**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**TREND      MINING COMPANY**

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|  Delaware                                                                               |   |  81-0304651                                          |
|----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|
| (State                or other jurisdiction of incorporation                or organization) |   | (I.R.S.                Employer  Identification No.) |

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| **Financial                  Statements**                     |   |     |
|--------------------------------------------------------------------|--------|----------|
| Balance                  Sheets                               |   | 1   |
| Statements                  of Operations                     |   | 2   |
| Statement                  of Stockholders' Equity (Deficit)  |   | 3   |
| Statements                  of Cash Flows                     |   | 9   |
| **Notes                  to the Financial Statements**        |   | 11  |
| **Management                  Discussion and Analysis**       |   | 15  |

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**ITEM      1.**
**FINANCIAL      STATEMENTS AND NOTES**

|                  **TREND                  MINING COMPANY****(An                  Exploration Stage Company)****BALANCE                  SHEETS**                                  |   |    |                                                                       |   |    |                                                         |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|----------------------------------------------------------------------------|--------|---------|--------------------------------------------------------------|--------|
|                                                                                                                                                                                   |   |    |                                                                       |   |    |                                                         |   |
|                                                                                                                                                                                   |   |    | **December                  31,****2004****(Unaudited)****Restated**  |   |    | **September                  30,****2004****Restated**  |   |
|                  **ASSETS**                                                                                                                                                       |   |    |                                                                       |   |    |                                                         |   |
|                                                                                                                                                                                   |   |    |                                                                       |   |    |                                                         |   |
| CURRENT                  ASSETS                                                                                                                                                        |   |    |                                                                       |   |    |                                                         |   |
| Cash                                                                                                                                                                                   |   |  $ |  113,444                                                         |   |  $ | 8,313                                                   |   |
| Prepaid                  expenses                                                                                                                                                      |   |    | 1,153                                                                 |   |    | 2,948                                                   |   |
| TOTAL                  CURRENT ASSETS                                                                                                                                                  |   |    | 114,597                                                               |   |    | 11,261                                                  |   |
| MINERAL                PROPERTIES                                                                                                                                                      |   |    | —                                                               |   |    | —                                                 |   |
|                  PROPERTY                  AND EQUIPMENT, net of depreciation                                                                                                     |   |    | 5,738                                                                 |   |    | 6,631                                                   |   |
|                                                                                                                                                                                   |   |    |                                                                       |   |    |                                                         |   |
| **TOTAL                  ASSETS**                                                                                                                                                      |   | $       | 120,335                                                                    |   | $       | 17,892                                                       |   |
|                                                                                                                                                                                   |   |    |                                                                       |   |    |                                                         |   |
| **LIABILITIES                  AND STOCKHOLDERS' DEFICIT**                                                                                                                             |   |    |                                                                       |   |    |                                                         |   |
|                                                                                                                                                                                   |   |    |                                                                       |   |    |                                                         |   |
| CURRENT                  LIABILITIES                                                                                                                                                   |   |    |                                                                       |   |    |                                                         |   |
| Accounts                  payable                                                                                                                                                      |   | $       | 203,697                                                                    |   | $       | 205,686                                                      |   |
| Accrued                  expenses                                                                                                                                                      |   |    | 81,692                                                                     |   |    | 75,780                                                       |   |
| Convertible                  bridge loan, current portion                                                                                                                              |   |    | 32,275                                                                     |   |    | —                                                      |   |
| Interest                  payable                                                                                                                                                      |   |    | 147,985                                                                    |   |    | 125,561                                                      |   |
| Loans                  payable to related parties                                                                                                                                      |   |    | 1,032,857                                                                  |   |    | 1,032,857                                                    |   |
| TOTAL                  CURRENT LIABILITIES                                                                                                                                             |        |         | 1,498,506                                                                  |   |    | 1,439,884                                                    |        |
| LONG-TERM                  LIABILITES                                                                                                                                                  |   |    |                                                                       |   |    |                                                         |   |
| Convertible                  bridge loan, net of debt discount                                                                                                                         |   |    | —                                                                    |   |    | —                                                      |   |
| TOTAL                  LONG-TERM LIABILITIES                                                                                                                                           |        |    | —                                                                    |        |         | —                                                      |   |
| 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; 35,977,715                  and                  35,967,715 shares issued and outstanding, respectively |   |    | 359,777                                                               |   |    | 359,677                                                 |   |
| Additional                  paid-in capital                                                                                                                                            |   |    | 7,522,515                                                                  |   |    | 7,518,815                                                    |   |
| Stock                  options and warrants                                                                                                                                            |   |    | 1,068,093                                                                  |   |    | 974,268                                                      |   |
| Benefical                  conversion rights                                                                                                                                           |   |    | 77,158                                                                     |   |    | —                                                      |   |
| Pre-exploration                  stage accumulated deficit                                                                                                                             |   |    | (558,504                                                                   | )      |    | (558,504                                                     | )      |
| Accumulated                  deficit during exploration stage                                                                                                                          |   |    | (9,847,210                                                                 | )      |    | (9,716,248                                                   | )      |
| TOTAL                  STOCKHOLDERS' DEFICIT                                                                                                                                           |   |    | (1,378,171                                                                 | )      |    | (1,421,992                                                   | )      |
|                                                                                                                                                                                   |   |    |                                                                       |   |    |                                                         |   |
| **TOTAL                  LIABILITIES AND**                                                                                                                                             |   |    |                                                                       |   |    |                                                         |   |
| **STOCKHOLDERS'                  DEFICIT**                                                                                                                                             |   | $       | 120,335                                                                    |   | $       | 17,892                                                       |   |

----

| **TREND                  MINING COMPANY****(An                  Exploration Stage Company)****STATEMENTS                  OF OPERATIONS** |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|---------------|----------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                      |   | **Three                  Months****Ended****December                  31,****2004****(Unaudited)** |          | **Three                  Months****Ended****December                  31,****2003****(Unaudited)** |    | **Period                  from****October                  1, 1996****(Inception                  of****Exploration                  Stage)****to****December                  31,****2004****(Unaudited)****Restated** |   |
| REVENUES                                                                                                                                  |   |  $                                                                                            | —  |                                                                                               |  $ | —                                                                                                                                                                                                            |   |  $ | —  |   |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| EXPENSES                                                                                                                                  |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| Exploration                  expense                                                                                                      |   |                                                                                               | 19,013        |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | 2,947,888 |   |
| General                  and administrative                                                                                               |   |                                                                                               | 40,910        |                                                                                               |    | 67,180                                                                                                                                                                                                                  |   |   | 2,619,058 |   |
| Officers                  and directors compensation                                                                                      |   |                                                                                               | 29,992        |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | 1,689,182 |   |
| Legal                  and professional                                                                                                   |   |                                                                                               | 11,511        |                                                                                               |    | 22,797                                                                                                                                                                                                                  |   |   | 1,417,390 |   |
| Depreciation                                                                                                                              |   |                                                                                               | 892           |                                                                                               |    | 689                                                                                                                                                                                                                     |   |   | 52,768 |   |
|  Total                  Expenses                                                                                                     |   |                                                                                               | 102,318       |                                                                                               |    | 90,666                                                                                                                                                                                                                  |   |   | 8,726,286 |   |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| OPERATING                  LOSS                                                                                                           |   |                                                                                               | (102,318      | )                                                                                                  |    | (90,666                                                                                                                                                                                                                 | )      |   | (8,726,286 | ) |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| OTHER                  INCOME (EXPENSE)                                                                                                   |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| Dividend                  and interest income                                                                                             |   |                                                                                               | —       |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | 6,398 |   |
| Gain                  (loss) on disposition and impairment of assets                                                                      |   |                                                                                               | —       |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | (177,519 | ) |
| (Gain)                  loss on investment sales                                                                                          |   |                                                                                               | —       |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | (63,813 | ) |
| Financing                  expense                                                                                                        |   |                                                                                               | —       |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | (1,135,113 | ) |
| Interest                  expense                                                                                                         |   |                                                                                               | (28,644       | )                                                                                                  |    | (18,902                                                                                                                                                                                                                 | )      |   | (344,780 | ) |
| Miscellaneous                  income                                                                                                     |   |                                                                                               | —       |                                                                                               |    | 256                                                                                                                                                                                                                     |   |   | 26,757 |   |
| Forgiveness                  of debt                                                                                                      |   |                                                                                               | —       |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | 567,146 |   |
| Total                  Other Income (Expense)                                                                                             |   |                                                                                               | (28,644       | )                                                                                                  |    | (18,646                                                                                                                                                                                                                 | )      |   | (1,120,924 | ) |
|  LOSS                  BEFORE INCOME TAXES                                                                                           |   |                                                                                               | (130,962      | )                                                                                                  |    | (109,312                                                                                                                                                                                                                | )      |   | (9,847,210 | ) |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| INCOME                  TAXES                                                                                                             |   |                                                                                               | —       |                                                                                               |    | —                                                                                                                                                                                                                 |   |   | — |   |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| NET                  LOSS                                                                                                                 |   |                                                                                               | (130,962      | )                                                                                                  |    | (109,312                                                                                                                                                                                                                | )      |   | (9,847,210 | ) |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| OTHER                  COMPREHENSIVE INCOME (LOSS)                                                                                        |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| Change                  in market value of investments                                                                                    |   |                                                                                               | —       |                                                                                               |    | (15,900                                                                                                                                                                                                                 | )      |   | 1,800 |   |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| NET                  COMPREHENSIVE LOSS                                                                                                   |   | $                                                                                                  | (130,962      | )                                                                                                  | $       | (125,212                                                                                                                                                                                                                | )      | $ | (9,845,410 | ) |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| BASIC                  AND DILUTED NET LOSS PER SHARE                                                                                     |   | $                                                                                                  | nil           |                                                                                               | $       | nil                                                                                                                                                                                                                     |   |   |   |   |
|                                                                                                                                      |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| WEIGHTED                  AVERAGE NUMBER OF                                                                                               |   |                                                                                               |          |                                                                                               |    |                                                                                                                                                                                                                    |   |   |   |   |
| COMMON                  SHARES OUTSTANDING                                                                                                |   |                                                                                               | 35,974,382    |                                                                                               |    | 33,229,085                                                                                                                                                                                                              |   |   |   |   |

----

**TREND        MINING COMPANY**

**(An        Exploration Stage Company)**

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

|                                                                                                                |   |   | **Common                      Stock  **     |   |   |             |   |   |                                             |   |   |                                                            |   |   |                                                     |   |   |                                         |   |   |                                                       |   |
|---------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------|--------|--------|------------------|--------|--------|--------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|--------|----------------------------------------------------------|--------|--------|----------------------------------------------|--------|--------|------------------------------------------------------------|--------|
|                                                                                                                |   |   | **Number****of                        Shares **  |   |   | **Amount**  |   |   | **Additional****Paid-in****Capital **  |   |   | **Stock****Options                      and****Warrants**  |   |   | **Beneficial****Conversion****Rights  **  |   |   | **Accumulated****Deficit  **  |   |   | **Other****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                                             |   |   | —                                                    |   |   | —          |   |   | —                                          |   |   | 2,659                                                           |   |   | —                                                  |   |   | —                                      |   |   | —                                                    |   |   | 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  **    |   |   |             |   |   |                                       |   |   |                                                              |   |   |                                               |   |   |                                   |   |   |                                                             |   |
|--------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|------------------|--------|--------|--------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|----------------------------------------|--------|--------|------------------------------------------------------------------|--------|
|                                                                                                               |   |   | **Number****of                          Shares ** |   |   | **Amount ** |   |   | **Additional****Paid-in****Capital ** |   |   | **Stock****Options                        and****Warrants ** |   |   | **Beneficial****Conversion****Rights  ** |   |   | **Accumulated****Deficit  ** |   |   | **Other****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  **    |   |   |             |   |   |                                       |   |   |                                                              |   |   |                                               |   |   |                                   |   |   |                                                             |   |
|--------|--------|--------|--------------------------------------------------------|--------|--------|------------------|--------|--------|--------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|----------------------------------------|--------|--------|------------------------------------------------------------------|--------|
|   |   |   | **Number****of                          Shares ** |   |   | **Amount ** |   |   | **Additional****Paid-in****Capital ** |   |   | **Stock****Options                        and****Warrants ** |   |   | **Beneficial****Conversion****Rights  ** |   |   | **Accumulated****Deficit  ** |   |   | **Other****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  **     |       |                   |   |                                             |   |                                                          |      |                                                     |   |                                         |   |                                                             |    |
|--------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|------------|------------------------|--------|--------------------------------------------------|--------|---------------------------------------------------------------|-----------|----------------------------------------------------------|--------|----------------------------------------------|--------|------------------------------------------------------------------|---------|
|                                                                                                                           |   | **Number****of                      Shares **  |       | **Amount **  |   | **Additional****Paid-in****Capital **  |   | **Stock****Options                    and****Warrants**  |      | **Beneficial****Conversion****Rights  **  |   | **Accumulated****Deficit  **  |   | **Other****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  **      |   |   |                         |   |   |                                             |   |   |                                                                  |   |   |                                                           |   |   |                                               |   |   |                                                                               |   |
|---------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|--------------------------------------------------|--------|--------|-----------------------------------------------------------------------|--------|--------|----------------------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|
|                                                                                  |   |   | **Number****of                        Shares **   |   |   | **Amount **   |   |   | **Additional****Paid-in****Capital **  |   |   | **Stock****Options                      and****Warrants**   |   |   | **Beneficial****Conversion****Rights  **   |   |   | **Accumulated****Deficit  **   |   |   | **Other****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  **         |   |   |                         |   |   |                                                   |   |   |                                                            |   |   |                                                           |   |   |                                         |   |   |                                                                               |   |
|---------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------|--------|--------|------------------------------|--------|--------|--------------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|--------|----------------------------------------------------------------|--------|--------|----------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|
|                                                                            |   |   | **Number****of                      Shares **   |   |   | **Amount **   |   |   | **Additional****Paid-in****Capital **   |   |   | **Stock****Options                      and****Warrants**  |   |   | **Beneficial****Conversion****Rights  **   |   |   | **Accumulated****Deficit  **  |   |   | **Other****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 class A warrants at $0.15 per share                  |   |   | —                                                        |   |   | —                      |   |   | —                                                |   |   | 51,577                                                          |   |   | —                                                        |   |   | —                                      |   |   | —                                                                            |   |   | 51,577 |   |
| -                      for class B warrants at $0.10 per share                  |   |   | —                                                        |   |   | —                      |   |   | —                                                |   |   | 42,248                                                          |   |   | —                                                        |   |   | —                                      |   |   | —                                                                            |   |   | 42,248 |   |
| -                      for beneficial conversion rights at $0.19 per share      |   |   | —                                                        |   |   | —                      |   |   | —                                                |   |   | —                                                         |   |   | 77,158                                                         |   |   | —                                      |   |   | —                                                                            |   |   | 77,158 |   |
|                                                                            |   |   |                                                           |   |   |                         |   |   |                                                   |   |   |                                                            |   |   |                                                           |   |   |                                         |   |   |                                                                               |   |   |   |   |
| Net                      loss for the period ended December 31, 2004            |   |   |                                                           |   |   |                         |   |   |                                                   |   |   |                                                            |   |   |                                                           |   |   |                                         |   |   |                                                                               |   |   |   |   |
| (unaudited                      and restated)                                   |   |   | —                                                        |   |   | —                      |   |   | —                                                |   |   | —                                                         |   |   | —                                                        |   |   | (130,962                                     | )      |   | —                                                                            |   |   | (130,962 | ) |
| Balance,                      December 31, 2004 (unaudited and restated)        |   |   | 35,977,715                                                     |   | $      | 359,777                      |   | $      | 7,522,515                                              |   | $      | 1,068,093                                                       |   | $      | 77,158                                                         |   | $      | (10,405,714                                  | )      | $      | —                                                                            |   | $ | (1,378,171 | ) |

----

| **TREND                    MINING COMPANY****(An                    Exploration Stage Company)****STATEMENTS                    OF CASH FLOWS** |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                            |   | **Three                    Months****Ended****December                    31,****2004****(Unaudited)** |     | **Three                    Months****Ended****December                    31,****2003****(Unaudited)** |   | **Period                    from****October                    1, 1996****(Inception                    of****Exploration                    Stage)****to****December                    31,****2004****(Unaudited)****Restated** |   |
|                                                                                                                                            |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |
| CASH                    FLOWS FROM OPERATING ACTIVITIES:                                                                                        |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |
| Net                    loss                                                                                                                     |   | $                                                                                                      | (130,962 | )                                                                                                      | $      | (109,312                                                                                                                                                                                                                          | )      | $ | (9,847,210 | ) |
| Adjustments                    to reconcile net loss to net cash used by operating                    activities:                               |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   | — |   |
| Depreciation                                                                                                                                    |   |                                                                                                   | 892      |                                                                                                   |   | 689                                                                                                                                                                                                                               |   |   | 52,768 |   |
| Amortization                    of debt discount                                                                                                |   |                                                                                                   | 6,220    |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 6,220 |   |
| 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                                                                                |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 983,974 |   |
| Common                    stock issued for payables and accrued expenses                                                                        |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 219,656 |   |
| 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                                                                                               |   |                                                                                                   | 1,796    |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 2,653 |   |
| Accounts                    payable                                                                                                             |   |                                                                                                   | 1,811    |                                                                                                   |   | 10,040                                                                                                                                                                                                                            |   |   | 317,269 |   |
| Accounts                    payable - checks in excess of bank balance                                                                          |   |                                                                                                   | —  |                                                                                                   |   | (3,297                                                                                                                                                                                                                            | )      |   | 7 |   |
| Accrued                    expenses                                                                                                             |   |                                                                                                   | 5,912    |                                                                                                   |   | 46,227                                                                                                                                                                                                                            |   |   | 7,507 |   |
| Interest                    payable                                                                                                             |   |                                                                                                   | 22,424   |                                                                                                   |   | 18,903                                                                                                                                                                                                                            |   |   | 121,927 |   |
| Net                    cash used by operating activities                                                                                        |   |                                                                                                   | (91,907  | )                                                                                                      |   | (36,750                                                                                                                                                                                                                           | )      |   | (4,760,982 | ) |
|                                                                                                                                            |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| CASH                    FLOWS FROM INVESTING ACTIVITIES:                                                                                        |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| Proceeds                    from sale of equipment                                                                                              |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 35,126 |   |
| Purchase                    of fixed assets                                                                                                     |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | (4,358 | ) |
| 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                                                                                    |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 192,234 |   |
|                                                                                                                                            |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| CASH                    FLOWS FROM FINANCING ACTIVITIES:                                                                                        |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| Payments                    on notes payable and short-term borrowings                                                                          |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | (124,556 | ) |
| Proceeds                    from internal securities sale                                                                                       |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 210,194 |   |
| Sale                    of warrants for common stock                                                                                            |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 10,000 |   |
| Proceeds                    from short-term borrowings                                                                                          |   |                                                                                                   | 197,038  |                                                                                                   |   | 40,000                                                                                                                                                                                                                            |   |   | 1,666,195 |   |
| Sale                    of common stock, subscriptions                                                                                          |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| and                    exercise of options                                                                                                      |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 2,693,151 |   |
| Issuance                    of penalty shares                                                                                                   |   |                                                                                                   | —  |                                                                                                   |   | —                                                                                                                                                                                                                           |   |   | 223,600 |   |
| Net                    cash provided by financing activities                                                                                    |   |                                                                                                   | 197,038  |                                                                                                   |   | 40,000                                                                                                                                                                                                                            |   |   | 4,678,584 |   |
|                                                                                                                                            |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| NET                    INCREASE IN CASH                                                                                                         |   |                                                                                                   | 105,131  |                                                                                                   |   | 3,250                                                                                                                                                                                                                             |   |   | 109,837 |   |
|                                                                                                                                            |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| CASH,                    BEGINNING OF PERIOD                                                                                                    |   |                                                                                                   | 8,313    |                                                                                                   |   | 2,558                                                                                                                                                                                                                             |   |   | 3,607 |   |
|                                                                                                                                            |   |                                                                                                   |     |                                                                                                   |   |                                                                                                                                                                                                                              |   |   |   |   |
| CASH,                    END OF PERIOD                                                                                                          |   | $                                                                                                      | 113,444  |                                                                                                   | $      | 5,808                                                                                                                                                                                                                             |   | $ | 113,444 |   |

----

|                    **TREND                    MINING COMPANY****(An                    Exploration Stage Company)****STATEMENTS                    OF CASH FLOWS** |   |   |                                                                                                         |   |   |                                                                                                         |   |   |                                                                                                                                                                                                                                    |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                    |   |   | **Three                    Months****Ended****December                    31,****2004****(Unaudited)**  |   |   | **Three                    Months****Ended****December                    31,****2003****(Unaudited)**  |   |   | **Period                    from****October                    1, 1996****(Inception                    of****Exploration                    Stage)****to****December                    31,****2004****(Unaudited)****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                                                                                                        |   | $      | —                                                                                                      |   | $      | —                                                                                                      |   | $      | 983,974                                                                                                                                                                                                                                 |   |
| 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                                                                                                                                                                                                                                   |   |

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**TREND        MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**
**December 31,          2004**

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

**NOTE        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

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**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**December          31, 2004**

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**NOTE        3 - RELATED PARTY TRANSACTIONS **

| Notes                  Payable as of September 30, 2004 |   | $      | 1,032,857 |   |
|---------------------------------------------------------|--------|--------|-----------|--------|
| Additions                                               |   |   | —   |   |
| Repayments                                              |   |   | —   |   |
| Notes                  Payable as of December 31, 2004  |   | $      | 1,032,857 |   |

**NOTE        4 - CONVERTIBLE BRIDGE LOANS**

** **

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**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**December          31, 2004**

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** **

**NOTE        5 - SUBSEQUENT EVENT**

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**TREND          MINING COMPANY**

**(An          Exploration Stage Company)**

**CONDENSED          NOTES TO THE FINANCIAL STATEMENTS**

**December          31, 2004**

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**NOTE        6 - CORRECTION OF AN ERROR**

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

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

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**PART        II**

**ITEM        1.**
**LEGAL        PROCEEDINGS.**

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

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**ITEM        3.**
**DEFAULTS        UPON SENIOR SECURITIES.**

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

**ITEM        5.**
**OTHER        INFORMATION.**

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

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| 8-K/A | [Amend]                  Current report, item 1.01   | 2004-12-14 | Amended                  filing describing the entry into a Material Definitive Agreement                  and                  further describing the convertible debt offering which the Company                  entered                  into on December 8, 2004 and listing as exhibits all material documents                  associated with the offering.  |
|-------|------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8-K   | Current                  report, items 8.01 and 9.01 | 2004-12-14 | Press                  release announcing the signing of a letter of intent to form a                  joint                  venture with Nuinsco, a Canadian mining and exploration company,                  to                  jointly explore mineral claims in the Athabasca Basin,                  Saskatchewan                                             |
| 8-K   | Current                  report, items 8.01 and 9.01 | 2004-12-09 | Press                  release announcing the losing of the initial mount of $250,000                  of a $2                  million convertible debt offering.                                                                                                                                                                                                   |
| 8-K   | Current                  report, items 8.01 and 9.01 | 2004-10-06 | Press                  release announcing acquisition of mining clams in Athabasca Basin,                  Saskatchewan                                                                                                                                                                                                                                              |

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

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