantialrisks and the securities of Royal Standard are highly speculative in nature. The followingrisk factors should be considered: 
*Absence of Public Market*Trading of the Common Shares of Royal Standard on the TSX VentureExchange and OTC Bulletin Board has been sporadic and very limited and no assurance can begiven that an active trading market will develop or be sustained. Investment in RoyalStandard is, therefore, not suitable for any investors who may have to liquidate theirinvestments on a timely basis and should only be considered by investors who are able tomake a long term investment in Royal Standard. *Risk Inherent to Royal Standard’s Proposed MiningActivities*
1.****Royal Standard is engaged in the business of acquiring andexploring mineral properties in the hope of locating an economic deposit or deposits ofminerals. The property interests of the Company are in the exploration stage only and arewithout a known body of commercial ore. There can be no assurance that the Company willgenerate any revenues or be profitable or that the Company will be successful in locatingan economic deposit of minerals. 

2. There are a number of uncertainties inherent in any exploration anddevelopment program, including the location of economic ore bodies, the development ofappropriate metallurgical processes, the receipt of necessary governmental permits, andthe construction of mining and processing facilities. Substantial expenditures will berequired to pursue such exploration and development activities. Assuming discovery of aneconomic ore body, and depending on the type of mining operation involved, several yearsmay elapse from the initial stages of development until commercial production iscommenced. New mining operations frequently experience unexpected problems during theexploration and development stages and during the initial production phase. In addition,preliminary reserve estimates may prove inaccurate. Accordingly, there can be no assurancethat the Company’s current exploration and development programs will result inany commercial mining operations. 

3. The Company may become subject to liability for cave-ins and otherhazards of mineral exploration against which it cannot insure or against which it mayelect not to insure because of high premium costs or other reasons. Payment of suchliabilities would reduce funds available for acquisition of mineral prospects orexploration and development and would have a material adverse effect on the financialposition of the Company. 
*History of Losses*
At January 31, 2005, the Company had an accumulated deficit of U.S.$7,859,147. There can be no assurance that the Company will ever achieve revenues fromoperations or that its operations will ever be profitable. ***Additional Capital*
The terms of the Company’s rights to its properties requirethat the Company expend significant funds on exploratory and other pre-productionactivities. Should the Company fail to make these expenditures on a timely basis, it wouldforfeit its rights to the particular projects, including the sums expended through thedates of such forfeitures. The Company’s present capital resources aresufficient to fund these costs. There can be no assurance that the Company will be able toraise additional capital on acceptable terms or at all. In any event, any additionalissuance of equity would be dilutive to the Company’s current shareholders. 
*No History of Operations*
The Company is an exploration stage enterprise with no history of prioroperations and no earnings. There can be no assurance that the Company’soperations will become profitable in the future. The success of the Company will bedependent on the expertise of its management, the quality of its properties, and itsability to raise the necessary capital to carry out its business plan. If financing isunavailable for any reason, the Company will be unable to acquire and retain its mineralconcessions and carry out its business plan.***Regulatory and Economic Factors*
Any exploration operations carried on by the Company are subject togovernment legislation, policies and controls relating to prospecting, development,production, environmental protection, mining taxes and labor standards. In addition, theprofitability of any mining prospect is affected by the market for minerals which isinfluenced by many factors including changing production costs, the supply and demand forminerals, the rate of inflation, the inventory of mineral producers, the politicalenvironment and changes in international investment patterns. 
*Competition*
There is significant competition for the acquisition of propertiesproducing or capable of producing gold and precious minerals. The Company may be at acompetitive disadvantage in acquiring additional mining properties since it must competewith other individuals and companies, many of which have greater financial resources andlarger technical staffs than the Company. As a result of this competition, the Company maybe unable to acquire attractive mining properties on terms it considers acceptable.***Title to Properties*
The validity of unpatented mining claims on public lands, whichconstitute most of the property holdings is often uncertain and may be contested andsubject to title defects. 
*Conflict of Interest*
Certain directors and officers of the Company are also directors andofficers of other natural resource and base metal exploration and development companies.As a result, conflicts may arise between the obligations of these directors to the Companyand to such other companies. 
*Dependence on Key Personnel*
The Company’s success will be dependent upon the services ofits President and Chief Executive Officer, Mr. Roland Larsen. 
*Effect of Outstanding Warrants and Options; Negative Effect ofSubstantial Sales*
As of January 31, 2005, the Company had outstanding options andwarrants to purchase an aggregate of 9,513,840 Common Shares. All of the foregoingsecurities represent the right to acquire Common Shares of the Company during variousperiods of time and at various prices. Holders of these securities are given theopportunity to profit from a rise in the market price of the Common Shares and are likelyto exercise its securities at a time when the Company would be able to obtain additionalequity capital on more favorable terms. Substantial sales of Common Shares pursuant to theexercise of such options and warrants could have a negative effect on the market price forthe Common Shares. ***Dividends*
The Company does not anticipate paying dividends in the foreseeablefuture. 

**Item 4. Information on the Company - A. History and development of the company. 

Royal Standard Minerals Inc. herein referred to as "RoyalStandard" or the “Company”, was incorporated pursuant to the lawsof Canada by articles of incorporation dated December 10, 1986 under its former name,Ressources Minieres Platinor Inc. (“Ressources”). On April 30, 1996,Royal Standard shareholders approved the acquisition of all the issued and outstandingshares of Southeastern Resources, Inc. (“Southeastern”) in a reversetake-over transaction. Pursuant to this transaction, articles of amendment were filedeffective May 14, 1996, pursuant to which the name of Royal Standard was changed to itscurrent form of name and its shares issued and outstanding at that time were consolidatedon a 7.5:1 basis. On June 28, 1996, the Common Shares commenced trading on the MontrealExchange. The Company is continued under the New Brunswick Business Corporations Act andits common shares are listed on the TSX Venture Exchange. The Company also trades in theUnited States Over-the-Counter Bulletin Board. 

The registered office of Royal Standard is located at 56 TemperanceStreet, Fourth Floor, Toronto, Ontario M5G 2V5 with another office located at 3258 MobNeck Road, Heathsville, Virginia 22473. The Company also has an office at 1311 N. McCarranBlvd., Unit 102, Sparks, Nevada 89431. 

**B. Business overview. 
Royal Standard is a mineral exploration company engaged inlocating, acquiring exploring and the development of gold and precious metal deposits inthe state of Nevada. Royal Standard currently has five advanced and exploration-stageprojects, the Manhattan and Gold Wedge programs in Nye County, the Pinon and Railroadprojects in Elko County, the Fondaway project in Churchill County, Nevada and the Comoproject in Lyon County. 

**At the present time, the Company’s activities are limitedto exploratory searches for ore and energy minerals. The Company has not generated anyrevenues from operations at this time. The Company is evaluating the potential foreconomic extraction of known deposits of ore grade material on the Company’smineral exploration properties. See Item # 3.D. - Risk Factors.***Manhattan/Round Mountain Caldera Program*
The project area is located southeast of the town of Round Mountain,  Nevada east of State route 376. The town of Manhattan is located approximately 15 miles  south of Round Mountain. The Manhattan project is located approximately 7 miles east of  route 376 on route 377 and 1.5 miles west of the town of Manhattan. 
The Manhattan/Round Mountain Caldera program is the Company’s  most advanced district play. The land position in the Manhattan Mining District is  comprised of 70 patented and unpatented lode-mining claims. Drill testing the extensions  of the Goldwedge deposit in addition to the evaluation of several additional lode and  placer properties that the Company controls in the district could significantly increase  the gold resource estimates. 
Freeport Gold, Tenneco (Echo Bay) recognized the potential of the  district (to include the Goldwedge deposit that is currently under control by RSM)  however, these deposits were not suited for open pit mining. At that time the large mining  companies did not consider the underground development projects feasible. Although  Sunshine Mining Co. considered an underground mine development in 1988 on the Goldwedge  deposit, continued exploration by Crown Resources and others on MMC claims indicated  sections (5+’-30’) of potentially mineable grades greater than 0.5 opt  gold. The continued downturn in the gold market, tightened corporate budgets and high  holding costs for the properties forced many companies to turn back the land positions to  the claim owners. Currently, MMC controls approximately 4,000 feet of strike length.  Approximately 1,000-1,200 feet of this strike length has been drill tested indicating  positive results. **Goldstrike 

*Fondaway*

*Canyon Project*

Manhattan-Round Mountain Caldera Trend 

***Pinon and*
*Railroad*

Round Mtn

***Como Project*
*Goldwedge Project*

Carlin Trend

**Elko 
Reno

Las Vegas

**RainDistrict*Goldwedge Project*
The Goldwedge, one of several deposits in the Manhattan area, is  currently under evaluation to include an underground bulk sample. The bulk sample will be  processed on site. The Goldwedge contains excellent exploration potential for future  growth. Based upon the results of 70 drill holes primarily within the central zone over a  strike length of 1,000+ feet and 100’-500’ of vertical extent reveal  continuous gold oxide mineralization of potential mineable thickness and quality. RSM has  analyzed all of the drill data as part of a detailed geologic inventory of the project. 

The project ownership includes staked BLM lands; options of BLM claims  owned by others and patented mining claims owned by the Company. All payments, maintenance  fees, option payments and taxes to state and federal authorities are current under state  and federal guidelines. 

The Goldwedge deposit occurs at the intersection of north and northwest  trending faults. In the deposit area, the north trending Reliance fault is mineralized  within the Ordovician Zanzibar limestone and siltstone. The target mineralization occurs  within multiple high angle structures over a width of between 100-200 feet primarily  within the Zanzibar limestone. RSM has evaluated all of the pertinent drill data as part  of a detailed inventory of the deposit geometry, size and overall grade. The current  exploration model suggests that the Goldwedge deposit and the extensions may contain large  gold resources at depth near the contact with the Manhattan Caldera margin. 
**The Goldwedge deposit is located approximately 8 miles south of  the large Round Mountain gold mine. All mine and mill (plant) and water use permits were  achieved in early, 2003. In 2004 the Company constructed a 700 foot (underground) decline  and cross cut to test one of the gold mineralized structures within a 100+ wide structural  zone. Additionally, RSM completed the surface facilities necessary to process the material  to be mined onsite to include silt ponds, ore pad and the onsite gold processing plant.  The Company acquired a full production scale gold recovery (gravity) plant that will be  utilized to process the mined material as part of the test mining program. 

Expenses during fiscal 2004 on the Goldwedge and Manhattan Projects  were $1,077,277 bringing total RSM expenses on these projects to $1,513,427. Future  expenditures are expected to be an additional $2 million over the next two years. 

Currently Sierra Power, a commercial electric supplier, services this  site. The Company has all of the necessary water rights secured from the State of Nevada. 

**This project is an advanced exploration project without known  reserves and the proposed program is exploratory in nature.**
The underground bulk sampling and decline development program will  be expanded in 2005. This effort will include drifting on one of the mineralized zones and  processing this material through an onsite (gravity) plant. The surface facilities and the  gold recovery plant will be completed during the fourth quarter 2005. 

The underground program has several objectives including a test mining  program and the establishment of the appropriate mining methods that will be applied to  the future development of the property. 

The underground development as well as surface and underground drilling  will be directed toward expanding the resources on this property as well as the completion  and testing of the recovery plant design. 

*Pinon and Railroad Projects-Carlin Trend South*

This project is located south of the town of Carlin, Nevada in Elko  County, Nevada. The project land position is located east of Nevada state route 276 and  extends for 10+ miles in a north-south direction south of the town of Carlin. The best  access to the project is via I-80 to Carlin and south on route 276 to the property  position. 

The land position includes unpatented BLM lands, patented lands and fee  lands. All payments, maintenance fees to federal and state authorities are current.  Landowner option payments are also current and in good standing for this more than 16,000  acre land position. 

The Pinon properties are located on the southern portion of the Carlin  gold belt about 10 miles south of Newmont’s Rain mine Since its inception,  various joint-venture partners have spent more than $10 MM on the project. 

The Pinon and Railroad projects are located on the southern portion of  the Carlin Trend immediately south of Newmont’s Rain gold district. The Carlin  Trend is one of the most prolific gold trends in the world and has produced more than 50  million ounces of gold. The properties are located within a well-mineralized region, which  only adds to the potential for expanding the known gold deposits and making new  discoveries. Much of the district wide exploration was undertaken prior to the start of  the 1980’s and 1990’s. Since the mid-1990’s the cumulative  knowledge of “Carlin-type” gold deposits has expanded tremendously.  This expanded knowledge can be used to re-interpret all of the available data, which will  likely identify new exploration targets on the ground controlled by RSM. Also, during the  past 10+ years numerous high-grade gold deposits have been discovered along the Carlin  Trend that can be mined using underground techniques. Many of these deeper deposits are  associated with surface oxidized gold deposits. Essentially no deeper exploration has been  conducted under the Pinon and Railroad deposits, or at other places on the property. The  exploration opportunity offers the possibility for discovery of additional gold deposits  at Pinon-Railroad. 

The Railroad project increased the property position within the  district to approximately 16,000 acres of leases, unpatented and patented mining claims.  This effort included the acquisition of nearly 500 unpatented and 19 patented mining  claims that lie immediately south of Newmont’s Minings Rain district in Elko  County, Nevada. 

The Web formation is mineralized above the Devils Gate limestone at the  Pinon and Railroad deposits. At Pinon, the known mineralization has not been connected to  a strongly mineralized fault. However, higher-grade economic mineralization has been  encountered at very shallow depths, mineralized oxide zones occur along a 1,300 feet  strike length and occur less than 90 feet below the surface. These deposits occur as  primarily stratabound deposits within the Web formation and locally into the underlying  Devils Gate formation. 

The Pinon and Railroad projects include approximately 16,000 acres  comprising unpatented BLM lode mining claims, patents and leased fee lands. The focus of  RSM’s current effort is to evaluate the potential for future development of near  surface oxide gold-silver deposits. Approximately 600 shallow drill holes have been  completed on 6 near surface deposits. The depth extensions of these deposits are not well  understood, as deeper drilling has not been sufficient to develop an acceptable  understanding of this mineralization. 

The Company has developed the necessary construction plans for the  Pinon-Railroad project to include surface, heap leach facilities design and open pit  modeling of the deposits. The 2004 program involved work on the BLM permit application.  All of this work has been completed in preparation for the filing of a mining permit  application with the US Bureau of Mines (BLM) by year-end 2005. A second objective is to  complete feasibility studies for the Pinon and Railroad near surface oxide deposits. 

Plans for 2005 include completing the necessary drilling and field  evaluations to build the necessary data base to complete the process of filing for a  mining permit application with the state and federal authorities in late 2005-early 2006  for this advanced exploration stage property. 

Currently there is no infrastructure in terms of buildings and other  facilities. There is unpaved road access to the property. Power will have to be brought in  from the Rain operations located about 10 miles to the north or from highway 276 located  about 5 miles to the west. Water will be sourced on the property. 

Total exploration expenditures on this project have exceeded $10  million and an additional $15 million will be required to develop a 5,000 ton per day heap  leach operation on this project. As of January 31, 2005, RSM and its partners have spent  approximately $2.7 million on the Pinon and Railroad projects. Plans include the  achievement of a mining permit by mid-2006 followed project financing. 

**The property is without known reserves and the proposed program is  exploratory in nature. 
*Fondaway Canyon Project*

The 100% controlled Fondaway Canyon gold project is located in  Churchill County, Nevada in the Stillwater range. The project is accessible east from  Fallon, Nevada via State of Nevada route 116 an unpaved road. The Fondaway deposit is  located on the west flank of the Stillwater Range at Fondaway Canyon. 

The Fondaway Canyon gold property consists of 148 unpatented BLM lode  mining claims (approximately 3,000 acres) located on the western slope of the Stillwater  Range. All of the maintenance filing fees are current and in good standing.  Nearly-vertical, east-west trending mineralized shear zones host the Half Moon,  Paperweight, Hamburger Hill and South Pit gold resources that is hosted within a Mesozoic  sedimentary package. The Mesozoic sedimentary package has been intruded by a  Mesozoic-Tertiary aged intrusive. 

The vertical extent tested by recent drilling of the higher grade gold  mineralized shear zones is greater than 1,000 feet. Horizontal continuation of gold  mineralization as at the Paperweight and Hamburger Hill mineralized shear zone is 3,700  feet with widths commonly between 5’-20+ feet. Drilling and assay records  indicate that 568 holes have been drilled for a total estimated footage of 200,000 feet of  RC drilling and 22,000 feet of core drilling to include 455 reverse circulation, 49 core  holes and 64 air track holes. Tenneco Minerals Inc., the most active company, drilled  approximately 350 holes (130,000 feet) and drove a 500’ adit for sulfide  metallurgical sampling during the period 1987-1996. Tenneco also operated a small oxide  gold open pit mine for a short time during this period. Nevada Contact Inc. (NCI) acquired  the property in 2001 and drilled 11 reverse circulation holes. RSM acquired the property  from NCI in early 2003 as part of a property swap with NCI retaining a 1% NSR overriding  royalty in the Fondaway Canyon property and $25,000 advance minimum royalty payments to  the claim holder until 2006 at which time the payments increase to $35,000 per year that  includes a 3% NSR royalty until buyout. There is a buyout option of $600,000 for the  owners’ interest. 

RSM plans to further drill test the sulfide resource as part of a  program to upgrade the indicated and inferred resources on the property. This effort will  involve drilling underground within the Tenneco adit along with a surface drilling  program. A bulk sampling program for metallurgical analysis of the sulfide resource will  also be included as part of an effort to develop a gold recovery process that will achieve  the desired results. 

No field work was completed on this project in 2004 and no field work  is planned in 2005. The only effort has been the renewal of the Company’s water  rights and related permits. Plans are to commence an exploration effort in 2006 that will  include surface drilling within the vicinity of the Tenneco adit. 

Sierra Pacific Power Co exists on the property. RSM has the current  water rights to the property. 

Estimates of prior expenditures on this property are approximately $5-6  million. The largest portion of these expenditures was contributed by Tenneco Minerals and  Tundra Mines LTD. This work included extensive drilling, development of a small open pit  production project and an advanced exploration adit on the property. As of January 31,  2005, RSM has spent $96,028 on this project. 

**The property is without known reserves and the proposed program is  exploratory in nature**
*Como District*

The property is located approximately 8 miles southeast of the famous  Comstock Lode and 2-3 miles southeast of the town of Dayton, Nevada, and includes 47  unpatented lode claims and 5 patented claims. 

The Como district consists of at least eight gold-silver bearing  structures that occur within a Tertiary age andesitic volcanic sequence that hosts the  mineralization. Prospectors looking for mineralization similar to the Comstock Lode  discovered Como in 1860. The property has had some historical gold and silver underground  production with the Como vein producing about 20,000 ounces of gold and 500,000 ounces of  silver at a gold equivalent grade of nearly 0.3 opt. The higher-grade underground vein  extensions are largely undrilled and will be tested by RSM. Over the past 20 years modern  exploration methods have continued to advance the understanding of the geologic framework  and have identified two bulk mineable gold-silver deposits that will require further work  to ascertain the economic potential. Since the 1960’s several large companies  have explored the property to include St. Joe American, Amoco, Meridian Gold and Amax Gold  Inc. (who identified a low-grade open pit resource, based on 46 holes.) for a large  tonnage bulk mineable gold target.. More recently (2000) Anglo Gold Corp. explored the  property for a potential multi-million ounce target.. Anglo released the property in 2001  after drilling 8 holes and completing considerable surface geologic mapping, rock chip and  geochemical sampling. RSM acquired its option on the Como gold-silver project based upon  the previous exploration results. 

It is difficult to estimate prior expenditures on this property due to  the large number of mining companies that have explored this property over the last 30  years. 

No exploration work was completed on the property in 2004 and will not  be completed in 2005. In 2006 RSM plans to complete surface geophysical, magnetics, and  surface geochemical sampling in 2006. 
**- C. Organizational structure. 

The Company has four wholly owned subsidiaries, Southeastern  Resources Inc., Pinon Exploration Corporation, Standard Energy Inc., and Manhattan Mining  Co., all United States Companies. 
- D. Property, plants and equipment. 
The registered office of Royal Standard is located at 56 Temperance  Street, Fourth Floor, Toronto, Ontario M5G 2V5 with another office located at 3258 Mob  Neck Road, Heathsville, Virginia 22473. The Company also has an office at 1311 N. McCarran  Blvd., Unit 102, Sparks, Nevada 89431. 

**Item 5. Operating and Financial Review and Prospects - A. Operating results. 

Royal Standard is an exploration stage enterprise and is in the  process of exploring its resource properties and has not determined whether the properties  contain economically recoverable reserves. The recovery of the amounts shown for the  resource properties and the related deferred expenditures is dependent upon the existence  of economically recoverable reserves, confirmation of the Company's interest in the  underlying mineral claims, the ability of the Company to obtain necessary financing to  complete the exploration, and upon future profitable production. 

Royal Standard is an exploration- stage enterprise and, as such,  currently has no producing properties and no operating income or cash flow, other than  interest earned on funds invested in short-term deposits (see Item 3.D. – Key  Information - Risk Factors). 

The net loss for the year ended January 31, 2005 was $481,723 as  compared to $554,626 for the year ended January 31, 2004. General and Administrative  expenses and Consulting fees decreased by a total of $103,832. However, Stock Option  Compensation increased by $110,266 resulting in little change in total Expenses. Expenses  were $578,632 for the year ended January 31, 2005 as compared to $565,907 for the year  ended January 31 2004. The increase in Stock Option Compensation is attributed to the  granting of 775,000 stock options to employees and directors of the Company on May 4,  2004. 

The Corporation owns 100% interest in five (5) projects in four (4)  gold-silver districts in Nevada. These projects include the Gold Wedge, Nye County, Pinon  and Railroad Projects, Elko County, Fondaway Canyon, Churchill County and Como, Lyon  County, Nevada. 

The Gold Wedge project represents the most advanced project located in  the Manhattan district about eight (8) miles south of the Round Mountain mine and has been  issued a mine and mill permit by the Nevada Department of Environmental Protection (NDEP).  In March, 2004 the Company completed a $2.2 CDN million private placement. These funds  were directed toward the construction of a 700 foot (underground) decline and cross cut to  test one of the gold mineralized structures within a 100+ wide structural zone.  Additionally, RSM completed the surface facilities necessary to process the material to be  mined onsite to include silt ponds, ore pad and the onsite gold processing plant. The  Company acquired a full production scale gold recovery (gravity) plant that will be  utilized to process the mined material as part of the test mining program. 

In 2004, work on the BLM permit application for the Pinon-Railroad project  continued. The Company developed the necessary construction plans for the Pinon-Railroad  project including surface, heap leach facilities design and open pit modeling of the  deposits. All of this work was completed in preparation for the filing of a mining permit  application with the US Bureau of Mines (BLM) by year-end 2005. A second objective is to  complete feasibility studies for the Pinon/Railroad near surface oxide deposits. 

The net loss for the year ended January 31, 2004 was $516,869 as  compared to $416,803 for the year ended January 31, 2003. The increase of $100,066 in net  loss for the year is primarily attributable to an increase in expenses of the Corporation  for the year ended January 31, 2004. Expenses were $565,907 for the year ended January 31,  2004 as compared to $330,598 for the year ended January 31 2003. The increase of $235,309  in the expenses of the Corporation for the year ended January 31, 2004 is attributable to,  among other things, increased operating expenses on the Corporation’s  properties. In order to maintain the ongoing activities on the highest priority projects  in Nevada the Corporation will contribute a minimum of $1,800,000 to maintain progress  toward the Gold Wedge development program in 2004. 

The Corporation focused its efforts in 2003 on the Pinon and Railroad  projects located on the southern portion of the Carlin Trend in Elko County, Nevada. The  current land position includes more than 16,000 acres of unpatented, patented and fee  leases. The effort in 2003 focused on the four (4) drilled out (600 drill holes) near  surface measured oxide gold-silver resources. This work included drilling, trenching, pit  modeling, plant and heap leach facility design and metallurgical (column) leach testing of  the deposits. All of this work was to establish the economic potential of an open pit heap  leach project and to develop the data necessary to complete a mine permit application to  the US Bureau of Land Management (BLM) by mid-year 2004. Expenditures on this project in  2003 were about $1 million. 

The Corporation carried out a detailed evaluation of all of the  available data for the Fondaway gold and Como gold-silver projects and NI-43-101 reports  were prepared for each project in 2003. These reports are filed on SEDAR along with the  Goldwedge and Pinon-Railroad project reports. 
*Nevada Projects*
In fiscal 2003 and 2002, the Company entered into certain option  agreements to purchase up to 100% interest in patented and unpatented lode-mining claims  in Nye, Elko and Lyon Counties, Nevada. Details of the option agreements are as follows: 
**Project 
Required Cash 

Payments to Optionors 
Royalty(1)
Exercise of Option 
Gold Wedge 

Nye County 
Commencing in fiscal 2002. $5,000      each in first two years; $10,000 in third year; $15,000 in fourth year and $20,000 in      fifth and sixth years 
3% NSR 
July 2006 

$200,000 
Manhattan 

Nye County 
Commencing in fiscal 2002. $1,000      per month from August 2001 to August 2002; $2,000 per month from September 2002 to July,      2006 
5% NSR 
August 2006 

$500,000 
Fondaway Canyon 

Churchill County 
Commencing in fiscal 2003.      $25,000 in year one, $30,000 in years two and three and $35,000 each of the next seven      years 
3% NSR 
July 2013 

$600,000 
Como 

Lyon County 
Commencing in fiscal 2003.      $25,000in years one and two covering years three and four, $20,000 in year five, $25,000      in year six 
4% NSR 
May 2008 

$1,000,000 
Railroad 

Elko County 
Commencing in fiscal 2003.      $15,000 in the first year and increases by $5,000 each of the next six years 
5% NSR 
August 2008 

$2,000,000 
1. NSR – Net Smelter Royalty 

A reclamation bon has been posted by the Company to secure clean-up  expenses if the concerned properties are abandoned or closed. 
*Gold Wedge Project*
During 2004, the Company posted a bond regarding the Gold Wedge property  as required by the State of Nevada. The bond remains attached to the Gold Wedge property. 
*ComoProject*
On September 15, 2004, the Company granted an option (the  “Option”) to Sharpe Resources Corporation  (“Sharpe”) to acquire a 60% interest in the Company’s gold  project located in Lyon County, Nevada (the “Project”), in  consideration for which Sharpe has issued 2,000,000 common shares to the Company at a  deemed value of $78,125 ($100,000 CDN). To exercise the option, Sharpe must maintain the  unpatented and patented mining claims on the Project, must pay all required option, annual  advanced minimum royalty payments and deliver a completed positive feasibility study in  compliance with National Instrument 43-101 in respect of the Project. 
*Pinon Project – Cord Lease*
In August 2002, the Company entered into a mining lease agreement to  lease certain properties located in Elko County, Nevada for a period of five years. The  lessors will retain a 5% net smelter royalty with no option to purchase. 
*Pinon Project – Tomera Lease*
In August 2002, the Company entered into a mining lease agreement to  lease certain properties located in Elko County, Nevada for a period of seven years. The  lessor will retain a 5% net smelter royalty. 

In addition, the Company entered into an irrevocable lease agreement  with the surface and minerals rights owners of the Pinon Project properties. 
- B. Liquidity and capital resources. 

The Corporation’s cash balance as of January 31, 2005 was  $392,697 compared to $189,732 at January 31, 2004. The increase in the cash balance is  attributable to the private placement offerings completed during the fiscal year 2004. On  February 3, 2004, the Company closed a private placement offering of 1,075,000 units at a  price of $0.25 CDN per unit for gross proceeds of $268,750 CDN. Each unit consisted of one  common share and one-half common share purchase warrant. Each whole purchase warrant  entitled the holder to subscribe for one additional common share at a price of $0.30 CDN  until February 2, 2005. 

On April 16, 2004, the Company closed a private placement offering o  6,320,000 units at a price of $0.35 CDN per unit for gross proceeds of $2,212,000 CDN.  Each unit consisted of one common share and one-half common share purchase warrant. Each  whole purchase warrant entitles the holder to subscribe for one additional common share at  a price of $0.50 CDN until April 15, 2006. 

Current assets as at January 31, 2005 were $541,835. Total assets as at  January 31, 2005 were $3,237,383 as compared to $1,579,391 at January 31, 2004. This  represents an increase of $1,657,992 from 2004 due to the increased activity on the  Company’s projects, particularly at the Gold Wedge Project where the Company  completed construction of a 700 foot (underground) decline and cross cut. Additionally,  RSM completed the surface facilities necessary to process the material to be mined onsite  including silt ponds, ore pad and the onsite gold processing plant. Additionally, the  Company acquired a full production scale gold recovery (gravity) plant that will be  utilized to process the mined material as part of the test mining program. 

Current liabilities as at January 31, 2005 were $104,087 compared to  $106,178 in 2004, and represent current trade payables. 

On a forward going basis equity and debt financings will remain the  single major source of cash flow for the Corporation. The primary reason is that current  production cash flow is insufficient to allow the Corporation to grow at a rate to  increase the necessary production capacity to achieve profitability in the near term. As  revenue from operations improve the capital requirement of the Corporation will also  improve. However, debt and equity financings will continue to be a source of capital to  expand the Corporation’s activities in the future. 

The Corporation is authorized to issue an unlimited number of Common  Shares of which 43,143,518 are outstanding as at January 31, 2005. As at January 31, 2005  the Corporation had outstanding options to purchase 4,185,000 common shares with exercise  prices from $0.17-0.40 per share and expiration dates ranging from May 2005 to May 2009. 

The Corporation’s cash balance as of January 31, 2004 was  $189,732 compared to $283,030 at January 31, 2003. The fact that there is little change in  the cash balance is attributable to the completion of a C$1.5 million equity financing in  July, 2003 coupled with large expenditures before yearend. Current assets as at January  31, 2004 were $273,291 Total assets as at January 31, 2004 were $1,617,148 representing an  increase of $404,668 from 2002 due to the addition of the Fondaway Canyon project and  additional expenditures on the Corporation’s Pinon-Railroad project. Current  liabilities as at January 31, 2004 were $106,178 compared to $82,300 and represent current  trade payables as at January 31, 2003. 

On April 17, 2002, the Company entered into an agreement with an  unrelated party (the "Lender") to obtain a $5,000,000 financing facility. The  agreement stipulated that the Company deposit with the Lender an interest earning  refundable contingency fee of 1.5% of the facility ($75,000) which will be held in trust  until the loan is advanced. 

The agreement's closing date originally set to June 31, 2002, was later  extended to June 17, 2003. If this agreement had closed on or before May 1, 2003, the  Lender would have disbursed the funds to the Company, net of closure fees of 3.5% of the  facility ($175,000). In addition, the Company was to issue 1,000,000 share purchase  warrants to the Lender. Each warrant would have entitled the Lender to acquire one common  share of the Company. The price of the warrants would have been set, based upon the 10 day  moving average of the stock price prior to the closing date and would have had a two year  term from the date of closing. 

The agreement expired without the closing of the $5,000,000 financing  facility. The Company pursued legal action against the Lender in an attempt to recover the  funds advanced. On August 31, 2004, the Company recovered $54,050. The unrecoverable  amount was charged to the current years operations. 

On May 2, 2002, the Company completed a private placement of 7 million  shares of the Company at Canadian $0.15 per share for proceeds of Canadian $1,050,000  (approximately US $650,000). 

Due to the nature of the Company’s mining business, the  acquisition, exploration, and, if warranted, the development of mining properties requires  significant expenditures prior to achieving commercial production. Royal Standard will  seek to finance such expenditures through the sale of equity, joint venture arrangements  with other mining companies or the sale of interests in its properties. There can be no  assurance, however, that the Company will be successful in raising capital on acceptable  terms or in amounts sufficient to finance exploration expenditures and/or satisfy its  commitments under its agreements with third parties. In the event that the Company does  not raise capital as planned, it will forfeit its rights to the properties, including the  sums expended through the dates of such forfeitures. See Item 3.D. – Key  Information - Risk Factors. 

**C. Research and development, patents and licenses, etc. 
See Items 4.B. and 5. A. above. 

**D. Trend information. 
See Items 4.B. and 5. A. above. 
- E. Off balance sheet arrangements. 
There are none. 
**- F. Tabular disclosures of contractual obligations. 

Not applicable. 
- G. Safe harbor. 
Not applicable. 

**Item 6. Directors, Senior Management and Employees - A. Directors and senior management. 

The following table sets out the names of and related information  concerning each of the officers and directors of Royal Standard. 

**NAME**
OFFICE HELD
SINCE
Roland M. Larsen 

Heathsville, VA 
President, Chief Executive      Officer and Director 
May, 1996 
Kimberly L. Koerner 

Brambleton, VA 
Director & Treasurer 
May, 2001 
MacKenzie I. Watson 

Monteral, Quebec 
Director 
May, 1996 
James C. Dunlop 

Toronto, Ontario 
Director 
May, 1996 
The following discussion provides information on the principal  occupations of the above-named directors and executive officers of the Company within the  preceding five years.**

*Roland M. Larsen*

Mr. Larsen has 30 years of experience in the natural resource industry,  both in exploration and management roles. From November 1993 to the present, he has been  serving as the President of Sharpe Resources Corporation, a junior natural resource  issuer. From 1981 to 1991, Mr. Larsen served District/Regional Exploration Manager with  Inc. and BHP Minerals, Inc., both of which are junior natural resource issuers. Earlier in  his career, he worked with BHP Minerals International Inc. for a period of ten years,  where he was the Exploration Manager of the Eastern United States and the North Atlantic  Region. Prior to that he was the Senior Geologist for NL Industries, Inc. In addition, he  has several years of experience working with consulting engineering firms including Derry,  Michner and Booth, and Watts Griffis & McOuat Limited. He is a member of the Society  of Economic Geologists, the American Association of Professional Geologists and the  Society of American Institute of Mining, Metallurgy, and Exploration Inc. Mr. Larsen holds  a B.Sc. and M.Sc. degrees in geology. 

*Kimberly L. Koerner*

Ms. Koerner is a Financial Analyst and Consultant. She has been serving  as the Treasurer of the Company from May 1996 to the present. Ms. Koerner has also been  serving as the Secretary and Treasurer of Sharpe Energy Company, a U.S. subsidiary of  Sharpe Resources Corporation, from November, 1995 to the present. From April 1992 to  February 1994, she served as the Assistant Director of the National Association of  Printing and Publishing Technology, a trade association. Mrs. Koerner has B.Sc. degree in  Finance from the University of South Carolina. 

*MacKenzie I. Watson*

From October 1986 to the present, Mr. Watson has been the Chief  Executive Officer and a director of Freewest Resources Inc., a junior natural resource  issuer. A geological consultant, he also serves as a director of Sharpe and as President  and a director of Consolidated Gold Hawk Resources Inc., a junior natural resource issuer.  He was involved in the discovery of the Holloway Gold deposit in the Province of Ontario  with Hemlo Gold Mines. Earlier in his career, he was President and Exploration Manager of  Lynx-Canada Exploration Ltd., which, under his leadership, discovered numerous precious,  base metals and coal deposits. Prior thereto, he was a project geologist for the Icon  Syndicate, where he participated in the discovery of the Sullivan Mines in Chibougamau,  Quebec. He is currently a director of the Prospectors and Developers Association of  Canada. Mr. Watson holds a B.Sc. from the University of New Brunswick. 

*James C. Dunlop*

From October 1994 to the present, Mr. Dunlop has been serving as the  Managing Director of Canada Trust Investment Group Inc., a subsidiary of Canada Trust. He  also serves as a director of Sharpe. From October 1986 to October 1994, he served as the  Senior Vice President of CIBC-Investment Management Corp. Since graduating with a B.A.  from University of Western Ontario in 1972, Mr. Dunlop has worked at increasingly senior  positions within the Canadian investment community. Royal Standard benefits from Mr.  Dunlop’s counsel on economic and commodity matters and from his contacts in the  investment community. 
- B. Compensation. 
*Compensation of Officers*

The following table summarizes, for the three most recently completed  financial years of the Corporation, information concerning the compensation earned by the  Chief Executive Officer of the Corporation, the Chief Financial Officer of the  Corporation, each the Corporation’s three most highly compensated executive  officers of the Corporation who was serving as an executive officer as at the end of the  most recently completed financial year or who was not serving as an officer of the  Corporation at the end of the most recently completed financial year-end, and whose  aggregate compensation exceeded $150,000 (the “Named Executive  Officer”). 
**Summary Compensation Table 

Name and 

Principal Position 
Year 
Annual Compensation 
Long Term Compensation 
All Other 

Compen-sation (US$) 
Other 

Annual 

Salary Bonus Compensation 

(US$) (US$) (US$) 
Securities 

Under 

Options 

Granted 

(#) 
Restricted 

Shares or 

Restricted 

Share Units 

(US$) 
LTIP 

Payouts 

(US$) 
Roland M Larsen, 

President and 

CEO 
2005(1)

2004(3) 

2003(5)
Nil Nil 60,000 

Nil Nil 60,000 

Nil Nil Nil 
675,000 (2)

220,000 (4)

480,000 (6)
Nil 

Nil 

Nil 
Nil 

Nil 

Nil 
36,000 

36,000 

Nil **Notes: 

(1) For the twelve months ended January 31, 2005. 

(2) Options issued on May 4, 2004, having an exercise price of $0.36  and an expiry date on May 4, 2009. 

(3) For the twelve months ended January 31, 2004. 

(4) Options issued on December 12, 2003, having an exercise price of  $0.265 and an expiry date on December 12, 2008. 

(5) For the twelve months ended January 31, 2003. 

(6) Options issued on April 25, 2002, having an exercise price of $0.26  and an expiry date on April 25, 2007 

(7) The Corporation does not have and did not have a Chief Financial  Officer. 
*Stock Option Plan*
The Corporation maintains a stock option plan (the "Plan")  for directors, officers, consultants who provide ongoing services, and employees of the  Corporation and its affiliates. The purpose of the Plan is to develop the interest of bona  fide Officers, Directors, Employees, Management Corporation Employees, and Consultants of  Royal Standard Minerals Inc. and it subsidiaries in the growth and development of the  Corporation by providing them with the opportunity through stock options to acquire an  increased proprietary interest in the Corporation. The Plan is administered by the Board  of Directors of the Corporation. The Board may from time to time designate those to whom  options to purchase common shares of the Corporation may be granted, and the number of  Common Shares to be optioned to each, provided that: 
- (a) the total number of Common Shares issuable pursuant to the Plan shall not exceed 10%      of the issued and outstanding Common Shares, subject to adjustment as set forth in section      10 of the Plan and further subject to the applicable rues and regulations of all      regulatory authorities to which the Corporation is subject; 
- (b) the number of Common Shares reserved for issuance, within a one-year period, to any      one Optionee shall not exceed 5% of the Outstanding Common Shares; 
- (c) the number of Common Shares reserved for issuance, within a one-year period, to any      one Consultant of the Corporation may not exceed 2% of the Outstanding Common Shares; 
- (d) the aggregate number of Common Shares reserved for issuance, within a one-year      period, to Employees or Consultants conducting Investor Relations Activities may not      exceed 2% of the Outstanding Common Shares. 
*Compensation of Directors*
Directors who are not officers of the corporation are not currently  paid any fees for their services as directors; however, such directors are entitled to  receive compensation from the corporation to the extent that they provide services to the  corporation. Any such compensation is based on rates that would be charged by such a  director for such services to an arm's length party. During the twelve months ended  January 31, 2005, no such services were rendered and, accordingly, no compensation was  paid. 

All directors are reimbursed for their expenses and travel incurred in  connection with attending directors meetings. Special remuneration, at per diem rates, may  be paid to any director (other than executive officers of the Corporation) undertaking  special services, at the request of the directors, any committee of the directors or the  President of the Corporation, beyond those services ordinarily required of a director of  the Corporation. 

Directors who are not officers are also entitled to participate in the  Corporation's Stock Option Plan and, at the time of joining the board, directors may be  granted options to purchase Common Shares. During the twelve months ended January 31,  2005, options were granted to acquire 775,000 common shares of the Corporation to  directors of the Corporation under the Corporation's Stock Option Plan. 
***Other Compensation Matters*
There were no long-term incentive awards made to the executive officers  of the Corporation during the twelve months ended January 31, 2005. There are no pension  plan benefits in place for the Named Executive Officer and none of the Named Executive  Officer, officers or directors of the Corporation are indebted to the Corporation. In  addition, there are no plans in place with respect to the Named Executive Officer for  termination of employment or change in responsibilities. 
***Compensation Policy*

The executive compensation policy of the Corporation is determined with  a view to securing the best possible talent to run the Corporation. Executives expect to  reap additional income from the appreciation in the value of the Common Shares they hold  in the Corporation, including stock options. 

Salaries are commensurate with those in the industry with additional  options awarded to executive officers in lieu of higher salaries. Bonuses may be paid in  the future for significant and specific achievements, which have a strategic impact on the  fortunes of the Corporation. Salaries and bonuses are determined on a judgmental basis  after review by the board of directors of the contribution of each individual, including  the executive officers of the Corporation. Although they may be members of the board of  directors, the executive officers do not individually make any decisions with respect to  their respective salary or bonus. In certain cases, bonuses of certain individuals, other  than the executive officers, may be tied to specific criteria put in place at the time of  engagement. 

The grant of stock options under the Corporation’s Stock  Option Plan is designed to give each option holder an interest in preserving and  maximizing shareholder value in the longer term and to reward employees for both past and  future performance. Individual grants are determined by an assessment of an individual's  current and expected future performance, level of responsibilities and the importance of  his/her position with and contribution to the Corporation. 
**- C. Board practices. 

In April 2003 the Company implemented new corporate governance policies  pursuant to which the Company has begun to implement new, improved corporate governance  practices. 
***Responsibilities of the Board of Directors*

The Board recognizes it is responsible for the stewardship of the  business and affairs of the Company and has adopted a set of principles and practices  setting out its stewardship responsibilities. Under its mandate, the Board seeks to  discharge such responsibility by reviewing, discussing and approving the  Company’s strategic planning and organizational structure, and supervising  management to ensure that the foregoing enhance and preserve the underlying value of the  Company for the benefit of all shareholders. As part of the strategic planning process,  the Board contributes to the development of a strategic direction for the Company by  reviewing, on an annual basis, the Company’s principal opportunities, the  processes that are in place to identify such opportunities and the full range of business  risks facing the Company, including strategic, financial, operational, leadership,  partnership and reputation risks. On an ongoing basis, the Board also reviews with  management how the strategic environment is changing, what key business risks and  opportunities are appearing and how they are managed, including the implementation of  appropriate systems to manage these risks and opportunities. The performance of  management, including the Company’s Chief Executive Officer, is also supervised  to ensure that the affairs of the Company are conducted in an ethical manner. The Board,  directly and through its committees, ensures that the Company puts in place, and reviews  at least on an annual basis, comprehensive communication policies to address how the  Company (i) interacts with analysts, investors, other key stakeholders and the public, and  (ii) complies with its continuous and timely disclosure obligations and avoids selective.  Finally, the Board monitors the integrity of corporate internal control procedures and  management information systems to manage such risks and ensure that the value of the  underlying asset base is not eroded. 

The Board from time to time delegates to senior executives the  authority to enter into certain types of transactions, including financial transactions,  subject to specified limits. According to the Company’s policy, investments and  other similar expenditures above the specified limits, including major capital projects as  well as material transactions outside the ordinary course of business, whether on or off  balance sheet, are reviewed by, and subject to, the prior approval of the Board. 

Following are the principles of the Company’s corporate  governance arrangements: 
- • Subject to the relatively small size of the Company and to business needs,      the size of the Board must be kept to a sufficiently low number to facilitate open and      effective dialogue and full participation and contribution of each Director. 
- • The Board must function as a cohesive team, with shared responsibilities and      accountabilities that are clearly defined, understood and respected. 
- • The Board must have the ability to exercise all its supervisory      responsibilities independent of any influence by management. 
- • The Board must have access to all the information needed to carry out its      full responsibilities. Information must be available in a timely manner and in a format      conducive to effective decision making. 
- • The Board must develop, implement, and measure effective corporate governance      practices, processes and procedures.  
*Committees of the Board*
 There are currently two committees of the board of directors. The  board does not have, nor does it currently intend to form, a nominating committee. It is  the view of the board of directors that its current size (four) is small enough to make  such additional committees counter productive. In addition to regularly scheduled meetings  of the board, its members are in continuous contact with one another and with the members  of senior management. If the size of the board were to be enlarged or if the Company were  to undergo a substantial change in its business and operations, consideration would at  that point be given to the formation of additional committees, including a nominating  committee. The mandate and activities of each of the Company’s committees are as  follows:   *Audit Committee*  The Audit Committee shall be composed of three members or such greater  number as the board of directors may from time to time determine. A majority of the  members of the Audit Committee shall be resident Canadians and unrelated to the  Corporation and all members of the Audit Committee shall be non-management directors.  Members shall be appointed annually from among the members of the board of directors. The  Chair of the Audit Committee shall be appointed by the board of directors. All members of  the Audit Committee shall be financially literate. An Audit Committee member who is not  financially literate may be appointed to the Audit Committee provided that the member  becomes financially literate within a reasonable period of time. The following persons  have been initially appointed to the Audit Committee, with the Chair to be as designated:   James C. Dunlop (Chair)   Roland M. Larsen   Mackenzie I. Watson   The Audit Committee’s primary duties and responsibilities are  to:   a) Identify and monitor the management of the principal risks that  could impact the financial reporting of the Corporation;   b) Monitor the integrity of the Corporation’s financial  reporting process and system of internal controls regarding financial reporting and  accounting compliance;   c) Monitor the independence and performance of the  Corporation’s external auditors;   d) Provide an avenue of communication among the external auditors,  management and the Board of Directors.   The Audit Committee has the authority to conduct any investigation  appropriate to fulfilling its responsibilities, and it has direct access to the external  auditors as well as anyone in the organization. The Audit Committee has the ability to  retain, at the Corporation’s expense, special legal, accounting, or other  consultants or experts it deems necessary in the performance of its duties.   The Audit Committee shall, in addition to any other duties and  responsibilities specifically assigned or delegated to it from time to time by the board  of directors:   a) Meet with the independent external auditors (the  “auditors”) and the senior management of the Corporation to review the  year-end audited financial statements of the Corporation which require approval by the  board of directors, prior to the issuance of any press release in respect thereof;   b) Review with senior management and, if necessary, the auditors, the  interim financial statements of the Corporation prior to the issuance of any press release  in respect thereof;   c) Review the MD&A and press releases containing financial results  of the Corporation;   d) Review all prospectuses, material change reports and annual  information forms;   e) Review the audit plans and the independence of the auditors;   f) Meet with the auditors independently of management;   g) In consultation with senior management, review annually and  recommend for approval by the board of directors:   (i) the appointment of auditors at the annual general meeting of  shareholders of the Corporation;   (ii) the remuneration of the auditors; and   (iii) pre-approve all non audit services to be provided to the  Corporation by the external auditor;   h) review with the auditors:   (i) the scope of the audit;   (ii) significant changes in the Corporation's accounting principles,  practices or policies; and   (iii) new developments in accounting principles, reporting matters or  industry practices which may materially affect the financial statements of the  Corporation;   i) review with the auditors and senior management the results of the  annual audit, and make appropriate recommendations to the board of directors, having  regard to, among other things:   (i) the financial statements;   (ii) management's discussion and analysis and related financial  disclosure contained in continuous disclosure documents;   (iii) significant changes, if any, to the initial audit plan;   (iv) accounting and reporting decisions relating to significant current  year events and transactions;   (v) the audit findings report and management letter, if any, outlining  the auditors' findings and recommendations, together with management's response, with  respect to internal controls and accounting procedures; and   (vi) any other matters relating to the conduct of the audit, including  the review and opportunity to provide comments in respect of any press releases announcing  year end financial results prior to issue and such other matters which should be  communicated to the Audit Committee under generally accepted auditing standards;   j) Review with the auditors the adequacy of management's internal  control procedures and management information systems and inquiring of management and the  auditors about significant risks and exposures to the Corporation that may have a material  adverse impact on the Corporation's financial statements, and inquiring of the auditors as  to the efforts of management to mitigate such risks and exposures;   k) Monitor policies and procedures for reviewing directors' and  officers' expenses and perquisites, and inquire about the results of such reviews;   l) Review and approve written risk management policies and guidelines  including the effectiveness of the overall process for identifying the principal risks  affecting financial reporting;   m) Review issues relating to legal, ethical and regulatory  responsibilities to monitor management's efforts to ensure compliance Including any legal  matters that could have a significant impact on the Corporation’s financial  statements, the Corporation’s compliance with applicable laws and regulations  and inquiries received from regulators of governmental agencies; and,   n) Establish procedures for:   a. the receipt, retention and treatment of complaints received by the  issuer regarding accounting, internal accounting controls, or auditing matters; and   b. the confidential, anonymous submission by employees of the issuer of  concerns regarding questionable accounting or auditing matters.   *Corporate Governance Committee*  The Corporate Governance Committee is responsible for the development,  maintenance, and disclosure of the Company’s corporate governance practices. The  mandate of the committee includes:     - • developing criteria governing the size and overall composition of the Board; 
  - • conducting an annual review of the structure of the Board and its committees,      as well as of the mandates of such committees; 
  - • recommending new nominees for the Board (in consultation with the Chairman      and the Chief Executive Officer); and 
  - • recommending the compensation of directors ensuring that the      Company’s policy on disclosure and insider trading, including communication to      the different stakeholders about the Company and its subsidiaries, documents filed with      securities regulators, written statements made in documents pertaining to the      Company’s continuous disclosure obligations, information contained on the      Company’s Web site and other electronic communications, relationships with      investors, the media and analysts is timely, factual and accurate, and broadly      disseminated in accordance with all applicable legal and regulatory requirements.  The committee also coordinates the annual evaluation of the Board, the  committees of the Board and individual directors. All issues identified through this  evaluation process are then discussed by the Corporate Governance Committee and are  reported to the Board. Finally, it also has the responsibility for annually initiating a  discussion at the Board level on the performance evaluation and remuneration of the  President and Chief Executive Officer.   *Conflicts of Interest*  Some of the directors and officers of Royal Standard also serve as  directors and officers of other companies involved in the resource exploration sector.  Consequently, there exists a possibility for any such officer or director to be placed in  a position of conflict. Each such director or officer is subject to fiduciary duties and  obligations to act honestly and in good faith with a view to the best interests of the  Company. Similar duties and obligations will apply to such other companies. Thus any  future transaction between the Company and such other companies will be for bona fide  business purposes and approved by a majority of disinterested directors of the Company.   **D. Employees.**
In addition to the officers and directors, the company has one full  time employee, Timothy D. Master, Exploration Manager and one part-time secretary. Mr.  Master has more than 25 years of experience in exploration and development of gold-silver,  base metals and uranium deposits in the US. He has spent the last 13 years in Nevada gold  exploration and reserve delineation. He has worked as a staff geologist for Chevron  Resources, Gencor, Western States Minerals, Atlas Minerals, Callahan Mining and Western  Mine Development. Consulting-contract positions were held with Weyerhaeuser, Kennecott,  Glamis and Echo Bay. His experience includes generative prospect identification,  acquisitions and reserve definition, both surface and underground. His current position  has focused on the acquisition and delineation of shallow underground mineable reserves at  Manhattan and other promising projects in Nevada. He is a member of SEG and has a M.S.  degree in geology from the University of Wyoming. 
**E. Share ownership.****Name 
Office Held 
Number of Common Shares      Beneficially Owned or Over Which Control is Exercised1
Roland M. Larsen 
President, CEO & Director 
661,487 
Mackenzie I. Watson 
Director 
373,000 
James C. Dunlop 
Director 
Nil 
Kimberly L. Koerner 
Director 
163,000 
1. The information as to shares beneficially owned or over which control  or direction is exercised not being within the knowledge of the corporation has been  furnished by the respective individuals. 

**Item 7. Major Shareholders and Related Party Transactions**- A. Major Shareholders 
The following table shows as at April 27, 2005, each person who is  known to the Corporation, or its directors and officers to beneficially own, directly or  indirectly, or to exercise control or direction over shares carrying more than 10% of the  voting rights attached to all outstanding shares of the Corporation entitled to be voted. 
**Name of Shareholder 
Number of Common Shares Owned 
Percentage of Common Shares      Outstanding (1)
CDS & Co. (2)

Toronto, Ontario 
32,996,942 
61.5% - (1) Based on 53,683,018 Common Shares issued and outstanding as at April 27, 2005. 
- (2) This is a nominee account. To the knowledge of the Corporation, there is no      beneficial ownership of these shares by this nominee. The shares are held by a number of      securities dealers and other intermediaries holding shares on behalf of their clients who      are the beneficial owners. 

**B. Related party transactions. 
No director, senior officer, principal holder of securities or any  associate or affiliate thereof of Royal Standard or the Company has any material interest,  direct or indirect, in any transaction since the commencement of the  Corporation’s last completed financial year or in any proposed transaction  which, in either case, has or will materially affect the Corporation, except as disclosed  in the financial statements included herein. 

**C. Interests of experts and counsel. 
Not Applicable. 
**Item 8. Financial Information**- A. Consolidated Statements and Other Financial Information 
Following is a list of financial statements filed as part of the  annual report under Item #17 
- − Auditor's Report for Royal Standard Minerals Inc. for the year ended January      31, 2005, 2004 and 2003 
- − Consolidated Balance Sheets of Royal Standard Minerals Inc. as at January      31, 2005 and 2004 
- − Consolidated Statements of Operations and Deficit of Royal Standard Minerals      Inc. for the years ended January 31, 2005, 2004, 2003 
- − Consolidated Statements of Cash Flows of Royal Standard Minerals Inc. for      the years ended January 31, 2005, 2004, 2003 
- − Notes to the Consolidated Financial Statements of Royal Standard Minerals      Inc. 

The consolidated financial statements of Royal Standard Minerals Inc.  were prepared in accordance with generally accepted accounting principles in Canada and  are expressed in United States dollars. For a discussion of the reconciliation of such  financial statements to United States generally accepted accounting principles, see note  #15 of the notes to the consolidated financial statements of Royal Standard Minerals Inc. 
**B. Significant Changes.**
On March 31, 2005 the Company announced a private placement of  8,750,000 units at a price of $0.35 CDN for gross proceeds of $2,531,829. Each unit  consists of one common share and one-half common share purchase warrant  ("warrant"). Each whole warrant will entitle the holder to subscribe for one  additional share at a price of $0.50 CDN per share until March 31, 2007. 

The warrants have been estimated at $575,087 using the Black-Scholes  option pricing model using the following assumptions: dividend yield 0%; expected  volatility 100%; risk-free interest rate 4.5%; and expected life of 2 years. 

In addition, Canaccord, the agent acting for the offering, as partial  compensation for their services, received 82,000 common shares and 1,353,500 warrants,  each warrant entitling Canaccord to acquire one additional common share of the Company at  an exercise price of $0.50 CDN until March 31, 2007. The fair value of these warrants has  been estimated as $177,915 using the Black-Scholes option pricing model with the same  assumptions as noted above. 
**Item 9. The Offer and Listing**- A. Offer and listing details. 

The only share capital of Royal Standard is its Common Shares. The  Common Shares of Royal Standard are without nominal or par value. Each Common Share ranks  equally with all other Common Shares with respect to dissolution, liquidation or  winding-up of Royal Standard and payment of dividends. The holders of Common Shares are  entitled to one vote for each share held of record on all matters to be voted on by such  holders and are entitled to receive pro rata such dividends as may be declared by the  board of directors of Royal Standard out of funds legally available therefore and to  receive pro rata the remaining property of Royal Standard on dissolution. The holders of  Common Shares have no pre-emptive or conversion rights. The rights attaching to the Common  Shares can only be modified by the affirmative vote of at least two-thirds of the votes  cast at a meeting of shareholders called for that purpose. 

The following table sets forth the reported high and low sales prices  (stated in Canadian currency) and the average daily trading volume of the outstanding  Common Shares on the Montreal Exchange for the periods January 1998 through September 2001  and the TSX Venture Exchange for the periods October 2001 through June 2004. 
**High 
Low 
Average Daily Volume 
January 1, 1998 
to 
March 31, 1998 
$0.80 
$0.27 
10,533 
April 1, 1998 
to 
June 30, 1998 
$0.45 
$0.15 
14,033 
July 1, 1998 
to 
September 30, 1998 
$0.40 
$0.10 
23,100 
October 1, 1998 
to 
December 31, 1998 
$0.20 
$0.05 
22,200 
January 1, 1999 
to 
March 31, 1999 
$0.25 
$0.10 
32,900 
April 1, 1999 
to 
June 30, 1999 
$0.13 
$0.05 
14,666 
July 1, 1999 
to 
September 30, 1999 
$0.19 
$0.05 
43,833 
October 1, 1999 
to 
December 31, 1999 
$0.12 
$0.03 
21,133 
January 1, 2000 
to 
March 31, 2000 
$0.17 
$0.03 
42,933 
April 1, 2000 
to 
June 30, 2000 
$0.39 
$0.13 
57,033 
July 1, 2000 
to 
September 30, 2000 
$0.28 
$0.11 
10,467 
October 1, 2000 
to 
December 31, 2000 
$0.27 
$0.11 
25,867 
January 1, 2001 
to 
March 31, 2001 
$0.30 
$0.11 
11,500 
April 1, 2001 
to 
June 30, 2001 
$0.18 
$0.06 
7,789 
July 1, 2001 
to 
September 30, 2001 
$0.13 
$0.06 
7,667 
October 1, 2001 
to 
December 31, 2001 
$0.09 
$0.04 
9,750 
January 1, 2002 
to 
March 31, 2002 
$0.34 
$0.07 
52,546 
April 1, 2002 
to 
June 30, 2002 
$0.48 
$0.20 
76,899 
July 1, 2002 
to 
September 30, 2002 
$0.35 
$0.17 
51,437 
October 1, 2002 
to 
December 31, 2002 
$0.36 
$0.20 
31,354 
January 1, 2003 
to 
March 31, 2003 
$0.00 
$0.00 
0 
April 1, 2003 
June 30, 2003 
$0.40 
$0.21 
13,728 
July 1, 2003 
September 30, 2003 
$0.40 
$0.20 
151,583 
October 1, 2003 
December 31, 2003 
$0.47 
$0.25 
53,416 
January 1, 2004 
March 31, 2004 
$0.46 
$0.25 
78,814 
April 1, 2004 
June, 30, 2004 
$0.46 
$0.30 
79,530 
July 1, 2004 
September 30, 2004 
$0.42 
$0.29 
21,137 
October 1, 2004 
December 31, 2004 
$0.47 
$0.26 
90,704 
January 1, 2005 
March 31, 2005 
$0.45 
$0.26 
37,522 
April 1, 2005 
June 30, 2005 
$0.42 
$0.28 
17,241 **- B. Plan of Distribution 

Not Applicable 
- C. Markets 
The Common Shares have been listed for trading on the TSX Venture  Exchange (formerly the CDNX) since October 2001 under the trading symbol "RSM".  The common shares were traded on the Montreal Exchange from June 28, 1996 until October  2001. Prior to such date, there was no established trading market for the Common Shares  and no quotations or prices are available because of the sporadic and very limited trading  that took place. 

The common shares are also listed on the US-OTC Bulletin Board under  the symbol "RYSMF". 
- D. Selling shareholders. 
Not Applicable 
- E. Dilution. 
Not Applicable 
**- F. Expenses of the issue. 

Not Applicable 
**Item 10. Additional Information**- A. Share capital. 
Not applicable 
- B. Memorandum and articles of association. 
These documents were filed with the registration statement in November  1996. 
- C. Material contracts. 
There are no material contracts. 
**- D. Exchange controls. 

There is no law, governmental decree or regulation in Canada that  restricts the export or import of capital, including foreign exchange controls, or that  affects the remittance of dividends, interest or other payments to non-resident holders of  Common Shares, other than withholding tax requirements and potential capital gain on the  disposition of the Common Shares under certain circumstances. (See Item 10. E. -  Taxation.) 

There is no limitation imposed by Canadian law or by the Articles or  other charter documents of the Company on the right of a non-resident to hold or vote  Common Shares, other than as provided by the Investment Canada Act (Canada) as amended,  including as amended by the World Trade Organization Implementation Act (Canada). The  following summarizes the principal features of the Investment Canada Act for non-Canadians  who propose to acquire Common Shares. 

The Investment Canada Act (the “Act”) enacted on  June 20, 1985, as amended, including as amended by the World Trade Organization  Implementation Act (Canada), requires notification and, in certain cases, advance review  and approval by the Government of Canada of the acquisition by a  “non-Canadian” of “control” of a  “Canadian business,” all as defined in the Act.  “Non-Canadian” generally means an individual who is not a Canadian  citizen or permanent resident, or a Corporation, partnership, trust or joint venture that  is ultimately controlled by non-Canadians. For purposes of the Act,  “control” can be acquired through the acquisition of all or  substantially all of the assets used in the Canadian business, or the direct or indirect  acquisition of voting interests or shares in an entity that carries on a Canadian business  or which controls the entity which carries on the Canadian business whether or not the  controlling entity is Canadian. Under the Act, control of a Corporation is deemed to be  acquired through the acquisition of a majority of the voting shares of a Corporation, and  is presumed to be acquired where at least one-third, but less than a majority, of the  voting shares of a Corporation or of an equivalent undivided ownership interest in the  voting shares of a Corporation are acquired unless it can be established that the  Corporation is not controlled in fact through the ownership of voting shares. Other rules  apply with respect to the acquisition of non-corporate entities. 

All investments to acquire control of a Canadian business are  notifiable, unless they are reviewable. Investments requiring review and approval include:  (i) a direct acquisition of control of a Canadian business with assets with a value of  Cdn. $5,000,000 or more; (ii) an indirect acquisition of control of a Canadian business  where the value of the assets of the Canadian business and of all other Canadian entities  the control of which is acquired directly or indirectly is Cdn. $50,000,000 or more; and  (iii) an indirect acquisition of control of a Canadian business and of all other Canadian  entities the control of which is acquired directly or indirectly is Cdn. $5,000,000 or  more and represents greater than 50% of the total value of the assets of all of the  entities, control of which is being acquired. Subject to certain exceptions, where an  investment is made by a “WTO Investor” (generally, nationals or  permanent residents of World Trade Organization member states, or entities controlled by  residents or nationals of WTO member states) or the Canadian business is controlled by a  WTO Investor, the monetary thresholds discussed above are higher. In these circumstances  the monetary threshold with regard to direct acquisitions is Cdn. $160,000,000 in constant  1995 dollars as determined in accordance with the Act. Indirect acquisitions of Canadian  businesses by or from WTO Investors are not subject to review. The United States is a WTO  member state. 

Special rules apply with respect to investments by non-Canadians  (including WTO Investors) to acquire control of Canadian businesses that engage in certain  specified activities, including financial services, transportation services and activities  relating to Canada’s cultural heritage or national identity. 

If an investment is reviewable, an application for review in the form  prescribed by regulation is normally required to be filed with the Investment Review  Division of Industry Canada prior to the investment taking place and the investment may  not be normally implemented until the review has been completed and ministerial approval  obtained. 

The Investment Review Division will submit the application for review  to the Minister of Industry (Canada), together with any other information or written  undertakings given by the acquirer and any representations submitted to the division by a  province that is likely to be significantly affected by the investment. The Minister will  then determine whether the investment is likely to be of “net benefit to  Canada,” taking into account the information provided and having regard to  certain factors of assessment prescribed under the Act. Among the factors considered are:  (i) the effect of the investment on the nature and level of economic activity in Canada,  including the effect on employment, on resource processing, on the utilization of parts,  components and services produced in Canada, and on exports from Canada; (ii) the degree  and significance of participation by Canadians in the Canadian business and in any  industry in Canada of which it forms a part; (iii) the effect of the investment on  productivity, industrial efficiency, technological development, product innovation and  product variety in Canada; (iv) the effect of the investment on competition within any  industry or industries in Canada; (v) the compatibility of the investment with national  industrial, economic and cultural objectives enunciated by the government or legislature  of any province likely to be significantly affected by the investment; and (vi) the  contribution of the investment to Canada’s ability to compete in world markets. 

Within 45 days after completed application for review has been  received, the Minister must notify the investor that (a) he is satisfied that the  investment is likely to be of “net benefit to Canada,” or (b) he is  unable to complete his review in which case he shall have 30 additional days to complete  his review (unless the investor agrees to a longer period) or (c) he is not satisfied that  the investment is likely to be of “net benefit to Canada.” If the  Minister is unable to complete his review and no decision has been taken within the  prescribed or agreed upon time, the Minister is deemed to be satisfied that the investment  is likely to be of “net benefit to Canada.” 

Where the Minister has advised the investor that he is not satisfied  that the investment is likely to be of “net benefit to Canada,” the  acquirer has the right to make representations and submit undertakings within 30 days of  the date of notice (or any further period that is agreed upon between the investor and the  Minister). On the expiration of the 30-day period (or an agreed extension), the Minister  must notify the investor whether or not he is satisfied that the investment is likely to  be of “net benefit to Canada.” In the latter case, the investor may  not proceed with the investment, or if the investment has already been implemented, must  divest itself of control of the Canadian business. 

No securities of the Company are subject to escrow. 

Pursuant to an escrow agreement dated June 17, 1996, (the "Escrow  Agreement"), among the Company, Montreal Trust Company (the "Trustee"), and  Sharpe, as the escrowed shareholder, an aggregate of 5,061,615 Common Shares of the  Company are held by the Trustee in escrow. The Escrow Agreement was entered into as a  condition of the Montreal Exchange approving the listing of the Company's Common Shares on  the Montreal Exchange. The first 250,000 Common Shares are released in accordance with the  provisions of Section 5 of General Policy Q-4 of the Quebec Securities Commission, and the  balance are released upon a mineral property being placed in commercial production. The  escrow agreement expired on November 30, 2001 and as a result the Quebec Securities  Commission canceled all of the escrow shares granted under the June 17, 1996 agreement. 
**- E. Taxation 

The following is a summary of certain Canadian federal income tax  provisions applicable to United States corporations, citizens and resident alien  individuals purchasing Common Shares. The discussion is only a general summary and does  not purport to deal with all aspects of Canadian federal taxation that may be relevant to  shareholders, including those subject to special treatment under the income tax laws.  Shareholders are advised to consult their own tax advisors regarding the Canadian federal  income tax consequences of holding and disposing of the Company’s Common Shares,  as well as any consequences arising under US federal, state or local tax laws or tax laws  of other jurisdictions outside the United States. The summary is based on the assumption  that, for Canadian tax purposes, the purchasers or shareholders (i) deal at  arm’s-length with the Company, (ii) are not residents of Canada, (iii) hold the  Common Shares as capital property and (iv) do not use or hold Common Shares in, or in the  course of, carrying on business in Canada (a “Non-Resident Holder”). 

Dividends paid to US residents by the Company on the Common Shares  generally will be subject to Canadian non-resident withholding taxes. For this purpose,  dividends will include amounts paid by the Company in excess of the paid-up capital of the  Common Shares on redemption or a purchase for cancellation of such shares by the Company  (other than purchases on the open market). For US corporations owning at least 10% of the  voting stock of the Company, the dividends paid by the Company are subject to a  withholding tax rate of 6% in 1996 and 5% thereafter under the Canada-U.S. Income Tax  Convention (1980), as amended by the Protocol signed on March 17, 1995 (the  “Treaty”). For all other US shareholders, the Treaty reduces the  withholding tax rate from 25% to 15% of the gross dividend. Other applicable tax treaties  may reduce the Canadian tax rate for other Non-Resident Holders. 

A Non-Resident Holder will generally not be subject to tax in Canada on  capital gains realized from disposition of Common Shares, unless such shares are  “taxable Canadian property” within the meaning of the Income Tax Act  (Canada). Generally, the Common Shares would not be taxable Canadian property unless the  Non-Resident Holder, together with related parties, at any time during the five years  prior to the disposition of the Common Shares owned not less than 25% of the issued shares  of any class of the capital stock of the Company. Under the Treaty, a resident of the  United States will not be subject to tax under the Income Tax Act (Canada) in respect of  gains realized on the sale of Common Shares which constitute “taxable Canadian  property”, provided that the value of the Common Shares at the time of  disposition is not derived principally from real property located in Canada. 
**- F. Dividends and paying agents. 

Not applicable. 
- G. Statement by experts 
Not applicable. 
- H. Documents on display. 
Company documents can be reviewed at 3258 Mob Neck Road, Heathsville,  VA 22473 or 1311 N. McCarran Blvd., Suite 102, Sparks, NV 89431. You can also obtain  copies by writing to either of these addresses. 
- I. Subsidiary Information 
Not applicable. 
**Item 11. Quantitative and Qualitative Disclosures about Market Risk.**
At January 31, 2005, the Company's financial instruments consisted  of cash and cash equivalents, common shares of Sharpe Resources, receivables and payables  and accruals. The Company estimates that the fair value of its other financial assets and  liabilities approximates the carrying values due to their short-term nature. 

It is management's opinion that the Company is not exposed to  significant interest, currency or credit risks arising from these financial instruments. 
**Item 12. Description of Securities Other than Equity Securities. 
Not applicable. 

**PART II****Item 13. Defaults, Dividend Arrearages and Delinquencies. 
There have been none. 
**Item 14. Material Modifications to the Rights of Security Holders  and Use of Proceeds. 
There have been none. 

**Item 15. Controls and Procedures 
As of the end of the period covered by this report and based on  their evaluation the Company's principal executive officer and principal financial officer  have concluded that the Company's disclosure controls and procedures (as defined in  Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting  (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) were effective to ensure that  the information required to be disclosed by the Company in reports that it files or  submits under the Exchange Act is recorded, processed, summarized and reported within the  time period specified in Securities and Exchange Commission rules and forms. There were no  significant changes in the Company's internal controls or in other factors that could  significantly affect these controls subsequent to the date of their evaluation, including  any corrective actions with regard to significant deficiencies and material weaknesses. 
**Item 16. [Reserved]**
**Item 16A. Audit Committee Financial Expert. 
The board of directors has determined that Directors and Audit  Committee Members, Mr. James Dunlop and Ms. Kimberly Larsen have the necessary attributes  for designation as the audit committee’s financial expert and have designated  them as the financial experts. 
**Item 16B. Code of Ethics. 

The company has adopted a Code of Ethics that applies to its  Directors and Executive Officers. The Code of Ethics can be viewed at 3258 Mob Neck Road,  Heathsville, Virginia 22473. It can also be obtained, without charge, by writing to this  address. 

**Item 16C. Principal Accountant Fees and Services. 
**2004**
2003 
Audit Fees 
$23,500 
$23,500 
Audit Related Fees 
$0 
$0 
Tax Fees 
$1,500 
$1,500 
All Other Fees 
$0 
$0 ***Policies and Procedures*

The Audit Committee, in consultation with senior management, reviews  annually and recommends for approval by the board of directors; 
- • the appointment of independent auditors at the annual general meeting of      shareholders of the Corporation; 
- • the remuneration of the auditors; and 
- • pre-approval of all non-audit services to be provided to the Corporation by      the external auditor. 

Since the commencement of the Corporation’s most recently  completed financial year, every recommendation of the Audit Committee to nominate or  compensate an external auditor was adopted by the Board of Directors. 
**Item 16D. Exemptions from the Listing Standards for Audit Committees. 

Not applicable. 

**Item 16E. Purchases of Equity Securities by the Issuer and Affiliated  Purchasers. 
Not applicable. 

**PART III****Item 17. Financial Statements.**
Following is a list of financial statements filed as part of the  annual report. 
- − Auditor's Report for Royal Standard Minerals Inc. for the year ended January      31, 2005, 2004 and 2003 
- − Consolidated Balance Sheets of Royal Standard Minerals Inc. as at January      31, 2005 and 2004 
- − Consolidated Statements of Operations and Deficit of Royal Standard Minerals      Inc. for the years ended January 31, 2005, 2004 2003 
- − Consolidated Statements of Cash Flows of Royal Standard Minerals Inc. for      the years ended January 31, 2005, 2004, 2003 
- − Notes to the Consolidated Financial Statements of Royal Standard Minerals      Inc. 

The consolidated financial statements of Royal Standard Minerals Inc.  were prepared in accordance with generally accepted accounting principles in Canada and  are expressed in United States dollars. For a discussion of the reconciliation of such  financial statements to United States generally accepted accounting principles, see note  #15 of the notes to the consolidated financial statements of Royal Standard Minerals Inc. 

**Auditors' Report**
To the Shareholders of 

**Royal Standard Minerals Inc.**
We have audited the consolidated balance sheets of **Royal  Standard Minerals Inc.** as at January 31, 2003 and 2002 and the consolidated statements  of exploration properties, operations and deficit and cash flows for each of the years in  the three year period ended January 31, 2003. These consolidated 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 auditing standards generally  accepted in Canada and in the United States of America. Those standards require that we  plan and perform an audit to obtain reasonable assurance as to 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 January 31, 2003 and  2002 and the results of its operations and its cash flows for each of the years in the  three year period ended January 31, 2003 in accordance with Canadian generally accepted  accounting principles. 

\s\ Grant Thornton LLP 

Toronto, Canada Grant Thornton LLP 

April 17, 2003 Chartered Accountants 

Comments by Auditors on United States of America-Canada Reporting  Difference 

United States of America reporting standards require the addition of an  explanatory paragraph when the financial statements are affected by conditions and events  that cast doubt on the company’s ability to continue as a going concern, such as  those described in note 1 to the financial statements. Although we conducted our audit in  accordance with both United States of America and Canadian generally accepted auditing  standards, our report to the shareholders dated April 17, 2003 is expressed in accordance  with Canadian reporting standards which do not permit a reference to such conditions and  events in the auditor’s report when these are adequately disclosed in the  financial statements. 

\s\ Grant Thornton LLP 

Toronto, Canada Grant Thornton LLP 

April 17, 2003 Chartered Accountants 

**Royal Standard Minerals Inc. 
(continued under the New Brunswick Corporations Act) 

**(Expressed in United States dollars) 
Consolidated Financial Statements**
**Monday, January 31, 2005 and 2004**
March 29, 2005, except for note 13 which is as of April 4, 2005 

**Auditors' Report**
To the Shareholders of 

Royal Standard Minerals Inc. 

We have audited the consolidated balance sheets of Royal StandardMinerals Inc. as at Monday, January 31, 2005 and 2004 and the consolidated statements ofexploration properties, operations and deficit and cash flows for each of the years thenended. These financial statements are the responsibility of the company's management. Ourresponsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generallyaccepted in Canada and the standards issued by the Public Company Accounting OversightBoard "United States". Those standards require that we plan and perform an auditto obtain reasonable assurance whether the financial statements are free of materialmisstatement. An audit includes examining on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well asevaluating 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 Monday, January 31,2005 and 2004 and the results of its operations and its cash flows for each of the****yearsthen ended in accordance with Canadian generally accepted accounting principles. 

The consolidated statements of exploration properties, operations anddeficit and cash flows for the year ended January 31, 2003 were audited by other auditorswho expressed an opinion without reservation on the financial statements in their reportdated April 17, 2003. 

"McCarney Greenwood LLP" 

Toronto, Canada McCarney Greenwood LLP 

Chartered Accountants 

Comments by Auditors on United States of America-Canada ReportingDifference 

United States of America reporting standards require the addition of anexplanatory paragraph when the financial statements are affected by conditions and eventsthat cast doubt on the company's ability to continue as a going concern, such as thosedescribed in note 1 to the financial statements. Although we conducted our audits inaccordance with both United States of America and Canadian generally accepted auditingstandards, our report to the shareholders dated March 29, 2005 is expressed in accordancewith Canadian reporting standards which do not permit a reference to such conditions andevents in the auditor's report when these are adequately disclosed in the financialstatements. 

"McCarney Greenwood LLP" 

Toronto, Canada McCarney Greenwood LLP 

Chartered Accountants 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Consolidated Balance Sheets Page 2**
**January 31 
2005 2004 

Assets 

Current assets 

Cash and cash equivalents $ 392,697 $ 189,732 

Funds held in trust (Note 3) - 75,000 

Marketable securities (Note 4) 86,124 8,000 

Receivables (Notes 4 and 13) 63,014 559 

541,835 273,291 

Reclamation bond (Note 5) 131,767 - 

Exploration properties (Note 6) 2,526,046 1,253,444 

Equipment (Note 7) 37,735 52,656 

$ 3,237,383 $ 1,579,391 

**Liabilities 
Current liabilities 

Accounts payable and accrued liabilities $ 104,087 $ 106,178 

**Shareholders' Equity 
Capital stock (Note 8) 8,779,261 7,221,581 

Warrants (Note 8) 584,796 151,276 

Contributed surplus (Note 8 & 9) 1,628,386 1,477,780 

Deficit (7,859,147) (7,377,424) 

3,133,296 1,473,213 

$ 3,237,383 $ 1,579,391 

___________________________________________________________________________________________

Nature of operations and going concern (Note 1) 

Commitments (Note 6) 

**Approved by the Board**"Roland Larsen" Director "KimberleyL. Koemer" Director 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Consolidated Statements of Exploration Properties Page 3 
Opening Additions Closing 

Balance (Reductions) Written off Balance 

Year ended January 31, 2005 

Gold Wedge Project $ 264,119 $ 1,058,243 $ - $ 1,322,362 

Manhattan Project 172,031 19,034 - 191,065 

Como Project 126,124 (39,794) - 86,330 

Railroad Project 122,732 52,938 - 175,670 

Pinon Project 511,043 89,495 - 600,538 

Fondaway Project 43,999 52,029 - 96,028 

Other 13,396 40,657 - 54,053 

$ 1,253,444 $ 1,272,602 $ - $ 2,526,046 
**Year ended January 31, 2004 

Gold Wedge Project $ 181,069 $ 83,050 $ - $ 264,119 

Manhattan Project 136,556 35,475 - 172,031 

Ruby Ridge Project 27,447 10,309 37,756 - 

Como Project 52,132 73,992 - 126,124 

Railroad Project 70,983 51,749 - 122,732 

Pinon Project 299,456 211,587 - 511,043 

Fondaway Project - 43,999 - 43,999 

Other 13,396 - - 13,396 

$ 781,039 $ 510,161 $ 37,756 $ 1,253,444 

**Year ended January 31, 2003 
Gold Wedge Project $ 14,821 $ 166,248 $ - $ 181,069 

Manhattan Project 87,313 49,243 - 136,556 

Ruby Ridge Project 4,007 23,440 - 27,447 

Como Project - 52,132 - 52,132 

Railroad Project - 70,983 - 70,983 

Pinon Project - 299,456 - 299,456 

Other 6,937 6,459 - 13,396 

$ 113,078 $ 667,961 $ - $ 781,039 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Consolidated Statements of Operations and Deficit Page 4**
**January 31 
2005 2004 2003 

Expenses 

General and administrative 193,287 269,520 147,135 

Consulting fees 213,504 241,103 146,948 

Stock option compensation (Note 9) 150,606 40,340 - 

Accretion expense 6,314 - 27,752 

Amortization 14,921 14,944 8,763 

578,632 565,907 330,598 

**Loss before the following** (578,632) (565,907) (330,598) 

Write off of exploration properties (34,397) (37,757) - 

Recovery of (write down of) marketable securities - - (39,000) 

Repayment of interest (Note 4) - - (67,117) 

Foreign exchange gain 131,306 49,038 19,912 

**Net (loss) before income taxes** (481,723) (554,626) (416,803) 

**Income taxes (Note 11)**- - - 

**Net (loss)** $ (481,723) $ (554,626) $ (416,803) 

**(Loss) per common share (Note 10)**
Basic $ (0.01) $ (0.02) $ (0.02) 

Diluted $ (0.01) $ (0.02) $ (0.02) 

**Deficit, at beginning of year** $ (7,377,424) $ (6,822,798) $(6,405,995) 

**Net (loss)**(481,723) (554,626) (416,803) 

**Deficit, at end of year** $ (7,859,147) $ (7,377,424) $ (6,822,798) 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Consolidated Statements of Cash Flows Page 5**
**Year ended January 31 
2005 2004 2003**
**Increase (decrease) in cash and cash equivalents**
**Operating activities 
Net (loss) $ (481,723) $ (554,626) $ (416,803) 

Operating items not involving cash 

Amortization 14,921 14,944 8,763 

Stock option compensation 150,606 40,340 - 

Write off of exploration properties (34,397) (37,757) - 

Write down of (recovery of) 

marketable securities (78,124) - 39,000 

Accretion expense 6,314 - - 

Decrease (increase) in receivables (62,455) 11,164 6,320 

Increase (decrease) in payables and accruals (2,091) 23,878 36,395 

(486,949) (502,057) (326,325) 

**Financing activities 
Issue of common shares, net of issue costs 1,802,452 857,319 688,717 

Proceeds on exercise of warrants 263,196 - - 

2,065,648 857,319 688,717 

**Investing activities 
Decrease (Increase) in funds held in trust 75,000 - (75,000) 

Payment of reclamation bond (131,767) - - 

Exploration properties (1,318,967) (434,647) (496,836) 

Purchase of equipment - (13,913) (62,451) 

(1,375,734) (448,560) (634,287) 

**Cash and cash equivalents 
Net (decrease) increase 202,965 (93,298) (271,895) 

Beginning of year 189,732 283,030 554,925 

End of year $ 392,697 $ 189,732 $ 283,030 

___________________________________________________________________________________________
**Supplemental cash flow information 

Cash and cash equivalent consists of: 

Cash $ 392,697 $ 189,732 $ 94,540 

Term deposits - - 188,490 

$ 392,697 $ 189,732 $ 283,030 

Interest paid $ - $ - $ 31,000 

Income taxes paid $ - $ - $ - 

Non-cash financing and investing activity: 

Issue of common shares for exploration 

properties $ - $ - $ 171,125 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 6**
**1. Nature of operations and going concern**
Royal Standard Minerals Inc. (the "Company") is a publicly heldcompany, engaged in the acquisition, exploration and development of resource properties.The Company is continued under the New Brunswick Business Corporations Act and its commonshares are listed on the TSX Venture Exchange and traded on the OTC Bulletin Board. 

The business of mining and exploring for minerals involves a high degreeof risk and there can be no assurance that current exploration programs will result inprofitable mining operations. The recoverability of the carrying value of explorationproperties and the Company's continued existence is dependent upon the preservation of itsinterest in the underlying properties, the discovery of economically recoverable reserves,the achievement of profitable operations, or the ability of the Company to raisealternative financing, if necessary, or alternatively upon the Company's ability todispose of its interests on an advantageous basis. Changes in future conditions couldrequire material write downs of the carrying values. 

These financial statements have been prepared on the basis of accountingprinciples applicable to a going concern, which assumes that the Company will continue inoperation for the foreseeable future and will be able to realize its assets and dischargeits liabilities in the normal course of operations. These financial statements do notinclude adjustments to the amounts and classification of assets and liabilities that mightbe necessary should the Company be unable to continue in business. 

**2. Significant accounting policies**
The consolidated financial statements have been prepared in accordancewith accounting principles generally accepted in Canada and include the accounts of theCompany and its wholly-owned subsidiaries, Southeastern Resources Inc., Pinon ExplorationCorporation, Standard Energy Inc., and Manhattan Mining Co., all United States companies. 

A summary of the differences between accounting principles generallyaccepted in Canada ("Canadian GAAP") and those generally accepted in the UnitedStates ("US GAAP") which affect the Company is contained in Note 15. 

The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities, the disclosure of contingent assetsand liabilities at the date of the financial statements and reported amounts of revenuesand expenses during the reporting period. Actual results could differ from thoseestimates. 

The significant accounting policies are as follows: 

**(a) Cash and cash equivalents 
Cash and cash equivalents include cash and term deposits at Canadianand United States financial institutions with a maturity of three months or less. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 7**
**(b) Equipment 
Equipment is recorded at cost less accumulated amortization.Amortization is provided using the declining balance method using the following rates: 

Exploration equipment - 30% 

Office equipment - 20% 

Equipment is assessed for future recoverability or impairment on an annualbasis by estimating future net undiscounted cash flows and residual value or by estimatingreplacement values. When the carrying amount of equipment exceeds the estimated netrecoverable amount, the asset is written down with a charge to income in the period thatsuch determination is made. 

**(c) Exploration properties 
All direct costs associated with exploration properties arecapitalized as incurred. If a property proceeds to development, these costs become part ofpreproduction and development cost of the mine. If a property is abandoned or continuedexploration is not deemed appropriate in the foreseeable future, the related costs andexpenditures are written off. 

The amounts capitalized at any time represent costs to be charged againstfuture operations and do not necessarily reflect the present or future values ofparticular properties. 

**(d) Asset retirement obligation**
The Company measures the expected costs required to retire its explorationproperties at a fair value which approximates the cost a third party would incur inperforming the tasks necessary to abandon the field and restore the site. The fair valueis recognized in the financial statements at the present value of expected future cashoutflows to satisfy the obligation. 

Asset retirement costs are depleted using the unit of production methodbased on estimated reserves and are included with depletion and depreciation expense. Theaccretion of the liability for the asset retirement obligation is included with interestexpense. 

**(e) Stock-based compensation plans 
The CICA Handbook Section 3870 requires that compensation foroption awards to employees be recognized in the financial statements at fair value foroptions granted in fiscal years beginning on or after January 1, 2004. The Company, aspermitted by CICA Handbook Section 3870, has adopted this section prospectively for newoption awards granted on or after February 1, 2003. 

**(f) Income taxes 
Income taxes are calculated using the asset and liability method oftax accounting. Under this method, current income taxes are recognized for the estimatedincome taxes payable for the current period. Future income tax assets and liabilities aredetermined based on differences between the financial reporting and tax basis of assetsand liabilities and on unclaimed losses carried forward and are measured using thesubstantially enacted tax rates that will be in effect when the differences are expectedto reverse or losses are expected to be utilized. A valuation allowance is recognized tothe extent that the recovery of future income tax assets is not considered more likelythan not. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 8**
**(g) Earnings (loss) per common share 
Basic earnings (loss) per share is computed by dividing the earnings(loss) for the period by the weighted average number of common shares outstanding duringthe period, including contingently issuable shares which are included when the conditionsnecessary for issuance have been met. Diluted earnings per share is calculated in asimilar manner, except that the weighted average number of common shares outstanding isincreased to include potentially issuable common shares from the assumed exercise ofcommon share purchase options and warrants, if dilutive. The number of additional sharesincluded in the calculation is based on the treasury stock method for options andwarrants. 

**(h) Foreign currency translation 
The Company uses the United States Dollar as its reporting currency,as the majority of its transactions are denominated in this currency and the operations ofits subsidiaries are considered to be of an integrated nature. 

Monetary assets and liabilities of the parent company denominated inCanadian funds are translated into United States funds at period end rates of exchange.Other assets and liabilities and capital stock of the parent company are translated athistorical rates. Revenues and expenses of the parent company are translated at theaverage exchange rate for the period. Gains and losses on foreign exchange are recorded inoperations. 

**(i) Marketable securities 
Marketable securities are carried at the lower of cost and fair value.A loss in value, which is other than a temporary decline, is recognized as a charge toearnings. 

**3. Funds held in trust**
On April 17, 2002, the Company entered into an agreement with an unrelatedparty (the "Lender") to obtain a $5,000,000 financing facility. The agreementstipulated that the Company deposit with the Lender an interest earning refundablecontingency fee of 1.5% of the facility ($75,000) which will be held in trust until theloan is advanced. 

The agreement's closing date originally set to June 31, 2002, was laterextended to June 17, 2003. If this agreement had closed on or before May 1, 2003, theLender would have disbursed the funds to the Company, net of closure fees of 3.5% of thefacility ($175,000). In addition, the Company was to issue 1,000,000 share purchasewarrants to the Lender. Each warrant would have entitled the Lender to acquire one commonshare of the Company. The price of the warrants would have been set, based upon the 10 daymoving average of the stock price prior to the closing date and would have had a two yearterm from the date of closing. 

The agreement expired without the closing of the $5,000,000 financingfacility. The Company pursued legal action against the Lender in an attempt to recover thefunds advanced. On August 31, 2004, the Company recovered $54,050. The unrecoverableamount was charged to the current years operations. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 9**
**4. Sharpe Resources Corporation**
**Marketable securities**
Marketable securities consist of common shares of Sharpe ResourcesCorporation ("Sharpe Resources") a publicly held Canadian company, engaged inthe exploration for and production of petroleum and natural gas properties in the UnitedStates. Sharpe Resources is considered to be related to the Company because of commonmanagement. 

The shares are carried at the lower of cost and quoted market values. 

**Advances 
At January 31, 2001, advances to Sharpe Resources amounted to$476,594. The advances, which were unsecured and bore interest at prime plus 2% per annum,were fully written off in fiscal 1999, having been written down in previous years. 

In fiscal 2002, the Company recovered $479,340 from Sharpe Resourcesrepresenting the outstanding balance plus accrued interest which recovery was recorded inthe operations for that year. 

In fiscal 2003, the Company agreed to repay the interest collected fromSharpe Resources in connection with the $479,340 recovered in fiscal 2002. The interestamounted to $67,117. At January 31, 2005, $21,547 (2004 - $36,117) is still outstandingand has been included in accounts payable and accrued liabilities. 

During the year the Company advanced $71,717 (2003 - $18,611) to SharpeResources. These advances are non-interest bearing and have no set terms of repayment. 

**5. Reclamation bond**
A reclamation bond has been posted by the Company to secure clean-upexpenses if the concerned properties are abandoned or closed. 

During the year, the Company posted a bond regarding the Goldwedgeproperty as required by the State of Nevada. The bond remains attached to the Goldwedgeproperty. 

**6. Exploration properties 
Nevada Projects 

In fiscal 2003 and 2002, the Company entered into certain optionagreements to purchase up to 100% interest in patented and unpatented lode mining claimsin Nye, Elko and Lyon Counties, Nevada. Details of the option agreements are as follows: 

**ProjectRequired Cash Payments to OptionorRoyalty(1) Exercise of Option
Gold Wedge Commencing in fiscal 2002, $5,000 each 3% NSR July 2006 -$200,000 

Nye County in first two years, $10,000 in third year, 

$15,000 in fourth year and 

$20,000 each in fifth and sixth years. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 10**
Manhattan Commencing in fiscal 2002, $1,000 per 5% NSR August 2006 -$500,000 

Nye County month from August 2001 to August 2002, 

$2,000 per month from 

September 2002 to July 2006. 

Fondaway Commencing in fiscal 2003, $25,000 in 3% NSR July 2013 - $600,000

Canyon year one, $30,000 in years two and three 

Churchill and $35,000 each of the next seven years. 

County 

Como Commencing in fiscal 2003, $25,000 in 4% NSR May 2008 - $1,000,000 

Lyon years one and two covering years three 

County and four, $20,000 in year five, and $25,000 

in year six. 

Railroad Commencing in fiscal 2003, $15,000 in 5% NSR August 2008 -$2,000,000 

Elko County the first year and increases by $5,000 

each of the next six years. 

(1) NSR - Net Smelter Royalty 

**Como Project 
On September 15, 2004, the Company granted an option (the"Option") to Sharpe Resources Corporation ("Sharpe") to acquire a 60%interest in the Company's gold project located in Lyon County, Nevada (the"Project"), in consideration for which Sharpe has issued 2,000,000 common sharesto the Company at a deemed value of $78,125 ($100,000 CDN). To exercise the option, Sharpemust maintain the unpatented and patented mining claims on the Project, must pay allrequired option, annual advanced minimum royalty payments and deliver a completed positivefeasibility study in compliance with National Instrument 43-101 in respect of the Project.

**Pinon Project - Cord Lease 
In August 2002, the Company entered into a mining lease agreement tolease certain properties located in Elko County, Nevada for a period of five years. Thelessors will retain a 5% net smelter royalty with no option to purchase. 

**Pinon Project - Tomera Lease 
In August 2002, the Company entered into a mining lease agreement tolease certain properties located in Elko County, Nevada for a period of seven years. Thelessors will retain a 5% net smelter royalty. 

In addition, the Company entered into an irrevocable lease agreement withthe surface and minerals rights owners of the Pinon Project properties. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 11**
**7. Equipment 
2005 2004 2003 

Cost

Exploration equipment $ 62,065 $ 62,065 $ 50,346 

Office equipment 16,936 16,936 12,105 

79,001 79,001 62,451 

**Accumulated amortization 
Exploration equipment 34,507 22,321 7,552 

Office equipment 6,729 4,024 1,211 

41,236 26,345 8,763 

**Net carrying value 
Exploration equipment 27,558 39,744 42,794 

Office equipment 10,207 12,912 10,894 

$ 37,765 $ 52,656 $ 53,688 

**8. Capital stock 
Authorized: 

The authorized capital of the Company consists of an unlimited numberof common shares without par value. 

**Common shares issued 
Shares Amount**
Outstanding at January 31, 2002 19,231,338 $ 5,667,723 

Shares issued for cash, less issue costs of $55,258 7,000,000 600,427 

Shares issued for cash on exercise of stock options 910,000 88,290 

Shares issued for interest in Pinon Project 1,000,000 171,125 

Outstanding at January 31, 2003 28,141,338 6,527,565 

Shares issued for cash, less issue costs of $266,372 6,000,000 845,292 

Warrants valuation - (151,276) 

Outstanding at January 31, 2004 34,141,338 7,221,581 

Shares issued for cash, less issue costs of $360,964 7,395,000 1,486,784 

Shares issued to broker as compensation 349,680 91,117 

Shares issued on warrant exercise 1,257,500 318,352 

Warrant valuation - (428,918) 

Warrant call - 90,345 

Outstanding at January 31, 2005 43,143,518 $ 8,779,261 

On February 3, 2004, the Company closed a private placement offering of1,075,000 units at a price of $0.25 CDN per unit for gross proceeds of $268,750 CDN. Eachunit consists of one common share and one-half common share purchase warrant. Each wholepurchase warrant entitles the holder to subscribe for one additional common share at aprice of $0.30 CDN until February 2, 2005. 

On April 16, 2004, the Company closed a private placement offering of6,320,000 units at a price of $0.35 CDN per unit for gross proceeds of $2,212,000 CDN.Each unit consists of one common share and one-half common share purchase warrant. Eachwhole purchase warrant entitles the holder to subscribe for one additional common share ata price of $0.50 CDN until April 15, 2006. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 12**
**8. Capital stock (Continued)**
Canaccord Capital Corporation ("Canaccord") acted as agent andwas paid the following fees regarding the April 16, 2004 private placement: an Agent's feeconsisting of an 8% commission (paid in cash and in Agent's units) and Agent's warrants; aCorporate Finance fee of 100,000 Corporate Finance units; and an Administration fee of$7,500 CDN. The Agent's fee included a commission of 8% of the proceeds of the privateplacement and was paid with $89,572 CDN in cash and with the issuance of 249,680 Agent'sunits. Each Agent's unit consists of one common share and one-half Agent's common sharepurchase warrant. Each whole Agent's warrant entitles the holder to subscribe for onecommon share at a price of $0.50 per Agent warrant for a period of 24 months. The Agent'sfee also included Agent's warrants equal to 20% of the number of units issued on theprivate placement, such Agent's warrants totaling 1,264,000 Agent's warrants. Each wholeAgent's warrant entitles the holder to subscribe for one common share at a price of $0.50per Agent warrant for a period of 24 months. The Corporate Finance fee was paid by theissuance of 100,000 Corporate Finance units, each unit consisting of one common share andone-half Corporate Finance Warrant. Each whole Corporate Finance warrant entitles theholder to subscribe for one common share at a price of $0.50 per Corporate Finance warrantfor a period of 24 months. 

The fair value of the common share purchase warrants and agent'swarrants issued in fiscal 2005 were 

estimated using the Black-Scholes pricing model based on the followingassumptions: 

(i) Warrants issued on private placement 

Dividend yield 0%, expected volatility 100%, risk - free interest rate4.5% and an expected 

life of 12 months. Value assigned to 537,500 warrants is $34,379. 

(ii) Warrants issued on private placement 

Dividend yield 0%, expected volatility 100%, risk - free interest rate4.5% and an expected 

life of 24 months. Value assigned to 3,160,000 warrants is $374,270. 

(iii) Agent's warrants 

Dividend yield 0%, expected volatility 100%, risk - free interest rate4.5% and an expected 

life of 24 months. Value assigned to 1,438,840 compensation warrants is$170,416. 

On February 17, 2004, articles of amendment were filed to authorize theissuance of an unlimited number of special shares without par value. 

During fiscal 2004, the Company completed a private placement financing ofCDN $1,500,000 with Octagon Capital Corporation. The terms of the financing included theissuance of 6,000,000 units of the Company at a price of CDN $0.25 per unit for grossproceeds of CDN $1,500,000. Each unit consists of one common share and one half commonshare purchase warrant. Each warrant entitles the holder to acquire one additional shareat a price of CDN $0.30 per share for a period of 24 months from the date of closing. Thewarrants are non-callable by the Company during the first 12 months from the closing date.During the second 12 months, the warrants may be called at the discretion of the Companyif the average closing price for the shares on the TSX.V for any consecutive twenty daytrading period is greater than or equal to CDN $0.375. In such circumstances, the Companymay exercise its call in respect of the warrants by paying holders of the warrants CDN$0.0001 per warrant. An additional 600,000 warrants with an exercise price of $0.30 pershare for a period of 24 months were granted to the broker. On July 18, 2004 the Companyannounced a warrant call with respect to outstanding warrants at CDN $0.0001 per warrant.2,150,000 warrants were cancelled as a result of the warrant call. 

During the 2004 fiscal year $151,276 was recorded as warrants and chargedagainst capital stock. For purposes of the 3,600,000 warrants granted in 2004, the fairvalue of each warrant was estimated on the date of grant using the Black-Scholes optionpricing model, with the following assumptions: dividend yield of 0%, expected volatilityof 55%, risk-free interest rate of 4.5% and an expected life of 24 months. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 13**
**8. Capital stock (Continued)**
The following table reflects the fair value of share purchase warrants andbroker's warrants currently outstanding: 

**Expiry Share Purchase Price ($) Number Value ($)**
February 2, 2005 0.30 430,000 27,503 

July 24, 2005 0.275 (i) 300,000 12,607 (Broker Warrants) 

April 15, 2006 0.50 3,160,000 374,270 

April 15, 2006 0.50 1,438,840 170,416 (Broker Warrants) 

5,328,840 584,796 

(i) These warrants issued on July 24, 2003 had an exercise price of $0.25per share until the first anniversary of the closing date, and $0.275 thereafter. 

**9. Common share options**
Under the Company's stock option plan (the "Option Plan"), thedirectors of the Company can grant options to acquire common shares of the Company todirectors, employees and others who provide ongoing services to the Company. Exerciseprices cannot be less than the closing price of the Company's shares on the trading daypreceding the date and the maximum term of any option cannot exceed ten years. 

The number of common shares under option at any time under the Option Planor otherwise cannot exceed 5% of the then outstanding common shares of the Company for anyoptionee. In addition, options granted to insiders of the Company cannot exceed more than10% of the then outstanding common shares of the Company. The options vest when granted. 

The following table reflects the continuity of stock options: 

**Number of Weighted Average 
Stock Options Exercise Price 

200520042003200520042003

Outstanding at beginning of year 3,410,000 3,090,000 2,385,000 $ 0.26$ 0.26 $ 0.18 

Granted during year 775,000 320,000 1,615,000 $ 0.36 $ 0.265 $ 0.32 

Exercised during year - - (910,000) $ - $ - $ 0.16 

Outstanding at end of year 4,185,000 3,410,000 3,090,000 $ 0.28 $ 0.26 $0.26 

Exercise prices are in Canadian dollars. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 14**
**9. Common share options (Continued)**
The following table reflects the stock options outstanding as at January31, 2005 

**Expiry Date Exercise Price ($) Options Outstanding**
May 04, 2005 0.23 595,000 

May 25, 2006 0.17 880,000 

April 25, 2007 0.26 960,000 

May 13, 2007 0.40 655,000 

December 12, 2008 0.265 320,000 

May 4, 2009 0.36 775,000 

4,185,000 

On May 4, 2004, 775,000 stock options were granted to employees anddirectors of the Company. These stock options were fully vested on the date of grant andthe fair value was charged to the statements of operations and deficit.. The fair value ofthe stock options was estimated on the date of grant using the Black-Scholes optionpricing model. Accordingly, $150,606 was recorded as stock option compensation andcontributed surplus. The following assumptions were made in estimating the fair value ofthe stock options: dividend yield, 0%; risk-free interest rate, 4.5%; estimated life, 5years and volatility, 100%. 

The following table reflects the continuity of contributed surplusrelating to stock options: 

**Number of Options****Amount**

Balance, January 31, 2002 1,475,000 $ - 

Options granted 1,615,000 - 

Balance, January 31, 2003 3,090,000 - 

Options granted 320,000 40,340 

Balance, January 31, 2004 3,410,000 $ 40,340 

Options granted 775,000 150,606 

Balance, January 31, 2005 4,185,000 190,946 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 15**
**10. Per share amounts**
The following table sets forth the computation of basic and dilutedearnings (loss) per share: 

**2005 2004 2003 
Numerator: 

(Loss) for the year $ (481,723) $ (554,626) $ (416,803) 

Numerator for basic and diluted 

(loss) per share $ (481,723) $ (554,626) $ (416,803) 

Denominator: 

Weighted average number of common shares 41,090,912 31,330,37925,537,033 

Denominator for basic (loss) 

per share 41,090,912 31,330,379 25,537,033 

Effect of dilutive securities: 

Stock options (i) - - - 

Share purchase warrants (i) - - - 

Denominator for diluted (loss) 

per share 41,090,912 31,330,379 25,537,033 

Basic (loss) per share $ (0.01) $ (0.02) $ (0.02) 

Diluted (loss) per share $ (0.01) $ (0.02) $ (0.02) 

(i) The stock options and common share purchase warrants were notincluded in the computation of diluted (loss) per share on January 31, 2005, 2004 and 2003as their inclusion would be anti-dilutive. 

**11. Income taxes**
The following table reconciles the expected income tax expense (recovery)at the Canadian statutory income tax rate to the amounts recognized in the consolidatedstatements of operations. 

**2005 2004 2003 
Net (loss) before income taxes reflected 

in consolidated statements of operation $ (481,723) $ (554,626) $(416,803) 

Expected income tax (recovery) expense (173,998) (203,104) (163,000) 

Deductible share issue costs (40,612) - (19,000) 

Stock option compensation expense 54,399 40,340 - 

Valuation allowance 160,211 162,764 182,000 

Income tax (recovery) expense $ - $ - $ - 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 16**
**11. Income taxes (Continued) 
The following table reflects future tax assets at Monday, January 31,2005, 2004 and 2003. 
**2005 2004 2003 
Unclaimed non-capital losses $ 957,000 $ 917,954 $ 1,029,000 

Unclaimed capital losses 15,184 14,353 - 

Excess of undepreciated capital cost allowance 

over carrying value of capital assets 20,712 13,191 - 

Excess of unclaimed resource pools over 

carrying value of exploration properties 453,543 435,400 1,480,000 

Unclaimed share issue costs 116,362 114,848 29,000 

1,562,801 1,495,746 2,538,000 

Valuation allowance 1,562,801 1,495,746 2,538,000 

Future income tax assets recognized $ - $ - $ - 

At January 31, 2005, the Company had unclaimed Canadian and foreignresource pools of $3,781,700 unclaimed share issue costs of $322,200 and unclaimednon-capital losses carried forward of $2,649,500. The non-capital losses will expire asfollows*:*

2006 $ 369,300 

2007 203,300 

2008 199,600 

2009 270,900 

2010 523,700 

2011 571,700 

2015 511,000 

$ 2,649,500 

At January 31, 2005, the Company's United States subsidiaries hadunclaimed resource pools of $2,395,000 and unclaimed non-capital losses carried forward of$1,590,000. None of these losses expire in the next two years. 

**12. Financial instruments**
At January 31, 2005, the Company's financial instruments consisted of cashand cash equivalents, common shares of Sharpe Resources, receivables and payables andaccruals. The Company estimates that the fair value of its other financial assets andliabilities approximates their carrying values due to their short term nature. 

It is management's opinion that the Company is not exposed to significantinterest, currency or credit risks arising from these financial instruments. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 17**
**13. Related party transactions**
Transactions with a related party were as follows: 

**2005 2004 2003**
Receivable from an officer of the Company $ 11,095 $ 9,953 $ 7,982 

Office space rent paid to a company related to 

an officer of the Company $ - $ 5,732 $ 29,670 

These transactions are in the normal course of operations and are measuredat the exchange value (the amount established and agreed to by the related parties), whichapproximates the arm's length equivalent value. 
**14. Subsequent events**
On March 31, 2005 the Company announced a private placement of 8,750,000units at a price of $0.35 CDN for gross proceeds of $2,531,829. Each unit consists of onecommon share and one-half common share purchase warrant ("warrant"). Each wholewarrant will entitle the holder to subscribe for one additional share at a price of $0.50CDN per share until March 31, 2007. 

The warrants have been estimated at $575,087 using the Black-Scholesoption pricing model using the following assumptions: dividend yield 0%; expectedvolatility 100%; risk-free interest rate 4.5%; and expected life of 2 years. 

In addition, Canaccord, the agent acting for the offering, as partialcompensation for their services, received 82,000 common shares and 1,353,500 warrants,each warrant entitling Canaccord to acquire one additional common share of the Company atan exercise price of $0.50 CDN until March 31, 2007. The fair value of these warrants hasbeen estimated as $177,915 using the Black-Scholes option pricing model with the sameassumptions as noted above. 

**15. Differences between Canadian GAAP and US GAAP**
The Company's consolidated financial statements have been prepared inaccordance with Canadian GAAP. These principles, as they pertain to the Company'sconsolidated financial statements differ from US GAAP as follows: 

Under Canadian GAAP, the Company accounted for its stock compensation planas described in Note 2 under which CICA Handbook Section 3870 was adopted for new awardseffective January 1, 2003. The effect of this accounting change was that $40,340 wasrecorded as an additional compensation expense for fiscal 2004. Prior to this change, nocompensation expense was required to be recorded for stock option grants under CanadianGAAP for fiscal 2003 or 2002. For US GAAP purposes, the Company has adopted the provisionsof Financial Accounting Standards Board (FASB) Statement 148 (see below) effective as ofFebruary 1, 2003, which provisions allow the Company to record compensation expense forstock option granted in fiscal 2004 based on the estimated fair value of such option,using the prospective method. As of February 1, 2003, the Company's accounting for stockoption grants under US GAAP is substantially equivalent to the accounting under CanadianGAAP. As such, the expense recorded for US GAAP purposes would be equal to the expenserecorded for Canadian GAAP purposes in fiscal 2004. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 18**
Prior to February 1, 2003, the Company accounted for its stock-basedcompensation plan for US GAAP purposes under APB Opinion Number 25 and relatedinterpretations, under which no compensation expense was required to be recognized infiscal 2003 or 2002. For US GAAP purposes, pro forma net loss relating to stock optiongrants would have been increased by approximately $237,000 in fiscal 2003. 

The Company is in the process of exploring its exploration properties andhas not yet determined whether these properties contain ore reserves. Accordingly, underUS GAAP, the Company would be characterized as a "development stage enterprise".

Under Canadian GAAP, the Company accounts for its exploration costs asdescribed in Note 2, while under US GAAP, exploration costs cannot be capitalized and areexpensed as incurred. Had the Company's consolidated balance sheets as at January 31, 2005and 2004 been prepared using US GAAP, such balance sheets would be presented as follows: 

**2005 2004 
Assets 

Current 

Cash and cash equivalents $ 392,697 $ 189,732 

Funds held in trust - 75,000 

Marketable securities 86,124 8,000 

Receivables 63,014 559 

541,835 273,291 

Equipment 37,735 52,656 

$ 579,570 $ 325,947 

**Liabilities 
Current 

Payables and accruals $ 104,087 $ 106,178 

**Shareholders' Equity 
Capital stock 8,198,236 6,640,556 

Warrants 584,796 151,276 

Additional paid-in capital 1,482,259 1,331,653 

Cumulative foreign currency translation adjustments 46,893 (84,413) 

Cumulative adjustments to marketable securities (407,105) (407,105) 

Deficit accumulated during the development stage (9,429,596)(7,412,198) 

475,483 219,769 

$ 579,570 $ 325,947 

Under US GAAP, development stage enterprises are required to providecumulative-from-inception information relating to income statements, statements of cashflows, and statements of changes in shareholders' equity. Inception has been deemed to beJune 26, 1996, the date on which the Company acquired all of the outstanding common sharesof Southeastern Resources Inc. ("SRI") which acquisition was accounted for as areverse takeover of the Company by SRI because immediately after the acquisition, theformer shareholders of SRI owned approximately 94% of the then outstanding shares of theCompany. In addition, US GAAP requires the presentation of a statement of comprehensiveincome, which includes in addition to revenue and expenses, those comprehensive incomeitems recorded directly in equity on the balance sheet. 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 19**
The cumulative-from-inception statements of operations and comprehensive(loss), cash flows and changes in shareholder's equity under US GAAP are as follows: 

Statements of Operations and Comprehensive Income (Loss): 

**Cumulative**

**from 
Inception**2005 2004 2003**
**Revenue 
Interest $ 18,614 $ - $ - $ - 

**Expenses 
General and administrative 1,787,096 193,287 269,520 147,135 

Consulting fees 601,555 213,504 241,103 146,948 

Stock option compensation 190,946 150,606 40,340 - 

General exploration 6,799,885 1,523,204 510,161 695,713 

Depreciation 38,628 14,921 14,944 8,763 

9,418,110 2,095,522 1,076,068 998,559 

**Loss before the following** (9,399,496) (2,095,522) (1,076,068)(998,559) 

Recovery of (write down of) 

advances to related company (75,506) - - - 

Gain on disposal of marketable 

securities 47,988 - - - 

Repayment of interest (67,117) - - (67,117) 

Gain on sale of 60% interest in 

exploration property 78,124 78,124 - - 

**Net (loss) earnings before**

**income taxes** (9,494,131) (2,017,398) (1,076,068) (1,065,676) 

**Income taxes - - - - 
Net (loss) earnings $ (9,494,131) $ (2,017,398) $ (1,076,068) $(1,065,676) 

**Comprehensive income items:**

Foreign currency translation 

gains (losses) 46,893 131,306 49,038 19,912 

Recovery of (write down) of 

marketable securities (407,105) - - (39,000) 

**Comprehensive (loss) $ (9,854,343) $ (1,886,092) $ (1,027,030) $(1,084,764) 
Net (loss) earnings per common share 

Basic $ (0.05) $ (0.03) $ (0.04) 

Diluted $ (0.05) $ (0.03) $ (0.04) 

**Comprehensive (loss) earnings per common share 
Basic $ (0.05) $ (0.03) $ (0.04) 

Diluted $ (0.05) $ (0.03) $ (0.04) 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 20**
Statements of Changes in Shareholders' Equity: 

The changes in common stock since the Company's inception as required byUS GAAP are as follows: 

**Common Stock**

**Price Amount 
per Under 

SharesShareUS GAAP

Issued to former shareholders of SRI 8,154,614 $ 0.16 $ 1,318,566 

Held by other shareholders 488,041 0.96 467,467 

Outstanding at June 26, 1996 8,642,655 - 1,786,033 

Issued for exploration properties 1,400,000 0.48 667,204 

Issued for services 200,000 0.63 126,465 

Issued on cash on exercise of warrant 580,577 0.62 361,823 

Issued for cash 500,000 0.66 329,936 

Outstanding at January 31, 1997 11,323,232 - 3,271,461 

Issued for exploration properties 200,000 0.67 134,250 

Flow-through shares issued for cash 300,000 0.72 216,763 

Issued for cash, less issue costs of $481,480 7,228,066 0.29 2,129,061 

Issued for services 70,000 0.83 58,125 

Outstanding at January 31, 1998 19,121,298 - 5,809,660 

Share issue costs - - (5,919) 

Outstanding at January 31, 1999 19,121,298 - 5,803,741 

Issued for cash, less issue costs of $4,092 951,494 0.06 61,578 

Outstanding at January 31, 2000 20,072,792 - 5,865,319 

Issued for cash, less issue costs of $54,246 3,043,667 0.12 377,614 

Outstanding at January 31, 2001 23,116,459 - 6,242,933 

Issued for cash on exercise of warrants 951,494 0.13 123,052 

Cancellation of shares held in escrow (4,836,615) 0.26 (1,279,287) 

Outstanding at January 31, 2002 19,231,338 - 5,086,698 

Issued for cash, less issue cost of $55,258 7,000,000 0.09 600,427 

Issued for cash, on exercise of stock options 910,000 0.10 88,290 

Issued in exchange for exploration properties 1,000,000 0.17 171,125 

Outstanding at January 31, 2003 28,141,338 - 5,946,540 

Issued for cash, less issue cost of $266,372 6,000,000 0.12 845,292 

Warrant valuation - - (151,276) 

Outstanding at January 31, 2004 34,141,338 - 6,640,556 

Issued for cash, less issue cost of $360,964 7,395,000 0.20 1,486,784 

Issued to broker as compensation 349,680 0.26 91,117 

Issued on warrant exercise 1,257,500 0.25 318,352 

Warrant valuation - - (428,918) 

Warrant call - - 90,345 

Outstanding at January 31, 2005 43,143,518 $ - $ 8,198,236 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 21**
Other changes in shareholders' equity are presented as follows: 

**Cumulative Deficit 
foreign Cumulative accumulated 

Additional currency adjustments during the 

paid in translation to marketable development 

Warrants capital adjustments securities stage 

Balance, February 1, 2001 $ - $ 1,279,286 $ (151,939) $ (379,105)$(5,492,828) 

Comprehensive (loss) income - - (1,424) 11,000 222,374 

**Balance, January 31, 2002** - 1,279,286 (153,363) (368,105)(5,270,454) 

Comprehensive (loss) income - - 19,912 (39,000) (1,065,676) 

**Balance, January 31, 2003** - 1,279,286 (133,451) (407,105)(6,336,130) 

Issue of warrants, fair value 151,276 - - - - 

Stock options - 52,367 - - - 

Comprehensive (loss) income - - 49,038 - (1,076,068) 

**Balance, January 31, 2004** 151,276 1,331,653 (84,413) (407,105)(7,412,198) 

Warrant exercise, fair value (55,200) - - - - 

Issue of warrants, fair value 579,065 - - - - 

Warrant call (90,345) - - - - 

Stock options - 150,606 - - - 

Comprehensive (loss) income - - 131,306 - (2,017,398) 

**Balance, January 31, 2005** $ 584,796 $ 1,482,259 $ 46,893 $(407,105) $(9,429,596) 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 22**
Statement of Cash Flows: 

**Cumulative**

**from 
Inception**2005 2004 2003 
Operating activities

Net (loss) earnings $ (9,416,007) $ (2,017,398) $ (1,076,068) $(1,065,676) 

Depreciation 38,628 14,921 14,944 8,763 

Stock option compensation 190,946 150,606 40,340 - 

Foreign currency translation 

adjustments 46,893 131,306 49,038 19,912 

Common shares received on the 

sale of mining option - - - - 

Expenses settled by the issue 

of common shares 184,610 - - - 

Exploration expenditures settled 

by the issue of common shares 2,277,918 - - 171,125 

Gain on disposal of marketable 

securities (47,988) - - - 

Write down of advances to related 

company 554,846 - - - 

(6,168,096) (1,720,565) (971,746) (865,876) 

(Increase) decrease in receivables (63,014) (62,455) 11,164 6,320 

Increase in advances to related 

company (554,846) - - - 

Increase (decrease) in payables 

and accruals 83,945 (2,091) 23,878 36,395 

(6,702,011) (1,785,111) (936,704) (823,161) 

**Financing activities 
Issue of common shares, net of 

issue costs 7,335,028 1,728,004 857,319 688,717 

Issue of warrants, net of 

issue costs 263,196 263,196 - - 

7,598,224 1,991,200 857,319 688,717 

**Investing activities**

Increase in funds held in trust - 75,000 - (75,000) 

Purchase of equipment (76,364) - (13,913) (62,451) 

Purchase of marketable securities (1,136,100) (78,124) - - 

Proceeds on disposal of marketable 

securities 690,864 - - - 

(521,600) (3,124) (13,913) (62,451) 

**Cash and cash equivalents 
Net increase (decrease) 374,613 202,965 (93,298) (196,895) 

Beginning of period - 189,732 283,030 554,925 

End of period $ 374,613 $ 392,697 $ 189,732 $ 358,030 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 23**
Recent US GAAP accounting pronouncements-- 

In December 2002, the FASB issued Statement No. 148, "Accounting forStock-Based Compensation- Transition and Disclosure" (FASB 148), which providesalternative methods of transition for a voluntary change to the fair value method ofaccounting for stock-based employee compensation. In addition, the Statement amends theprevious disclosure requirements of FASB 123 to require prominent disclosures about themethod of accounting for stock-based employee compensation and the effect of the methodused on reported financial results. The Company adopted this statement in fiscal 2004. 

FASB 148 requires the following disclosures for US GAAP purposes: 

**Years ended January 31 
2005 2004 2003 

AS REPORTED: 

Net loss $ (2,017,398) $ (1,076,068) $ (1,065,676) **(Loss) per common share, 

as reported- 

Basic $ (0.05) $ (0.03) $ (0.04) 

Diluted $ (0.05) $ (0.03) $ (0.04) 

Stock-option compensation 

cost included in net loss $ 150,606 $ 40,340 $ - 

PRO FORMA (as if the fair value method of accounting for stock optiongrants had been applied for all periods): 

Net loss****$ (2,017,398) $ (1,076,068) $ (1,302,676) **(Loss) per common share, 

as reported- 

Basic $ (0.05) $ (0.03) $ (0.05) 

Diluted $ (0.05) $ (0.03) $ (0.05) 

Additional stock-option compensation 

included in net loss on a pro forma basis $ - $ - $ 237,000 

**Royal Standard Minerals Inc.**

(expressed in United States Dollars) 

**Notes to Consolidated Financial Statements 
Years ended Monday, January 31, 2005, 2004 and 2003 Page 24**
In 2003, the FASB issued Interpretation No. 46, "Consolidation ofVariable Interest Entities" ("FIN 46"), which provides guidance on theidentification of variable interest entities, entities for which control is achievedthrough means other than through voting rights, and how to determine whether a variableinterest holder should consolidate its variable interest entities. In December 2003, theFASB issued modifications to FIN 46, resulting in multiple effective dates based on thenature and creation date of the VIE. The Company has determined that it does not have anyVIE's which will require consolidation for US GAAP purposes. 

On December 15, 2004, the FASB issued Statement No. 123 (Revised 2004),"Share-Based Payment" (FASB 123R). FASB 123R requires companies to calculate andrecord in the income statement the costs of equity instruments, such as stock options,awarded to employees for services rendered; pro-forma disclosure is no longer permitted.FASB 123R is required to be adopted in the first quarter of 2006. The Company's accountingfor its stock option awards is already in substantial compliance with the provision ofFASB 123R; the adoption of this standard is not expected to have a significant on theCompany's financial statements. 

In December 2004, the FASB issued Statement No. 153, "Exchanges ofNonmonetary Assets an Amendment of APB Opinion No. 29, Accounting for NonmonetaryTransactions" (FASB 153). FASB 153 eliminates the exception from fair valuemeasurement for nonmonetary exchanges of similar productive assets in paragraph 21(b) ofAPB Opinion No. 29, "Accounting for Nonmonetary Transactions," and replaces itwith an exception for exchanges that do not have commercial substance. FASB 153 specifiesthat a nonmonetary exchange has commercial substance if the future cash flows of theentity are expected to change significantly as a result of the exchange. FASB 153 iseffective for fiscal periods beginning after June 15, 2005. The adoption of this standardis not expected to have a material impact on the Company's financial statements. 

In March 2005, the FASB issued Interpretation No. 47 "Accounting forConditional Retirement Obligation- an Interpretation of FASB Statement No. 143 (FIN 47).FIN 47 clarifies the FASB's intended meanings of the term "Asset RetirementObligation," and clarifies that entities are expected to record asset retirementobligations even though uncertainty may exist regarding the timing or method of settlementso long as the obligation is reasonably estimable. The requirements of FASB Statement No.143 and FIN 47 are substantially equivalent to CICA Handbook Section 3110 which has beenadopted during the year ended January 31, 2005. 

**Management’s Discussion and Analysis of Financial Conditionand Results of Operations**
The following discussion (the “MD&A”) of thefinancial condition and results of operations of Royal Standard Minerals Inc. (the“Corporation”) constitutes management’s review of thefactors that affected the Corporation’s financial and operating performance inthe year ended January 31, 2005. The MD&A was prepared as of May 11, 2005 and shouldbe read in conjunction with the audited annual financial statements for the year endedJanuary 31, 2005 of the corporation, including the notes thereto. Unless otherwise stated,all amounts discussed herein are denominated in United States dollars. 
**Overview**
The Corporation is currently active in the State of Nevada, with projectsin Nye, Elko, Churchill and Lyon Counties, Nevada. In 2004, the Corporations common shareswere traded on the TSX.V symbol RSM and on the US OTC:BB symbol RYSMF. 

The Gold Wedge project can be considered to be an advanced explorationdevelopment project that is fully permitted by the Nevada Department of EnvironmentalProtection (NDEP) for a mine and mill. This project was the major focus of the Company in2004. 

In early 2004, the Corporation focused upon the second proposeddevelopment project the Pinon-Railroad project located in Elko County, Nevada. The projectis located on the southern portion of the Carlin Trend. 

The Corporation has been evaluating other investment opportunities inNevada as part of effort to improve upon the Corporation’s production capacity.Capital for the development of the current controlled projects and future acquisitionswould be envisioned to come from equity and debt financing. 
**Results of Operations**
The net loss for the year ended January 31, 2005 was $481,723 as comparedto $554,626 for the year ended January 31, 2004. General and Administrative expenses andConsulting fees decreased by a total of $103,832. However, Stock Option Compensationincreased by $110,266 resulting in little change in total Expenses. Expenses were $578,632for the year ended January 31, 2005 as compared to $565,907 for the year ended January 312004. The increase in Stock Option Compensation is attributed to the granting of 775,000stock options to employees and directors of the Company on May 4, 2004. 

The Corporation owns 100% interest in five (5) projects in four (4)gold-silver districts in Nevada. These projects include the Gold Wedge, Nye County, Pinonand Railroad Projects, Elko County, Fondaway Canyon, Churchill County and Como, LyonCounty, Nevada. 

The Gold Wedge project represents the most advanced project located in theManhattan district about eight (8) miles south of the Round Mountain mine and has beenissued a mine and mill permit by the Nevada Department of Environmental Protection (NDEP).In March, 2004 the Company completed a $2.2 CDN million private placement. These fundswere directed toward the construction of a 700 foot (underground) decline and cross cut totest one of the gold mineralized structures within a 100+ wide structural zone.Additionally, RSM completed the surface facilities necessary to process the material to bemined onsite to include silt ponds, ore pad and the onsite gold processing plant. TheCompany acquired a full production scale gold recovery (gravity) plant that will beutilized to process the mined material as part of the test mining program. 

In 2004, work on the BLM permit application for the Pinon-Railroad projectcontinued. The Company developed the necessary construction plans for the Pinon-Railroadproject including surface, heap leach facilities design and open pit modeling of thedeposits. All of this work was completed in preparation for the filing of a mining permitapplication with the US Bureau of Mines (BLM) by year-end 2005. A second objective is tocomplete feasibility studies for the Pinon/Railroad near surface oxide deposits. 
**Liquidity and Capital Resources**
The Corporation’s cash balance as of January 31, 2005 was$392,697 compared to $189,732 at January 31, 2004. The increase in the cash balance isattributable to the private placement offerings completed during the fiscal year 2004. OnFebruary 3, 2004, the Company closed a private placement offering of 1,075,000 units at aprice of $0.25 CDN per unit for gross proceeds of $268,750 CDN. Each unit consisted of onecommon share and one-half common share purchase warrant. Each whole purchase warrantentitled the holder to subscribe for one additional common share at a price of $0.30 CDNuntil February 2, 2005. 

On April 16, 2004, the Company closed a private placement offering o6,320,000 units at a price of $0.35 CDN per unit for gross proceeds of $2,212,000 CDN.Each unit consisted of one common share and one-half common share purchase warrant. Eachwhole purchase warrant entitles the holder to subscribe for one additional common share ata price of $0.50 CDN until April 15, 2006. 

Current assets as at January 31, 2005 were $541,835. Total assets as atJanuary 31, 2005 were $3,237,383 as compared to $1,579,391 at January 31, 2004. Thisrepresents an increase of $1,657,992 from 2004 due to the increased activity on theCompany’s projects, particularly at the Gold Wedge Project where the Companycompleted construction of a 700 foot (underground) decline and cross cut. Additionally,RSM completed the surface facilities necessary to process the material to be mined onsiteincluding silt ponds, ore pad and the onsite gold processing plant. Additionally, theCompany acquired a full production scale gold recovery (gravity) plant that will beutilized to process the mined material as part of the test mining program. 

Current liabilities as at January 31, 2005 were $104,087 compared to$106,178 in 2004, and represent current trade payables. 

On a forward going basis equity and debt financings will remain the singlemajor source of cash flow for the Corporation. The primary reason is that currentproduction cash flow is insufficient to allow the Corporation to grow at a rate toincrease the necessary production capacity to achieve profitability in the near term. Asrevenue from operations improve the capital requirement of the Corporation will alsoimprove. However, debt and equity financings will continue to be a source of capital toexpand the Corporation’s activities in the future. 

The Corporation is authorized to issue an unlimited number of CommonShares of which 43,143,518 are outstanding as at January 31, 2005. As at January 31, 2005the Corporation had outstanding options to purchase 4,185,000 common shares with exerciseprices from $0.17-0.40 per share and expiration dates ranging from May 2005 to May 2009. 
**Selected Annual Information**
The following selected financial information is derived from the financialstatements of the Corporation and should be read in conjunction with such statements,including the notes thereto: 

**January 31**
**2004**
2004
2003
Statement of Operations
Revenue 
$0
$0 
$0
Administrative Expenses 
$578,632
$565,907 
$330,598
Net loss for the year 
$(481,723)
$(554,626) 
$(416,803)
Deficit, beginning of year 
$(7,377,424)
$(6,822,798) 
$(6,405,995)
Deficit, end of year 
$(7,859,147)
$(7,377,424) 
$(6,822,798)
Earnings (loss) per common share 
Basic 
$(0.01)
$(0.02) 
$(0.02)
Diluted 
$(0.01)
$(0.02) 
$(0.02)
Balance Sheet
2004
2004
2003
Current Assets 
$541,835
$273,291 
$377,753
Interest in Mineral Properties    and Related Deferred Exploration Costs 
$2,256,046
$1,253,444 
$781,039
Equipment 
$37,735
$52,656 
$53,688
Current Liabilities 
($104,087)
($106,178) 
($82,300)**Selected Quarterly Information**
The following is a summary of selected financial information of theCorporation for the quarterly periods indicated: 

12 Mos. Ended 

January 2005
9 Mos. Ended 

October 2004
6 Mos. Ended 

July 2004
3 Mos. Ended 

April 2004
12 Months Ended January 2004
9 Mos. Ended 

October 2003
6 Mos. Ended 

July 2003
3 Mos. Ended 

April 2003
Revenue 
$0.00 
$0.00 
$0.00 
$0.00 
$0.00 
$0.00 
$0.00 
$0.00 
Expenses 
($578,632) 
($211,064) 
($285,021) 
($117,942) 
($565,907) 
($236,173) 
($128,206) 
($39,328) 
Net Income (Loss) 
($481,723) 
($211,064) 
($285,021) 
($117,942) 
($554,626) 
($236,173) 
($128,206) 
($39,328) 
Net Income (Loss) per Common    share BASIC DILUTED 
($0.01) 

($0.01) 
($0.01) 

($0.01) 
($0.01) 

($0.01) 
($0.00) 

($0.00) 
($0.02) 

($0.02) 
($0.01) 

($0.01) 
($0.00) 

($0.00) 
($0.00) 

($0.00) 
**Transactions with Related Parties 
Following is a summary of transactions of the Corporation with SharpeResources Corporation during the financial year ended of the Corporation January 31, 2005.Sharpe Resources is considered to be related to the Company because of common management. 
- • Market shares in the amount of $86,124 consist of shares of Sharpe Resources    Corporation a publicly held Canadian company engaged in the exploration for and production    of petroleum and natural gas properties in the United States. The shares are carried at    the lower of cost and quoted market value. 
- • At January 31, 2005, $21,547 is owed to Sharpe Resources in connection with    the interest recovered in 2002. 
- • During the year the Company advanced $71,717 to Sharpe Resources. These    advances are non-interest bearing and have no set terms of repayment. 
- • The amount of $11,095 is a receivable from an officer of the Company. 
**Changes in Accounting Policies**
The CICA Handbook Section 3870 requires that compensation for optionawards to employees be recognized in the financial statements at fair value for optionsgranted in fiscal years beginning on or after January 1, 2004. The Company, as permittedby CICA Handbook Section 3870, has adopted this section prospectively for new optionawards granted on or after February 1, 2003. 

**Risk and Uncertainties 
At the present time, the Corporation’s viability andpotential success lie in its ability to develop, exploit and generate revenue out of itscurrent and future precious metal properties. The Corporation’s ability toacquire and develop it current precious metal properties and any new properties is afunction of its ability to raise the necessary capital to pursue the efforts successfully.

The Corporation has limited financial resources and there is no assurancethat additional capital will be available to it for further acquisitions, exploration anddevelopment of new or existing projects. Although the Corporation has been successful inthe past in obtaining financing there is no guarantee that it will be successful in thefuture or that the terms of such financing will be favorable. Failure to obtain suchadditional financing could result in delay or indefinite postponement of furtherexploration and development of the property interests of the Corporation with the possibledilution or loss of such interests. 

**Forward Looking Statements 
This MD&A includes certain “forward-lookingstatements” within the meaning of applicable Canadian securities legislation.All statements, other than statements of historical facts, included in this MD&A thataddress activities, events or developments that the Corporation expects or anticipateswill or may occur in the future, including such things as future business strategy,competitive strengths, goals, expansion and growth of the Corporation’sbusinesses, operations, plans and other such matters are forward-looking statements. Whenused in this MD&A, the words “estimate”,“plan”, “anticipate”,“expect”, “intend”, “believe”and similar expressions are intended to identify forward-looking statements. Thesestatements involve known and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of the Corporation to be materiallydifferent from any future results, performance or achievements expressed or implied bysuch forward-looking statements. Such factors include, among others, risks related tojoint venture operations, actual results of current exploration activities, changes inproject parameters as plans continue to be refined unavailability of financing,fluctuations in oil and gas prices and other factors. Although the Corporation hasattempted to identify important factors that could cause actual results to differmaterially, there may be other factors that cause results no to be anticipated, estimatedor intended. There can be no assurance that such statements will prove to be accurate asactual results and future events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance on forward-lookingstatements. 
**Additional Information**
Additional information relating to the Corporation, including the annualinformation form of the Corporation, can be found on SEDAR at www.sedar.com and onthe Corporation’s website at www.royal-standard.com. 

\s\ Roland M. Larsen 

Roland M. Larsen 

President 

Heathsville, VA 

May 12, 2005 
**Item 18. Financial Statements. 
Not applicable. 
**Item 19. Exhibits. 
None 

**SIGNATURES 
The registrant hereby certifies that it meets all of the requirementsfor filing on Form 20-F and that it has duly caused and authorized the undersigned to signthis annual report on its behalf. 

ROYAL STANDARD MINERALS INC. 
(Registant) 
/s/ Roland M. Larsen 
Roland M. Larsen, President    & CEO 
Date: September 23, 2005 

***Risks Associated with Forward Looking Statements**.*ThisForm 20-F contains certain forward-looking statements within the meaning of Section 27A ofthe Securities Act of 1933, as amended (the “Securities Act”), andSection 21e of the securities Exchange Act of 1934, as amended (the “ExchangeAct”), which are intended to be covered by the safe harbors created thereby.Investors and shareholders are cautioned that all forward-looking statements involve risksand uncertainty, including without limitation, the ability of the Company to continue itsmineral exploration strategy, complete recommended work programs, the success of theCompany in locating mineral bodies in commercially recoverable quantities, the ability ofthe Company to develop the mineral bodies either on its own or in partnership with thirdparties, the ability of the Company to acquire interests in mineral exploration propertiesor mining claims, as well as market prices for mineral resources, competition and generalmarket conditions. Although the Company believes that the assumptions underlying theforward-looking statements contained herein are reasonable, any of the assumptions couldbe inaccurate, and therefore, there can be no assurance that the forward-lookingstatements included in this Form 20-F will prove to be accurate. In light of thesignificant uncertainties inherent in the forward-looking statements included herein, theinclusion of such information should not be regarded as a representation by the Company orany other person that the objectives and plans of the Company will be achieved. 

**CERTIFICATIONS**
I, Roland M. Larsen, certify that: 
- 1. I have reviewed this annual report on Form 20-F of Royal Standard Minerals Inc.; 
- 2. Based on my knowledge, this annual report does not contain any untrue statement of a    material fact or omit to state a material fact necessary to make the statements made, in    light of the circumstances under which such statements were made, not misleading with    respect to the period covered by this annual report; 
- 3. Based on my knowledge, the financial statements, and other financial information    included in this annual report, fairly present in all material respects the financial    condition, results of operations and cash flows of the registrant as of, and for, the    periods presented in this report; 
- 4. The company’s other certifying officers and I are responsible for    establishing and maintaining disclosure controls and procedures (as defined in Exchange    Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as    defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: 
a. Designed such disclosure controls and procedures, or caused such disclosure controls      and procedures to be designed under our supervision, to ensure that material information      relating to the company, including its consolidated subsidiaries, is made known to us by      others within those entities, particularly during the period in which this report is being      prepared: 
b. Designed such internal control over financial reporting, or caused such internal      control over financial reporting to be designed under our supervision, to provide      reasonable assurance regarding the reliability of financial reporting and the preparation      of financial statements for external purposes in accordance with generally accepted      accounting principles; 
c. Evaluated the effectiveness of the company’s disclosure controls and      procedures and presented in this report our conclusions about the effectiveness of the      disclosure controls and procedures, as of the end of the period covered by this report      based on such evaluation; and 
d. Disclosed in this report any change in the company’s internal control over      financial reporting that occurred during the period covered by the annual report that has      materially affected, or is reasonably likely to materially affect, the company’s      internal control over financial reporting; and 

- 5. The company’s other certifying officers and I have disclosed, based on our    most recent evaluation of internal controls over financial reporting, to the    company’s auditors and the audit committee of company’s board of    directors (or persons performing the equivalent function): 
a. All significant deficiencies and material weaknesses in the design or operation of      internal control over financial reporting which are reasonably likely to adversely affect      the company’s ability to record, process, summarize and report financial      information; and 
b. Any fraud, whether or not material, that involves management or other employees who      have a significant role in the company’s internal control over financial      reporting. 

Date: September 23, 2005 

\s\ Roland M. Larsen 
Roland M. Larsen 
President & CEO 
**CERTIFICATIONS**
I, Kimberly L. Koerner, certify that: 
- 1. I have reviewed this annual report on Form 20-F of Royal Standard Minerals Inc.; 
- 2. Based on my knowledge, this annual report does not contain any untrue statement of a    material fact or omit to state a material fact necessary to make the statements made, in    light of the circumstances under which such statements were made, not misleading with    respect to the period covered by this annual report; 
- 3. Based on my knowledge, the financial statements, and other financial information    included in this annual report, fairly present in all material respects the financial    condition, results of operations and cash flows of the registrant as of, and for, the    periods presented in this report; 
- 4. The company’s other certifying officers and I are responsible for    establishing and maintaining disclosure controls and procedures (as defined in Exchange    Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as    defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: 
(a) Designed such disclosure controls and procedures, or caused such disclosure controls      and procedures to be designed under our supervision, to ensure that material information      relating to the company, including its consolidated subsidiaries, is made known to us by      others within those entities, particularly during the period in which this report is being      prepared: 
(b) Designed such internal control over financial reporting, or caused such internal      control over financial reporting to be designed under our supervision, to provide      reasonable assurance regarding the reliability of financial reporting and the preparation      of financial statements for external purposes in accordance with generally accepted      accounting principles; 
(c) Evaluated the effectiveness of the company’s disclosure controls and      procedures and presented in this report our conclusions about the effectiveness of the      disclosure controls and procedures, as of the end of the period covered by this report      based on such evaluation; and 
(d) Disclosed in this report any change in the company’s internal control over      financial reporting that occurred during the period covered by the annual report that has      materially affected, or is reasonably likely to materially affect, the company’s      internal control over financial reporting; and 

- 5. The company’s other certifying officers and I have disclosed, based on our    most recent evaluation of internal controls over financial reporting, to the    company’s auditors and the audit committee of company’s board of    directors (or persons performing the equivalent function): 
(a) All significant deficiencies and material weaknesses in the design or operation of      internal control over financial reporting which are reasonably likely to adversely affect      the company’s ability to record, process, summarize and report financial      information; and 
(b) Any fraud, whether or not material, that involves management or other employees who      have a significant role in the company’s internal control over financial      reporting. 

Date: September 23, 2005 

\s\ Kimberly L. Koerner 
Kimberly L. Koerner 
Director & Treasurer 
**Royal Standard Minerals Inc.**
**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of2002**
I, Roland M. Larsen, Chief Executive Officer of Royal Standard MineralsInc. (“the Company”), certify that: 
- 1. the annual report on Form 20F of the Company for the fiscal year ending January 31,    2005 as filed with the Securities and Exchange Commission on the date hereof (the    “report”) fully complies with the requirements of Section 13(a) or    15(d) of the Securities and Exchange Act of 1934; and 
- 2. the information contained in the Report fairly presents, in all material respects,    the financial condition and results of operations of the Company. 

/s/ Roland M. Larsen 

Roland M. Larsen 

Chief Executive Officer 

July 18, 2005 

**Royal Standard Minerals Inc.**
**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of2002**
I, Kimberly L. Koerner, Director of Royal Standard Minerals Inc.(“the Company”), certify that: 
- 1. the annual report on Form 20F of the Company for the fiscal year ending January 31,    2005 as filed with the Securities and Exchange Commission on the date hereof (the    “report”) fully complies with the requirements of Section 13(a) or    15(d) of the Securities and Exchange Act of 1934; and 
- 2. the information contained in the Report fairly presents, in all material respects,    the financial condition and results of operations of the Company. 

/s/ Kimberly L. Koerner 

Kimberly L. Koerner 

Director 

July 18, 2005*********************************************************************************************************************************************************************************************************************************** |
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