| SEC    1852 (06-03) | **Persons who potentially are    to 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.** |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| OMB APPROVAL                                               |
|------------------------------------------------------------|
| OMB Number: 3235-0288                                      |
| Expires: March 31, 2006                                    |
| Estimated average burden    hours per response. . . 535.00 |

```

```

 

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 20-F

(Mark One) 

| ___                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **REGISTRATION STATEMENT    PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|
| **ORX__**ANNUAL REPORT PURSUANT TO    SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    For the fiscal year ended January 31, 2003****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 ROADHEATHSVILLE, 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)

 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. 
**28,141,338    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 
** 
 

INDEX
**PAGE**PART I****5**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****14**     D.****Property, plants and equipment****14**Item 5.****Operating and Financial Review    and Prospects****15**     A.****Operating results****15**     B.****Liquidity and capital    resources****16**     C.****Research and development,    patents and licenses, etc****16**     D.****Trend information****17**Item 6.****Directors, Senior Management    and Employees****17**     A.****Directors and senior    management****17**     B.****Compensation****18**     C.****Board practices****21**     D.****Employees****24**     E.****Share ownership****25**Item 7.****Major Shareholders and Related    Party Transactions****25**     A.****Major Shareholders****25**     B.****Related party transactions****26**     C.****Interests of experts and    counsel****26**Item 8.****Financial Information****26**     A.****Consolidated Statements and    Other Financial Information****26**     B.****Significant Changes****26**Item 9.****The Offer and Listing****27**     A.****Offer and listing details****27**     B.****Plan of Distribution****28**     C.****Markets****28**     D.****Selling shareholders****28**     E.****Dilution****28**     F.****Expenses of the issue****28**Item 10.****Additional Information****28**     A.****Share capital****28**     B.****Memorandum and articles of    association****28**     C.****Material contracts****28**     D.****Exchange controls****28**     E.****Taxation****31**PAGE**     F.****Dividends and paying agents****32**     G.****Statement by experts****32**     H.****Documents on display****32**     I.****Subsidiary Information****32**Item 11.****Quantitative and Qualitative    Disclosures about Market Risk****32**Item 12.****Description of Securities    Other than Equity Securities****32**PART II****32**Item 13.****Defaults, Dividend Arrearages    and Delinquencies****32**Item 14.****Material Modifications to the    Rights of Security Holders and Use of Proceeds****32**Item 15.****Controls and procedures****32**Item 16.****[Reserved]****33**PART III****33**Item 17.****Financial Statements****33**Item 18.****Financial Statements****56**Item 19.****Exhibits****56**SIGNATURES****57**CERTIFICATIONS****58
 

 

** 
 

 

 

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 and balance sheet data  for Royal Standard Minerals Inc. as at and for the fiscal years ended January 31, 2003,  2002, and 2001. The selected financial data presented herein is prepared in accordance  with accounting principles generally accepted in Canada ("Canadian GAAP") and  include the accounts of the Company and its wholly-owned subsidiaries, Southeastern  Resources Inc., Pinon Exploration Corporation and Standard Energy Inc., and Manhattan  Mining Co., all United States Companies. 

A summary of the differences between accounting principles generally  accepted in Canada ("Canadian GAAP") and those generally accepted in the United  States ("US GAAP") which affect the Company is contained in Note 13 of the  Consolidated Financial Statements included with this report.**Royal Standard Minerals Inc.(An Exploration Stage Enterprise)Consolidated Financial Statement DataFor the Years Ended January 31(Expressed in US Currency)****Statement      of Operations****2003**2002**2001**2000**1999Revenue
$0
$10,332
$8,282
$0
$0Administrative      Expenses
$294,083
$144,690
$57,158
$85,580
$301,203Net      loss for the year
$(416,803)
$295,648
$(2,597492)
$(629,554)
$(1,076,752)Deficit,      beginning of year
$(6,405,995)
$(6,701,643)
$(4,104,151)
$(3,474,597)
$(2,397,845)Deficit,      end of year
$(6,822,798)
$(6,405,995)
$(6,701,643)
$(4,104,151)
$(3,474,597)Earnings      (loss) per common share          Basic
$(0.02)
$0.02
$(0.15)
$(0.04)
$(0.06)          Diluted
$(0.02)
$0.01
$(0.15)
$(0.04)
$(0.06)Weighted      Average Shares Outstanding
25,537,033
27,031,338
23,116,459
19,478,108
19,121,298
  
**Balance      Sheet****Year Ended January 31**2003**2002**2001**2000**1999Current Assets
$377,753
$619,968
$251,962
$99,406
$137,280Interest in      Mineral Properties and      Related Deferred Exploration Costs
      $781,039
      $113,078
      $49,380
      $2,450,357
      $2,961,176Equipment
$53,688
$      -
$      -
$      -
$      -
 *Currency Exchange RatesExcept where otherwise indicated, all of the dollar figures in this annual report  on Form 20-F, including the financial statements, refer to United States currency. The  following table sets forth, for the periods indicated, certain exchange rates based on the  exchange rates reported by the Federal Reserve Bank of New York as the noon buying rates  in New York City for cable transfers in foreign currencies as certified for customs  purposes (the "Noon Buying Rate"). Such rates quoted are the number of U.S.  dollars per Cdn $1.00 and are the inverse of rates quoted by the Federal Reserve Bank of  New York for the number of Canadian dollars per U.S. $1.00. ****Year Ended December 31, **1998**1999**2000**2001**2002High for the period.7105.6925.6973.6696.8532Low for the period.6330.6618.6413.6266.7992Average rate for the period(1).6504.6744.6735.6446.8308Rate at end of period.6501.6925.6666.6279.8358
_______________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  substantial risks and the securities of Royal Standard are highly speculative in nature.  The following risk factors should be considered:
* 

*Absence of Public Market*Trading of the Common Shares of Royal Standard on the TSX.V and OTC:BB has been  sporadic and very limited and no assurance can be given that an active trading market will  develop or be sustained. The securities of Royal Standard are quoted on the OTC:BB trading  system in the United States. Investment in Royal Standard is, therefore, not suitable for  any investors who may have to liquidate their investments on a timely basis and should  only be considered by investors who are able to make a long term investment in Royal  Standard.*Risk Inherent to Royal Standard’s Proposed Mining Activities*1.****   Royal Standard is engaged in the business of acquiring and  exploring mineral properties in the hope of locating an economic deposit or deposits of  minerals. The property interests of the Company are in the exploration stage only and are  without a known body of commercial ore. There can be no assurance that the Company will  generate any revenues or be profitable or that the Company will be successful in locating  an economic deposit of minerals.  2.    There are a number of uncertainties inherent in any exploration and  development program, including the location of economic ore bodies, the development of  appropriate metallurgical processes, the receipt of necessary governmental permits, and  the construction of mining and processing facilities. Substantial expenditures will be  required to pursue such exploration and development activities. Assuming discovery of an  economic ore body, and depending on the type of mining operation involved, several years  may elapse from the initial stages of development until commercial production is  commenced. New mining operations frequently experience unexpected problems during the  exploration and development stages and during the initial production phase. In addition,  preliminary reserve estimates may prove inaccurate. Accordingly, there can be no assurance  that the Company’s current exploration and development programs will result in any  commercial mining operations.  3.    The Company may become subject to liability for cave-ins and other  hazards of mineral exploration against which it cannot insure or against which it may  elect not to insure because of high premium costs or other reasons. Payment of such  liabilities would reduce funds available for acquisition of mineral prospects or  exploration and development and would have a material adverse effect on the financial  position of the Company.*History of Losses*At January 31, 2003, the Company had an accumulated deficit of U.S. $6,822,798.  There can be no assurance that the Company will ever achieve revenues from operations or  that its operations will ever be profitable. *Additional Capital*The terms of the Company’s rights to its properties require that the Company  expend significant funds on exploratory and other pre-production activities. Should the  Company fail to make these expenditures on a timely basis, it would forfeit its rights to  the particular projects, including the sums expended through the dates of such  forfeitures. The Company’s present capital resources are sufficient to fund these  costs. There can be no assurance that the Company will be able to raise additional capital  on acceptable terms or at all. In any event, any additional issuance 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 prior operations  and no earnings. There can be no assurance that the Company’s operations will become  profitable in the future. The success of the Company will be dependent on the expertise of  its management, the quality of its properties, and its ability to raise the necessary  capital to carry out its business plan. If financing is unavailable for any reason, the  Company will be unable to acquire and retain its mineral concessions and carry out its  business plan.*Regulatory and Economic Factors*Any exploration operations carried on by the Company are subject to government  legislation, policies and controls relating to prospecting, development, production,  environmental protection, mining taxes and labor standards. In addition, the profitability  of any mining prospect is affected by the market for minerals which is influenced by many  factors including changing production costs, the supply and demand for minerals, the rate  of inflation, the inventory of mineral producers, the political environment and changes in  international investment patterns.*Competition*There is significant competition for the acquisition of properties producing or  capable of producing gold and precious minerals. The Company may be at a competitive  disadvantage in acquiring additional mining properties since it must compete with other  individuals and companies, many of which have greater financial resources and larger  technical staffs than the Company. As a result of this competition, the Company may be  unable to acquire attractive mining properties on terms it considers acceptable.*Title to Properties*The validity of unpatented mining claims on public lands, which constitute most of  the property holdings is often uncertain and may be contested and subject to title  defects.*Conflict of Interest*Certain directors and officers of the Company are also directors and officers 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 Company and to such  other companies.*Dependence on Key Personnel*The Company’s success will be dependent upon the services of its President  and Chief Executive Officer, Mr. Roland Larsen.*Effect of Outstanding Warrants and Options; Negative Effect of Substantial Sales*As of January 31, 2003, the Company had outstanding options and warrants to  purchase an aggregate of 3,090,000 Common Shares. All of the foregoing securities  represent the right to acquire Common Shares of the Company during various periods of time  and at various prices. Holders of these securities are given the opportunity to profit  from a rise in the market price of the Common Shares and are likely to exercise its  securities at a time when the Company would be able to obtain additional equity capital on  more favorable terms. Substantial sales of Common Shares pursuant to the exercise of such  options and warrants could have a negative effect on the market price for the Common  Shares. *Dividends*The Company does not anticipate paying dividends in the foreseeable future.
** 

 

**Item 4. Information on the Company**

**A. History and development of the company.**

Royal Standard Minerals Inc. herein referred to as "Royal  Standard" or the "Company", was incorporated pursuant to the laws of 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 outstanding shares of  Southeastern Resources, Inc. ("Southeastern") in a reverse take-over  transaction. Pursuant to this transaction, articles of amendment were filed effective May  14, 1996, pursuant to which the name of Royal Standard was changed to its current form of  name and its shares issued and outstanding at that time were consolidated on a 7.5:1  basis. On June 28, 1996, the Common Shares commenced trading on the Montreal Exchange. The  Company is continued under the New Brunswick Business Corporations Act and its common  shares are listed on the TSX Venture Exchange. The Company also trades in the United  States Over-the-Counter Bulletin Board.

The registered office of Royal Standard is located at 56 Temperance  Street, Fourth Floor, Toronto, Ontario M5G 2V5 and the principal office of Royal Standard  is located at 3258 Mob Neck Road, Heathsville, Virginia 22473. 
**B. Business overview.**
Royal Standard is a mineral exploration company engaged in  locating, acquiring and exploring for gold and precious metals in the state of Nevada.  Royal Standard currently has five advanced and exploration-stage projects, the  Manhattan/Round Mountain Caldera and Gold Wedge programs in Nye County, Nevada, the Pinon  and Ruby Ridge projects in Elko County, Nevada and the Como project in Lyon County,  Nevada. 
**At the present time, the Company’s activities are limited to  exploratory searches for ore and energy minerals. The Company has not generated any  revenues from operations at this time. The Company is evaluating the potential for  economic extraction of known deposits of ore grade material on the Company’s mineral  exploration properties. See Item # 3.D. - Risk Factors.
*Manhattan/Round Mountain Caldera

The Manhattan/Round Mountain Caldera program is the Company’s most advanced  district play. The first potential mine development program is to be the 100% owned Gold  Wedge deposit located within the Manhattan Mining District. The Gold Wedge deposit is  located approximately 8 miles south of the large Round Mountain gold mine. Plans include  the completion of all of the mine and mill (plant) and water use permits by early, 2003.  Subject to financing, plans include the construction of a decline and bulk-sampling  program of the central zone to be completed in 2003. If feasible, subject to positive  results with the underground sampling and evaluation program, the project is expected to  go into full production in the same year. The scale of the mining and milling operation  will be decided based upon the results of the underground sampling and drilling program.  This program will be completed in conjunction with a surface drilling program to test the  size and quality of known ore grade extensions to the deposit.

The land position in the Manhattan Mining District includes a land  position that comprised of 70 patented and unpatented lode-mining claims. Drill testing  the extensions of the Gold Wedge 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. 

Gold was discovered at Manhattan in 1905 and the district soon  developed into a number of productive high-grade underground "vein" deposits  containing coarse gold and numerous placer deposits. This type of production continued  until 1947 and produced a total of 330,000 ounces of gold up to 1967. The district has  produced approximately 1 million ounces of gold. 

Recent exploration (1980’s-90’s) was focused toward building  large bulk tonnage open pit reserves in a district noted for coarse vein-type deposits.  Houston Oil and Minerals, Freeport Exploration and Echo Bay Mines Ltd. completed major  programs to delineate open pit reserves. This exploration resulted in the development of  the East and West Pit Deposits which produced approximately 260,000 ounces at an average  grade of 0.06 opt gold during 1990-1996. The occurrence of the mineralization was not well  suited for open pit bulk tonnage mining as excessive dilution caused a reduction of the  overall head grades that probably impacted overall profitability. 

Freeport Gold, Tenneco (Echo Bay) recognized the potential of the  district (to include the Gold Wedge 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 Gold Wedge  deposit, they backed off because of high land holding costs to Freeport and limited  participating interest. Continued exploration by Crown Resources and others on MMC claims  indicated thick (5+’-30’) intersections of 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  extending from the Echo Bay open pit claims on the south end to the Manhattan Caldera  margin. Much of this strike length contains potentially mineable ore grade gold  mineralization. The possibility of identifying a volcanic hosted gold deposit similar to  the nearby (9 million ounce) Round Mountain mine is unknown at present.
*Gold Wedge Deposit

The Gold Wedge, one of several deposits in the area, is considered the  best deposit in the district for developing an underground mine. The deposit contains  excellent exploration potential for future growth. Based upon the results of 57 drill  holes primarily within the central zone over a strike length of 800- 1,000 feet and  100’-500’ of

 

 

vertical extent will be the basis for the development of a mineable  reserve down to a depth of 1000 feet within the central zone. RSM has analyzed all of the  drill data as part of a detailed geologic inventory of the deposit. The Gold Wedge deposit  is expected to be the latest development program within the Manhattan District.

The Gold Wedge deposit is considered to be the northern, high-grade,  underground extension of Echo Bay’s Ltd. West Pit deposit. The Gold Wedge Deposit  occurs at the intersection of north and northwest trending faults. In the deposit area,  the north trending Reliance fault is mineralized in the Ordovician Zanzibar limestone and  siltstone. The Zanzibar limestone is a very favorable host rock preserved in the upper  plate of a thrust fault. Echo Bay’s deposit occurs in the Cambrian Gold Hill  siltstone, which underlies 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 Gold Wedge deposit and the  extensions may contain large gold resources at depth near the contact with the Manhattan  Caldera margin. This area has never been drill tested. RSM plans to carry out such a  program during the underground feasibility of the central zone development in 2002-2003. 
*Manhattan District - Additional Deposits

RSM has acquired the Keystone property adding another high-grade deposit located about  two miles from the RSM proposed mill site at Gold Wedge. The underground deposit is  exposed in the bottom of a small open pit that was mined briefly in the early 1990’s.  There is the possibility of connecting the Keystone gold resource, gold grades of 0.3 opt,  with another RSM acquisition, the Jumbo property, located approximately 2,000 feet to the  northwest. 

The Company also has the patented Future claims located approximately 1  mile from the Gold Wedge deposit that has had some historical high-grade underground gold  production.
*Pinon Project-Carlin Trend South

The Pinon properties are located on the southern portion of the Carlin gold belt about  10 miles south of Newmont’s Rain mine. The Pinon project is 100% owned by Royal  Standard MineralsInc. by acquiring Crown Resources Corp. 30%  interest in this project in 2002. In 1996 RSM acquired Cyprus Gold Exploration’s  position. Since its inception, various joint-venture partners have spent more than $8 MM  on the project.

Exploration to date has identified several low grade (0.02-0.04 opt)  potentially bulk-mineable gold deposits (South Bullion and Dark Star) and a geologic  mineral inventory approaching 1.0 million contained ounces of gold within the project  area. In 1999, RSM reduced its land position in the area (40 claims) to conserve costs. It  now controls two smaller, but potentially economic, near-surface deposits (Main zone and  North pod, mineral inventory of approximately 200,000 ounces of contained gold) in the  South Bullion resource area which is part of a larger deeper resource of 800,000 ounces.  In 2002 the Company acquired the underlying (4%) royalty interest

 

in the South Bullion Main Zone and North Pod deposits. The Company is  currently under discussions with a major gold mining company to evaluate the possibility  of developing this deposit. The discovery of a high-grade "feeder" ore deposit  under these deposits and the development of new deeper stratagraphic high-grade deep  targets on this property are high.

During 2002, the Company acquired the Railroad project which 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 geologic environment is very similar between the Pinon and Rain  extension deposits. Pinon is located directly on the Carlin Trend corridor of  mineralization with the Rain Extension deposit approximately (4 million ounces @ 0.45 opt  gold grade) less than 10 miles north of the Pinon Project. Both deposits occur in graben  faulted areas with the Rain Deposit occurring in the fault bounded margin of the graben  and Pinon occurring in the siltstone beds within the graben. The Web Formation is  mineralized above the Devils Gate limestone at both deposits. At Rain, the mineralization  occurs in and closely associated with the Rain Fault. At Pinon, the known mineralization  has not been connected to a strongly mineralized fault. However, higher-gradeeconomic 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.

The project focus is to define a shallow economic gold-silver deposit  mineable by open pit methods and high grade (0.50 opt)deep (Rain Extension-type deposit) along the fault bounded margin of a graben.
*Ruby Ridge Project – Carlin Trend North

The property is located 8 miles northeast of Newmont’s Midas  deposit on the structural projection of the Carlin Trend. The property consists of 29  unpatented lode claims. The claims cover a mineralized Paleozoic window, exposed through  altered volcanic rocks. The alteration size, geochemical signature and drilling results  indicate a large, high level Carlin system exists at the surface. 

The objective is to drill test a gold mineralized fault zone at the  500’- 1,000’ level to test for a gold deposit similar to the Deep Star mine (1  million tons of 1.0 opt gold) on the Carlin Trend. The geologic comparison is favorable,  i.e.; the association of a mineralized shear zone below Vinnini chert, along the margin of  a diorite intrusion at Ruby Ridge is similar to Deep Star. 
* 

*Como District*

The property is located approximately 8 miles southeast of the famous  Comstock Lode (which has produced about 8.4 million ounces of gold and 193 million ounces  of silver) includes 47 unpatented lode claims and 5 patented claims. 

The Como district consists of at least eight gold-silver bearing  structures that occur within an 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 has  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 deposit. More recently (2000) Anglo Gold Corp. explored the property  for a potential multi-million ounce deposit. Anglo released the property in 2001 after  drilling 8 holes and completing considerable surface geologic mapping, rock chip and  geochemical sampling. 

Several multi-ounce gold (grades of up to 4.86 opt) rock chip samples  occur on the property that require follow-up work. Additionally, Anglo’s drilling  program discovered a "new" high grade (0.45 opt over 10’ within a  mineralized zone that is 40-70’ in thickness) vein system on this property that  requires additional exploration. Surface rock chip samples on this vein have returned  values up to 0.417 opt gold. 

RSM acquired its option on the Como gold-silver project based upon the  previous exploration results. This district has potential for the discovery of more than  one economic bulk mineable open pit and underground gold-silver deposit(s). 

**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 and the principal office of  Royal Standard is located at 3258 Mob Neck Road, Heathsville, Virginia 22473. The Company  also has an office at 1311 N. McCarran Blvd., Unit 105, Sparks, Nevada 89431.******Item 5. Operating and Financial Review and Prospects 

A.  Operating results.Royal Standard is an exploration and pre-development 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-pre-development 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).

*Nevada Projects*  In fiscal 2002, the Company entered into certain option agreements to purchase 100%  interests in patented and unpatented lode-mining claims in Nye, Elko and Como-Lyon  Counties, Nevada. Details of the option agreements are as follows:******Project****Required      Cash      Payments to Optionors****Royalty****Exercise of Option**Gold Wedge      Nye CountyCommencing in fiscal      2002. $5,000 each in first two years; $10,000 in third year; $15,00 in fourth year and      $20,000 in fifth and sixth years
3%      NSR
July      2006      $200,000**Manhattan      Nye CountyCommencing 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**Ruby Ridge      Elko CountyCommencing in fiscal      2002. $34,000 from August 2001 to August 2005
2.5%      NSR
August      2006      $400,000**Como      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 CountyCommencing 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*** 

 

*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 only source of capital presently available to the  Company is equity financing. In order for the Company to raise funds to carry on its  ongoing exploration programs, the Company has in the past and may in the future arrange  private placement subscriptions, either for shares, flow-through shares, special warrants  or units comprised of shares and share purchase warrants.

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.

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.
**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**SINCERoland M. Larsen      Heathsville, VAPresident, Chief      Executive Officer and DirectorMay, 1996Kimberly L. Koerner      Jersey City, NJDirector &      TreasurerMay, 2001MacKenzie I. Watson      Monteral, QuebecDirectorMay, 1996James C. Dunlop      Toronto, OntarioDirectorMay, 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 Coordinator with Argent Ventures, LLC in  New York, New New York. 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, presented in accordance with the Regulation made under the Securities  Act (Ontario), sets forth all annual and long-term compensation for services rendered in  all capacities to the Corporation for the 12 months ended January 31, 2003, 2002, and 2001  in respect of the individual who was, as at January 31, 2002, the President and Chief  Executive Officer of the corporation (the "Named Executive Officer"). Other than  the Named Executive Officer, no executive officer received salary and bonuses in excess of  $100,000 in any such periods.

 

 

 

Annual Compensation
Long Term Compensation
Name      and Principal Position
Year
Salary      (US$)
Bonus      (US$)
Other      Annual Compensation (US$)
Securities      Under Options Granted (#)
Restricted      Shares or Restricted Share Units (US$)
LTIP      Payouts (US$)
All      Other Compensation(1) (US$)Roland M. Larsen      President & CEO2003(2)      2002(4)      2001(6)
Nil      Nil      Nil
Nil      Nil      Nil
Nil      Nil      Nil
480,000(3)      500,000(5)      265,000(7)
Nil      Nil      Nil
Nil      Nil      Nil
Nil      Nil      Nil
Notes:

1.  The aggregate  value of all other compensation paid to the Named Executive Officer did not exceed $50,000  or 10% of the total of such     officer's respective salary and bonus  in any year.  2.  For the twelve months ended January 31, 2003.  3.  Options issued on April 24, 2002 having an exercise price of $0.26 and expiry  date on April 24, 2007.  4.  For the twelve months ended January 31, 2002.  5.  Options issued on May 25, 2001, having an exercise price of $0.17 and an expiry  date on May 25, 2006.  6.  For the twelve months ended January 31, 2001.  7.  Options issued on May 4, 2000, having an exercise price of $0.15 and an expiry  date of May 4, 2005.

 
*Stock Option PlanThe Corporation maintains a stock option plan (the "Stock Option  Plan") for directors, officers, consultants who provide ongoing services, and  employees of the Corporation and its affiliates. The purpose of the Stock Option Plan is  to attract, retain and motivate management, staff and consultants by providing them with  the opportunity, through options, to acquire a proprietary interest in the corporation and  benefit from its growth. The Stock Option Plan provides that a total of 4,000,000 Common  shares are reserved for grants of options and that the number of common Shares reserved  for issuance to any one person pursuant to options shall not exceed 5% of the issued and  outstanding Common Shares of the Corporation.

With respect to insiders, the Stock Option Plan provides that Common  Shares reserved for issuance pursuant to options granted to insiders shall not exceed 10%  of the issued and outstanding Common Shares of the Corporation and that the number of  Common shares which may be issued to insiders under the Stock Option Plan within a  one-year period shall be limited to 10% of the issued and outstanding Common Shares of the  Corporation, with no more than 5% issued to any one insider and his associates. The  options are non-assignable and may be granted for a term not exceeding ten years. The  exercise price of the options is fixed by the board of directors at the market price of  the Common Shares at the time of grant, subject to all applicable regulatory requirements.

Under the terms of the Stock Option Plan, the board of directors may,  at its discretion, grant financial assistance to holders wishing to exercise their  options. Any such financial assistance will include, as part of its conditions, the grant  of a lien on the Common Shares issuable on exercise of the options.

 

The following table sets forth details with respect to options to  purchase Common Shares that are outstanding under the Stock Option Plan as of January 31,  2003.
**Holder****Date of Grant**Common shares      Under Option (#)**Exercise Price      ($/Share)**Expiration DateExecutive Officers as a group (2 in      total)
April 25, 2002      April 25, 2002      May 13, 2002      May 25, 2001      May 4, 2000      May 4, 2000
480,000      480,000      405,000      380,000      265,000      100,000
0.26      0.26      0.40      0.17      0.23      0.23
April 25, 2007      April 25, 2007      May 13, 2007      May 25, 2006      May 4, 2005      May 4, 2005Directors who are not also      executive officers, as a group (2 in total)
May 13, 2002      May 13, 2002      May 4, 2000      May 4, 2000
100,000      150,000      125,000      105,000
0.40      0.40      0.23      0.23
May 13, 2007      May 13, 2007      May 4, 2005      May 4, 2005Others 
May 25, 2001
500,000
0.17
May 25, 2006**The following options were exercised during the fiscal year  ended January 31, 2003.
**Name**Securities      Acquired on Exercise (#)**Aggregate      Value Realized       ($)Executive Officers as a group       (2 in total)
      660,000
      $104,600Directors who are not also      executive officers, as a group      (2 in total)
      250,000
      $42,500****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, 2003, no such services were rendered and, accordingly, no compensation was  paid.

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,  2003, options were granted to acquire 1,615,000 common shares of the Corporation to  directors of the Corporation under the Corporation's Stock Option Plan, 960,000 at an  exercise price of $0.26 and 655,000 at an exercise price of $0.40.

 

*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, 2003. 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 currently are 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 objectives of the Audit Committee include the following:
- to assist the Board in the discharge of its responsibilities to monitor the audit      process and the integrity of the Company’s financial reporting; 
- to provide independent and direct communication channels between the Board, the      committee, and the external auditors; 
- to enhance the quality of the Company’s financial reporting; 
- to ensure that the external auditors remain ultimately accountable to the Board and the      Audit Committee as representatives of the shareholders; 
- to monitor the independence of the external auditors and of the director of internal      audit; and 
- to maintain the credibility and objectivity of financial reports and to satisfy itself      as to the adequacy of the supporting systems of internal accounting controls. 

In order to achieve such objectives, after reviewing the Company’s  annual financial statements with management and the external auditors, the Audit Committee  recommends their approval to the Board. The Audit Committee oversees the Company’s  continuing compliance with its obligations relating to the disclosure of financial and  related information. The committee also reviews the selection of, and changes in,  accounting policies and practices, including from a quality and an acceptability  standpoint, the use of any alternative treatments of financial information discussed with  management and the ramification of their use and the external auditors’ preferred  treatment, and satisfies itself as to the effectiveness of the audit plan developed by the  Company’s external auditors and of the control systems and procedures developed and  implemented by the Company’s internal audit department. The committee meets with  external auditors, with and without management, to consider the results of their audits  (including appropriate internal controls) and to review management’s financial  stewardship.

The Audit Committee may, whenever it may be appropriate to do so, retain  and receive advice from experts, and the Company must ensure that funding is available to  the committee in respect of such activities. As part of its function, the Audit Committee  reviews and approves estimated audit and non-audit related fees and expenses, including  all non-audit services, permitted by securities legislation and stock exchange rules, that  are proposed to be provided by the external auditors prior to the commencement of such  services. The committee also recommends to the Board the selection of the Company’s  external auditors for appointment by the shareholders, is responsible for the evaluation  of the external auditors and to ensure that they receive appropriate compensation from the  Company.
* *
*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. He 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. LarsenPresident, CEO & Director661,487Mackenzie I. WatsonDirector373,000James C. DunlopDirector76,000Kimberly L. KoernerDirector163,000
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**Major  Shareholders**

The following table shows as at May 13, 2003, 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 securities carrying more than 10% of  the voting rights attached to any class of outstanding voting securities of the  Corporation entitled to be voted.**Name of Shareholder****Securities Owned, Controlled or Directed**Percentage of      the Class of Outstanding Voting Securities of the Corporation (1)CDS & Co. (2)      Toronto, Ontario
13,304,398      Common Shares
      47.28%- Based on 28,141,338 Common Shares issued and outstanding as at May 13, 2003.
- 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 interest, directly or  indirectly, in any material transaction or in any proposed material transaction with Royal  Standard. 
**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, 2003
- Consolidated Balance Sheets of Royal Standard Minerals Inc. as at January 31, 2003 and      2002
- Consolidated Statements of Operations and Deficit of Royal Standard Minerals Inc. for      the years ended January 31, 2003, 2002, 2001
- Consolidated Statements of Cash Flows of Royal Standard Minerals Inc. for the years      ended January 31, 2003, 2002, 2001
- 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  #13 of the notes to the consolidated financial statements of Royal Standard Minerals Inc. 
**B. Significant Changes.In April 2002, the Company entered into an Option to Purchase Agreement for the  Como gold-silver project located in Lyon County Nevada. The terms of the transaction  include payments of $25,000 in years one and two (paid up for four years) commencing May  2002 for a seven year option and a 4% net smelter royalty. The Company can acquire the  property and the royalty for $1 million or a production payout capped at $2 million.

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).

In October 20, 2002 the Company purchased a 30% non-operating interest  in the Pinon Project from Crown Resources Corporation for 1 million common shares of the  Company. RSM currently controls 100% interest in this project.**Item 9. The Offer and Listing**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 therefor 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 1997 through September 2001  and the TSX Venture Exchange for the periods October 2001 through December 2002.**High**Low**Average Daily VolumeJanuary 1, 1997toMarch 31, 1997
$1.20
$0.70
20,200April 1, 1997toJune 30, 1997
$1.14
$0.70
17,200July 1, 1997toSeptember 30, 1997
$0.85
$0.50
19,533October 1, 1997toDecember 31, 1997
$1.50
$0.50
30,200January 1, 1998toMarch 31, 1998
$0.80
$0.27
10,533April 1, 1998toJune 30, 1998
$0.45
$0.15
14,033July 1, 1998toSeptember 30, 1998
$0.40
$0.10
23,100October 1, 1998toDecember 31, 1998
$0.20
$0.05
22,200January 1, 1999toMarch 31, 1999
$0.25
$0.10
32,900April 1, 1999toJune 30, 1999
$0.13
$0.05
14,666July 1, 1999toSeptember 30, 1999
$0.19
$0.05
43,833October 1, 1999toDecember 31, 1999
$0.12
$0.03
21,133January 1, 2000toMarch 31, 2000
$0.17
$0.03
42,933April 1, 2000toJune 30, 2000
$0.39
$0.13
57,033July 1, 2000toSeptember 30, 2000
$0.28
$0.11
10,467October 1, 2000toDecember 31, 2000
$0.27
$0.11
25,867January 1, 2001toMarch 31, 2001
$0.30
$0.11
11,500April 1, 2001toJune 30, 2001
$0.18
$0.06
7,789July 1, 2001toSeptember 30, 2001
$0.13
$0.06
7,667October 1, 2001toDecember 31, 2001
$0.09
$0.04
9,750January 1, 2002toMarch 31, 2002
$0.34
$0.07
52,546April 1, 2002toJune 30, 2002
$0.48
$0.20
76,899July 1, 2002toSeptember 30, 2002
$0.35
$0.17
51,437October 1, 2002toDecember 31, 2002
$0.36
$0.20
31,354January 1, 2003toMarch 31, 2003
0
0
0**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 105, 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, 2003, the Company's financial instruments consisted of cash and cash  equivalents, common shares of Sharpe Resources, receivables and payables and accruals. The  Shares of Sharpe Resources have been written down to market value. 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
Based on their evaluation as of a date within ninety days of the filing date of  this Annual Report on Form 20-F, the Company's principal executive officer and principal  financial officer have concluded that the Company's disclosure controls and procedures (as  defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange of 1934 (the  "Exchange")) are 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]
 

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, 2003
- Consolidated Balance Sheets of Royal Standard Minerals Inc. as at January 31, 2003 and      2002
- Consolidated Statements of Operations and Deficit of Royal Standard Minerals Inc. for      the years ended January 31, 2003, 2002, 2001
- Consolidated Statements of Cash Flows of Royal Standard Minerals Inc. for the years      ended January 31, 2003, 2002, 2001
- 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  #13 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 LLPToronto,      Canada  Grant      Thornton LLPApril      17, 2003Chartered      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 LLPToronto,      Canada  Grant      Thornton LLPApril      17, 2003Chartered      Accountants** 

 

 

Royal Standard Minerals Inc.  Consolidated Balance Sheets(Expressed in United States Dollars)**January 31**
2003
2002**Assets
Current
     Cash and cash equivalents
$283,030
$554,925
     Funds held in trust (Note 3)
75,000
-
     Marketable securities (Note 4)
8,000
47,000
     Receivables
11,723
18,043
377,753
619,968
Exploration properties (Note 5)
781,039
113,078
Equipment (Note 6)
53,688
-
$1,212,480
$733,046**Liabilities
Current
     Payables and accruals
$82,300
$45,905**Shareholders’ Equity
Capital stock (Notes 7)
6,527,565
5,667,723
Contributed surplus (Note 7)
1,425,413
1,425,413
Deficit
(6,822,798)
(6,405,995)
1,130,180
687,141
$1,212,480
$733,046
The Company and operations (Note 1)  Commitments (Note 5)

 

On behalf of the Board

\s\ Roland M. Larsen
Director
\s\ Kimberley L. Koerner
Director
 

 

** 
Royal Standard Minerals Inc.  Consolidated Statements of Exploration Properties(Expressed in United States Dollars)**
Opening      Balance
Additions
Written Off
Closing      Balance**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**Year Ended January 31, 2002
Gold Wedge Project
$ -
$14,821
$ -
$14,821
Manhattan Project
-
87,313
-
87,313
Minnesota-Duluth Project
15,500
9,530
25,030
-
Ruby Ridge Project
-
4,007
-
4,007
Simba Project
33,880
-
33,880
-
Other
-
6,937
-
6,937
$49,380
$122,608
$58,910
$113,078**Year Ended January 31, 2001
Bend Project
$ -
$19,717
$19,717
$ -
Bousquet and Chibex Properties
872,068
-
872,068
-
Minnesota-Duluth Project
-
15,500
-
15,500
Pinon Project
1,502,719
27,188
1,529,907
-
Simba Project
-
33,880
-
33,880
Victoria East Project
75,070
-
75,070
-
Other
500
-
500
-
$2,450,357
$96,285
$2,497,262
$49,380
 
**Royal Standard Minerals Inc.  Consolidated Statements of Operations and Deficit(Expressed in United States Dollars)**
Years Ended January 31
2003
2002
2001**Revenue
Interest
$-
$10,332
$8,282**Expenses
General and administrative
294,083
59,830
70,696
General exploration
27,752
84,860
(13,538)
Depreciation
8,763
-
-
330,598
144,690
57,158**Loss before the following
(330,598)
(134,358)
(48,876)
Recovery of advances to related company
     previously written off (Note 4)
-
479,340
-
Write off of exploration properties
-
(58,910)
(2,497,262)
Recovery of (write down of) marketable securities
(39,000)
11,000
(41,477)
Repayment of interest (Note 4)
(67,117)************************************************************************************************************************************************************************************************************************************************************************************************************************** |