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| Delaware                                       | 81-0304651                         |
|------------------------------------------------|------------------------------------|
| (State                or Other Jurisdiction of | (I.R.S.                Employer    |
| Incorporation                or Organization)  | Identification                No.) |

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| FINANCIAL                STATEMENTS                               |   |
|------------------------------------------------------------------------|--------|
| Balance                Sheets                                     | 4      |
| Statements                of Operations                           | 5      |
| Statement                of Stockholders’ Equity (Deficit)  | 6      |
| Statements                of Cash Flows                           | 12     |
| NOTES                TO THE FINANCIAL STATEMENTS                  | 14     |
| MANAGEMENT                DISCUSSION AND ANALYSIS                 | 19     |
| ITEM                1. FINANCIAL STATEMENTS AND NOTES             |   |

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**TREND      MINING COMPANY**

**(An      Exploration Stage Company)**

**BALANCE      SHEETS**

|                                                                                                                                                                             |   | March                312005(unaudited) |        | September                30,2004 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|-------------|----------------------------------|--------|
|                                                                                                                                                                             |   | Restated                               |        | Restated                         |   |
| **ASSETS**                                                                                                                                                                       |   |                                   |        |                             |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |
| CURRENT                ASSETS                                                                                                                                                    |   |                                   |        |                             |   |
| Cash                                                                                                                                                                             |   | $                                      | 766,453     |                             | $      | 8,313 |   |
| Prepaid                expenses                                                                                                                                                  |   |                                   | -           |                             |   | 2,948 |   |
| TOTAL                CURRENT ASSETS                                                                                                                                              |   |                                   | 766,453     |                             |   | 11,261 |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| MINERAL                PROPERTIES                                                                                                                                                |   |                                   | -           |                             |   | - |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| PROPERTY                AND EQUIPMENT, net of depreciation                                                                                                                       |   |                                   | 7,151       |                             |   | 6,631 |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| **TOTAL                ASSETS**                                                                                                                                                  |   | $                                      | 773,604     |                             | $      | 17,892 |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS' DEFICIT**                                                                                                                         |   |                                   |        |                             |   |   |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| CURRENT                LIABILITIES                                                                                                                                               |   |                                   |        |                             |   |   |   |
| Accounts                payable                                                                                                                                                  |   | $                                      | 51,880      |                             | $      | 205,686 |   |
| Accrued                expenses                                                                                                                                                  |   |                                   | 72,880      |                             |   | 75,780 |   |
| Convertible                debt, current portion                                                                                                                                 |   |                                   | 457,656     |                             |   | - |   |
| Interest                payable                                                                                                                                                  |   |                                   | 196,068     |                             |   | 125,561 |   |
| Loans                payable to shareholders                                                                                                                                     |   |                                   | 1,047,857   |                             |   | 1,032,857 |   |
| TOTAL                CURRENT LIABILITIES                                                                                                                                         |   |                                   | 1,826,341   |                             |   | 1,439,884 |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| LONG-TERM                LIABILITIES                                                                                                                                             |   |                                   |        |                             |   |   |   |
| Convertible                debt, net of debt discount                                                                                                                            |   |                                   | 153,089     |                             |   | - |   |
| TOTAL                LONG-TERM LIABILITIES                                                                                                                                       |   |                                   | 153,089     |                             |   | - |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| COMMITMENTS                AND CONTINGENCIES                                                                                                                                     |   |                                   | -           |                             |   | - |   |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| STOCKHOLDERS'                DEFICIT                                                                                                                                             |   |                                   |        |                             |   |   |   |
| Preferred                stock, $0.01 par value, 20,000,000 shares authorized; no shares issued                and                outstanding                                    |   |                                   | -           |                             |   | - |   |
| Common                stock, $0.01 par value, 100,000,000 shares authorized; 36,065,215                and                35,967,715 shares issued and outstanding, respectively |   |                                   | 360,652     |                             |   | 359,677 |   |
| Additional                paid-in capital                                                                                                                                        |   |                                   | 7,545,900   |                             |   | 7,518,815 |   |
| Stock                options and warrants                                                                                                                                        |   |                                   | 1,499,367   |                             |   | 974,268 |   |
| Beneficial                conversion rights                                                                                                                                      |   |                                   | 383,745     |                             |   | - |   |
| Pre-exploration                stage accumulated deficit                                                                                                                         |   |                                   | (558,504    | )                                |   | (558,504 | ) |
| Accumulated                deficit during exploration stage                                                                                                                      |   |                                   | (10,436,986 | )                                |   | (9,716,248 | ) |
| TOTAL                STOCKHOLDERS' DEFICIT                                                                                                                                       |   |                                   | (1,205,826  | )                                |   | (1,421,992 | ) |
|                                                                                                                                                                             |   |                                   |        |                             |   |   |   |
| **TOTAL                LIABILITIES AND****STOCKHOLDERS'                DEFICIT**                                                                                                 |   | $                                      | 773,604     |                             | $      | 17,892 |   |

----

**TREND      MINING COMPANY**

**(An      Exploration Stage Company)**

**STATEMENTS      OF OPERATIONS**

|                                                               |   |                                                       |       |                                                     |   | Period                from October                1, 1996 |   |
|--------------------------------------------------------------------|--------|------------------------------------------------------------|------------|----------------------------------------------------------|--------|-----------------------------------------------------------|--------|
|                                                               |   | Three                Months Ended March                31, |       | Six                Months Ended March                31, |   | (Inception                ofExplorationStage)to           |   |
|                                                               |   | 2005(unaudited)                                            |       | 2004(unaudited)                                          |   | 2005(unaudited)                                           |   | 2004(unaudited) |   | 2005(unaudited) |   |
|                                                               |   |                                                       |       | Restated                                                 |   |                                                      |   | Restated |   | Restated |   |
| REVENUES                                                           |   | $                                                          | -          |                                                     | $      | -                                                         |   | $ | - |   | $ | - |   | $ | - |   |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| EXPENSES                                                           |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| Exploration                expense                                 |   |                                                       | 80,880     |                                                     |   | -                                                         |   |   | 99,893 |   |   | - |   |   | 3,028,768 |   |
| General                and administrative                          |   |                                                       | 137,191    |                                                     |   | 14,540                                                    |   |   | 178,101 |   |   | 44,720 |   |   | 2,756,249 |   |
| Officers                and directors compensation                 |   |                                                       | 28,500     |                                                     |   | 38,100                                                    |   |   | 58,492 |   |   | 75,100 |   |   | 1,717,682 |   |
| Legal                and professional                              |   |                                                       | 70,211     |                                                     |   | 54,836                                                    |   |   | 81,722 |   |   | 77,633 |   |   | 1,487,601 |   |
| Depreciation                                                       |   |                                                       | 1,101      |                                                     |   | 690                                                       |   |   | 1,993 |   |   | 1,379 |   |   | 53,869 |   |
| Total                Expenses                                      |   |                                                       | 317,883    |                                                     |   | 108,166                                                   |   |   | 420,201 |   |   | 198,832 |   |   | 9,044,169 |   |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| OPERATING                LOSS                                      |   |                                                       | (317,883   | )                                                        |   | (108,166                                                  | )      |   | (420,201 | ) |   | (198,832 | ) |   | (9,044,169 | ) |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| OTHER                INCOME (EXPENSE)                              |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| Dividend                and interest income                        |   |                                                       | 731        |                                                     |   | -                                                         |   |   | 731 |   |   | - |   |   | 7,129 |   |
| Gain                (loss) on disposition and impairment of assets |   |                                                       | -          |                                                     |   | -                                                         |   |   | - |   |   | - |   |   | (177,519 | ) |
| Gain                (loss) on investment sales                     |   |                                                       | -          |                                                     |   | -                                                         |   |   | - |   |   | - |   |   | (63,813 | ) |
| Financing                expense                                   |   |                                                       | (287,406   | )                                                        |   | -                                                         |   |   | (287,406 | ) |   | - |   |   | (1,422,519 | ) |
| Interest                expense                                    |   |                                                       | (48,121    | )                                                        |   | (25,629                                                   | )      |   | (76,765 | ) |   | (44,531 | ) |   | (392,901 | ) |
| Miscellaneous                income                                |   |                                                       | 88         |                                                     |   | (117                                                      | )      |   | 88 |   |   | 139 |   |   | 26,845 |   |
| Forgiveness                of debt                                 |   |                                                       | 62,815     |                                                     |   | -                                                         |   |   | 62,815 |   |   | - |   |   | 629,961 |   |
| Total                Other Income (Expense)                        |   |                                                       | (271,893   | )                                                        |   | (25,746                                                   | )      |   | (300,537 | ) |   | (44,392 | ) |   | (1,392,817 | ) |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| INCOME                (LOSS) BEFORE INCOME TAXES                   |   |                                                       | (589,776   | )                                                        |   | (133,912                                                  | )      |   | (720,738 | ) |   | (243,224 | ) |   | (10,436,986 | ) |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| INCOME                TAXES                                        |   |                                                       | -          |                                                     |   | -                                                         |   |   | - |   |   | - |   |   | - |   |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| NET                INCOME (LOSS)                                   |   |                                                       | (589,776   | )                                                        |   | (133,912                                                  | )      |   | (720,738 | ) |   | (243,224 | ) |   | (10,436,986 | ) |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| OTHER                COMPREHENSIVE INCOME (LOSS)                   |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| Change                in market value of investments               |   |                                                       | -          |                                                     |   | (17,130                                                   | )      |   | - |   |   | (33,030 | ) |   | 1,800 |   |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| NET                COMPREHENSIVE INCOME (LOSS)                     |   | $                                                          | (589,776   | )                                                        | $      | (151,042                                                  | )      | $ | (720,738 | ) | $ | (276,254 | ) | $ | (10,435,186 | ) |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| BASIC                AND DILUTED NET INCOME (LOSS) PER SHARE       |   | $                                                          | (0.02      | )                                                        | $      | nil                                                       |   | $ | (0.02 | ) | $ | (0.01 | ) |   |   |   |
|                                                               |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED                AVERAGE NUMBER OF                          |   |                                                       |       |                                                     |   |                                                      |   |   |   |   |   |   |   |   |   |   |
| COMMON                SHARES OUTSTANDING                           |   |                                                       | 36,036,048 |                                                     |   | 33,229,085                                                |   |   | 36,005,215 |   |   | 33,229,085 |   |   |   |   |

----

**TREND      MINING COMPANY**

**(An      Exploration Stage Company)**

**STATEMENT      OF STOCKHOLDERS' EQUITY**
**      (DEFICIT)**

|                                                                        |   | Common                Stock     |      | Additional |   | StockOptions                   |   | Beneficial                  |    |                             |   | Other                              |   |                                                      |   |
|-----------------------------------------------------------------------------|--------|---------------------------------|-----------|------------|--------|--------------------------------|--------|-----------------------------|---------|----------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------|--------|
|                                                                        |   | Number                of Shares |      | Amount     |   | Paid-In                Capital |   | and                Warrants |    | Conversion                Rights |   | Accumulated                Deficit |   | Comprehensive                Income                (Loss) |   | Total |   |
|                                                                        |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |
| Balance,                October 1, 1996                                     |   |                            | 1,754,242 |       | $      | 17,542                         |   | $                           | 663,218 |                             | $      | -                                  |   | $                                                         | -      |   | $ | (558,504 | ) | $ | - |   | $ | 122,256 |   |
|                                                                        |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows                            |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for cash at $0.50 per share                                |   |                            | 200,000   |       |   | 2,000                          |   |                        | 98,000  |                             |   | -                                  |   |                                                      | -      |   |   |   |   |   |   |   |   | 100,000 |   |
| -                for payment of liabilities and expenses at $0.50 per share |   |                            | 45,511    |       |   | 455                            |   |                        | 22,301  |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 22,756 |   |
| Net                loss for the year ended September 30, 1997               |   |                            | -         |       |   | -                              |   |                        | -       |                             |   | -                                  |   |                                                      | -      |   |   | (128,614 | ) |   | - |   |   | (128,614 | ) |
|                                                                        |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 1997                                  |   |                            | 1,999,753 |       |   | 19,997                         |   |                        | 783,519 |                             |   | -                                  |   |                                                      | -      |   |   | (687,118 | ) |   | - |   |   | 116,398 |   |
| Issuance                of common stock as follows:                         |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for mineral property at $0.50 per share                    |   |                            | 150,000   |       |   | 1,500                          |   |                        | 73,500  |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 75,000 |   |
| -                for lease termination at $0.50 per share                   |   |                            | 12,000    |       |   | 120                            |   |                        | 5,880   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 6,000 |   |
| -                for debt at $0.50 per share                                |   |                            | 80,000    |       |   | 800                            |   |                        | 39,200  |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 40,000 |   |
| -                for cash at $0.20 per share                                |   |                            | 7,500     |       |   | 75                             |   |                        | 1,425   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 1,500 |   |
| -                for compensation at $0.50 per share                        |   |                            | 9,000     |       |   | 90                             |   |                        | 4,410   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 4,500 |   |
|                                                                        |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                of stock options for financing activities           |   |                            | -         |       |   | -                              |   |                        | -       |                             |   | 2,639                              |   |                                                      |   |   |   | - |   |   | - |   |   | 2,659 |   |
|                                                                        |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 1998               |   |                            | -         |       |   | -                              |   |                        | -       |                             |   | -                                  |   |                                                      | -      |   |   | (119,163 | ) |   | - |   |   | (119,163 | ) |
|                                                                        |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Change                in market value of investments                        |   |                            | -         |       |   | -                              |   |                        | -       |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | 117,080 |   |   | 117.080 |   |
|                                                                        |   |                            |      |       |   |                           |   |                        |    |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 1998                                  |   |                            | 2,258,253 |       | $      | 22,582                         |   | $                           | 907,934 |                             | $      | 2,659                              |   | $                                                         | -      |   | $ | (806,281 | ) | $ | 117,080 |   | $ | 243,974 |   |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**STATEMENT            OF STOCKHOLDERS' EQUITY**
**            (DEFICIT)**

|                                                                                             |   | Common                Stock     |      | Additional |   | StockOptions                   |   | Beneficial  |      |                             |   | Other                              |   |                                                      |   |
|--------------------------------------------------------------------------------------------------|--------|---------------------------------|-----------|------------|--------|--------------------------------|--------|-------------|-----------|----------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------|--------|
|                                                                                             |   | Number                of Shares |      | Amount     |   | Paid-In                Capital |   | andWarrants |      | Conversion                Rights |   | Accumulated                Deficit |   | Comprehensive                Income                (Loss) |   |  Total |   |
|                                                                                             |   |                            |      |       |   |                           |   |        |      |                             |   |                               |   |                                                      |   |   |   |
| Balance,                September 30, 1998                                                       |   |                            | 2,258,253 |       | $      | 22,582                         |   | $           | 907,934   |                             | $      | 2,659                              |   | $                                                         | -      |   | $ | (806,281 | ) | $ | 117,080 |   | $ | 243,974 |   |
|                                                                                             |   |                            |      |       |   |                           |   |        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                                                |   |                            |      |       |   |                           |   |        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |   |                            |      |       |   |                           |   |        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for cash at an average of $0.07 per share                                       |   |                            | 555,000   |       |   | 5,550                          |   |        | 35,450    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 41,000 |   |
| -                for prepaid expenses at $0.33 per share                                         |   |                            | 50,000    |       |   | 500                            |   |        | 16,000    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 16,500 |   |
| -                for consulting services at an average of $0.20 per share                        |   |                            | 839,122   |       |   | 8,391                          |   |        | 158,761   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 167,152 |   |
| -                for mineral property at $0.13 per share                                         |   |                            | 715,996   |       |   | 7,160                          |   |        | 82,470    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 89,630 |   |
| -                for officers' compensation at an average of $0.24 per                share      |   |                            | 300,430   |       |   | 3,004                          |   |        | 70,522    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 73,526 |   |
| -                for debt, investment and expenses at $0.30 per share                            |   |                            | 9,210     |       |   | 92                             |   |        | 2,671     |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 2,763 |   |
| -                  for directors' compensation at an average of $0.25 per                  share |   |                            | 16,500    |       |   | 165                            |   |        | 3,960     |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 4,125 |   |
| -                for rent at $0.25 per share                                                     |   |                            | 1,000     |       |   | 10                             |   |        | 240       |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 250 |   |
| -                for equipment at $0.30 per share                                                |   |                            | 600,000   |       |   | 6,000                          |   |        | 174,000   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 180,000 |   |
|                                                                                             |   |                            |      |       |   |                           |   |        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 1999                                    |   |                            | -         |       |   | -                              |   |        | -         |                             |   | -                                  |   |                                                      | -      |   |   | (716,759 | ) |   | - |   |   | (716,759 | ) |
|                                                                                             |   |                            |      |       |   |                           |   |        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Other                comprehensive loss                                                          |   |                            | -         |       |   | -                              |   |        | -         |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | (79,179 | ) |   | (79,179 | ) |
|                                                                                             |   |                            |      |       |   |                           |   |        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 1999                                                       |   |                            | 5,345,511 |       | $      | 53,454                         |   | $           | 1,452,007 |                             | $      | 2,659                              |   | $                                                         | -      |   | $ | (1,523,040 | ) | $ | 37,901 |   | $ | 22,982 |   |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**STATEMENT            OF STOCKHOLDERS' EQUITY**
**            (DEFICIT)**

|                                                                                                                               |   | Common                Stock     |       | Additional |   | StockOptions                   |   | Beneficial                  |      |                             |   | Other                              |   |                                                      |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|------------|--------|--------------------------------|--------|-----------------------------|-----------|----------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------|--------|
|                                                                                                                               |   | Number                of Shares |       | Amount     |   | Paid-In                Capital |   | and                Warrants |      | Conversion                Rights |   | Accumulated                Deficit |   | Comprehensive                Income                (Loss) |   | Total |   |
|                                                                                                                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |
| Balance,                September 30, 1999                                                                                         |   |                            | 5,345,511  |       | $      | 53,454                         |   | $                           | 1,452,007 |                             | $      | 2,659                              |   | $                                                         | -      |   | $ | (1,523,040 | ) | $ | 37,901 |   | $ | 22,982 |   |
|                                                                                                                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock and option issuances as follows:                                                                       |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for employee, officer and director compensation at an average of                $0.61 per                share    |   |                            | 231,361    |       |   | 2,314                          |   |                        | 140,446   |                             |   | 15,820                             |   |                                                      | -      |   |   | - |   |   | - |   |   | 158,580 |   |
| -                for officers' and directors' compensation at an average of $1.19                per                share          |   |                            | 11,500     |       |   | 115                            |   |                        | 13,615    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 13,730 |   |
| -                for services at an average of $0.47 per share                                                                     |   |                            | 530,177    |       |   | 5,302                          |   |                        | 246,333   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 251,635 |   |
| -                for mineral property at $0.89 per share                                                                           |   |                            | 1,000,000  |       |   | 1,000                          |   |                        | 88,000    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 89,000 |   |
| -                for investments at $0.33 per share                                                                                |   |                            | 200,000    |       |   | 2,000                          |   |                        | 64,000    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 66,000 |   |
| -                for cash at $0.08 per share                                                                                       |   |                            | 456,247    |       |   | 4,562                          |   |                        | 28,969    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 33,531 |   |
| -                for cash, options and warrants                                                                                    |   |                            | 100,000    |       |   | 10,000                         |   |                        | 2,414     |                             |   | 87,586                             |   |                                                      |   |   |   | - |   |   | - |   |   | 100,000 |   |
| -                for incentive fees at $0.33 per share                                                                             |   |                            | 65,285     |       |   | 653                            |   |                        | 20,891    |                             |   | -                                  |   |                                                      |   |   |   | - |   |   | - |   |   | 21,544 |   |
| -                for deferred mineral property acquisition costs at $0.13 per                share                                 |   |                            | 129,938    |       |   | 1,299                          |   |                        | 14,943    |                             |   | -                                  |   |                                                      |   |   |   | - |   |   | - |   |   | 16,242 |   |
| -                for modification of stockholder agreement at $0.60 per                share                                       |   |                            | 200,000    |       |   | 2,000                          |   |                        | 118,000   |                             |   | 30,000                             |   |                                                      | -      |   |   | - |   |   | - |   |   | 150,000 |   |
| -                for modification of stockholder agreement                                                                         |   |                            | -          |       |   | -                              |   |                        | 4,262     |                             |   | 10,379                             |   |                                                      | -      |   |   | - |   |   | - |   |   | 14,641 |   |
| -from                exercise of options at 0.12 per share                                                                         |   |                            | 9,962,762  |       |   | 99,628                         |   |                        | 1,103,016 |                             |   | (37,524                            | )      |                                                      | -      |   |   | - |   |   | - |   |   | 1,165,120 |   |
| Cash                received for the issuance of common stock warrants for 7,979,761                shares of                stock |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | 10,000                             |   |                                                      | -      |   |   | - |   |   | - |   |   | 10,000 |   |
|                                                                                                                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Miscellaneous                common stock adjustments                                                                              |   |                            | (5         | )          |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | - |   |
|                                                                                                                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2000                                                                      |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | (2,186,541 | ) |   | - |   |   | (2,186,541 | ) |
|                                                                                                                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Other                comprehensive income (loss)                                                                                   |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | (38,314 | ) |   | (38,314 | ) |
|                                                                                                                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                September 30, 2000                                                                                         |   |                            | 18,232,776 |       | $      | 182,327                        |   | $                           | 3,296,897 |                             | $      | 118,920                            |   | $                                                         | -      |   | $ | (3,709,581 | ) | $ | (413 | ) | $ | (111,850 | ) |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**STATEMENT            OF STOCKHOLDERS' EQUITY**
**            (DEFICIT)**

|                                                                                              |   | Common                Stock     |       | Additional |   | StockOptions                   |   | Beneficial                  |      |                             |   | Other                              |   |                                                      |   |
|---------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|------------|--------|--------------------------------|--------|-----------------------------|-----------|----------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------|--------|
|                                                                                              |   | Number                of Shares |       | Amount     |   | Paid-In                Capital |   | and                Warrants |      | Conversion                Rights |   | Accumulated                Deficit |   | Comprehensive                Income                (Loss) |   | Total |   |
|                                                                                              |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |
| Balance,                September 30, 2000                                                        |   |                            | 18,232,776 |       | $      | 182,327                        |   | $                           | 3,296,897 |                             | $      | 118,920                            |   | $                                                         | -      |   | $ | (3,709,581 | ) | $ | (413 | ) | $ | (111,850 | ) |
|                                                                                              |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock and option issuances as follows:                                      |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for cash of $1.00 per share                                                      |   |                            | 192,000    |       |   | 1,920                          |   |                        | 190,080   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 192,000 |   |
| -                for cash and consulting services from options for $0.39 per                share |   |                            | 33,333     |       |   | 333                            |   |                        | 12,737    |                             |   | (3,070                             | )      |                                                      | -      |   |   | - |   |   | - |   |   | 10,000 |   |
| -                for services at an average of $0.92 per share                                    |   |                            | 13,700     |       |   | 137                            |   |                        | 12,463    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 12,600 |   |
| -                for officer and employee compensation at $1.13 per share                         |   |                            | 5,200      |       |   | 52                             |   |                        | 5,828     |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 5,880 |   |
| -                for payment of accrued officer's compensation at $1.35 per                share  |   |                            | 10,000     |       |   | 100                            |   |                        | 13,400    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 13,500 |   |
| -                for consulting services at an ave of $0.77 per share                             |   |                            | 45,461     |       |   | 455                            |   |                        | 34,247    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 34,702 |   |
| -                for directors' compensation at $0.85 per share                                   |   |                            | 75,000     |       |   | 750                            |   |                        | 63,000    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 63,750 |   |
| -                for modification of contract at $0.78 per share                                  |   |                            | 3,000      |       |   | 30                             |   |                        | 2,310     |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 2,340 |   |
| -                for interest payment on contract at an average of $0.80 per                share |   |                            | 10,000     |       |   | 100                            |   |                        | 7,900     |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 8,000 |   |
| -                for mineral property expenses at $0.85 per share                                 |   |                            | 1,000      |       |   | 10                             |   |                        | 840       |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 850 |   |
| -                for debt at $1.00 per share                                                      |   |                            | 134,500    |       |   | 1,345                          |   |                        | 133,155   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 134,500 |   |
|                                                                                              |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Options                issued to officers, directors and employees for services                   |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | 354,000                            |   |                                                      | -      |   |   | - |   |   | - |   |   | 354,000 |   |
| Warrants                issued as follows:                                                        |   |                            |            |       |   |                                |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for consulting services                                                          |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | 170,521                            |   |                                                      | -      |   |   | - |   |   | - |   |   | 170,521 |   |
| -                for loan agreements                                                              |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | 141,547                            |   |                                                      | -      |   |   | - |   |   | - |   |   | 141,547 |   |
| -                for extension of exercise period on outstanding warrants                         |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | 608,058                            |   |                                                      | -      |   |   | - |   |   | - |   |   | 608,058 |   |
|                                                                                              |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2001                                     |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | (3,437,354 | ) |   | - |   |   | (3,437,354 | ) |
|                                                                                              |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Other                comprehensive income                                                         |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | 413 |   |   | 413 |   |
| Balance,                September 30, 2001                                                        |   |                            | 18,755,970 |       | $      | 187,559                        |   | $                           | 3,772,856 |                             | $      | 1,389,976                          |   | $                                                         | -      |   | $ | (7,146,935 | ) | $ | - |   | $ | (1,796,543 | ) |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**STATEMENT            OF STOCKHOLDERS' EQUITY**
**            (DEFICIT)**

|                                                                            |   | Common                Stock     |       | Additional |   | StockOptions                   |   | Beneficial                  |      |                             |   | Other                              |   |                                                      |   |
|---------------------------------------------------------------------------------|--------|---------------------------------|------------|------------|--------|--------------------------------|--------|-----------------------------|-----------|----------------------------------|--------|------------------------------------|--------|-----------------------------------------------------------|--------|
|                                                                            |   | Number                of Shares |       | Amount     |   | Paid-In                Capital |   | and                Warrants |      | Conversion                Rights |   | Accumulated                Deficit |   | Comprehensive                Income                (Loss) |   | Total |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |
| Balance,                September 30, 2001                                      |   |                            | 18,755,970 |       | $      | 187,559                        |   | $                           | 3,772,856 |                             | $      | 1,389,976                          |   | $                                                         | -      |   | $ | (7,146,935 | ) | $ | - |   | $ | (1,796,543 | ) |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for cash at $0.10 per share                                    |   |                            | 2,500,000  |       |   | 25,000                         |   |                        | 225,000   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 250,000 |   |
| -                for a note payable at $1.00 per share                          |   |                            | 25,000     |       |   | 250                            |   |                        | 24,750    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 25,000 |   |
| -                for consulting fees payable at $0.55 per share                 |   |                            | 12,536     |       |   | 126                            |   |                        | 6,769     |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 6,895 |   |
| -                for mineral properties at $0.70 per share                      |   |                            | 1,100,000  |       |   | 11,000                         |   |                        | 759,000   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 770,000 |   |
| -                for services at an average of $0.49 per share                  |   |                            | 112,500    |       |   | 1,125                          |   |                        | 53,625    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 54,750 |   |
| -                for financing expense at an average of $0.44 per share         |   |                            | 82,429     |       |   | 824                            |   |                        | 35,369    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 36,193 |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Options                issued to officers, directors and employees for services |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | 29,528                             |   |                                                      | -      |   |   | - |   |   | - |   |   | 29,528 |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Warrants                issued as follows:                                      |   |                            | -          |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                for loan agreements                                            |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | 55,352                             |   |                                                      | -      |   |   | - |   |   | - |   |   | 55,352 |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Expiration                of stock options and warrants                         |   |                            |            |       |   | -                              |   |                        | 91,814    |                             |   | (91,814                            | )      |                                                      | -      |   |   | - |   |   | - |   |   | - |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Interest                expense forgiven by shareholders                        |   |                            | -          |       |   | -                              |   |                        | 42,950    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 42,950 |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2002                   |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | (1,168,171 | ) |   |     |   |   | (1,168,171 | ) |
| Balance,                September 30, 2002                                      |   |                            | 22,588,435 |       |   | 225,884                        |   |                        | 5,012,133 |                             |   | 1,383,042                          |   |                                                      | -      |   |   | (8,315,106 | ) |   | - |   |   | (1,694,046 | ) |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                               |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| -                miscellaneous common stock adjustment                          |   |                            | 29,555     |       |   | 296                            |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 296 |   |
| -                for cash at $0.10 per share                                    |   |                            | 5,500,000  |       |   | 55,000                         |   |                        | 495,000   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 550,000 |   |
| -                for consulting services at an average of $0.15 per share       |   |                            | 1,763,779  |       |   | 17,638                         |   |                        | 243,362   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 261,000 |   |
| -                for loans payable at an average of $0.10 per share             |   |                            | 369,160    |       |   | 3,692                          |   |                        | 33,225    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 36,917 |   |
| -                for prior period services at an average of $.13 per share      |   |                            | 245,000    |       |   | 2,450                          |   |                        | 30,550    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 33,000 |   |
| -                for investments at $0.21 per share                             |   |                            | 450,000    |       |   | 4,500                          |   |                        | 88,668    |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 93,168 |   |
| -                to officers and directors for services at $.10 per share       |   |                            | 1,423,156  |       |   | 14,231                         |   |                        | 129,025   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 143,256 |   |
| -                penalty shares at $.26 per share                               |   |                            | 860,000    |       |   | 8,600                          |   |                        | 215,000   |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | - |   |   | 223,600 |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Change                in market value of investments                            |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | - |   |   | 1,800 |   |   | 1,800 |   |
|                                                                            |   |                            |       |       |   |                           |   |                        |      |                             |   |                               |   |                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2003                   |   |                            | -          |       |   | -                              |   |                        | -         |                             |   | -                                  |   |                                                      | -      |   |   | (966,958 | ) |   | - |   |   | (966,958 | ) |
| Balance,                September 30, 2003                                      |   |                            | 33,229,085 |       | $      | 332,291                        |   | $                           | 6,246,963 |                             | $      | 1,383,042                          |   | $                                                         | -      |   | $ | (9,282,064 | ) | $ | 1,800 |   | $ | (1,317,968 | ) |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**STATEMENT            OF STOCKHOLDERS' EQUITY**
**            (DEFICIT)**

|        |   | Common                  Stock     |   | Additional |   | StockOptions                     |   | Beneficial                    |   |                               |   | Other                                |   |                                                          |   |
|--------|--------|-----------------------------------|--------|------------|--------|----------------------------------|--------|-------------------------------|--------|------------------------------------|--------|--------------------------------------|--------|---------------------------------------------------------------|--------|
|   |   | Number                  of Shares |   | Amount     |   | Paid-In                  Capital |   | and                  Warrants |   | Conversion                  Rights |   | Accumulated                  Deficit |   | Comprehensive                  Income                  (Loss) |   | Total |   |

|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|---------|--------|--------|-----------|--------|--------|-----------|--------|--------|---------|--------|--------|
| Balance,                September 30, 2003                                                              |   |   | 33,229,085 |   | $      | 332,291 |   | $      | 6,246,963 |   | $      | 1,383,042 |   | $      | -       |   | $      | (9,282,064 | ) | $ | 1,800 |   | $ | (1,317,968 | ) |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                                                       |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| -                for cash at $0.20 per share                                                            |   |   | 1,675,000  |   |   | 16,750  |   |   | 318,250   |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 335,000 |   |
| -                for consulting services at an average of $0.35 per share                               |   |   | 162,500    |   |   | 1,625   |   |   | 54,800    |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 56,425 |   |
| -                for accounts payable at an average of $.24 per share                                   |   |   | 626,130    |   |   | 6,261   |   |   | 144,584   |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 150,845 |   |
| -                for investments at $0.20 per share                                                     |   |   | 125,000    |   |   | 1,250   |   |   | 23,750    |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 25,000 |   |
| -                to officers and directors for services at $.12 per share                               |   |   | 150,000    |   |   | 1,500   |   |   | 16,500    |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 18,000 |   |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Expired                options & warrants                                                           |   |   | -          |   |   | -       |   |   | 503,774   |   |   | (503,774  | )      |   | -       |   |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Options                issued to officers and directors for services                                    |   |   | -          |   |   | -       |   |   | -         |   |   | 95,000    |   |   | -       |   |   | - |   |   | - |   |   | 95,000 |   |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Gain                on sale of internal securities                                                      |   |   | -          |   |   | -       |   |   | 210,194   |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 210,194 |   |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Change                in market value of investments                                                    |   |   | -          |   |   | -       |   |   | -         |   |   | -         |   |   | -       |   |   | - |   |   | (1,800 | ) |   | (1,800 | ) |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Net                loss for the year ended September 30, 2004, restated                                 |   |   | -          |   |   | -       |   |   | -         |   |   | -         |   |   | -       |   |   | (992,688 | ) |   | - |   |   | (992,688 | ) |
| Balance,                September 30, 2004, restated                                                    |   |   | 35,967,715 |   |   | 359,677 |   |   | 7,518,815 |   |   | 974,268   |   |   | -       |   |   | (10,274,752 | ) |   | - |   |   | (1,421,992 | ) |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Common                stock issuances as follows:                                                       |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| -                for accounts payable at an average of $.38 per share                                   |   |   | 10,000     |   |   | 100     |   |   | 3,700     |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 3,800 |   |
| -                for services at an average of $.23 per share                                           |   |   | 87,500     |   |   | 875     |   |   | 18,935    |   |   | -         |   |   | -       |   |   | - |   |   | - |   |   | 19,810 |   |
| Convertible                debt issuance                                                                |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| -                class A warrants at $0.15 per share                                                    |   |   | -          |   |   | -       |   |   | -         |   |   | 341,801   |   |   | -       |   |   | - |   |   | - |   |   | 341,801 |   |
| -                class B warrants at $0.08 per share                                                    |   |   | -          |   |   | -       |   |   | -         |   |   | 187,748   |   |   | -       |   |   | - |   |   | - |   |   | 187,748 |   |
| -                beneficial conversion rights at $0.19 per share                                        |   |   | -          |   |   | -       |   |   | -         |   |   | -         |   |   | 383,745 |   |   | - |   |   | - |   |   | 383,745 |   |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Expired                warrants                                                                         |   |   | -          |   |   | -       |   |   | 4,450     |   |   | (4,450    | )      |   | -       |   |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Net                  loss for the period ended March 31, 2005 (unaudited and                  restated) |   |   | -          |   |   | -       |   |   | -         |   |   | -         |   |   | -       |   |   | (720,738 | ) |   | - |   |   | (720,738 | ) |
|                                                                                                    |   |   |       |   |   |    |   |   |      |   |   |      |   |   |    |   |   |   |   |   |   |   |   |   |   |
| Balance,                March 31, 2005 (unaudited and restated)                                         |   |   | 36,065,215 |   | $      | 360,652 |   | $      | 7,545,900 |   | $      | 1,499,367 |   | $      | 383,745 |   | $      | (10,995,490 | ) | $ | - |   | $ | (1,205,826 | ) |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**STATEMENTS            OF CASH FLOWS**

|                                                                                                      |   | Six                Months Ended March                31, |      | Period                fromOctober                1, 1996(Inception                ofExploration                Stage)to                March                31 |   |
|-----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                      |   | 2005(unaudited)                                          |      | 2004(unaudited)                                                                                                                                                |   | 2005(unaudited) |   |
|                                                                                                      |   | Restated                                                 |      | Restated                                                                                                                                                       |   | Restated |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                                      |   |                                                     |      |                                                                                                                                                           |   |   |   |
| Net                loss                                                                                   |   | $                                                        | (720,738  | )                                                                                                                                                              | $      | (243,224 | ) | $ | (10,436,986 | ) |
| Adjustments                to reconcile net loss to net cash used by operating                activities: |   |                                                     |      |                                                                                                                                                           |   |   |   |   |   |   |
| Depreciation                                                                                              |   |                                                     | 1,993     |                                                                                                                                                           |   | 1,379 |   |   | 53,869 |   |
| Amortization                of debt discount                                                              |   |                                                     | 293,627   |                                                                                                                                                           |   | - |   |   | 293,627 |   |
| Loss                on investment sales                                                                   |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 68,969 |   |
| Loss                on disposition and impairment of assets                                               |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 185,891 |   |
| Gain                on sale of mineral property claims for securities                                     |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | (500 | ) |
| Gain                on trade-in of property and equipment                                                 |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | (7,872 | ) |
| Gain                on settlement of vendor account                                                       |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | (138,766 | ) |
| Interest                expense forgiven by related parties                                               |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 20,848 |   |
| Common                stock issued for services and expenses                                              |   |                                                     | 19,810    |                                                                                                                                                           |   | - |   |   | 1,003,784 |   |
| Common                stock issued for payables and accrued expenses                                      |   |                                                     | 3,800     |                                                                                                                                                           |   | - |   |   | 223,456 |   |
| Common                stock and options issued as compensation                                            |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 977,375 |   |
| Stock                options and warrants issued for financing activities                                 |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 822,257 |   |
| Common                stock issued for investments                                                        |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 93,168 |   |
| Common                stock and warrants issued to acquire mineral property                options        |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 1,114,873 |   |
| Warrants                issued for consulting fees                                                        |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 170,521 |   |
| Common                stock issued for incentive fees                                                     |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 21,544 |   |
| Investment                traded for services                                                             |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 45,939 |   |
| Changes                in assets and liabilities:                                                         |   |                                                     |      |                                                                                                                                                           |   |   |   |   |   |   |
| Prepaid                expenses and inventory                                                             |   |                                                     | 2,948     |                                                                                                                                                           |   | - |   |   | 3,805 |   |
| Accounts                payable                                                                           |   |                                                     | (153,806  | )                                                                                                                                                              |   | 36,632 |   |   | 161,653 |   |
| Accounts                payable - checks in excess of bank balance                                        |   |                                                     | -         |                                                                                                                                                           |   | (3,297 | ) |   | 7 |   |
| Accrued                expenses                                                                           |   |                                                     | (2,900    | )                                                                                                                                                              |   | 75,100 |   |   | (1,305 | ) |
| Interest                payable                                                                           |   |                                                     | 70,507    |                                                                                                                                                           |   | (50,546 | ) |   | 170,010 |   |
| Net                cash used by operating activities                                                      |   |                                                     | (484,759  | )                                                                                                                                                              |   | (183,956 | ) |   | (5,153,833 | ) |
|                                                                                                      |   |                                                     |      |                                                                                                                                                           |   |   |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES:                                                      |   |                                                     |      |                                                                                                                                                           |   |   |   |   |   |   |
| Proceeds                from sale of equipment                                                            |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 35,126 |   |
| Purchase                of fixed assets                                                                   |   |                                                     | (2,513    | )                                                                                                                                                              |   | - |   |   | (6,871 | ) |
| Proceeds                from sales of mineral property                                                    |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 20,000 |   |
| Purchase                of furniture and equipment                                                        |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | (41,695 | ) |
| Proceeds                from investments sold                                                             |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 183,161 |   |
| Net                cash provided by investing activities                                                  |   |                                                     | (2,513    | )                                                                                                                                                              |   | - |   |   | 189,721 |   |
|                                                                                                      |   |                                                     |      |                                                                                                                                                           |   |   |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES:                                                      |   |                                                     |      |                                                                                                                                                           |   |   |   |   |   |   |
| Payments                on notes payable and short-term borrowings                                        |   |                                                     | -         |                                                                                                                                                           |   | (65,000 | ) |   | (124,556 | ) |
| Proceeds                from internal securities sale                                                     |   |                                                     | -         |                                                                                                                                                           |   | 210,194 |   |   | 210,194 |   |
| Sale                of warrants for common stock                                                          |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 10,000 |   |
| Proceeds                from borrowings                                                                   |   |                                                     | 1,245,412 |                                                                                                                                                           |   | 40,000 |   |   | 2,714,569 |   |
| Sale                  of common stock, subscriptions and exercise of                  options             |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 2,693,151 |   |
| Issuance                of penalty shares                                                                 |   |                                                     | -         |                                                                                                                                                           |   | - |   |   | 223,600 |   |
| Net                cash provided by financing activities                                                  |   |                                                     | 1,245,412 |                                                                                                                                                           |   | 185,194 |   |   | 5,726,958 |   |
| NET                INCREASE IN CASH                                                                       |   |                                                     | 758,140   |                                                                                                                                                           |   | 1,238 |   |   | 762,846 |   |
| CASH,                BEGINNING OF PERIOD                                                                  |   |                                                     | 8,313     |                                                                                                                                                           |   | 2,558 |   |   | 3,607 |   |
| CASH,                END OF PERIOD                                                                        |   | $                                                        | 766,453   |                                                                                                                                                           | $      | 3,796 |   | $ | 766,453 |   |

----

**TREND            MINING COMPANY**

**(An            Exploration Stage Company)**

**STATEMENTS            OF CASH FLOWS**

|                                                                            |   | Six                  Months Ended March                  31, |   | Period                  fromOctober                  1, 1996(Inception                  ofExploration                  Stage)to                  March                  31 |   |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                            |   | 2005(unaudited)                                              |   | 2004(unaudited)                                                                                                                                                            |   | 2005(unaudited) |   |
|                                                                            |   | Restated                                                     |   | Restated                                                                                                                                                                   |   | Restated |   |
| SUPPLEMENTAL                  CASH FLOW INFORMATION:                            |   |                                                         |   |                                                                                                                                                                       |   |   |   |
| Interest                  paid                                                  |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 98,706 |   |
| Income                  taxes paid                                              |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | - |   |
|                                                                            |   |                                                         |   |                                                                                                                                                                       |   |   |   |   |   |   |
| NON-CASH                  FINANCING AND INVESTING ACTIVITIES:                   |   |                                                         |   |                                                                                                                                                                       |   |   |   |   |   |   |
| Common                  stock and warrants issued to acquire mineral properties |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 344,873 |   |
| Common                  stock issued to acquire mineral property                |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 845,000 |   |
| Common                  stock issued for acquisition of mining equipment        |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 180,000 |   |
| Common                  stock issued for services and expenses                  |   | $                                                            | 19,810 |                                                                                                                                                                       | $      | - |   | $ | 1,003,784 |   |
| Common                  stock issued for investment                             |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 185,168 |   |
| Common                  stock issued for payables and accrued expenses          |   | $                                                            | 3,800  |                                                                                                                                                                       | $      | - |   | $ | 223,365 |   |
| Common                  stock issued for incentive fees                         |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 21,544 |   |
| Common                  stock and options issued as compensation                |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 977,375 |   |
| Stock                  options and warrants issued for financing activities     |   | $                                                            | 93,825 |                                                                                                                                                                       | $      | - |   | $ | 916,082 |   |
| Beneficial                  conversion rights on convertible debt               |   | $                                                            | 77,158 |                                                                                                                                                                       | $      | - |   | $ | 77,158 |   |
| Warrants                  issued for consulting fees                            |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 170,521 |   |
| Deferred                  acquisition costs on mining property                  |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 46,242 |   |
| Purchase                  of equipment with financing agreement                 |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 21,814 |   |
| Investments                  received for mineral property                      |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 5,500 |   |
| Investments                  traded for services                                |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 45,939 |   |
| Equipment                  for loans payable                                    |   | $                                                            | -      |                                                                                                                                                                       | $      | - |   | $ | 4,500 |   |

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**CONDENSED        NOTES TO THE FINANCIAL STATEMENTS**

**March        31, 2005 **

----

**NOTE      1 -**
**BASIS      OF PRESENTATION OF UNAUDITED INTERIM FINANCIAL INFORMATION**

**NOTE      2 - ORGANIZATION AND DESCRIPTION OF BUSINESS**

**NOTE      3 - SUMMARY OF **
**SIGNIFICANT      ACCOUNTING POLICIES**

----

**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**March          31, 2005 **

----

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

**CONDENSED        NOTES TO THE FINANCIAL STATEMENTS**

**March        31, 2005 **

----

----

**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**March          31, 2005 **

----

*Inventory      Costs— an amendment of ARB No. 43, Chapter 4*

----

**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**March          31, 2005 **

----

**NOTE      **
**4      - RELATED PARTY TRANSACTIONS **

| Notes                Payable as of September 30, 2004 |   | $      | 1,032,857 |   |
|-------------------------------------------------------|--------|--------|-----------|--------|
| Additions                                             |   |   | 15,000    |   |
| Repayments                                            |   |   | -         |   |
| Notes                Payable as of March 31, 2005     |   | $      | 1,047,857 |   |

**NOTE      5 - CONVERTIBLE BRIDGE LOANS**

** **

----

**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**March          31, 2005 **

----

**NOTE      6 - COMMON STOCK**

----

**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**March          31, 2005 **

----

**NOTE      7 - COMMON STOCK WARRANTS**

|                                                                                                                                        |   | Number                of Shares Under                Warrants |       | Weighted                Average Exercise                Price |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|------------|---------------------------------------------------------------|--------|
| Outstanding                at October 1, 2004                                                                                               |   |                                                          | 8,868,174  |                                                          | $      | 0.46 |   |
| Granted                                                                                                                                     |   |                                                          | 4,350,000  |                                                          |   | 0.36 |   |
| Exercised                                                                                                                                   |   |                                                          | -          |                                                          |   | - |   |
| Forfeited                                                                                                                                   |   |                                                          | (40,000    | )                                                             |   | 1.00 |   |
| Outstanding                at March 31, 2005                                                                                                |   |                                                          | 13,178,174 |                                                          |   | 0.42 |   |
|  Weighted                average fair value of warrants granted in six month period ended                March 31,                2005 |   |                                                          |       |                                                          | $      | 0.12 |   |

| Number                of Warrants |   | Strike                Price |   | Expiration                Date |   |
|-----------------------------------|--------|-----------------------------|--------|--------------------------------|--------|
| 7,954,761                         |   |                        | $      | 0.40                           |   |   | 9/30/2006 |   |
| 520,000                           |   |                        | $      | 1.00                           |   |   | 9/30/2007 |   |
| 90,000                            |   |                        | $      | 1.00                           |   |   | 6/9/2005 |   |
| 150,000                           |   |                        | $      | 1.00                           |   |   | 1/30/2007 |   |
| 113,413                           |   |                        | $      | 1.00                           |   |   | 5/31/2007 |   |
| 1,933,333                         |   |                        | $      | 0.50                           |   |   | 1/8/2010 |   |
| 2,416,667                         |   |                        | $      | 0.25                           |   |   | conditional |   |
| 13,178,174                        |   |                        |   |                           |   |   |   |   |

**NOTE      8 - INCOME TAXES**

----

**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**March          31, 2005 **

----

**NOTE        9 - COMMITMENTS AND CONTINGENCIES**

**NOTE      10 - CORRECTION OF AN ERROR**

----

**ITEM      2. MANAGEMENT'S DISCUSSION, ANALYSIS, AND PLAN OF      OPERATIONS**

**ITEM      3.**
**CONTROLS      AND PROCEDURES.**

----

**FORWARD-LOOKING      STATEMENTS**

**PART      II**

**ITEM      1. LEGAL PROCEEDINGS.**

----

**ITEM      2. CHANGES IN SECURITIES AND USE OF PROCEEDS.**

**Common      Stock **

**Options      **

----

**Warrants      **

**ITEM      3. DEFAULTS UPON SENIOR SEC**
**U**
**RITIES.**

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

**ITEM      5. OTHER INFORMATION.**

**ITEM      6. EXHIBITS AND REPORTS ON FORM 8-K.**

----

**SIGNATURES**

|                                       |                                                                                                                         |                           |
|--------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
|                                       | **TREND              MINING COMPANY**                                                                                        |
|                                  |                                                                                                                    |                      |
| Date: September              20, 2005 | By:                                                                                                                | /s/              Thomas Loucks |
|                                       | Thomas                LoucksPresident                and Chief Executive Officer(Principal                Executive Officer) |

|         |                                                                                                           |                          |
|--------------|----------------------------------------------------------------------------------------------------------------|-------------------------------|
|         |                                                                                                           |
|    |                                                                                                      |                     |
|         | By:                                                                                                  | /s/              John P. Ryan |
|         | John                P. Ryan Chief                Financial Officer(Principal                Financial Officer) |
|         |                                                                                                           |

----