U.S. SECURITIES & EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

 

[  ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OFTHE SECURITIES EXCHANGE ACT OF 1934

OR

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2002

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _________________

 

 

Commission File Number: 0-29336

ATNA RESOURCES LTD.

(Exact name of registrant as specified in its charter)

Province of British Columbia (Canada)

(Jurisdiction of incorporation or organization)

1550 - 409 Granville Street

Vancouver, British Columbia V6C 1T2

Canada

(Address of principal executive offices)

Securities registered or to be registered pursuant toSection 12(b) of the Act:

None

Securities registered or to be registered pursuant toSection 12(g) of the Act:

 

Common Shares Without Par Value

 

Securities for which there is a reporting obligationpursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of theRegistrant's classes of capital or common stock as of theclose of the period covered by the annual report:

 

Title of Each Class                Issued and Outstanding as atDecember 31, 2002

 

Common Shares without par value                            21,757,037

 

 

Indicate by check mark whether the registrant (1) has filedall reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12months (or shorter period that the registrant was requiredto file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

 

[X]  Yes                    [   ]      No 

 

 

 

Indicate by check mark which financial statements item theregistrant has elected to follow:

 

[X]  Item 17                      [   ]     Item 18

TABLE OF CONTENTS

PART I

 Item 1.  IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

 Item 2.  OFFER STATISTICS AND EXPECTED TIMETABLE

 Item 3.  KEY INFORMATION

        A. Selected Financial Data

        B. Capitalization and Indebtedness

        C. Reasons for the Offer and Use of Proceeds

 Item 4.  INFORMATION ON THE COMPANY

        A. History and Development of the Company

        B. Business Overview

        C. Organizational Structure

        D. Property, Plant and Equipment

         1. Wolverine Properties, Watson Lake Mining District,

              Yukon Territory

         2. Wolf Property, Watson Lake Mining District, 

              Yukon Territory

         3. Marg Property, Yukon Territory

         4. Ty Property, Yukon Territory

         5. Ecstall River Property, Skeena Mining Division,

              British Columbia

         6. White Bull Property, Liard Mining Division, B.C.

         7. Lone Pine, Arizona, USA

         8. Triple Junction/Dixie Fork, Nevada, USA

         9. Golden Cloud, Nevada, USA

        10. Beowawe, Nevada, USA

        11. Clover, Nevada, USA

        12. Sno, Nevada, USA

        13. Chanarcillo - Lo Castillo, Chile

        14. Celeste, Chile

        15. Other Properties

 Item 5.  OPERATING AND FINANCIAL REVIEW AND PROSPECTS

        A. Operating Results

        B. Liquidity and Capital Resources

        C. Research and Development Patents and Licenses, etc.

        D. Trend Information

 Item 6.  DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

        A. Directors and Senior Management

        B. Compensation

        C. Board Practices

        D. Employees

        E. Share Ownership

 Item 7.  MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

        A. Major Shareholders

        B. Related Party Transaction

        C. Interests of Experts and Counsel

 Item 8.  FINANCIAL INFORMATION

        A. Consolidated Statements and Other Financial

            Information

        B. Significant Changes

 Item 9.  THE OFFERING AND LISTING

        A. Offer and Listing Details

        B. Plan of Distribution

        C. Markets

        D. Selling Shareholders

        E. Dilution

        F. Expense of the Issue

 Item 10. ADDITIONAL INFORMATION

        A. Share Capital

        B. Memorandum and Articles of Association

        C. Material Contracts

        D. Exchange Controls

        E. Taxation

        F. Dividends and Paying Agents

        G. Statement of Experts

        H. Documents on Display

 Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT

           MARKET RISK

 Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

PART II

 Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

 Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY

           HOLDERS AND USE OF PROCEEDS

 Item 15. CONTROLS AND PROCEDURES

 Item 16. AUDIT COMMITTEE FINANCIAL EXPERT AND CODE OF ETHICS

         A. Audit Committee Financial Expert

         B. Code of Ethics

PART III

 Item 17. FINANCIAL STATEMENTS

 Item 18. FINANCIAL STATEMENTS

 Item 19. EXHIBITS

 SIGNATURES

 CERTIFICATES

 

 

PART I

ITEM 1.  IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

ITEM 2.  OFFER STATISTICS AND EXPECTED TIMETABLE

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

ITEM 3.  KEY INFORMATION

A.  Selected Financial Data

 

The following table summarises certain financial information,which is derived from and should be read in conjunction with theaudited consolidated financial statements included elsewhereherein. These consolidated financial statements include theaccounts of the Company and its wholly owned subsidiaries: AtnaResources, Inc., incorporated in the State of Nevada, U.S.A.;Mineral Atna Chile Limitada, incorporated in Chile; and AtnaCayman Ltd., incorporated in Cayman Islands.  The auditedfinancial statements have been prepared in accordance withaccounting principles generally accepted in Canada and conform inall material respects with accounting principles generallyaccepted in the U.S.A. except as stated in note 12 of the notesthereto. The following information should be read in conjunctionwith these financial statements and notes thereto, included inItem 19 of this report.  All monetary data herein is stated inCanadian dollars.  See Exchange Rates Data in this section.

 

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Year ended12/31/02

$ | Year ended12/31/01

$ | Year ended12/31/00

$ | Year ended12/31/99

$ | Year ended12/31/98

$ |
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-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-----------------------|-----------------------|-----------------------|-----------------------|
| Interest income

97,209

510,138

571,709

394,347

870,048

Other income

4,000

6,000

2,000

Nil

Nil

Operating revenue

Nil

Nil

Nil

Nil

Nil

 

 

 

 

 

 

Net Loss

5,273,769

1,995,641

2,714,984

1,701,562

4,603,176

Net Loss per common share

0.24

0.09

0.13

0.08

0.23

 

 

 

 

 

 

Total Assets

13,031,685

18,142,690

19,777,648

21,985,715

23,731,706

Long-term Debt

Nil

Nil

Nil

Nil

Nil

Net Assets

12,678,906

17,952,675

19,643,531

21,904,115

23,496,209

Capital Stock

34,051,138

34,051,138

33,746,353

33,291,953

33,182,485

Cash dividends per commonshare

Nil

Nil

Nil

Nil

Nil

Number of shares

21,757,037

21,757,037

21,108,557

20,398,557

20,203,788

 

Note:         (1) U.S. readers should refer to note 12 of theaudited consolidated financial statements contained inthis report for an explanation of the materialdifferences between Canadian and U.S. generallyaccepted accounting principles, and a presentation offigures derived by a hypothetical application of U.S.accounting principles to those financial statements.

 

    (2) Loss per share has been calculated using theweighted-average number of common shares outstandingduring the period.

 

Exchange Rate Data

 

Unless otherwise indicated, all monetary references herein aredenominated in Canadian Dollars, except as otherwise specificallystated.  The exchange rates used herein were obtained from Bankof Canada; however, they cannot be guaranteed.

 

As at May 2, 2003, the noon rate as quoted by Bank of Canada wasCdn$1.4223 equals U.S.$1.00.

 

The following table sets out the high and low exchange rates foreach month during the previous six months.

 

                      High for Period  Low for Period

 

April 2003              1.4936        1.4290

March 2003              1.4943        1.4605

February 2003           1.5338        1.4832

January 2003            1.5772        1.5181

December 2002           1.5798        1.5459

November 2002           1.5912        1.5535

 

The following table sets forth the average exchanges rates forthe past five years, expressed as Canadian dollars per U.S.dollars.  The average exchange rate for the period has beencalculated using the average monthly noon rate as quoted by theBank of Canada.

 

Year                    Average

 

1998                    1.4835

1999                    1.4866

2000                    1.4854

2001                    1.5489

2002                    1.5703 

 

B.  Capitalization and Indebtedness

 

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

 

C.  Reasons for the Offer and Use of Proceeds

 

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

 

D.  Risk Factors

 

The securities of the Company are considered speculative due tothe nature of the Company’s business and the present stage of itsdevelopment.  A prospective investor should consider carefullythe following factors:

 

*Precious and Base Metal Price Fluctuations*

** 

****The profitability of the Company's operations is dependent uponthe market price of certain precious and base metals.  The priceof such metals or interest related thereto has fluctuated widelyand is affected by numerous factors beyond the control of theCompany.  These factors include international economic andpolitical conditions, expectations of inflation, internationalcurrency exchange rates, interest rates, global or regionalconsumptive patterns, speculative activities, levels of supplyand demand, increased production due to new mine developments andimproved mining and production methods, availability and costs ofmetal substitutes, metal stock levels maintained by producers andothers and inventory carrying costs.  The exact effect of thesefactors cannot be accurately predicted, but the combination ofthese factors may result in the Company not receiving an adequatereturn on invested capital or the investment not retaining itsvalue.

 

*Operating Hazards and Risks*

 

Mining operations generally involve a high degree of risk, whicheven a combination of experience, knowledge and carefulevaluation may not be able to overcome.  Hazards such as unusualor unexpected formations and other conditions are involved.Operations in which the Company has a direct or indirect interestwill be subject to all the hazards and risks normally incidentalto exploration, development and production of precious and basemetals, any of which could result in work stoppages, damage to ordestruction of mines and other producing facilities, damage tolife and property, environmental damage and possible legalliability for any or all damage.  The Company maintains liabilityinsurance in an amount that it considers adequate for itsoperations; however, the Company may become subject to liabilityfor pollution, cave-ins or hazards against which it cannot insureor against which it may elect not to insure.  The payment of suchliabilities may have a material, adverse effect on the Company'sfinancial position.

 

*Exploration and Development*

 

There is no known body of commercial ore on the Company's mineralproperties.  Development of the Company's properties will onlyfollow upon obtaining satisfactory exploration results.  Mineralexploration and development involves a high degree of risk andfew properties which are explored are ultimately developed intoproducing mines. There is no assurance that the Company's mineralexploration and development activities will result in anydiscoveries of bodies of commercial ore.  The long-termprofitability of the Company's operations will be in partdirectly related to the cost and success of its explorationprograms, which may be affected by a number of factors.

 

Substantial expenditures are required to establish reservesthrough drilling, to develop metallurgical processes to extractmetal from ore and to develop the mining and processingfacilities and infrastructure at any site chosen for mining.Although substantial benefits may be derived from the discoveryof a major mineralized deposit, no assurance can be given thatminerals will be discovered in sufficient quantities to justifycommercial operations or that the funds required for developmentcan be obtained on a timely basis.

 

The marketability of any minerals acquired or discovered may beaffected by numerous factors which are beyond the Company'scontrol and which cannot be accurately predicted, such as marketfluctuations, the proximity and capacity of milling facilities,mineral markets and processing equipment, and other factors suchas government regulations, including regulations relating toroyalties, allowable production, importing and exporting mineralsand environmental protection.

 

*Calculation of Reserves and Mineralization and Precious and BaseMetal Recovery*

 

There is a degree of uncertainty attributable to the calculationof reserves and mineralization and corresponding grades beingmined or dedicated to future production.  Until reserves ormineralization are actually mined and processed, quantity ofmineralization and grades must be considered as estimates only.In addition, the quantity of reserves and mineralization may varydepending on metal prices.  Any material change in quantity ofreserves, mineralization, grade or stripping ratio may affect theeconomic viability of the Company's properties.  In addition,there can be no assurance that precious or other metal recoveriesin small scale laboratory tests will be duplicated in largerscale tests under on-site conditions or during production.

 

*Government Regulation*

 

Operations, development and exploration on the Company'sproperties are affected to varying degrees by governmentregulations relating to such matters as environmental protection,health, safety and labour; mining law reform; restrictions onproduction; price controls; tax increases; maintenance of claims;tenure; and expropriation of property.  There is no assurancethat future changes in such regulation, if any, will notadversely affect the Company's operations.

 

*Environmental Factors*

 

All phases of the Company's operations are subject toenvironmental regulation in the various jurisdictions in which itoperates.  Environmental legislation is evolving in a mannerwhich will require stricter standards and enforcement, increasedfines and penalties for non-compliance, more stringentenvironmental assessments of proposed projects and a heighteneddegree of responsibility for companies and their officers,directors and employees.  There is no assurance that futurechanges in environmental regulation, if any, will not adverselyaffect the Company's operations. Environmental hazards may existon the Company's properties which are unknown to the Company atpresent which have been caused by previous or existing owners oroperator of the properties.

 

*Competition and Agreements with Other Parties*

 

The mining industry is intensely competitive in all of itsphases, and the Company competes with many companies possessinggreater financial resources and technical facilities than itself.Competition in the mining business could adversely affect theCompany's ability to acquire suitable producing properties orprospects for mineral exploration in the future.

 

The Company may, in the future, be unable to meet its share ofcosts incurred under agreements to which it is a party and theCompany may have its interest in the properties subject to suchagreements reduced as a result.  Furthermore, if other parties tosuch agreements do not meet their share of such costs, theCompany may be unable to finance the cost required to completerecommended programs.

 

*Cash Flow*

 

The Company has no source of operating cash flow to fund all ofits exploration and development projects.  Any furthersignificant work would likely require additional equity or debtfinancing.  The Company has limited financial resources and thereis no assurance that additional funding will be available toallow the Company to fulfil its obligations on existingexploration or joint venture properties.  Failure to obtainadditional financing could result in delay or indefinitepostponement of further exploration and the possible, partial ortotal loss of the Company's interest in certain properties.

 

*Conflict of Interest*

 

Certain directors and officers of the Company are officers and/ordirectors of, or are associated with other natural resourcecompanies that acquire interest in mineral properties.  Suchassociations may give rise to conflicts of interest from time totime.  The directors are required by law, however, to acthonestly and in good faith with a view to the best interests ofthe Company and its shareholders and to disclose any personalinterest which they may have in any material transactions whichis proposed to be entered into with the Company and to abstainfrom voting as a director for the approval of any suchtransaction.

 

*Title to Assets*

* *

**Although the Company has or will receive title opinions for anyproperties in which it has a material interest in Canada and theU.S., there is no guarantee that title to such properties willnot be challenged or impugned.  The Company has not conductedsurveys of the claims in which its holds direct or indirectinterests and therefore, the precise area and location of suchclaims may be in doubt.  The Company's claims may be subject toprior unregistered agreements or transfers or native land claimsand title may be affected by undetected defects.  Native landclaim settlements are more advanced in the Yukon Territory thanthey are in British Columbia, and none of the Company'sproperties in the Yukon Territory cover areas where the FederalCrown proposes to transfer mineral rights to the First Nations.However, there is no guarantee that this will not change beforesettlements are finalized.  Mineral claim title in Chile is lesscertain than in Canada and the U.S.  The Chilean government makesno effort to establish true claim ownership and allows recordingof claims that may be layered on top of pre-existing claims.  Anunderlying claim may or may not lapse with non-payment of taxes.As a result, establishing certainty of claim ownership is adifficult procedure and there is no guarantee that claims theCompany acquires in Chile will not be challenged or impugned.

 

*Dividends*

 

The Company has not, since the date of its incorporation,declared or paid any dividends on its Common Shares and does notcurrently intend to pay dividends.  Earnings, if any, will beretained to finance further growth and development of thebusiness of the Company.

 

*Resale of Shares*

 

The continued operation of the Company will be dependent upon itsability to generate operating revenues and to procure additionalfinancing.  There can be no assurance that any such revenues canbe generated or that other financing can be obtained.  If theCompany is unable to generate such revenues or obtain suchadditional financing, any investment in the Company may be lost.In such event, the probability of resale of the shares purchasedwould be diminished.

 

 

ITEM 4.  INFORMATION ON THE COMPANY

 

A.  History and Development of the Company

 

Atna Resources Ltd. was incorporated under the Company Act(British Columbia) on May 30, 1984 by registration of itsMemorandum and Articles under its present name.  The Company wasextra-territorially registered in the Yukon Territory on April13, 1995.

 

The Company formed Atna Resources, Inc. (the “US subsidiary”), awholly owned subsidiary, to act as its operating arm for mineralinterests in the United States.  The U.S. subsidiary wasincorporated under and by virtue of the General Corporation Lawsof the State of Nevada on December 8, 1987, and its principaloffice is located at One East Liberty, Suite 424, P.O. Box 40817,Reno, Nevada 89504, U.S.A.

 

The Company formed Minera Atna Chile Limitada (the “ChileanSubsidiary”), a wholly-owned subsidiary, to act as its operatingarm for mineral interests in Chile.  The Chilean Subsidiary wasincorporated under the laws of Chile on March 30, 2001, and itsprincipal office is located at Nueva Tajamar 481, Torre Norte,Piso 21, Las Condes, Santiago, Chile.

 

The Company formed Atna Cayman Ltd. (the “Cayman IslandSubsidiary”), a wholly-owned subsidiary, to act as anintermediate holding company for the Company in holding all ofthe shares of its Chilean subsidiary company and to act as thevehicle for arranging international commercial bank finance forthe development of the Chilean company's copper mining propertiesin Chile.  The Cayman Islands Subsidiary was incorporated underthe laws of Cayman Islands on June 22, 2001 and the principaloffice is located at Queensgate House, South Church Street, P.O.Box 1234, George Town in the Island of Grand Cayman, CaymanIslands.

 

Unless the context otherwise requires, the term “Company” in thisreport means Atna Resources Ltd. together with its U.S., Chileand Cayman Island subsidiaries.

 

The head office of the Company is located at 1550-409 GranvilleStreet, Vancouver, B.C. Canada V6C 1T2.  The address of theregistered and records offices of the Company is 1040 - 999 WestHastings Street, Vancouver, B.C. Canada V6C 2W2.

 

B.  Business Overview

 

Atna Resources Ltd. commenced operations in 1984.  It is amineral resource exploration company engaged primarily in thebusiness of acquiring and exploring resource properties with aparticular focus on base and precious metal deposits.  During theperiod from 2000 to late 2002, the Company was focused onadvanced staged copper properties in Chile with the potential togenerate near term profit and cash flow, and also on variousprecious metal exploration prospects.  In September 2002, theCompany re-emphasized gold exploration projects and initiated awork program in Nevada.  It has interests in properties in Canada(British Columbia and Yukon Territory), in the United States(Arizona and Nevada), and in South America (Chile).  TheCompany's properties are currently at an “exploration stage”.The Company's properties are not subject to any mortgage andmanagement is not aware of any encumbrance on any property.

 

C.  Organizational Structure

 

The registered and records offices of the Company is located at1040-999 West Hastings Street, Vancouver, B.C. Canada V6C 2W2.

 

The Company owns all of the issued and outstanding shares of thecommon stock of Atna Resources, Inc., U.S.A., a Nevadacorporation.

 

The Company owns 99.999% of the issued and outstanding shares ofthe common stock of Minera Atna Chile Limitada, a Chileancorporation.

 

The Company owns all of the issued and outstanding shares of thecommon stock of Atna Cayman Ltd., a Cayman Islands corporation.

 

D.  Property, Plant and Equipment

 

*1.  Wolverine Properties, Watson Lake Mining District, YukonTerritory*

 

The most material exploration properties in the Company'sportfolio are the Wolverine Properties in Canada, which are atthe exploration stage.  Drilling to date has determined theexistence of a polymetallic volcanogenic sulphide (gold, silver,copper, lead and zinc) deposit on one of the properties.

 

The name “Wolverine Properties” refers to groups of mineralclaims situated in the south-east of the Yukon Territory andowned as to an approximate 39.4% interest by the Company.  Theclaim groups are known as the Foot, Kink, Pak and Toe Properties.Certain mineral claims within the Wolverine Properties aresubject to net smelter return royalties ranging from 0.5% to 1%.

 

Boliden Westmin Limited (“Westmin”) (formerly Westmin ResourcesLimited) exercised an option to acquire a 60% undivided interestin the Wolverine Properties from the Company by incurring$3,000,000 in exploration expenditures and paying $190,000 to theCompany.  Westmin sold its interest in the Wolverine Properties,by an agreement dated March 3, 1999, to Expatriate Resources Ltd.(“Expatriate”), a public company in which Westmin has acontrolling interest.  Following the sale, the respectiveundivided interests of Expatriate and the Company in suchproperties was 60% and 40%, with Expatriate being the operator.

 

Currently, Expatriate and the Company are exploring the WolverineProperties under a joint venture agreement dated June 1, 1999, asamended from the January 25, 1996 Wolverine Joint VentureAgreement between the Company and Westmin.  The Company did notcontribute to the 2001 and 2002 Wolverine Joint Venture workprogram, and accordingly its interest in the property was dilutedto 39.4%. Under the terms of the joint venture agreement, theCompany retains the right to contribute its proportionate shareof costs in future work programs.

 

*a.   Terms of Acquisition*

 

    Foot and Pak Properties

 

    The Company is a party to an agreement, dated December 12,1994, with Equity Engineering Ltd. (“Equity”) relating towhat is referred to as the Southern Yukon Tanana Terrane.The agreement covers the region in general and specificallythe Foot and Pak claims that lie within the region.  Underthe agreement, Equity holds a 0.5% Net Smelter ReturnRoyalty in the claims, and the Company may purchase theroyalty at any time for $500,000.  If the Company grants toa third party an option to acquire an interest in theclaims, the Company must pay Equity 10% of any cash andshare payments received by the Company from that thirdparty.  The Foot claims cover a portion of the Wolverinedeposit.

 

    Toe Property

 

    By agreement dated December 8, 1994, the Company granted toUwe Schmidt (“Schmidt”) a 0.5% Net Smelter Return Royaltyfrom production in respect of the Toe property.  The Companymay purchase the royalty at any time for $500,000.  Inaddition, the Company agreed to pay Schmidt 10% of any andall payments received by the Company from third partiesunder option agreements with respect to the Toe property.

 

    Kink Property

 

    By agreement, dated January 5, 1995, the Company acquired a100% interest in the Kink 3 Claim from Strategic Metals Ltd.(“Strategic”) (formerly Nordac Resources Ltd.), subject to a1% Net Smelter Return Royalty.  The purchase price was100,000 shares of the Company, all of which have beenissued.  The royalty will be reduced from 1% to 0.5% NetSmelter Return upon Strategic having received $500,000 inroyalty payments.  The Kink 3 claim covers a portion of theWolverine deposit.

 

    Toe/On Property

 

    The Company and Westmin have a 50/50 joint venture with TeckCominco Limited (“Cominco”) (formerly Cominco ResourcesLtd.) on the Toe/On property, which consists of 108 claimsfor approximately 2,257 ha. Cominco is the operator.

 

*b.   Location, Size and Access*

 

    The Wolverine Properties are located in the Finlayson Lakearea, south-east Yukon Territory, near Wolverine Lake and 15kilometres from the Robert Campbell Highway, which connectsthe towns of Ross River and Watson Lake in the YukonTerritory.  The joint venture has allowed certain claims tolapse in areas of non-interest.  The current property sizeis 657 claims (approximately 13,733 ha).

 

    Much of the property terrain is mountainous.  Climaticconditions are typical for the Yukon with short, warmsummers and long, relatively cold winters. The nearestsupply centres are Watson Lake and Ross River, with limitedservices, and Whitehorse, capital of the Yukon.  Access tothe property is by float plane to the base camp on WolverineLake or to the airstrip immediately south of the properties.

 

*c.   History and Previous Exploration*

 

    In 1993, the Company staked and carried out initialexploration on three claim blocks within the Finlayson Lakearea of the Yukon Tanana Terrane in the south-eastern Yukon.Results from this exploration, particularly on the Footclaim block, confirmed an earlier conviction that theDevonian to Mississippian volcanic and sedimentary rocks ofthis area were highly prospective for volcanogenic massivesulphide deposits.  Further exploration from 1995 to 1997with Westmin resulted in the discovery and definition of theWolverine deposit on the Foot and Kink 3 claims.

 

    The Wolverine deposit is a high-grade volcanogenic massivesulphide (“VMS”) body.  Based on 78 drill-holeintersections, the deposit has been defined over a strikelength of 700 metres and a width (down-dip) of 400 metres.Thickness of the massive sulphide varies from 2 to 16 metreswith an average thickness of 5.1 metres.  The two areas ofthe deposit that are the thickest are referred to as theWolverine and Lynx zones.  Mineralized material* asestimated by Westmin in December 1997 is 6.2 million tonnesgrading 1.76 g/t gold, 370.9 g/t silver, 1.33% copper, 1.55%lead and 12.66% zinc.  The main sulphide minerals in thedeposit, in decreasing order of abundance are: pyrite,sphalerite, chalcopyrite, and galena.  Most of the silveroccurs within argentian tetrahedrite, with the remainderoccurring in galena and electrum.

 

        *Mineralized material or deposit is amineralized body which has been delineated byappropriate drilling and/or undergroundsampling to support a sufficient tonnage andaverage grade of metal(s).  Under theCanadian classification system (CIM), thismaterial would be an Indicated Resource.Under U.S. Securities & Exchange Commissionstandards, such a deposit does not qualify asa reserve until a comprehensive evaluation,based upon unit cost, grade, recoveries andother factors, concludes economicfeasibility.  Under Canadian rules (NI43-101)the mineralized material of Wolverine wouldbe classified as an Indicated Resource.

 

    Typically, volcanogenic massive sulphide deposits occur inclusters and consequently there is potential for findingadditional deposits within the project area.  In most VMSmining camps the deposits occur along one or more favourablegeological horizons, normally a particular felsic volcanicunit or a felsic-mafic contact.  The Wolverinemineralization is associated with a readily identifiableiron formation within a felsic volcanic-sedimentarysequence. This sequence has been defined over a fourteen-kilometre strike length by geological mapping, geophysicalsurveys, soil sampling and core drilling.  Severalreconnaissance drill holes along the favourable sequencehave produced encouraging results and future explorationprograms will continue to explore this favourable geology inorder to discover additional deposits.

 

    Preliminary metallurgical studies in 1997 indicated that thezinc, copper and lead concentrates from the Wolverinedeposit would contain high levels of selenium.  Seleniumcreates problems during the smelting and refining processesdue to the difficulty in separating it from the metal and/orsulphur products.  Certain smelters have selenium removalcapabilities; however, there are limits on their totalselenium intake and as a result high selenium concentratesare avoided or assessed a penalty.  This, together with theuncertainties associated with changes in project ownershipresulted in minimal advancement of the project during 1998while these two issues were addressed.

 

    Detailed metallurgical investigation of the Wolverinedeposit was launched in 1999 examining both the marketing ofWolverine concentrates and metallurgical processing ofWolverine ores.  Preliminary results included two processscenarios involving on-site treatment of sulphideconcentrates to make readily saleable smelter feed products,and traditional flotation producing separate zinc, copperand lead concentrates for smelting.  Work in 2000 focussedon blending of Wolverine ore with lower selenium Kudz ZeKayah deposit mineralization, located 25 km to the northwestof the Wolverine deposit. This work demonstrated that thecombined ores can produce marketable zinc, copper and leadconcentrates.  Letters were received from a number ofsmelters expressing interest in treating and refining theblended concentrates.

 

    Exploration and development of the Wolverine property during2000 focused on infill drilling along the proposed route ofthe exploration decline.  Additional work was completedpertaining to environmental permitting.

 

    The Company elected to not contribute its portion of thecosts of the 2001 and 2002 Wolverine Joint Venture (“JV”)work programs proposed and approved by Expatriate ResourcesLtd., Operator of the JV.  The Company differed withExpatriate on the priority and value placed on certain ofthe proposed expenditures.  The Company made this electionwithout prejudice to its right to elect to contribute later,subject to the resolution of differences with the Operatorrelating to the allocation of expenditures between theWolverine JV and the Finlayson Project.  The FinlaysonProject was a conceptual project under which ore from theWolverine property would be blended and processed at theKudz Ze Kayah property, held, at that time, by Expatriateunder purchase arrangement with Cominco.  The Kudz Ze Kayahproperty has subsequently been returned to Cominco.

 

    The 2001 and 2002 work programs related mainly toenvironmental permitting studies, the negotiation of socio-economic impact agreements, metallurgical test work andminor claim and camp maintenance work.

 

    Extensive environmental baseline studies have beenundertaken, including information required for environmentalpermitting.  Nothing, other than the selenium issue asdisclosed elsewhere herein, has come to the attention of theCompany that indicates the mineralization occurring at theproperty will necessitate environmental safeguards morestringent than those successfully applied by other operatorsof massive sulphide ore bodies in North America.

 

*d.   Proposed Exploration Work*

 

    Work proposed for 2003 includes continued environmentalmonitoring in the deposit area.  The Company has elected notto contribute to this program.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theWolverine Properties, nor any known body of commercial ore,and the proposed program would be an exploratory search forore.

 

*2.  Wolf Property, Watson Lake Mining District, Yukon Territory*

 

*a.   Terms of Acquisition*

 

    By Option Agreement dated September 28, 1995, as amendedMarch 6, 1997 and December 10, 1998, the Company acquired anoption to earn a 65% interest in the property from YGCResources Ltd. (“YGC”). Under the agreement, the Company hadthe right to acquire an undivided 65% interest in theproperty by issuing 320,000 shares or by making total cashpayments of $210,000 (cash paid) and by incurring cumulativeexploration expenditures of $1,500,000 over five years(incurred).

 

    The Company fulfilled all requirements of the Agreement onDecember 11, 1998.  All further work will be conductedpursuant to a joint venture in which the Company and YGCwill fund all expenditures in proportion to their respectiveinterests in the property.  As a result of a small programconducted during 2000 for which YGC failed to contribute itsshare of the JV approved budget, YGC's interest in theproperty was diluted to 34.4% and the Company's interestincreased to 65.6%.

 

*b.   Location, Size and Access*

 

    The Wolf property covers a 4.5 kilometre strike length ofaltered felsic volcanic and sedimentary rocks that hostvolcanogenic, stratiform barite-sphalerite-galenamineralization.  The property is located 85 kilometres southof Ross River, Yukon Territory, and 65 kilometres west ofthe Wolverine deposit.  The Wolf property consists of 18claims for approximately 376 hectares.  Access to theproperty is by helicopter from Ross River.

 

*c.   History and Previous Exploration*

 

    The 1998 exploration program on the Wolf depositsuccessfully followed-up on the previous year's massivesulphide discovery.  Mineralized material*, as estimated bythe Company in January 1999, is 4.1 million tonnes grading6.2% zinc, 1.8% lead and 84 g/t silver based on 31 drillintersections.  The deposit is a tabular body of bandedmassive sulphide mineralization that extends over a strikelength of 600 metres and a down-dip length of 500 metres.Sulphide mineralogy is composed primarily of pyrite,sphalerite, galena, and rare chalcopyrite.

 

        *Under the Canadian classification system(CIM) this material would be classified as anInferred Resource.

 

    Since 2000, when a clean-up program was conducted on theproperty, no work has been completed.

 

*d.   Proposed Exploration Work*

 

    No work is contemplated for 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theWolf property, nor any known body of commercial ore.

 

*3.  Marg Property, Yukon Territory*

 

  *a.   Terms of Acquisition*

 

    The Company purchased on January 20, 2000 a 66.7% interestin the Marg property for $250,000 in cash.  The remaining33.3% interest is owned by Cameco Corporation, and the Margproperty is operated under the terms of a joint ventureagreement.

 

*b.   Location, Size and Access*

 

    The Marg property consists of 402 claims (8,403 ha) situatedin the central Yukon Territory.  A 380 metre long air-stripallows fixed wing access to the property by small aircraft.A winter road to within 5 km of the property was constructedin 1997, but has yet to be completed.  Access may also begained by helicopter from the historical mining town ofMayo, located approximately 80 km southwest of the property.

 

*c.   History and Previous Exploration*

 

    The Marg property is underlain by Devonian-Mississippianmetavolcanic and metasedimentary rocks of the Earn Group.These rocks are only known to host sedimentary exhalativelead-zinc deposits elsewhere in the northern cordilleramaking the Marg, as a volcanogenic massive sulphide deposit,something of an anomaly. The Marg deposit mineralizationconsists of banded pyrite, sphalerite, chalcopyrite, galena,and minor tetrahedrite in four closely stacked massivesulphide lenses.  The lenses are continuous over a strikelength of 700 metres and a down-dip length of 450 metres andhave an average thickness of six metres.  Mineralizedmaterial*, as indicated by 74 diamond drill-holeintersections, is estimated to be 5,527,000 tonnes grading1.8% copper, 4.6% zinc, 2.5% lead, 62.7 g/t silver and 0.98g/t gold (Franzen Engineering Ltd., 1997).

 

    Only a limited amount of work has occurred outside thedeposit area on this very large property.  The Jane Zone, asulphide occurrence within the same host rocks 6 km from theMarg deposit, has not been drill tested.  In 2000, a programof detailed structural geological mapping, rock and soilgeochemistry, and drill core logging plus lithogeochemicalsampling was completed to further define the explorationpotential of the property.  No work was completed on theproperty in 2001 or 2002.

 

        *Under the Canadian classification system(CIM) this material would be classified as anInferred Resource.

 

*d.   Proposed Exploration Work*

 

    No field work is contemplated for 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theMarg property, nor any known body of commercial ore.

 

*4.  Ty Property, Yukon Territory*

 

*a.  Terms of Acquisition*

 

    By agreement dated April 7, 2000, the Company acquired anundivided 30% interest in the property as repayment for adebt and has the option to acquire a further 30% undividedinterest in the property for an expenditure of $200,000 overfour years.

 

*b.   Location, Size and Access*

 

    The Ty property is located in the Finlayson Lake area insoutheastern Yukon Territory.  The property is comprised of38 claims for 794 ha.  Access is by helicopter.

 

*c.   History and Previous Exploration*

 

The Ty property is underlain by rocks that are similar tothose which host the Wolverine deposit.  Previous work byWestmin Resources Ltd. included geochemical and geophysicalsurveys and four diamond drill-holes.

 

The Company completed an initial program of geologicalmapping and geochemical sampling during 2000. No work wascompleted in 2001 or 2002.

 

*d.   Proposed Exploration Work*

 

No work is planned for 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theTy property, nor any known body of commercial ore.

 

*5.  Ecstall River Property, Skeena Mining Division, BritishColumbia*

 

*a.  Terms of Acquisition*

 

    By agreement dated December 16, 1993, the Company acquired a100% interest in the property from Falconbridge Limited(“Falconbridge”) in consideration of the payment of $40,000and the issuance of 100,000 shares at a deemed price of$0.45 per share, subject to a 3% Net Smelter Return Royalty(which may be bought down to 2%).

 

*b.   Location, Size and Access*

 

    The Ecstall River property is located about 75 kilometressouth-east of Prince Rupert, B.C., and about 20 kilometresnorth-west of Kitkiata Inlet on Douglas Channel, nearEcstall Lake.  The property is comprised of four locatedmineral claims totalling 54 claim units, and one fractioncovering about 1,350 hectares and 21 Crown Granted Mineralclaims covering 400 hectares, and two Crown Granted Mineralclaims (surface rights) covering an additional 40 hectares.

 

    Access to the property is by helicopter from Prince Rupertor Terrace, some 100 kilometres to the north.  Equipmentcould be barged to Kitkiata Inlet or up the Esctall River towithin a few kilometres from the Ecstall deposit.  Loggingroads reach within 10 kilometres of the property.

 

*c.   History and Previous Exploration*

 

    The principal mineral occurrence on the property, theEcstall deposit, was discovered before 1900.  The BritishColumbia Pyrites Company Limited investigated the deposit bytunnelling, and made a trial shipment of pyritic massivesulphide material to the Victoria Chemical Works.  In 1918and 1919, the Granby Consolidated Mining, Smelting and PowerCo. Ltd. (“Granby”) explored the property, viewing it as apossible source of copper ore for the Anyox smelter.  Granbydropped its option in 1920, but re-acquired it andsubsequently, did more exploratory work before finallyrelinquishing the option in 1923.

 

    The property was the subject of intermittent exploration,including underground exploration, between 1937 and 1987 byTexas Gulf Sulphur Co., its affiliate, and corporatesuccessors, namely Falconbridge.  This work defined a bodyof mineralized material estimated to contain 6.62 milliontonnes grading 0.7% copper, 2.5% zinc, 20 g/t silver and 0.5g/t gold.

 

    In December 1993, the Company purchased the property fromFalconbridge, and in 1994 undertook additional explorationwork.  The Company's work included line-cutting, geologicalmapping, soil and rock sampling in the Thirteen Creek areanear the Ecstall deposit.  Four drill targets were chosen,but further work was postponed.  No work has occurred on theproperty from 1995 to the present.

 

*d.   Proposed Exploration Work*

 

    No exploration work is planned in 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theEcstall River property other than the remnants of oldbuildings, and an exploration adit, nor any known body ofcommercial ore.

** 

*6.  White Bull Property, Liard Mining Division, B.C.*

 

  Terms of Acquisition

 

    By agreement dated April 27, 1995, the Company entered intoa Joint Venture agreement with Jasper Holdings Co.(“Jasper”), each as to 50% and the claims were staked underthis agreement.  On August 21, 1995, the Company purchasedJasper's entire interest in the property by issuing 25,000shares of the Company to Jasper.

 

*b.   Location, Size and Access*

 

    The White Bull property is situated in the Cassiar Mountainsin north-central British Columbia.  The nearest towns areDease Lake, 133 kilometres south west, and Watson Lake, 140kilometres north of the property. The property is comprisedof 24 claim units, covering approximately 600 hectares.Access is by helicopter from Dease Lake or Watson Lake.

 

*c.   History and Previous Exploration*

 

    The White Bull property is underlain by Paleozoic agedsedimentary and minor volcanic rocks of the Earn Group.  Theclaims were staked to cover a large zone of alterationpossibly associated with sedimentary exhalative lead-zinc-silver mineralization.  The Company carried out a program ofdetailed geological mapping and geochemical surveying in1996.  No work has occurred on the property since 1996. 

 

*d.   Proposed Exploration Work*

 

No exploration work is planned in 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theWhite Bull property, nor any known body of commercial ore.

 

*7.  Lone Pine, Arizona, USA*

 

***a.  Terms of Acquisition*

 

    The Company purchased a 100% interest in the three patentedLone Pine claims for US$100,000 in cash.

 

*b.   Location, Size and Access*

 

    The Lone Pine property is located near Prescott, Arizonawithin the Big Bug Mining District.  The property consistsof three patented claims for a total area of 61.98 acres(24.68 ha).  Access to the claims is via a short 4 x 4 roadleading off Highway 69 between the towns Mayer and Humbolt.

 

*c.   History and Previous Exploration*

 

    The property is centred on the old Lone Pine Mine which hashad recorded historical production of 2,170 tons at 0.2 oz/tgold, 3 oz/t silver, 6.45% copper.  While lead and zinc werenot recovered, it has been estimated that the ore contained1.5% lead and 5% zinc.  The volcanogenic massive sulphide(VMS) deposit, which had been explored underground to 200foot depth and over a 700 foot strike length, had never beendrill tested. Additional potential exists within the hangingwall for associated carbonate-chert-gold exhalitemineralization.  

 

    In April 2001, three holes were drilled to test the depthextent of the mineralization.  Narrow sections of semi-massive to disseminated sulphide mineralization wereintersected in sericitic and iron carbornate altered rock,but no significant grades over significant widths wereindicated.  More detailed geological mapping and structuralinterpretation will be necessary to determine whether theproperty warrants further drilling.  No work has occurred onthe property since 2001. 

 

*d.   Proposed Exploration Work*

** 

**No exploration work is planned in 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theLone Pine property, nor any known body of commercial ore.

 

*8.  Triple Junction/Dixie Fork, Nevada, USA*

 

*a.  Terms of Acquisition*

 

    Pursuant to an ption agreement dated October 7, 2002, theCompany entered into an agreement with RMIC Gold (“RMIC”)whereby it can earn up to a 100% interest, subject to a 3%NSR (uncapped), in the 36 Triple Junction lode claims and 31Dixie Fork lode claims located at the south end of theCarlin Gold Trend in Elko county, Nevada, by paying anaggregate of US$35,000 (US$20,000 paid) in cash and issuing100,000 common shares to RMIC prior to October 7, 2003.RMIC is entitled to receive 5% of any cash proceeds receivedby the Company, to a maximum of US$500,000, in the eventthat the Company transfers any part of its interest in theproperty to any arm’s length third party. 

 

*b.   Location, Size and Access*

 

The Dixie Fork property is located at the south end of theCarlin Trend 50 km SW of Elko in north central Nevada, USAand consists of 31 lode claims for approximately 259hectares (640 acres).  The Triple Junction property islocated approximately 6 km south east of Dixie Fork and iscomprised of 36 lode claims for approximately 286 hectares(707 acres).

 

Access to both properties is by all-weather gravel roads offsecondary highways.

 

*c.   History and Previous Exploration*

 

Dixie Fork

 

Consolidated Ramrod staked claims atop Dixie Fork in theearly 1990’s, but apparently never drilled any explorationholes into targets on the property.  No previous orsubsequent exploration or mining was conducted at DixieFork, prior to acquisition by the Company.

 

The Dixie Fork property is located in the Piñon Range, 19 km(12 miles) SSW of the Newmont Mining Company’sRain/Tess/Saddle Mine complex, in Elko County, Nevada.  Theproperty is situated along a major, WNW-trending, RainFault-parallel high-angle graben fault structure.  Thisstructure separates younger, down-dropped Upper Plate blackshales in the interior of the graben from Lower Plate sandystrata of the Mississippian Chainman Formation.  Felsicdikes cut the Chainman strata near the bounding grabenfaults.  Mineralization is present at Dixie Fork in the formof argillically altered and pyritized wallrocks, localbarite, and anomalous pathfinder element geochemistry.  Themain gold target is the contact of Mississippian WebbFormation shaly to limy strata with the underlying DevonianDevil’s Gate Limestone, adjacent to the graben faultstructures.

 

Triple Junction

 

Westmont Gold staked claims over the Triple Junction area inthe late 1980’s, and made a generalized outcrop geologic mapof the region in 1988.  The first known drillholes in thearea were done by Westmont, who drilled 12 shallow rotaryexploration holes into area targets in 1990-1991, and 8holes in 1992.  Westmont’s best drillhole intercept was 50feet containing 0.045 ounce per ton gold, in hole JW-90-08.Cameco acquired the property in the late 1990’s and drilledseveral holes.  No subsequent exploration is known at TripleJunction, prior to its acquisition by the Company.

 

  The Triple Junction property is located in the Piñon Range,22.5 km (14 miles) SSW of the Newmont Mining Company’sRain/Tess/Saddle Mine complex, in Elko County, Nevada.Triple Junction is situated along a major, NNW-trending,high-angle graben fault structure.  This structure separatesyounger, down-dropped conglomerates of the Lower PlateDiamond Peak Formation on the west side of the structurefrom uplifted, conglomerate-bearing, silty to sandy strataof the Mississippian Chainman-Diamond Peak Undivided complexto the east.  Felsic dikes/plugs and barite veins cut theChainman strata near the bounding graben faults.Mineralization is present at Triple Junction in the form ofstrongly argillically altered wallrocks with localpyritization and local barite.  Surface gold assay values,up to 7 grams per tonne gold, over widths of up to severalmetres occur on the property.  Strongly anomalous pathfinderelement geochemistry is noted in rocks and soils.  The maingold target is the contact of Mississippian Webb Formationshaly to limy strata with the underlying Devonian Devil’sGate Limestone, adjacent to the NNW-trending control faultstructure.

 

*d.   Proposed Exploration Work*

 

During 2003, Atna plans on completing a ground-based gravitysurvey, and 1,500m of RC drilling to test both prospects.

 

*e.   Underground and Surface Plant and Equipment*

 

There is no underground or surface plant or equipment on theDixie Fork & Triple Junction properties, nor is there anyknown body of commercial ore.

 

*9.  Golden Cloud, Nevada, USA*

 

***a.  Terms of Acquisition*

 

    In an agreement dated November 7, 2002, the Company obtainedan option from Carl Pescio to acquire a 100% interest in 107Golden Cloud lode claims, subject to a 3% royalty on goldrevenue, less US$15 per realized ounce.  To exercise thisoption, the Company has to pay to the optionor an aggregateof US$80,000 (US$20,000 paid) in cash, allot and issue tothe optionor up to 150,000 (50,000 shares issued) commonshares in three separate tranches of 50,000 shares each, andcarry out a combined minimum 20,000 feet of exploratorydrilling on the Golden Cloud and/or Beowawe properties priorto November 6, 2005. Following exercise of the option, theCompany will have to make annual advance royalty payments ofUS$50,000 and US$75,000, respectively, for the first twoyears and US$100,000 each subsequent year until thecommencement of commercial production.  A finders fee ispayable to a third party, equal to 5% of the firstUS$500,000 expenditures and payments made by the Companyduring the first 2 years of the agreement, and 3% of allexpenditures and payments that are in excess of US$500,000during the first two years of the agreement.  The finder’sfee is capped at US$500,000.

 

*b.   Location, Size and Access*

 

The Golden Cloud property is located at the north end of theCarlin Gold District in north central Nevada, and along theeastern margin of the Northern Nevada rift, 95 km NE ofWinnemucca, and consists of 173 lode claims for anapproximate area of 1,484 hectares (3,665 acres).

 

Access to the property is by all weather gravel roads offsecondary highways.

 

*c.   History and Previous Exploration*

 

No significant exploration programs have been completed onthe property to-date.

 

The Golden Cloud Property is a ‘bonanza style’ low-sulphidation epithermal gold target located along theeastern margin of the Northern Nevada rift.  It isstrategically well located, south of the Ivanhoe project(719,000 tons grading 1.29 oz/ton gold and 7.0 oz/ton Ag),to be developed by Hecla Mining and Great Basin Gold.  TheSilver Cloud property, being actively explored by PlacerDome and Teck Cominco’s is located immediately to the westof Golden Cloud.  The Main Carlin operations of Barrick andNewmont are located 10km to the southeast.

 

The property is underlain by Miocene aged bimodal volcanicflows and tuffs, and widespread cinnabar and opaline silicasinter.  Several sinter deposits in the Golden Cloudvicinity have been historically mined for mercury.  Gravityand magnetic anomalies, surface lineaments and sintersuggest northwest and north-northwest trending structurestransecting the property, similar in orientation to thosethat host mineralization at the Placer/Teck Cominco’s SilverCloud prospect and the Ken Snyder mine.  

 

*d.   Proposed Exploration Work*

 

For 2003, the Company intends to complete a program ofgeological mapping and sampling, geophysical surveys anddrill 2,000m in a combination of RC and core drilling.

 

*e.   Underground and Surface Plant and Equipment*

 

There is no underground or surface plant or equipment on theGolden Cloud property, nor is there any known body ofcommercial ore.

 

*10. Beowawe, Nevada, USA*

 

  Terms of Acquisition

 

In an agreement dated November 7, 2002, the Company obtainedan option from Carl Pescio to acquire a 100% interest in 95Beowawe lode claims, subject to a 3% royalty on goldrevenue, less US$15 per realized ounce.  To exercise thisoption, the Company has to pay to the optionor an aggregateof US$80,000 (US$20,000 paid) in cash, allot and issue tothe optionor up to 150,000 (50,000 shares issued) commonshares in three separate tranches of 50,000 shares each, andcarry out a combined minimum 20,000 feet of exploratorydrilling on the Beowawe and/or Golden Cloud properties priorto November 6, 2005. Following the exercise of the option,the Company will have to make annual advance royaltypayments of US$50,000 and US$75,000, respectively, for thefirst two years and US$100,000 each subsequent year untilthe commencement of commercial production.  A finders fee ispayable to a third party, equal to 5% of the firstUS$500,000 expenditures and payments made by the Companyduring the first 2 years of the agreement, and 3% of allexpenditures and payments that are in excess of US$500,000during the first two years of the agreement.  The finder’sfee is capped at US$500,000.

 

In an agreement dated March 26, 2003, the Company obtainedan option to acquire a 100% interest on 40 acres of fee landadjacent to the main Beowawe claim group, subject to a 3%royalty on gold revenue, which can be purchased forUS$250,000 or 700 ounces of gold, whichever is greater, perpercentage point. To exercise this option, the Company hasto pay to the optionor an aggregate of US$42,500 (US$5,000paid) in cash on or before December 1, 2006.  Thereafter,the Company will pay a minimum royalty of US$5,000 on everyDecember 1 anniversary.

 

*b.   Location, Size and Access*

 

The Beowawe property is located in the central part of theNorthern Nevada Rift in north central Nevada 105 km SE ofWinnemucca and consists of 95 lode claims for an approximatearea of 794 hectares (1,962 acres).

 

Access to the property is by all weather gravel roads offsecondary highway 306 that originates at Interstate 80.

 

*c.   History and Previous Exploration*

 

At least 50 geothermal test holes were drilled in theBeowawe area during the period 1959 to 1985.  The primepurpose of these holes was to identify geothermal energyresources at the Beowawe geothermal field. The geothermalexploration work culminated in the construction of anelectrical generating plant in 1985.  The plant currentlyproduces 16 MW of electricity from a field with a totalcapacity of 200 MW.  

 

During the period 1983 to 1996, the Project area wasexplored for gold mineralization with a total of 39 drillholes by Chevron, Bow Valley, WFD Limited, and North in theWhite Canyon area.  In 2000, Balaclava Mines Ltd. completedfour holes on the property.  In 2002, the property wasstaked by Carl Pescio.

 

The Beowawe project is located in the central part of theNorthern Nevada Rift, near the Mule Canyon and Fire CreekDeposits.  The property covers the intersection of theNorthern Nevada Rift and the more locally prominent Malpaisrange-front fault zone, both of which are normal faultsactive since the Miocene.  The Malpais fault zone controlsthe location of the Beowawe geothermal field near thewestern margin of the project area. 

 

Several partly eroded and/or buried hot-spring sinterdeposits closely associated with multiple zones of intensesilicification anomalous in gold and mercury are exposed inthe footwall of the Malpais Fault east of the hot springs.The east-west target trend is comprised of a combination ofsinter, silicification, extensive geochemical anomalies (Au-Hg-As), and hot spring-type hydrothermal alteration along aseven kilometer structural trend east of the active hotsprings including the previously mined Red Devil mercurydeposit.  Previous operators intersected wide sections ofanomalous gold at shallow levels, including 502 ppb goldover 16.8m, and 130 ppb gold over 106m.  Brecciated quartz-chalcedony veins up to 3.0m wide are exposed in north-southtrending gullies.  The Company will target ‘bonanza’ stylemineralization within these veins at depth. 

 

*d.   Proposed Exploration Work*

 

The Company proposes to complete geological, geochemical,geophysical surveys to help target planned 2003 drilling,which will focus on ‘bonanza’ style mineralization withinthese veins at depth.  2,000m of a combined reversecirculation and core drilling is planned for 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

There is no underground or surface plant or equipment on theBeowawe property, nor is there any known body of commercialore.

 

*11. Clover, Nevada, USA*

 

*a.  Terms of Acquisition*

 

    In an agreement dated March 11, 2003, the Company obtainedan option to acquire a 100% interest in 22 claims on theClover property, subject to a 3% NSR royalty, which can bepurchased for US$1,000,000 per percentage point.  Terms ofthe agreement include cumulative total payments to thevendor of US$305,000 (US$20,000 paid) over 7.5 years.  Inaddition, the Company agreed to retain the vendor as anindependent consultant to perform services on the propertyat a daily rate of US$400 for at least 10 days per yearduring the first two years.    The Clover property issubject to a Finders Agreement between the Company andClancy Wendt (“Wendt”) dated February 10, 2003, whereby theCompany agreed to pay Wendt a finder’s fee of $5,000 uponexecution of the acquisition agreement, and 5% (capped atUS$500,000) of all future expenditures made by the Companyin the Clover Property.

 

***b.   Location, Size and Access*

 

The Clover property is situated 68 km north-east ofWinnemucca in Elko County, north-central Nevada, andconsists 22 lode claims for approximately 184 hectares (454acres).

 

Access is via all weather gravel roads off Nevada StateRoute 18 and accessed from Interstate 80 at the Golcondaexit.  Driving time from Winnemucca is approximately 45minutes.  A series of poorly maintained dirt roads provideaccess to most areas of the property.  The topography on theproperty is moderate, rising to 6,400 feet above sea leveloff the 5,000 feet above sea level pediment covered valleybottom.

 

*c.   History and Previous Exploration*

 

Prior to 1982, no record exists of historical explorationand/or development on the property, although scatteredprospecting pits and shallow shafts are seen within theclaims area.  In 1982, Nassau Minerals had claims in thearea and completed geological mapping, rock geochemicalsampling, and drilled 8, shallow, reverse-circulation (RC)holes totalling 1,535 feet.  Amax Gold joint-ventured theproperty from Nassau in 1987 and during 1988 completedadditional geological/geochemical surveys and drilled 16 RCholes totalling 6,835 feet.  Nassau joint ventured theproperty with Touchstone from 1989 to 1992 and completed 3RC holes totalling 970 feet.  Nassau dropped the claims in1993.

 

Gold Fields/Santa Fe held claims in the property area in1994 and conducted extensive sampling and drilled 10 holesbefore dropping the property.  Echo Bay acquired theproperty in 1995 and completed geological mapping, rock andsoil geochemical sampling, ground magnetic and IPgeophysical surveys, and drilled 24 RC holes for 12,762 feetin 1996.  In 1997, Romarco Nevada Inc. joint ventured theproperty with Echo Bay, and in 1998 drilled 17 RC anddiamond holes for 9,471.5 feet.

 

The Clover prospect is a high-grade vein-hosted epithermalgold prospect, in a similar geologic setting to NewmontMining’s Ken Snyder mine (2.7 million tons averaging 1.12oz./ton gold, and 12.82 oz/ton silver), locatedapproximately 17 km to the west of the property.

 

Clover is situated along the northern margin of the Midastrough, on the southwest flank of the Snowstorm Mountains.The property is underlain by mid-Miocene aged bi-modalvolcanic rocks, on the western margin of the Northern NevadaRift.  These rocks are the stratigraphic equivalents to theunits that host bonanza veins in the Midas district.Altered rhyolitic volcaniclastic rocks exposed throughoutthe property contain anomalous gold (20-70 ppb).  

 

Gold mineralization occurs within a north-northwesttrending, structurally complex corridor named the Jake Creektrend.  Drilling by previous operators intersectedmineralized and veined breccias and shear zones, withsignificant intercepts including 9.7m grading 25.3 g/t gold,and 3m grading 10.0 g/t gold.  Mineralization occurs withintwo zones that are largely open along strike and down-dip,associated with north-northwest striking reverse faultbreccias, as well as sub-vertical structures.   High-gradefloat boulders grading up to 30.9 g/t gold and 308.6 g/tsilver in grab samples, were discovered on the property,approximately two kilometers north-northwest of thisdrilling along the trend.

 

*d.   Proposed Exploration Work*

 

The Company plans on initiating a drilling program on theproperty in the spring of 2003, with 1,000m of core drillinganticipated as a Phase 1 program, in addition to geologicalmapping and prospecting.

 

*e.   Underground and Surface Plant and Equipment*

 

There is no underground or surface plant or equipment on theClover property, nor is there any known body of commercialore.

 

*12. Sno, Nevada, USA*

 

*a.  Terms of Acquisition*

 

In an agreement dated April 29, 2003, the Company obtainedan option to acquire a 100% interest in the 58 Sno lodeclaims, subject to a 3% royalty on gold revenue.  Toexercise the option, the Company has to pay an aggregate ofUS$295,000 in cash prior to April 10, 2008, allot andissuing 50,000 common shares to the Optionor upon theacceptance of notice of the agreement by the Toronto StockExchange, and carry out a 2,000m of exploratory drillingprior to April 10, 2006.  Following the exercise of theOption, the Company shall make additional US$100,000 cashpayments to the Optioner on or before April 10, 2009 and oneach subsequent year until the Commencement of CommercialProduction. 

 

*b.   Location, Size and Access*

 

The Sno property is situated 72 km north-east of Winnemuccain Elko County, north-central Nevada, and consists 58 lodeclaims for approximately 484 hectares (1,197 acres).

 

Access is via all weather gravel roads off Nevada StateRoute 18 and accessed from Interstate 80 at the Golcondaexit.  Driving time from Winnemucca is approximately 50minutes.  A series of poorly maintained jeep trail providesaccess to the property.  The topography on the property ismoderate, rising to 6, 900 feet above sea level off the5,000 feet above sea level pediment covered valley bottom.

 

*c.   History and Previous Exploration*

 

Prior to 1982, no record exists of historical explorationand/or development on the property, although scatteredprospecting pits and shallow shafts are seen within theclaims area.  From 1984 to 1988, Coral Gold explored theproperty, conducting drilling, mapping and surface sampling.In the mid-90’s Echo Bay staked the property, and performedmapping and surface sampling.

 

The Sno prospect is a high-grade vein-hosted epithermal goldprospect, in a similar geologic setting to Newmont Mining’sKen Snyder mine (2.7 million tons averaging 1.12 oz./tongold, and 12.82 oz/ton silver), located approximately 9 kmto the west of the property.

 

Sno is situated along the northern margin of the Midastrough, on the southwest flank of the Snowstorm Mountains.The property is underlain by mid-Miocene aged bi-modalvolcanic rocks, on the western margin of the Northern NevadaRift.  These rocks are the stratigraphic equivalents to theunits that host bonanza veins in the Midas district.Altered rhyolitic volcaniclastic rocks exposed throughoutthe property contain anomalous gold (20-70 ppb). 

 

The property is transected by a north-northwest trendingstructural corridor which hosts highly anomalous gold (up to32 g/t gold in grab samples) in strongly altered andbrecciated zones, with cross-cutting, steep dipping, quartz-chalcedony veins. 

 

*d.   Proposed Exploration Work*

 

    The Company plans on initiating a drilling program on theproperty in the spring of 2003, with 1,000m of reversecirculation drilling, anticipated as a Phase 1 program, inaddition to geological mapping and prospecting.

 

*e.   Underground and Surface Plant and Equipment*

 

There is no underground or surface plant or equipment on theSno property, nor is there any known body of commercial ore.

 

*13. Chañarcillo – Lo Castillo, Chile*

 

***a.  Terms of Acquisition*

 

    Pursuant to an option agreement dated August 8, 2001 withSociedad Legal Minera Juan Godoy de Chañarcillo (“S.L.M.”),the Company acquired an option to earn a 100% interest,subject to a 2% NSR, in 27 mineral concessions located inthe Chañarcillo silver mining district in north-centralChile by paying an aggregate of US$118,000 (US$6,000 paid)and incurring an aggregate of US$800,000 (US$51,146incurred) in exploration expenditures prior to August 8,2007.

 

*b.   Location, Size and Access*

 

    The Lo Castillo property is situated 60 km south of the cityof Copiapo, Third Region of Chile.  The 131 hectaresproperty is centered on the historic silver mining district,14 km east of the Pan American highway, at an elevation of1,200m.  An all-weather gravel road connects the propertywith the highway.

 

*c.   History and Previous Exploration*

 

    The Chanarcillo district hosts more than a dozen old mineswithin a 1.5 by 1.0 km area, which were primarily operatedbetween 1865 and 1915.  Aggregate recorded production is inexcess of 100 million ounces of silver.  Historicalproduction was from oxidized veins and mantos.  Depth ofoxidation varies from 200 to more than 500 m, where miningwas impeded by ground water and the ore cut-off grade variedfrom 3,000 to 5,000 g/t silver.

 

    Mineralization at Chanarcillo is hosted in Lower Cretaceouslimestone and interbedded volcanic rocks, which have beenintruded by later plutonic rocks.  Airborne geophysicalsurveys define co-incidental magnetic and radiometricanomalies centered in the area of the old workings andindicating probable intrusive rocks at depth.  Past workershave documented a number of stratabound zinc-rich massivesulphide deposits that were not mined previously due to lackof oxidation and the associated difficulties of extractingthe silver from sulphide minerals.

 

    The Chañarcillo district represents a probable carbonatereplacement deposit (“CRD”) similar to the CRD deposits inColorado, Mexico, Guatemala and elsewhere (e.g.: Leadville,Santa Euhalia, Naica, Los Mochitos).

 

    In 2001, an evaluation program which included geological,geochemcial and geophysical surveys was initiated over themineralised core claims. Geological mapping established veinlocations and structural controls as well as determiningwhich vein systems had peripheral stockwork systems whichmight be bulk tonnage targets.  A gradient array IP surveywas conducted to determine if mineralization was associatedwith chargeable or resistive zones and whether these zonesextended out into overburden covered areas.  Rock samplingwas carried out to determine the geochemical signature ofmineralization and surrounding rocks and whether surfacesampling could indicate nearby mineralization in spite ofextensive surface leaching.  Drill targets identified as aresult of these studies were tested with 19 holes totalling2,830 meters in 2002 and funded by Apex Silver Mines Limitedthrough a joint venture formed for that purpose.Widespread, sub-economic silver grades were intersected.

 

*d.   Proposed Exploration Work*

 

    No work is proposed on the property in 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

    There is no underground or surface plant or equipment on theChanarcillo property, nor any known body of commercial ore.

 

*14. Celeste, Chile*

 

***a.  Terms of Acquisition*

 

Pursuant to an agreement dated September 30, 2002 withMinera Teck Cominco Chile Limitada (“Teck-Cominco”), theCompany acquired a 100% interest in and to the Propertysubject to a NSR royalty equal to 2% (uncapped) of netsmelter returns from minerals extracted from the Property,by paying a one-time fee of CH$3,700,000 (equivalent toUS$9,753).  A land-use fee of US$50 per hectare of surfaceis payable if the land is used for waste dump, fill leachingor ancillary mining facilities also applies. 

 

*b.   Location, Size and Access*

 

Celeste project is located in the Coastal Range of NorthernChile, about 180 km north of Copiapó and 50 km northeast ofChañaral port.  The property consists of 24 mineralconcessions of approximately 3,501 hectares in area.  Accessto the project is by means of a state maintained secondaryroad, about 20 km from regular paved highways.  An airportfor commercial jets at El Salvador is 90 km by road from theproject site.  Barquito port is located 55 km from theproject.

 

*c.   History and Previous Exploration*

 

The Property is adjacent to and on strike of the Cerro NegroProperty owned by ENAMI and previously optioned to theCompany.  The Cerro Negro option was terminated in March2003.  Mining activity has been known in the area since theearly 1900’s.  In 1960, the Cerro Negro Property was claimedby ENAMI, and subsequently leased to small miners.  Today,24 such contracts are in place and small scale mining ofhigher grade material is being carried out.

 

The Celeste has been previously worked in conjunction withexploration on the Cerro Negro property.  The Cerro Negroproperty fits with the class of deposits referred to as IronOxide Copper-Gold deposits.  In the case of Cerro Negro,copper mineralization is associated with magnetite andspecularite breccias and vein stockwork systems that occurover a 7 km strike length following a northeast trendingsplay of the Atacama Fault Zone.  The Cerro Negro geology isvery similar to that at Anglo American’s Manto Verde minewhich is situated on the Atacama Fault Zone, 40 kms to thesouth.  The Cerro Negro area hosts both oxide and sulphidemineralization.

 

In the early 1990́s, Japan International Cooperation Agency(JICA) and the Metal Mining Agency of Japan carried out anexploration program to evaluate the Cerro Negro project.JICA carried out 6,424 meters of core drilling in 53 holes,conducted metallurgical testing on both oxide and sulphidemineralization, and completed scoping level studies onpotential production.  Cominco acquired the surroundingCeleste properties, and drilled 14,000m, with numerousdrill-holes intersecting >1% copper sulphide mineralizationon both the northern and southern ends of the ENAMI claims.  

 

Phelps Dodge integrated the ENAMI, Cominco and adjacentclaims into a single project and completed two drillprograms, predominately on the ENAMI claims with 100 to 120mspaced drill holes.  The drilled area is approximately 1.5km wide and 2.5 km long and remains open to expansion to thenorthwest and southwest.  On the basis of 115 drill holesand extensive underground channel samples, Phelps Dodgeestimated that the amount of mineralized material* withinthe oxide zone at a 0.15% copper cut-off grade was 191million tonnes grading 0.46% copper.  Pit optimizationstudies indicated that an open pit could be designed thatwould contain 37 million tonnes of higher-grade material(heap leach) grading 0.79% copper and 114 million tonnes oflower-grade material (Run of Mine leach) grading 0.43%copper and 118 million tonnes of waste material.

 

        *Although not classified by Phelps Doge, onthe basis of drill hole spacing this materialwould be categorized as an Inferred Resourceby the Canadian classification system (CIM).

 

    During 2002, the Company optioned the Cerro Negro propertyand conducted extensive metallurgical test work onunderground samples.  In early 2003 a limited program ofinfill drilling tested both the Cerro Negro deposit and theCeleste claims.  Six holes were completed on Cerro Negro andthree on Celeste, for a total of 1,488 metres.  Thoughencouraging results were obtained from both themetallurgical and drilling results, the high propertypayments on Cerro Negro could not be justified given theprotracted slump in copper commodity prices.  As a resultCerro Negro was returned to ENAMI and further work onCeleste was put on hold.

 

*d.   Proposed Exploration Work*

 

No further work is proposed for 2003.

 

*e.   Underground and Surface Plant and Equipment*

 

There is no underground or surface plant on the Celesteproperty, nor any known body of commercial ore as defined bythe U.S. Securities and Exchange Commission standards.

 

*15. Other Properties*

 

The Company owns several other properties in the Yukon, BritishColumbia and Chile that are at an early stage of exploration.The Company also conducts research into areas believed to havefavourable geology and carries out reconnaissance exploration intarget areas where the potential for making significantdiscoveries is high.

 

 

ITEM 5.  OPERATING AND FINANCIAL REVIEW AND PROSPECTS

 

The following discussion of the financial condition, changes infinancial condition and results of operations of the Company foreach of the years in the three-year period ended December 31,2002 should be read in conjunction with the financial statementsof the Company included in Item 17 - Financial Statements.

 

The Company's financial statements are presented in Canadiandollars and have been prepared in accordance with Canadiangenerally accepted accounting principles (“GAAP”).  Materialdifferences between Canadian and U.S. GAAP, as applicable to theCompany, are set forth in Note 12 to the financial statements ofthe Company included in Item 17 - Financial Statements.

 

A.  Operating Results

 

The Company has financed its operations principally through thesale of its equity securities.  As the Company does not have anyproducing mineral properties, its only revenue source is interestincome earned from amounts on deposit.  Interest income earned isdependent on the amount of funds available for deposit andchanges in the interest rates.  Unless the Company is able toacquire one or more advanced-stage properties with the potentialto generate near term profit and cash flow, or is able to obtainadditional funds through the sale of its equity securities, theamount of interest income earned is expected to decrease as theCompany continues to expend funds exploring its existing mineralproperties.

 

*Year Ended December 31, 2002 Compared to Year Ended December 31,2001*

 

During the 2002 fiscal year, the company incurred a loss of$5,273,769 ($1,995,641 for 2001), resulting in basic and dilutedloss per share of $0.24 ($0.09 for 2001). The loss is inclusiveof a write down of $1,824,956 ($3,113 for 2001) in mineralproperty costs, a $485,455 ($357,430 for 2001) write down ofholdings in marketable securities, and a $78,098 ($150,000 for2001) write-off of the Company's investment in the VGCG limitedpartnership.  

 

Interest income for the 2002 fiscal year decreased to $97,209from $510,138 during the 2001 fiscal year.  The reduction of$412,929 was the combined result of the reduced interest ratesand lower average balances of cash and cash equivalents in 2002.

 

General and administrative expenses for the 2002 fiscal yearincreased to $1,008,644 from $691,586 in 2001.  The increase wasprimarily attributed to one-time severance expenses of $378,356in relation to the termination of four employees in 2002; a$24,429 increase in rent and services expenses was primarilyattributed to a full year of operating costs incurred by theCompany=s Chile office in 2002 as compared to six months ofoperating costs in 2001; a $18,352 increase in shareholdercommunications arose due to the increase in corporate investorrelations activities; and a $37,970 increase in wages andbenefits occurred due to a reduction of the amount of salariescapitalized to project costs.  The $144,573 decrease inprofessional fees was primarily attributed to the Companyutilizing fewer external consultants.

 

Exploration and business development for the 2002 fiscal yearincreased to $1,906,424 from $1,296,510 for the 2001 fiscal year.Expenses include the internal allocation of Company salariesbased on time spent on this activity, fees charged by outsideconsultants and engineering firms, and travel expenses related todue diligence activities.  Of the 2002 amount, $1,194,212incurred in due diligence expenses related to copper prospects inChile, and $463,643 incurred in due diligence expenses related toa project in Spain. 

 

The Company incurred $1,053,169 ($1,059,384 for 2001) in deferredexploration and acquisition costs, which were partially offset byan amount of $7,517 ($183,128 for 2001) in grants received undera Yukon government exploration incentive program, an aggregate of$295,402 ($nil for 2001) was received from Apex Silver MinesLimited and spent on the Chañarcillo exploration program inChile, and a refund of $16,855 ($nil for 2001) in previouslyoverpaid cash calls was received from its partner in theWolverine Joint Venture.

 

The $1,824,956 write-down of mineral properties in 2002 ($3,113for 2001) related to costs incurred in 2002 and prior years onprojects that no longer met the Company=s criteria for furtherexploration. Of the 2002 write-off amount, $1,711,723 related toprojects in Chile, $52,307 related to projects in Alaska, U.S.,and $60,925 related to projects in British Columbia, Canada.

 

*Year Ended December 31, 2001 Compared to Year Ended December 31,2000*

 

During the 2001 fiscal year, the Company incurred a loss of$1,995,641 ($2,714,984 for 2000), resulting in basic and dilutedloss per share of $0.09 ($0.13 for 2000). The loss is inclusiveof a $150,000 ($nil for 2000) write down of the Company'sinvestment in the VGCG limited partnership, a $357,430 ($nil for2000) write down of holdings in marketable securities, and $3,113($2,181,070 for 2000) in mineral property costs written off.  TheCompany became a shareholder of Valerie Gold Resources Ltd.during 2001 and formed the VGCG limited partnership to propose analternate slate of individuals to stand for election to the boardof directors of that company.

 

Interest income for the 2001 fiscal year decreased to $510,138from $571,709 during the 2000 fiscal year.  The decrease ininterest income was due to lower average balances of cash andcash equivalents in 2001.

 

Administrative expenses for the 2001 fiscal year increased to$691,586 from $569,655 in 2000.  The principal administrativeexpense variances were professional fees, which increased to$217,029 for the year ended 2001 from $90,791 in 2000, and officeexpenses, which increased to $78,190 for the 2001 year from$44,930 in 2000.  The increase in professional fees was primarilydue to the Company utilizing external consultants in connectionwith matters not addressed in-house by salaried personnel.  Theincrease in office expenses was partly due to an addition of anew Chile office in July 2001.

 

Exploration and business development for the 2001 fiscal yearincreased to $1,296,510 from $521,554 for the 2000 fiscal year.$335,711 of the 2001 amount related to exploration andacquisition costs incurred on the Monterde property, located inMexico, which the Company dropped during the year.  If theexploration and acquisition costs incurred on the Monterdeproperty are excluded, aggregate exploration and businessdevelopment expenditures were $960,799 as compared to $521,554for the 2000 fiscal year.  The increase can be attributed to theincreased activity of the Company in seeking exploration andbusiness opportunities.

 

The Company incurred $1,059,384 ($1,976,128 for 2000) in deferredexploration and acquisition costs, which were partially offset byan aggregate of $183,128 in grants received under a Yukongovernment exploration incentive program.

 

There was no cash provided by financing activities during 2001 ascompared to $454,000 for the 2000 fiscal year.   During 2000, theCompany raised $454,000 by issuing 710,000 units through aprivate placement.  Each unit was comprised of one common shareand one non-transferable share purchase warrant.  Each one suchwarrant entitles the holder to purchase one additional commonshare of the Company for a period of five years, at a price of$0.74 per share.

 

*Year Ended December 31, 2000 Compared to Year Ended December 31,1999*

 

During the fiscal year ended December 31, 2000, the Company had$571,709 in interest income and incurred $569,655 inadministrative expenses, compared to interest income of $394,347and administrative expenses of $483,671 for the fiscal year endedDecember 31, 1999. The principal variance in specificadministrative expenses was in the area of professional fees,which increased to $90,791 for the year ended 2000 from $21,077in 1999.  The increase in professional fees was primarily due tothe Company utilizing external consultants in connection withmatters not addressed in-house by salaried personnel.  Theincrease in interest income was due to the Company's 2000 year-end position in cash equivalents consisting almost solely short-term instruments which bear current market values approximatingcost.  In prior years, the Company carried certain investments ofa longer term nature which, as cash equivalents, required write-downs to market values when interest rates rose, which caused anoffsetting negative impact on the current net income earned fromsuch securities.  In addition, the Company benefited in 2000 froma general increase in interest rates during the year.  TheCompany incurred $1,976,128 in deferred exploration andacquisition costs, compared to $2,389,482 in the previous year.

 

During the fiscal year ended December 31, 2000, the Companyraised $454,000 by issuing 710,000 units through a privateplacement.  Each unit comprised of one common share and one non-transferable share purchase warrant.  Each one such warrantentitles the holder to purchase one additional common share ofthe Company for a period of five years, exercisable at a price of$0.74 per share.

 

B.  Liquidity and Capital Resources

 

The Company has financed its operations principally through thesale of its equity securities.  As the Company does not have anyproducing mineral properties, its only revenue source is interestincome earned from amounts on deposit.  Interest income earned isdependent on the amount of funds available for deposit andchanges in interest rates.  Unless the Company is able to obtainadditional funds through the sale of its equity securities, theamount of interest income earned is expected to decrease as theCompany continues exploring its existing mineral properties.

 

The Company expects to obtain financing in the future primarilythrough joint venturing its properties, equity financing, and/ordebt financing.  There can be no assurance that the Company willsucceed in obtaining additional financing, now or in the future.Failure to raise additional financing on a timely basis couldcause the Company to suspend its operations and eventually toforfeit or sell its interests in its properties.

 

The Company had a net working capital position of $3,475,682 atDecember 31, 2002, compared to $7,868,356 at December 31, 2001and $10,727,593 at December 31, 2000.  The Company's currentworking capital position provides it with sufficient liquidity tomeet its 2003 operating requirements.

 

At December 31, 2002, the outstanding stock options and sharepurchase warrants represented a total of 3,655,000 shares.  Themajority of the outstanding stock options and share purchasewarrants are currently out-of-the-money.  The exercise of thesesecurities is completely at the discretion of the holders and theCompany has had no indication that any of these securities willbe exercised.

 

C.  Research and Development, Patents and Licenses, etc.

 

As the Company is a mineral exploration company with no researchand development, the information required by this section is notapplicable.

 

D.   Trend Information

 

As the Company is a mineral exploration company with no producingproperties, the information required by this section is notapplicable.

 

 

ITEM 6.   DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

 

A.  Directors and Senior Management

 

The members of the board of directors and officers of the Companyas at May 2, 2003 are as follows:    

 

Name and Position in theRegistrant

 

Other Principal Directorships

Principal Business ActivitiesOutside the Company

Glen D. Dickson(1)(2)
Chairman and Director

Gold-Ore Resources Ltd.,

Cumberland Resources Ltd.

Chairman and C.E.O. of Gold-Ore Resources Ltd.

David H. Watkins

President, Chief ExecutiveOfficer and Director

None

None

William J. Coulter(1)(2)

Director

Commander Resources Ltd. (formerlyMajor General Resources Ltd.)

President of CommanderResources Ltd.

Peter R. DeLancey

Director

None

None

James K.B. Hesketh(1)(2)

Director

None

Vice President, NM Rothschild& Sons, Denver CO

Michael Williams

Vice President

None

None

Robert J. McLeod

Vice President, Exploration

None

None

Teresa Cheng

Secretary & Chief FinancialOfficer

None

None

 

(1)Member of the Audit Committee.

(2)Member of the Compensation Committee.

 

There are no family relationships between any of the directorsand officers of the Company.  There are no arrangements orunderstandings with major shareholders, customers, suppliers orothers, pursuant to which any person referred to above wasselected as a director or member of senior management.

 

The business experience, functions and areas of experience ofeach director and officer, including activities performed outsidethe Company are as follows:

 

Glen D. Dickson

 

Mr. Dickson obtained his B.Sc. (Advanced) degree in Geology in1974 and has been involved in mineral exploration continuouslysince then with a variety of Canadian major and juniorexploration companies. As Senior Geologist with Asamera MineralsInc. from 1987 to 1992, he was responsible for the discovery oftwo large developing gold projects in northern Canada. In 1993,he successfully acquired the projects for Cumberland ResourcesLtd. and joined that Company as President and Chief ExecutiveOfficer until 2002. He was instrument in raising approximately$30 million for Cumberland and advancing the projects to thebeginning of feasibility.

 

Mr. Dickson is currently the Chief Executive Officer of Gold-OreResources Ltd. a junior exploration company focusing on earlystage precious metal projects in Central America. 

 

David H. Watkins

 

Mr. Watkins is an international mining executive with 30 yearsexperience in exploration and development, acquisitions andmergers, and mining operations.  Mr. Watkins was President ofCyprus Exploration and Development Corporation and Senior VicePresident, Exploration for Cyprus Amax Minerals Company for sixyears prior to joining Atna.  Cyprus Amax (recently acquired byPhelps Dodge Corporation) was a U.S. based, Fortune 500, multi-national mining company which produced copper, molybdenum, gold,lithium and coal with an annual revenues of US $3.2 billion.

 

Mr. Watkins joined Falconbridge Copper Ltd. as an ExplorationGeologist in 1977 and became Chief Geologist responsible forexploration in Quebec and mine operations at Lake Dufault andOpemiska in 1980.  Mr. Watkins was appointed Vice President,Exploration in 1986 and rose to the position of President ofMinnova Inc., the successor company to Falconbrige Copper, in1991.  Minnova was a base metal and gold mining company with fiveoperating underground and open pit mines with 2,000 employees inQuebec, Ontario and British Columbia.  During Mr. Watkins tenureat Minnova, the company experienced rapid growth and achieved amarket capitalization of $500 million.

 

During the early part of his career, Mr. Watkins worked withNewmont Mining and with Noranda as an exploration geologist invarious parts of the world, including Australia, Mexico, Ecuador,and Canada.  He graduated with a M.Sc. degree in Geology fromCarleton University in Ottawa in 1970 and a B.A. in Geology fromQueen's University at Kingston in 1967.

 

William J. Coulter

 

Mr. Coulter has over 30 years' of experience in the initiationand management of junior resource companies, and has extensiveexperience in financing, mergers and acquisitions.

 

Peter R. DeLancey

 

Mr. DeLancey obtained a B.Sc. (Honours) degree in Geology in 1965and a M.Sc. in Geology in 1967 from The University of Manitobaand since that time has acquired extensive mineral exploration,evaluation and mining experience in Canada and internationally.Mr. DeLancey was employed by Anaconda from 1967 to 1969 as MineGeologist at Chuquitamata, Chile and subsequently joinedTexasgulf Inc. (Kidd Creek Mines Ltd./Falconbridge) as Projectgeologist. Rising through the ranks, Mr. DeLancey was appointedRegional Exploration Manager for Western Canada and the U.S. in1980. From 1986 to 1988, Mr. DeLancey was the Senior Geologistfor Imperial Metals Corp. and Director Of Operations for ColonyPacific Explorations Ltd.

 

Mr. DeLancey led Atna's exploration team since 1989.  He wasresponsible for several significant discoveries including theWolf deposit and the rich Wolverine deposit, in the YukonTerritories.  During 1995-96 he was instrumental in raising $30million for Atna's treasury with relatively little dilution tothe shareholders.  In early 2000 he recruited Mr. Watkins asPresident and C.E.O. of Atna.  In Peter's new position asChairman and Chief Geologist he continues to search for thosemineral deposits that will give Atna substantial growth.

 

James K.B. Hesketh

 

Mr. Hesketh has worked in all aspects of the mining industry overthe past 23 years.  He presently works as Vice President andPrincipal Mining Engineer of Rothschild Bank based in Denver.His role is to improve quality and diversification of the bank'sportfolio in the mining industry.  He works on a spectrum ofmining projects from gold and base metals to coal and industrialminerals, providing a role in corporate lending, projectfinancing, trading line credits, and syndication.

 

Mr. Hesketh worked more than 10 years at Cyprus Amax MineralsCompany in various roles, including Corporate Director ofBusiness Development, where he directed technical and financialteams reviewing merger and acquisition opportunities.  He workedat large porphyry copper operations in Arizona, includingpositions as Superintendent of Mine and SX-EW Engineering,Geology and support at the Sierrita mine and as MineSuperintendent at the Bagdad Mine.  He also worked as a ProjectManager on aspects of Cyprus' coal, industrial minerals, andspecialty metals businesses.

 

Before joining Cyprus, Mr. Hesketh worked in a senior role withPincock, Allen, & Holt, an internationally recognized engineeringand consulting firm.  Prior to joining PAH, he worked as a minemanager at several industrial minerals operations in Canada andThailand.

 

Michael Williams

 

Mr. Williams has over 15 years public relations and marketingexperience for both public and private companies.  He hasprovided public relations counsel to various sectors including:mining, government, financial services, tourism, real estate,manufacturing, and political parties.  He joined the Company in1996 and is responsible for all aspects of the company'scorporate communications.  Mr. Williams was appointed to theposition of Vice President in 2002.

 

Robert McLeod

 

Mr. McLeod is a geologist with over nine years of post-graduateexperience in mining and mineral exploration, working for avariety of major and junior mining companies throughout NorthAmerica.  His experience is mainly in epigenetic gold,volcanogenic massive sulphide, and magmatic Cu-Ni-PGEexploration.  He has developed managerial skills, includingbudgeting, planning and supervision of large and smallexploration and mine development projects and technical skills,which include advanced GIS and 3D geologic modeling, grade-blockmodeling, mine design and geostatistics, lithogeochemical andstructural studies. Mr. McLeod obtained his Bachelor of Science Degree, majoring inEconomic Geology from the University of British Columbia in 1993and graduated from Queen's University's, Master's in Geology,Mineral Exploration Program in 1998.  He is a ProfessionalGeologist registered with APEG BC.

 

Teresa Cheng

 

Ms. Cheng began her career with the Company in the accounting andadministrative fields in 1990.  She became the CorporateSecretary of the Company in 1992 and was appointed to theposition of Chief Financial Officer in 1995.

 

B.  Compensation

 

The following table and accompanying notes set forth allcompensation paid by the Company to its directors and seniormanagement for the last fiscal year.   

 

 

 

Annual Compensation

Long Term Compensation

 

 

 

 

 

 

Awards 

Payouts

 

 

 

 

 

Name andPrincipalPosition

 

 

 

 

 

 

Year(1)

 

 

 

 

 

Salary ($)   

 

 

 

 

Bonus($)(2)

 

 

OtherAnnualCompen-

sation ($)

SecuritiesUnderOptions/

SARs(3)granted

($)

RestrictedShares orRestrictedShareUnits

($)

 

 

 

LTIP(4)payouts($)

 

 

 

All OtherCompen-

sation ($)

Peter R.DeLanceyChairman(5),Director andChief Geologist

2002

 

72,091

n/a

Nil

Nil

 

Nil

Nil

n/a

David H.Watkins

President, ChiefExecutiveOfficer andDirector

2002

 

175,000

n/a

Nil

Nil

Nil

Nil

n/a

William J.Coulter

Director

2002

Nil

n/a

Nil

50,000(6)

Nil

Nil

n/a

James K.B.Hesketh

Director

2002

Nil

n/a

Nil

50,000(6)

Nil

Nil

n/a

John Purkis(7)

Vice-President,Mining &Development

2002

 

330,247

(8)

n/a

Nil

Nil

Nil

Nil

n/a

Peter Holbek(7)

Vice-President,Exploration

2002

 

255,000

(9)

n/a

Nil

Nil

Nil

Nil

n/a

Glen D. Dickson

Chairman(5)andDirector

2002

Nil

n/a

n/a

225,000

(6)

Nil

Nil

n/a

MichaelWilliams

Vice President

2002

65,500

n/a

n/a

75,000(10)

Nil

Nil

n/a

Teresa Cheng

Secretary &Chief FinancialOfficer

2002

72,000

n/a

n/a

Nil

Nil

Nil

n/a

 

Notes:   (1) Financial year for the period January 1 toDecember 31.

    (2) Bonus amounts are paid in cash in the year followingthe fiscal year in which they were earned.

(3) Stock appreciation rights.

(4) Long-term incentive plan.

(5) Peter R. DeLancey resigned and Glen D. Dickson wasappointed as the Company’s Chairman effective December5, 2002.

(6) The Stock Options are exercisable at a price of $0.22per share prior to December 5, 2005.

(7) Employment terminated in October 2002.

    (8) Includes severance payment of $185,247.

    (9) Includes severance payment of $180,000.

    (10)The Stock Options are exercisable at a price of $0.20per share prior to October 16, 2005.

 

No part of this compensation was paid pursuant to a materialbonus or profit-sharing plan.  There was no amount set aside fora pension, retirement or similar benefits plans for any directoror officer.

 

C.  Board Practices

 

*1.  Date of Expiration of the Current Term of Office*

 

The Company's Board of Directors is divided into three classesand the directors in each class have different terms of office.The directors in each class are elected at an annual generalmeeting to hold office for a term of three years or until theirsuccessors are duly elected or appointed, unless such office isearlier vacated in accordance with the Articles of the Company ora director becomes disqualified to act as a director.  Theauthority to determine the number of directors of the Companyrests with the shareholders.  Four directors were elected at theCompany's Annual General Meeting held on June 8, 2001; onedirector was appointed for an initial term of one year, onedirector was appointed for an initial term of two years and twodirectors were appointed for an initial term of three years.  Oneadditional director was appointed after the 2001 Annual GeneralMeeting for a term expiring at the annual general meeting in2002.  The number of directors was increased to five at theCompany’s Annual and Extraordinary General Meeting held on June11, 2002.

 

The Articles of the Company provide that the number of directors,excluding additional directors, may be fixed or changed from timeto time by ordinary resolution whether previous notice thereofhas been given or not.  Management proposes to determine thenumber of directors comprising the Board of Directors at six andthe approval of the members is therefore being sought at theCompany’s next Annual and Extraordinary General Meeting to beheld on May 20, 2003.

 

*Election of Directors*

 

The Company's Board of Directors presently has five members.  Atthe Company’s next Annual and Extraordinary General Meeting to beheld on May 20, 2003, at least, one director is to be elected, tohold office for the term expiring at the Annual General Meetingin 2006 or until their successors are duly elected or appointed,unless his office is earlier vacated in accordance with theArticles of the Company or he becomes disqualified to act as adirector.

 

The Sheridan Agreement (see “Item 7.B Related Party Transaction”)entitles Sheridan to nominate two directors to the Board ofDirectors.  If the resolution to approve the change of control toDiepdaume and Sheridan is passed at the Company’s next Annual andExtraordinary General Meeting to be held on May 20, 2003, themembers will be asked to vote for the election of Wilson J.Barbour, a Sheridan nominee, as a director. The second nominee ofSheridan will be appointed to the Board of Directors on theclosing of the transactions contemplated in the SheridanAgreement.

  

The terms of office of the other four directors who are notnominees for election expire at the Annual General Meetings in2004 and 2005, respectively.

 

The following information concerning the directors has beenfurnished by the respective directors:   

 

 

 

 

 

 

Name, Country of OrdinaryResidence

Principal Occupationor Employment and, ifnot elected a directorby a vote of securityholders, occupationduring the past 5years (2)

 

 

 

 

First and PresentPosition with theCompany(1)

 

Approx. no. of votingsecurities beneficiallyowned, directly orindirectly or overwhich direction orcontrol is exercised(3)

Nominees for Election – Directors whose terms of office will expire at the Annual General Meeting in 2006

Glen D. Dickson(4)(5)

Canada

Geologist; Chairmanand C.E.O., Gold-OreResources Ltd.,Nov./2002 to date;President and C.E.O.,Cumberland ResourcesLtd., Mar./1993 toOct./2002

Chairman and Director,Dec.05/2002 to date

Nil

Wilson J. Barbour

Canada

Independent FinancialConsultant

Nominee for election

Nil

Directors whose terms of office will expire at the Annual General Meeting in 2005

William J. Coulter(4)(5)
Canada

President, CommanderResources Ltd.(formerly MajorGeneral ResourcesLtd.), August 1999 todate;

Director, Jun.01/1984 todate

315,875(6)

James K.B. Hesketh(4)(5)

United States

Vice-President, N.M.Rothschild & Sons,Mar./2000 to date;Director, Development,Cyprus Amax MineralsCompany, Aug./1997 toFeb./2000

Director, Sep.20/2001 todate

Nil

Directors whose terms of office will expire at the Annual General Meeting in 2004

David H. Watkins

Canada

President and ChiefExecutive Officer ofthe Company

President and ChiefExecutive Officer,Mar.22/2000 to date

350,000

Peter R. DeLancey

 

Canada

Chief Geologist of theCompany

Director, Dec. 1/89 todate; Chief Geologist,Mar. 22/00 to date;President, Dec. 1/89 toMar. 22/00; Chairman,Mar. 22/00 to Dec. 5/02   

301,800

 

(1) For the purposes of disclosing positions held in theCompany, "Company" shall include the Company and/or a parentor subsidiary thereof.

(2) Unless otherwise stated above, each of the above-namednominees has held the principal occupation or employmentindicated for at least five years.

(3) Securities beneficially owned by directors is based oninformation furnished to the Company by the nominees.

(4) Member of Audit Committee.

(5) Member of the Compensation Committee.

(6) 79,500 of these shares are registered in the name of BinjasHoldings Ltd. and 22,000 of these shares are registered inthe name of Jay Willy Trading Co. Ltd., both non-reportingcompanies, controlled by William J. Coulter.

 

*2.  Termination of Employment, Change in Responsibilities andEmployment Contracts*

 

The Company is party to employment agreements with three keyemployees.  Each of the agreements provides for a lump sum cashseverance payment to be paid to the employee on termination ofemployment in the event of a change of voting control of theCompany and under other stated circumstances.   

 

The Company and each of the employees have agreed to terminatetheir respective agreements in consideration of the payment of30% of the potential future severance liability under the currentemployment agreements.  Payment will be made in the form of761,630 shares of the Company at a deemed price of $0.29 pershare, representing the closing price of the Company’s shares onJanuary 16, 2003, the date when the agreements were reached.  Theeffect of these agreements is that the Company removes aliability under the employment agreements in the amount of over$735,000, by the issuance of shares having a value of $220,873.The three employees will continue to be employed by the Companywithout employment agreements.  

 

At the Company’s next Annual and Extraordinary Meeting to be heldon May 20, 2003, the shareholders will be asked to consider, andthe directors, believing it to be in the best interests of theCompany, recommend the shareholders approve, a resolutionwhereunder the employment agreements between the Company and eachof Peter R. DeLancey, David H. Watkins and Teresa Cheng areterminated by the issuance of 290,390, 241,380 and 229,660shares, respectively, for an aggregate 761,630 shares of theCompany, upon the terms set forth above.

 

During the Financial Period, there were no employment contractsbetween the Company and any of its subsidiaries and the ExecutiveOfficers and there were no compensatory plans or arrangements,including payments to be received from the Company or any of itssubsidiaries, with respect to the Executive Officers save andexcept as follows:

 

a.  The Company entered into an Amended and Re-Stated EmploymentAgreement (the "DeLancey Agreement") made as of March 22,2000, with Peter R. DeLancey whereunder the Company agreedto engage the services of DeLancey to act as its Chairman ofthe Board and Chief Geologist in consideration ofremuneration in the amount of $10,833.33 per month, plusexpenses subject to review from time to time and, ifappropriate, amendment in writing, by the Company andDeLancey.

 

    The Company may terminate the DeLancey Agreement in itsentirety without cause upon notice to DeLancey and by paymentto DeLancey of 12 months' salary and two month's salary foreach year of employment with the Company.   

 

    The DeLancey Agreement contains certain terminationprovisions, one of which entitles DeLancey to terminate theDeLancey Agreement in its entirety by giving the Companywritten notice of termination at any time within 60-365 daysfollowing a "change of control", in which case the Companyshall pay to DeLancey 10 months' salary and one month'ssalary for each year of employment with the Company.   

 

b.  The Company entered into an Employment Agreement (the“Watkins Agreement”) made as of March 22, 2000, with DavidH. Watkins (“Watkins”) whereunder the Company agreed toengage the services of Watkins to act as its President andChief Executive Officer in consideration of remuneration inthe amount of $14,583.33 per month, plus expenses, subjectto review from time to time and, if appropriate, amendmentin writing, by the Company and Watkins.

 

    The Watkins Agreement is subject to comparable terms andconditions as the DeLancey Agreement save and except thereis no provision that the Watkins Agreement may be terminatedwith cause.

 

c.  The Company entered into an Employment Agreement (the“Purkis Agreement”) made as of March 31, 2000, with JohnPurkis (“Purkis”) whereunder the Company agreed to engagethe services of Purkis to act as its Vice-President, Mining& Development, each in consideration of remuneration in theamount of $12,083.33 per month, plus expenses, subject toreview from time to time and, if appropriate, amendment inwriting, by the Company and Purkis.

 

    The Purkis Agreement is subject to comparable terms andconditions as the Watkins Agreement.

 

    The Purkis Agreement was terminated effective October 15,2002 and a severance payment of $185,247 was made in January2003.

 

d.  The Company entered into an Employment Agreement (the"Holbek Agreement") made as of November 1, 1996, with PeterM. Holbek whereunder the Company agreed to engage theservices of Holbek to act as its Vice-President inconsideration of remuneration in the amount of $7,500 permonth, plus expenses, subject to review and, if appropriate,amendment in writing.

 

    The Holbek Agreement is subject to the same terms andconditions as the DeLancey Agreement.

 

    The Holbek Agreement was terminated effective October 31,2002 and a severance payment of $180,000 was made in January2003.

 

e.  The Company entered into an Employment Agreement (the “ChengAgreement”) made as of November 1, 1996, with Teresa Cheng(“Cheng”) whereunder the Company agreed to engage theservices of Cheng to act as its Corporate Secretary inconsideration of remuneration in the amount of $6,000 permonth, plus expenses, subject to review from time to timeand, if appropriate, amendment in writing, by the Companyand Cheng.

 

The Cheng Agreement is subject to the same terms andconditions as the DeLancey Agreement.

 

*3.  Description of Board Committees*

 

The Board has established two full-time committees, an AuditCommittee and a Compensation Committee.  These committees arecomprised entirely of unrelated directors.   

 

***Audit Committee*

 

The Audit Committee is composed of three directors, all of whomare “unrelated”.  The Audit Committee has responsibility foroverseeing the internal controls and management informationsystems of the Company, and for reviewing and recommending to theBoard for approval all external financial reporting of theCompany.  The Audit Committee interacts with the Company'sinternal financial officers and with the external auditors intheir review of the Company's financial statements and internalcontrol systems.  The Audit Committee also reviews annually themanagement arrangements for the Company.  The Audit Committeereviews the Company's financial statements before they areapproved by the Board.  In the discharge of its duties, thecommittee meets regularly with the shareholders’ auditors.  TheAudit Committee is comprised of William J. Coulter, Glen D.Dickson and James K.B. Hesketh.

 

*Compensation Committee*

 

The Compensation Committee is composed of three directors, all ofwhom are “unrelated”.  The Board of Directors, upon the advice ofthe Compensation Committee, determines executive compensation forthe company.  The Compensation Committee is comprised of WilliamJ. Coulter, Glen D. Dickson and James K.B. Hesketh.

 

D.  Employees

 

During the fiscal year ended December 31, 2002, the Company hadone part-time and three full-time employees.

 

E.  Share Ownership

 

The following table sets forth the share ownership of thosepersons listed in subsection 6.B above and includes details ofall options or warrants to purchase of the Company held by suchpersons:   

 

 

 

Name

# of CommonShares held atApril 30, 2003

 

# of StockOptions

 

 

# of Warrants

 

 

Exercise Price

 

 

Expiry Date

Peter DeLancey

301,800

-

-

140,000

140,000

120,00

-

-

-

-

100,000

$0.61

$0.75

$0.85

$0.74

June 16/2003

June 16/2003

June 16/2003

April 20/2005

David Watkins

350,000

-

-

-

350,000

350,000

300,000

-

-

-

-

300,000

$0.61

$0.75

$0.85

$0.74

June 16/2003

June 16/2003

June 16/2003

April 20/2005

William Coulter

315,875 (1)

-

-

-

-

35,000

35,000

30,000

-

50,000

-

-

-

50,000

-

$0.61

$0.75

$0.85

$0.74

$0.22

June 16/2003

June 16/2003

June 16/2003

April 20/2005

Dec. 5/2005

James Hesketh

-

-

100,000

50,000

-

-

$0.34

$0.22

Sept. 20/2004

Dec. 5/2005

Glen D. Dickson

-

225,000

-

$0.22

Dec. 5/2005

Michael Williams

-

-

-

-

-

42,000

42,000

36,000

-

75,000

-

-

-

50,000

-

$0.61

$0.75

$0.85

$0.74

$0.20

June 16/2003

June 16/2003

June 16/2003

April 20/2005

Oct. 16/2005

Teresa Cheng

32,900

-

-

-

35,000

35,000

30,000

-

-

-

-

20,000

$0.61

$0.75

$0.85

$0.74

June 16/2003

June 16/2003

June 16/2003

April 20/2005

 

(1)  79,500 of these shares are registered in the name of BinjasHoldings Ltd. and 22,000 of these shares are registered inthe name of Jay Willy Trading Co. Ltd., both non-reportingcompanies, controlled by William Coulter.   

 

*Incentive Stock Options Plan*

 

The Company adopted an Employee Incentive Stock Options Plan (the“Existing Plan”) at the Annual General Meeting held on April 12,1996, as amended at the Annual General Meeting held on June 16,2000 and the Annual and Extraordinary General Meeting held onJune 8, 2001, whereunder up to a total of 3,125,000 common sharesmay be allocated and reserved for option. As of the date hereof,2,895,000 common shares have been granted under the Existing Planso that 230,000 common shares are available for option under thePlan.

 

The Existing Plan complies with the rules set forth for suchplans by The Toronto Stock Exchange (the “TSX”) and provides forthe issuance of options to directors, officers and employees ofthe Company and its subsidiaries to purchase common shares of theCompany.  The stock options are issued at the discretion of theBoard of Directors.  The exercise price must not be lower thanthe “market price” of the common shares on the TSX at the time ofgrant.  In the context of the Plan, “market price” means theclosing price of the Company's shares on the TSX at the close oftrading which immediately preceded the time that the option wasgranted.  If the shares of the Company do not trade on such day,the “market price” shall be the average of the bid and the askprices on the previous trading day.

 

The Existing Plan also provides for staged vesting of the optionsgranted to employees and officers over a period of 24 months, andprovides for a maximum term of three years for all options.

 

The objective of the Existing Plan is to provide for andencourage ownership of common shares of the Company by itsdirectors, officers and employees and those of any subsidiarycompanies so that such persons may increase their stake in theCompany and benefit from increases in the value of the commonshares.  The Existing Plan is designed to be competitive with thebenefit programs of other companies in the natural resourceindustry.  It is the view of management that the Existing Plan isa significant incentive for the directors, officers and employeesto continue and to increase their efforts in promoting theCompany's operations to the mutual benefit of both the Companyand such individuals.

 

*Amendment to Incentive Stock Option Plan*

 

The Company wishes, among other things, to increase the number ofshares that may be subject to options under the Existing Plan.   

 

At the Company’s next Annual and Extraordinary Meeting to be heldon May 20, 2003, the shareholders will be asked to consider, andthe directors, believing it to be in the best interests of theCompany, recommend the shareholders approve, a resolutionwhereunder the total number of common shares may be allocated andreserved for option under the plan be increased from 3,125,000shares to 3,934,000 shares; the maximum term of any option beextended to 10 years; and the vesting requirement be deleted inits entirety.

 

 

ITEM 7.    MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

 

A.   Major Shareholders

 

To the knowledge of the directors and senior officers of theCompany, there is no person beneficially owning, directly orindirectly, or exercising control or direction over votingsecurities carrying more than 10% of the voting rights attachedto any class of voting securities of the Company.  However, bynews release, dated October 4, 2002, Rimmer Mining CompanyLimited (“Rimmer”) announced that Rimmer et al had acquiredapproximately 10% of the issued shares of the Company.  Rimmer isa non-reporting company controlled by Marjorie Sheridan, thespouse of J. Patrick Sheridan.

* *

**B.   Related Party Transactions    

 

*Acquisition of Major Assets from Insider*

 

The Company contemplates that an effective change of control willtake place pursuant to a sale and purchase agreement (the“Sheridan Agreement”), effective March 1, 2003, among DiepdaumeMines Limited (“Diepdaume”), the Company and J. Patrick Sheridan(“Sheridan”) resulting in the issuance of an aggregate of up to11,200,000 common shares of the Company, subject to adjustment(with such adjustment being limited to a maximum issuance of15,000,000 common shares). 

 

Background to the Sheridan Agreement

 

By news release, dated October 4, 2002, Rimmer Mining CompanyLimited (“Rimmer”) announced that Rimmer, with others, hadacquired approximately 10% of the issued shares of the Companyfor investment purposes.  On or around October 4, 2002, Sheridantelephoned Peter R. DeLancey (“DeLancey”), Chairman of the Boardof the Company at the time, to inform DeLancey that Rimmer et alhad acquired 10% of the Company’s shares.  Mrs. Sheridan was thecontrolling shareholder of Rimmer.

 

In late October 2002, Sheridan proposed to the Company that theCompany purchase the assets relating to the Preston MineProperty, near Timmins, Ontario.  The assets essentiallyconsisted of the right to receive cash payments under a propertysale agreement, a royalty agreement and a hedge account.  TheCompany retained Roscoe Postle Associates Inc. (“RPA”) to preparea formal valuation of the assets.  Subsequent discussions andnegotiations were conducted primarily between Sheridan and DavidH. Watkins (“Watkins”), the President of the Company.

 

The Board of Directors of the Company met on December 5, 2002 andauthorized Watkins to negotiate with Sheridan with pre-determinedterms of reference and a range of acceptable prices.  On December11, 2002, a written offer was sent to Sheridan.   The followingday, the final version of the formal valuation was received fromRPA.

 

The Board of Directors met again on January 20, 2003, to reviewthe state of the negotiations, and Watkins was given authorityand direction to continue negotiation of the remaining issueswith Sheridan.

 

During February 2003, legal due diligence was carried outrelating to, among other things, environmental liability for thePreston mine site, and copies of further relevant agreements wereobtained from Placer Dome Canada Limited (“Placer Dome”).

 

In early March, the draft agreement with Diepdaume and Sheridanwas circulated to the directors of the Company and on March 7,2003, the Board of Directors authorized and directed Watkins toconclude negotiations on terms and conditions substantially asset out in the draft agreement.

 

At the time of the preparation of this document, the definitiveform of the Sheridan Agreement had been executed by the Companybut had not been executed by Diepdaume or Sheridan.  Theagreement, as of the date hereof, is an agreement in principle,dated April 17, 2003.

 

Since each of the directors deals at arm’s length to Sheridan andassociates, the Board determined that it was not necessary toform an independent committee to consider the transaction. Therewere no materially contrary views or abstentions by any directorduring the course of the review and approval of the transactionby the Board of Directors.

 

The Sheridan Agreement

 

Pursuant to the terms of the Sheridan Agreement:

 

1.  Subject to acceptance by the applicable regulatoryauthorities, Diepdaume will sell and the Company will purchasefrom Diepdaume:

 

(a) Diepdaume’s entire right, title and interest in and tothe Agreement of Purchase and Sale, as amended (the“Placer Dome Agreement”) made as of December 6, 1996,among Diepdaume, Sheridan and Placer Dome; 

(b) Diepdaume’s entire right, title and interest in and tothe NSR Royalty Agreement, as amended (the “NSR RoyaltyAgreement”) made as of February 7, 1997, betweenDiepdaume and Placer Dome (CLA) Limited (“Placer CLA”),and

(c) Diepdaume’s entire right, title and interest in and toan Account (the “Hedge Account”) established andmaintained at Man Financial Inc., New York;

 

(collectively the “Royalty Assets”).

 

2.  In consideration of the Royalty Assets, the Company agreedto issue to Diepdaume an aggregate of up to 11,200,000 commonshares, subject to adjustment as set out in item 3 below (withsuch adjustment being limited to a maximum issuance of 15,000,000common shares), as follows:

 

(a) 5,000,000 Shares, subject to adjustment, with a deemedvalue of $0.28 per Share, at the “Closing” (as definedin the Sheridan Agreement);

(b) an additional 3,200,000 shares, with a deemed value of$0.31 per share, within 10 days of receiving, on orbefore May 10, 2003, $1,000,000 in immediatelyavailable funds from Placer Dome under the Placer DomeAgreement; and

(c) an additional 3,000,000 shares, with a deemed value of$0.33 per share, within 10 days of receiving, on orbefore May 10, 2004, $1,000,000 in immediatelyavailable funds from Placer Dome under the Placer DomeAgreement.

 

3.  The value of the Hedge Account shall be marked to market onthe day preceding the “Date of Closing” (as defined in theSheridan Agreement), and the number of shares issued pursuant toparagraph 2(a) shall be adjusted accordingly.

 

4.   Diepdaume and Sheridan (collectively the “Vendors”) havejointly and severally guaranteed the receipt by the Company ofthe cash payments set out in paragraphs 2(b) and 2(c) on orbefore the respective dates, and the receipt of a total of$250,000 pursuant to the NSR Royalty Agreement.  In the eventthat the Company fails to receive either of the payments set outin paragraphs 2(b) or 2(c) by the dates set out therein, theCompany shall give notice to Diepdaume and Sheridan, who shallthen make the applicable payment to the Company within 10business days of the receipt of such notice.  Diepdaume andSheridan acknowledge and accept that the Company shall be underno obligation to issue the shares set out in paragraphs 2(b) and2(c) until such time as the Company is, in each case, in receiptof $1,000,000 in immediately available funds.

 

5.  In the event that the Company fails to receive at least$83,333 on each of the first, second and third anniversaries ofthe Date Of Closing pursuant to the NSR Royalty Agreement, theCompany shall have the right to require Diepdaume and Sheridan topurchase the Company’s entire right, title and interest in and tothe NSR Royalty Agreement for $250,000, less the amount of moneyreceived by the Company pursuant to the NSR Royalty Agreement upto that time.  In this regard, Diepdaume and Sheridan havejointly and severally guaranteed the payment of the purchaseprice to be made by the pledging of security interests acceptableto the Company.

 

6.  If the Closing has not taken place by September 30, 2003,through no fault of the Company, Diepdaume or Sheridan, any partymay unilaterally terminate this agreement by notice to the otherparties.

 

7.  From and after the Date of Closing and for so long asDiepdaume, Sheridan and their respective affiliates (as that termis defined in the *Company Act*(British Columbia)) hold more than20% of the issued shares of the Company, the Vendors shall havethe right to have two of their nominees elected or appointed tothe Board of Directors of the Company, which Board shall compriseat least six directors.

 

8.  At the Closing, Diepdaume and Sheridan agree to execute anddeliver and thereafter comply with, and cause their respectiveaffiliates (one of which is Rimmer Mining Company Limited) tocomply with the terms and conditions of a Voting Trust Agreement(the form of which is attached to the Sheridan Agreement andwhich is summarized below).

 

Voting Trust Agreement

 

Under the terms of the Voting Trust Agreement, Sheridan,Diepdaume and Rimmer (together the “Shareholders”) agreed withthe Company and Watkins, the Company’s President (as the votingtrustee (the “Voting Trustee”) on behalf of the Shareholders)that all and any shares owned or controlled by the Shareholderswill:

 

(i) be voted for Watkins, William J. Coulter, James K.B. Heskethand Glen D. Dickson as nominees to constitute the majorityof the board of directors of the Company at all meetings ofthe shareholders of the Company for a period of two yearsfrom the closing of the Sheridan Agreement;

(ii)the Shareholders will execute and deliver to the Company anirrevocable stock power of attorney appointing the VotingTrustee as the attorney of the Shareholder to vote for andon behalf of the Shareholder with respect to the election ofthe foregoing persons or for the election of any nominateddirectors at shareholder meetings of the Company. 

 

The Company is advised by Sheridan of the followingintercorporate relationships.  Diepdaume is a reporting companyin British Columbia and Ontario, was incorporated under the lawsof Canada and is owned approximately 25% by Dalhousie Oil CompanyLimited (“Dalhousie”).  Dalhousie is a federal Canadian companyincorporated in 1925, and approximately 30% of the issued sharesof Dalhousie are owned by New Golden Sceptre Minerals Ltd.(“NGS”).  NGS is a federal Canadian company which is a reportingcompany in British Columbia and Ontario.  There is no personowning more than 10% of the issued shares of NGS.  Sheridan isPresident of each of Diepdaume, Dalhousie and NGS.   

 

The Sheridan Agreement is subject to Ontario SecuritiesCommission Rule 61-501, entitled “Insider Bids, Issuer Bids,Going Private Transactions and Related Party Transactions” (the“Rule”), as a “related party transaction”, since the Vendors andtheir affiliates and associates collectively hold more than 10%of the voting rights attached to all of the issued shares of theCompany.

 

Under section 5.5 of the Rule, the Issuer must, among otherthings, prepare a formal valuation of the assets being acquiredand under section 5.7 of the rule must obtain “minority approval”of the Sheridan Agreement.

 

Valuation Report

 

A Valuation of the Diepdaume Royalty and Related Assets (the“Valuation Report”), dated April 15, 2003, and effective April 1,2003, has been prepared for the Company by RPA of Toronto,Ontario.  The Valuation Report provides an independent valuationof certain assets controlled by Sheridan as follows:

 

·  Royalty on production from the Dome Mine due to Diepdaume(payable pursuant to the NSR Royalty Agreement)

·  Preston property payments due to Diepdaume in May 2003 and May2004 (payable pursuant to the Placer Dome Agreement)

·  Hedge account held by Diepdaume (the “Hedge Account”).

 

Under the Placer Dome Agreement, Placer Dome purchased thePreston property in Timmins, Ontario, from Diepdaume for$10,000,000.  Two payments of $1,000,000 each remain to be madeon May 1, 2003 and May 1, 2004.  The Preston property is now heldby the Porcupine Joint Venture (“PJV”) (51% Placer Dome,operator, and 49% Kinross Gold Corporation).  A royalty of 2% ofthe value of gold produced, with certain deductions, is payableto Diepdaume by Placer Dome (now PJV), under terms of the NSRRoyalty Agreement.   

 

The Preston property adjoins the Dome Mine property immediatelyto the south and an extension of the Dome Mine open pit is on thePreston property.  The Preston Mine is a past producingunderground gold mine located on the Preston property.Production from 1938 to 1968 is recorded as 1,539,355 ounces ofgold from 6,284,405 short tons of ore.  The Preston Mineunderground workings are currently inaccessible.

 

The Dome Mine is one of Canada’s premier gold mines, located inthe City of Timmins in the well-known Porcupine mining camp.  Inaddition to the original underground mine which is stilloperating, open pit mining started in 1988.  From 1910 to the endof 2001, the Dome Mine has produced a total of 14,537,595 millionounces of gold from 84,397,980 short tons of ore.

 

From 1997 to 2002, the Dome Mine mined and processed materialfrom the Preston property from an extension of the main Dome openpit and from a small separate open pit.  A total of 54,896 ouncesof gold has been recovered from the Preston ore and a total of$450,642 in royalty payments have been made to Diepdaume.  NoMineral Reserves or Mineral Resources are currently reported forthe Preston Property, except for the Preston low grade stockpilewhich contains 1,046,916 tonnes at an average grade of 0.88 gramsper ton gold.  The PJV currently plans to process the low gradestockpile in the Dome mill in 2018, after processing of highergrade material from other sources.

 

RPA has valued the Diepdaume royalty and related assets asfollows:

·  Diepdaume royalty value based on estimated royalty fromprocessing of the Preston low grade stockpile in 2018,discounted to the effective valuation date, plus an allowancefor potential earlier processing or discovery of more MineralReserves.

·  Value of future Preston property payments to Diepdaume basedon discounting to the effective valuation date.

·  Value of the Diepdaume hedge fund based on the account balanceat the effective valuation date.

 

In RPA’s opinion, the value of the Diepdaume royalty and relatedassets is in the range of $3,260,000 to $3,310,000, as of theeffective valuation date of April 1, 2003, as tabulated below:

 

VALUATION SUMMARY

 

                 Asset              Discounted Value

5%    7%

         Diepdaume Royalty         $158,000         $132,000

         Preston Property Payments  $1,944,000    $1,924,000

         Hedge Account              $1,207,000    $1,207,000

         TOTAL                      $3,309,000    $3,263,000   

 

 

Pursuant to the Rule, at the Company’s next Annual andExtraordinary Meeting to be held on May 20, 2003, the memberswill be asked to consider, and the directors recommend themembers approve, an ordinary resolution which provides for theaforesaid change of effective control.

 

The text of the ordinary resolution, in substantially the form tobe presented to the members, subject to such changes notaffecting the general intent as may be required by the regulatoryauthorities or by counsel for the Company is set forth below:

 

    “UPON MOTION IT WAS RESOLVED, as an ordinary resolution,with or without amendment, that the change of effectivecontrol resulting from the allotment and issuance of up to11,200,000 common shares of the Company, subject toadjustment (with such adjustment being limited to a maximumissuance of 15,000,000 common shares), pursuant to thatcertain agreement, dated March 1, 2003, between DiepdaumeMines Limited, the Company and J. Patrick Sheridan be andthe same is hereby approved, ratified and confirmed, subjectto acceptance thereof by the applicable regulatoryauthorities.”

 

The change of control is being sought to meet anticipatedregulatory requirements.  In the event of a negative vote by themembers the Company may not be able to obtain necessaryregulatory approval in order to proceed with the transactionoutlined above.

 

*Indebtedness to Company of Directors, Executive Officers andSenior Officers*

 

None of the directors, executive officers and senior officers ofthe Company or any of its subsidiaries, proposed nominees forelection or associates of such persons is or has been indebted tothe Company (other than routine indebtedness) in excess of$25,000 at any time for any reason whatsoever, including thepurchase of securities of the Company or any of its subsidiaries.

 

C.  Interests of Experts and Counsel

 

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

 

 

ITEM 8.  FINANCIAL INFORMATION

 

A.  Consolidated Statements and Other Financial Information

 

*Financial Statements*

 

Attached hereto are the audited financial statements of theCompany for the fiscal years ended December 31, 2002, 2001 and2000.  The financial statements are accompanied by auditors'reports and related notes.  See “Item 17. Financial Statements”.

 

*Legal Proceedings*

 

Neither the Company nor any of its properties is the subject ofany pending legal proceedings, nor are any such proceedings knownto be contemplated.

 

B.  Significant Changes

 

No significant changes have occurred since the date of the annualfinancial statements included in this Annual Statement.   

 

 

ITEM 9.   THE OFFERING AND LISTING

 

A.  Offer and Listing Details

 

The high and low closing prices in Canadian Dollars for theCompany’s common stock are set forth below.

 

*a.  For the five most recent full financial years: the annualhigh and low market prices:*

 

                                 High     Low

 

         1998                  $1.60    $0.50

         1999                   1.08     0.50

         2000                   0.85     0.375

         2001                   0.59     0.24

         2002                   0.51     0.19

 

*b.  For the two most recent full financial years and anysubsequent period: the high and low market prices for eachfull financial quarter:*

 

                                 High     Low

 

*         Fiscal 2001*

         First Quarter, ended 03/31/01   $0.59 $0.405

         Second Quarter, ended 06/30/01   0.49 0.35

         Third Quarter, ended 09/30/01    0.44 0.25

         Fourth Quarter, ended 12/31/01   0.32 0.24

 

*         Fiscal 2002*

         First Quarter, ended 03/31/02   $0.39 $0.26

         Second Quarter, ended 06/30/02   0.51 0.30

         Third Quarter, ended 09/30/02    0.34 0.25

         Fourth Quarter, ended 12/31/02   0.34 0.19

 

*         Fiscal 2003*

         First Quarter, ended 03/31/03   $0.33 $0.23

 

*c.  For the most recent six months: the high and low marketprices for each month:*

 

                                 High     Low

 

         November 2002         $0.28    $0.21

         December 2002          0.34     0.215

         January 2003           0.33     0.28

         February 2003          0.30     0.24

         March 2003             0.29     0.23

         April 2003             0.27     0.23

 

The Company is not able to provide information with regard to thehigh low and closing prices of shares that may have sold over-the-counter in the United States, as there are no records of U.S.sales during this period.

 

B.  Plan of Distribution

 

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

 

C.  Markets

 

The Company’s common shares have been listed and traded in Canadaon the Toronto Stock Exchange under the symbol “ATN” since March14, 1996.  In addition, the shares of Common Stock were listedand traded on the Vancouver Stock Exchange on September 12, 1986,however, at the request of the Company, due to relatively lowtrading volumes, they were de-listed from trading on theVancouver Stock Exchange on January 31, 1997.

 

D.  Selling Shareholders

 

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

 

E.  Dilution

 

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

 

F.   Expenses of the Issue

 

This Form 20F is being filed as an annual report under theExchange Act and, as such, there is no requirement to provide anyinformation under this item.

 

 

ITEM 10. ADDITIONAL INFORMATION     

 

A.  Share Capital

 

*Common Shares*

 

Each common share of the Company entitles the holder thereof toreceive dividends if, as and when declared by the directors ofthe Company and ranks equally with all other common shares inrespect of dividend payments and payments upon the winding up,liquidation or dissolution of the Company.  Holders of theCompany's common shares are entitled to one vote per share at allmeetings of shareholders.  The common shares have no conversionor pre-emptive rights, are not redeemable and there are nosinking or purchase fund provisions applicable to them.   

 

Designation of Security

Authorized

Outstanding as at Dec. 31, 2002

Outstanding as at March 31, 2003

 

Common Shares

 

100,000,000

$34,051,138

(21,757,037 shares)

$34,078,138

(21,857,037 shares)

 

As at December 31, 2002 the Company had outstanding stock optionsto purchase a total of 2,945,000 common shares, exercisable atprices ranging from $0.20 to $0.85 per share prior to December 5,2005 and share purchase warrants to purchase a total of 710,000common shares, exercisable at a price of $0.74 per share prior toApril 19, 2005.

 

The following table sets out a history of the Company's sharecapital for the three most recently completed fiscal years to thedate of this document:   

 

 

2002

 

2001

 

2000

 

Number of

 

 

 

Number of

 

 

 

Number of

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Opening balance

21,757,037

 

$34,051,138 

 

21,108,557

 

$33,746,353

 

20,398,557

 

$33,291,953

Issued for:

 

 

 

 

 

 

 

 

 

 

 

Private placement

- 

 

- 

 

- 

 

- 

 

710,000

 

454,400

Purchase of marketable securities

- 

 

- 

 

648,480

 

304,785

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

Closing balance

21,757,037

 

$34,051,138

 

21,757,037

 

$34,051,138

 

21,108,557

 

$33,746,353

 

 B.  Memorandum and Articles of Association

 

*Alteration of Share Capital and Creation of Preferred Shares*

 

At the Company’s next Annual and Extraordinary General Meeting tobe held on May 20, 2003, the members will be asked to consider,and the directors recommend the shareholders approve, a specialresolution, with or without amendment, altering and increasingthe authorized share capital from 100,000,000 Common Shareswithout par value to 150,000,000 Shares, divided into 100,000,000Common Shares without par value and 50,000,000 Preferred Shareswithout par value, having attached thereto the Special Rights andRestrictions as set forth in the Articles of the Company.

 

In accordance with the Company Act (British Columbia), a “specialresolution” means a resolution passed by a majority of not lessthan 75% of the votes cast by those members of a company, who,being entitled to do so, vote in person or by proxy at a generalmeeting of the Company where not less than 21 days' notice of thegeneral meeting has been given.

 

The general effect of the proposed alteration of the capital ofthe Company will be the creation of 50,000,000 Preferred Shareswithout par value, having attached thereto Special Rights andRestrictions.  Briefly, the special rights and restrictions to beattached to the Preferred shares would grant to the holders ofsuch shares the right to receive dividends in priority to theholders of the Common Shares, to priority on the winding up ofthe Company and, in respect of any particular series of PreferredShares, voting, redemption, purchase, repayment of capital andvoting rights, as determined by the directors by resolution increating such series.

 

The purpose of the alteration of share capital is to provide theCompany with suitable and sufficient authorized capital to offerthe Company increased flexibility in raising financing throughequity capital.

 

C.  Material Contracts

 

The following is a chronological summary of all material mineralproperty acquisitions and dispositions by the Company for the twoyears immediately preceding publication of this document.

 

2001     The Company entered into an agreement with CompañiaMinera Calcia Ltda. (“Calcia”) and Newton AssetManagement Ltd. (“Newton”) on January 5, 2001, wherebythe Company can earn up to a 100% interest, subject toa 2% NSR (capped at US$3,000,000), in the Calciaproperty located in the Chañarcillo mining district innorth-central Chile by paying to Calcia and Newton anaggregate of US$50,000 (US$40,000 paid) prior to June1, 2002 and making minimum annual advance royaltypayments of US$50,000 on account of the 2% NSR.  Theagreement was terminated by the Company in 2002.

 

         Pursuant to option agreements dated June 6, 2001 withSociedades Legales Mineras: Teresa Primera De SierraColmo; Dalila Uno De Sierra Colmo; Barreal Nueve Uno AlTrescientos Del Asiento Minero De Barreal Seco; BarrealDiez Uno Al Trescientos Del Asiento Minero De BarrealSeco; Barreal Once Uno Al Treinta Del Asiento Minero DeBarreal Seco (the “Owners”), the Company has theexclusive option to acquire a 100% interest in theBarreal Seco property, a copper oxide and sulphidedeposit, located in north-central Chile.  Under theagreement, the Company had an initial six-month optionperiod, expiring December 6, 2001, to undertake aninitial US$250,000 work program (completed) designed toadvance the project through the pre-feasibility studystage. This option period was extended but expiredduring 2002.    

 

         The Company entered into an agreement with SociedadLegal Minera Juan Godoy de Chanarcillo (“S.L.M.”) onAugust 8, 2001, whereby it can earn up to a 100%interest, subject to a 2% NSR, in the Lo Castilloproperty located in the Chañarcillo silver miningdistrict in north-central Chile by paying an aggregateof US$118,000 (US$6,000 paid) and incurring anaggregate of US$800,000 (US$51,146 incurred) inexploration expenditures prior to August 8, 2007.

 

2002      Pursuant to an option agreement dated March 4, 2002with Empresa Nacional de Mineria (“ENAMI”) and anassignment agreement of the same date with CompañíaContractual Mineria Ojos Del Salado (Phelps Dodge), thecompany acquired an option to earn 100% interest in theCerro Negro property, a copper oxide deposit innorthern Chile, subject to a sliding scale Net SmelterReturn or Operating Margin Royalty, by paying anaggregate of US$6,750,000 (US$125,000 paid) andincurring an aggregate of US$2,500,000 (US$356,660spent to December 31, 2002) in exploration expensesprior to March 4, 2007.  Purchase Payments will bedeferred for the period of time that copper remainsbelow US$0.73/lb for 30 consecutive days or more in theperiod from the end of year 2 through to the end ofyear 5.  There are also agreements between ENAMI, theCompany and each mining lease holder, to buy out ENAMImining leases from up to 24 Pirquenero operations, ifthey interfere with development plans, at a price ofUS$50,000/lease.  ENAMI may cancel some of these leasesprior to exercising this buy-out.  The Company has acommitment to initiate Commercial Production beforeMarch 4, 2007.  Initiation of Commercial Production maybe deferred by the period of time that the price ofcopper is below US$0.73 during the 5 year option phase.The Company has a one time right to extend the optionphase by up to 3 years by making Advance RoyaltyPayments of US$100,000, US$200,000 and US$300,000 witheach consecutive year of deferral.  Agreements weresubsequently terminated by the Company in 2003.

 

            The Company entered into an agreement with Apex SilverMines Limited on July 30, 2002, whereby Apex can earnup to a 70% interest in the Chanarcillo property inChile by paying the Company US$150,000 (US$25,000 paid)in cash and incurring an aggregate of US$1,312,500(US$157,500 incurred) in exploration expenditures priorto June 30, 2005.  The agreement was subsequentlyterminated in 2002.  

 

            Pursuant to a Purchase and Sale agreement datedSeptember 30, 2002 with Minera Teck Cominco ChileLimitada, the Company acquired a 100% interest in theCeleste Property subject to a NSR royalty equal to 2%(uncapped) of net smelter returns from mineralsextracted from the Property, by paying a one-time feeof CH$3,700,000 (equivalent to US$9,753).  A land-usefee of US$50 per hectare of surface is payable if theland is used for waste dump, fill leaching or ancillarymining facilities also applies.

 

            The Company signed a Memorandum of Understanding withNavan Mining Plc. (“Navan”) on August 6, 2002 wherebythe Company had the right to conduct a due diligencereview of Navan’s operations in Spain.  Under the termsof the Memorandum of Understanding, the Companypurchased shares of Navan for an amount equal toNavan’s operating costs in Spain during the duediligence period, which was equivalent to Cdn$454,860.The Company’s assessment indicated that Navan’s assetswould not satisfy the Company’s criteria for furtherinvolvement.  The agreement was subsequently terminatedby the Company in 2002.  The listing of Navan’s shareson both London and Irish Stock Exchanges was suspendedin December 2002 and the Company has written-off itstotal investment in Navan shares at December 31, 2002.  

 

            The Company entered into an agreement with RMIC Gold(“RMIC”) on October 7, 2002 whereby the Companyacquired an option to earn up to a 100% interest,subject to a 3% NSR (uncapped), in the Triple Junctionand Dixie Fork properties in Elko County, Nevada, bypaying an aggregate of US$35,000 (US$20,000 paid) incash and issuing 100,000 common shares to RMIC prior toOctober 7, 2003.  RMIC is entitled to receive 5% of anycash proceeds received by the Company, to a maximum ofUS$500,000, in the event that the Company transfers anypart of its interest in the property to any arm’slength third party.

 

             The Company entered into an agreement with Carl Pescio(“Pescio”) on November 7, 2002 whereby the Companyobtained an option to acquire a 100% interest in theGolden Cloud property in Elko County, Nevada, subjectto a 3% royalty on gold revenue, less US$15 perrealized ounce.  To exercise the option, the Companyhas to pay Pescio an aggregate of US$80,000 (US$20,000paid) in cash, allot and issue to Pescio up to 150,000common shares (50,000 shares issued), and carry out acombined minimum 20,000 feet of exploratory drilling onthe Golden Cloud and/or Beowawe properties prior toNovember 6, 2005.  Following the exercise of theoption, the Company will have to make annual advanceroyalty payments of US$50,000 and US$75,000,respectively, for the first two years and US$100,000each subsequent year until the commencement ofcommercial production.  The Golden Cloud property issubject to a Finders Agreement between the Company andRichard Redfern (“Redfern”) dated October 8, 2002,whereby the Company agreed to pay Redfern a finder’sfee in an amount equal to 5% of the first US$500,000 ofall expenditures and payments made by the Company andthereafter 3% of all expenditures and payments that arein excess of US$500,000 during the 2 year period fromdate of execution of acquisition agreements. 

 

            The Company entered into an agreement with Carl Pescio(“Pescio”) on November 7, 2002 whereby the Companyobtained an option to acquire a 100% interest in theBeowawe property in Lander and Eureka Counties, Nevada,subject to a 3% royalty on gold revenue, less US$15 perrealized ounce.  To exercise the option, the Companyhas to pay Pescio an aggregate of US$80,000 (US$20,000paid) in cash, allot and issue to Pescio up to 150,000common shares (50,000 shares issued), and carry out acombined minimum 20,000 feet of exploratory drilling onthe Golden Cloud and/or Beowawe properties prior toNovember 6, 2005.  Following the exercise of theoption, the Company will have to make annual advanceroyalty payments of US$50,000 and US$75,000,respectively, for the first two years and US$100,000each subsequent year until the commencement ofcommercial production.  The Beowawe property is subjectto a Finders Agreement between the Company and RichardRedfern (“Redfern”) dated October 8, 2002, whereby theCompany agreed to pay Redfern a finder’s fee in anamount equal to 5% of the first US$500,000 of allexpenditures and payments made by the Company andthereafter 3% of all expenditures and payments that arein excess of US$500,000 during the 2 year period fromdate of execution of acquisition agreements.

 

2003       The Company entered into an agreement with Anthony Eng(“Eng”) on March 11, 2003 whereby the Company acquiredan option to earn up to a 100% interest in the Cloverproperty in Elko County, Nevada, subject to a 3% NSR(uncapped), which can be purchased for US$1,000,000 perpercentage point, by paying an aggregate of US$305,000(US$20,000 paid) in cash over 7.5 years. In addition,the Company agreed to retain the vendor as anindependent consultant to perform services on theproperty at a daily rate of US$400 for at least 10 daysper year during the first two years.  The Cloverproperty is subject to a Finders Agreement between theCompany and Clancy Wendt (“Wendt”) dated February 10,2003, whereby the Company agreed to pay Wendt afinder’s fee of $5,000 upon execution of theacquisition agreement, and 5% (capped at US$500,000) ofall future expenditures made by the Company in theClover Property.

 

In an agreement dated March 26, 2003, the Companyobtained an option to acquire a 100% interest on 40acres of fee land adjacent to the main Beowawe claimgroup, subject to a 3% royalty on gold revenue, whichcan be purchased for US$250,000 or 700 ounces of gold,whichever is greater, per percentage point. To exercisethis option, the Company has to pay to the optionor anaggregate of US$42,500 (US$5,000 paid) in cash prior toDecember 1, 2006.  Thereafter, the Company will pay aminimum royalty of US$5,000 on every December 1anniversary.

 

Pursuant to a sale and purchase agreement between theCompany, Diepdaume Mines Limited (“Diepdaume”) and J.Patrick Sheridan (“Sheridan”), effective March 1, 2003,the Company contemplates that an effective change ofcontrol will take place.  At the time of thepreparation of this document, the definitive form ofthe sale and purchase agreement had been executed bythe Company but had not been executed by Diepdaume andSheridan.  The agreement, as of the date hereof, is anagreement in principle, dated April 17, 2003.  Pursuantto the terms of the agreement, Diepdaume will sell theroyalty assets to the Company, and the Company agreedto issue an aggregate of up to 11,200,000 commonshares, subject to adjustment, to Diepdaume.  Thetransaction is subject to the acceptance by theapplicable regulatory authorities and the shareholder’sapproval at the Company next Annual and ExtraordinaryGeneral Meeting to be held on May 20, 2003.  See “Item7. Major Shareholders and Related Party Transaction”. 

 

In an agreement dated April 29, 2003, the Companyobtained an option to acquire a 100% interest in theSno property in Elko County, Nevada, subject to a 3%royalty on gold revenue.  To exercise the option, theCompany has to pay an aggregate of US$295,000 in cashprior to April 10, 2008, allot and issuing 50,000common shares to the Optionor upon the acceptance ofnotice of the agreement by the Toronto Stock Exchange,and carry out a 2,000m of exploratory drilling prior toApril 10, 2006.  Following the exercise of the Option,the Company shall make additional US$100,000 cashpayments to the Optioner on or before April 10, 2009and on each subsequent year until the Commencement ofCommercial Production. 

 

D.   Exchange Controls

 

There is no law or governmental decree or regulation in Canadathat restricts the export or import of capital, or affects theremittance of dividends, interest or other payments to a non-resident holder of Common Shares, other than withholding taxrequirements.  

 

There is no limitation imposed by Canadian law or by theconstituent documents of the Company on the right of a non-resident to hold or vote Common Shares, other than are providedin the Investment Canada Act (Canada).  The following summarizesthe material features of the Investment Canada Act (Canada).

 

The Investment Canada Act (Canada) requires certain “non-Canadian” individuals, governments, corporations or otherentities who wish to acquire a “Canadian business” (as defined inthe Investment Canada Act), or establish a “new Canadianbusiness” (as defined in the Investment Canada Act) to fileeither a notification or an application for review with agovernmental agency known as “Investment Canada”.  The InvestmentCanada Act requires that certain acquisitions of control of aCanadian business by a “non-Canadian” must be reviewed andapproved by the Minister responsible for the Investment CanadaAct to ensure that the Minister is satisfied that the acquisitionis “likely to be of net benefit to Canada”, such a determinationbased upon certain criteria set forth in the Investment CanadaAct.  Only acquisitions of control are reviewable under theInvestment Canada Act; however, the Investment Canada Actprovides detailed rules for the determination of whether controlhas been acquired and, pursuant to those rules, the acquisitionof one-third or more of the voting shares of a corporation may,in some circumstances, be considered to constitute an acquisitionof control.  Certain reviewable acquisitions of control may notbe implemented before being approved by the Minister; if theMinister does not ultimately approve a reviewable acquisitionwhich has been completed, the acquired Canadian business bedivested. Failure to comply with the review provisions of theInvestment Canada Act could result in, among other things, aninjunction or a court order directing disposition of assets orshares.

 

E.   Taxation

 

*General*

 

The following comments summarise the principal Canadian FederalIncome Tax consequences for a shareholder of the Company who is anon-resident of Canada and who is a resident of the UnitedStates.  These comments are intended to provide for generalinformation only and are not a substitute for advice from ashareholder’s own tax advisor.  They do not anticipate statutoryor regulatory amendments.  There is a reciprocal tax treatybetween the United States and Canada.

 

The provisions of the Income Tax Act (Canada) (the “Tax Act”) aresubject to income tax treaties to which Canada is a party,including the Canada - United States Income Tax Convention, 1980(the “Convention”).

 

Under Article X of the Convention, dividends paid by Canadiancorporations to non-resident U.S shareholders are subject to awithholding tax of 15%.  The rate of withholding tax on dividendsis reduced to 5% if the beneficial owner is a U.S company whichowns at least 10% of the voting stock of the company paying thedividend.

 

Under Article XI of the Convention, interest payments are subjectto a withholding tax of 15%.

 

Certain types of interest are exempt under the treaty.  Examplesof these exemptions are: (i) interest paid or received by aFederal, State, Provincial or local authority, includingindebtedness guaranteed by these authorities; (ii) interest paidby a purchaser in connection with the purchase on credit of anyequipment, merchandise or service. Normal withholding rates applyto excess interest payments if the parties do not deal at-arms-length.  Excess interest payments equal to the interest paidwhich is in excess of that would have been applicable betweenindependent third parties.

 

A U.S. Holder is not subject to tax under the Tax Act in respectof a capital gain realized on the disposition of a Common Sharein the open market unless the share is “taxable Canadianproperty” to the holder thereof and the U.S. Holder is notentitled to relief under the Treaty.

 

A Common Share will be taxable Canadian property to a U.S. Holderif, at any time during the 60 month period ending at the time ofdisposition, the U.S. Holder or persons with whom the U.S. Holderdid not deal at arm's length (or the U.S. Holder together withsuch persons) owned, or had options, warrants or other rights toacquire, 25% or more of the Registrant's issued shares of anyclass or series.  In the case of a U.S. Holder to whom CommonShares represent taxable Canadian property, no tax under the TaxAct will be payable on a capital gain realized on a dispositionof such shares in the open market by reason of the Treaty unlessthe value of such shares is derived principally from realproperty situated in Canada.  Management of the Registrantbelieves that the value of the Registrant's Common Shares is notderived principally from real property situated in Canada.

 

The Convention gives protection to United States residents fromCanadian tax on certain gains derived from the alienation ofproperty.  There is no protection for a gain on a disposition ofshares the value of which is derived principally from realproperty in Canada.  The Company’s operations are such that noassurance can be given that this protection will be available.

 

The reader should be aware that the Company could be considered apassive foreign investment company for United States federalincome tax purposes.  Under section 1296 of the Internal RevenueCode of the United States, a foreign investment corporation istreated as a foreign investment company (a “PFIC”) if it earns75% or more of its gross income from passive sources or if 50% ormore of the value of its assets produce passive income.

 

Because the Company may have been a PFIC for its year endingDecember 31, 2002, and may have been a PFIC for some of itsfiscal years ending before that date, each U.S. shareholder ofthe Company should consult a tax advisor with respect to how thePFIC rules may affect such shareholder’s tax situation.  Inparticular, a U.S. shareholder should determine whether suchshareholder should elect to have the Company be treated as aQualified Electing Fund in the event the Company is a PFIC.  Thismight avoid adverse U.S. federal income tax consequences that mayotherwise result from the Company should it be treated as a PFIC.

 

F.   Dividends and Paying Agents

 

This Form 20F is being filed as an Annual Report under theExchange Act and, as such, there is no requirement to provide anyinformation under this section.

 

G.   Statement by Experts

 

This Form 20F is being filed as an Annual Report under theExchange Act and, as such, there is no requirement to provide anyinformation under this section.

 

H.   Documents on Display

 

Documents referred to in this Annual Report may be inspected atthe head office of the Company at Suite 1550 - 409 GranvilleStreet, Vancouver, B.C. Canada V6C 1T2 or the Company'sregistered office at Suite 1040 - 999 West Hastings Street,Vancouver, B.C. Canada V6C 2W2 during normal business hours.

 

 

ITEM 11.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKETRISK

 

The Company anticipates its primary market risk, if any, to berelated to fluctuations in exchange rates.  Exchange rate riskmay arise if the Company is required to use different currenciesfor various aspects of its operations.  The Company uses theCanadian dollar as its reporting currency and is thereforeexposed to foreign exchange movements in Chile, Mexico and theUnited States where the Company is conducting explorationactivities.

 

The Company has not entered into any material foreign exchangecontracts to minimize or mitigate the effects of foreign exchangefluctuations on the Company’s operations.  The Company exchangesCanadian dollars to fund its foreign operations.  Based on prioryears, the Company does not believe that it is subject tomaterial foreign exchange fluctuations.  However, no assurancecan be given that this will not occur in the future. 

 

ITEM 12.    DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

 

This Form 20F is being filed as an Annual Report under theExchange Act and, as such, there is no requirement to provide anyinformation under this section.

PART II

 

 

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

 

Not applicable.

 

 

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERSAND USE OF  PROCEEDS

 

The Company has a Shareholder Rights Plan (the “Rights Plan”),which was confirmed by the shareholders at the Annual andExtraordinary General Meeting held on June 8, 2001.

 

The following is a summary of the terms of the Shareholder RightsPlan.

 

*General*

 

The rights have been issued pursuant to a shareholder rights planagreement dated February 12, 2001 between the Company and PacificCorporate Trust Company as the rights agent.  Each right willentitle the holder to purchase from the Company one Common Shareat the exercise price of $30 per share, subject to adjustments,at any time after the separation time (defined below).  However,if a flip-in event (defined below) occurs, each right willentitle the holder to receive, upon payment of the exerciseprice, Common Shares having a market value equal to two-times theexercise price.  The rights are non-exercisable until theseparation time.

 

*Trading of Rights*

 

Until the separation time, the rights will be evidenced by theoutstanding certificates for Common Shares and the rights will betransferred with, and only with, the Common Shares.  As soon aspracticable following the separation time, separate certificatesevidencing the rights will be mailed to holders of record ofCommon Shares as of the close of business at the separation timeand the separate rights certificates will thereafter evidence therights.

 

*Separation Time and Acquiring Person*

 

The rights will separate and trade apart from the Common Sharesand become exercisable at the separation time.  "Separation time"generally means the close of business on the tenth trading dayfollowing the commencement or announcement of the intent of anyperson to commence a take-over bid, other than a permitted bid ora competing bid, but under certain circumstances can mean theeighth trading day after a person becomes an "acquiring person"by acquiring 20% or more of the voting shares of any class.

 

*Flip-in Event*

 

A "flip-in event" will, in general terms, occur when a personbecomes an acquiring person.  Upon the occurrence of a flip-inevent, each right will entitle the holder to acquire, on paymentof the exercise price, that number of Common Shares having amarket value equal to two-times the exercise price.  However, anyrights beneficially owned by an acquiring person or by any director indirect transferees of such person, will be void.  The term"beneficial ownership" is defined to include, under certaincircumstances, shares owned indirectly through affiliates,associates, trusts and partnerships, other situations ofownership deemed by operation of law, shares subject toacquisition or voting agreements and shares owned by personsacting jointly or in concert.  There are several exceptions,including exceptions directed towards investment managers, trustcompanies, and independent managers of pension plans who are notparticipating in a take-over bid.

 

*Permitted Bids*

 

Permitted bids are exempted from the operation of the ShareholderRights Plan.  In summary, a permitted bid is a take-over bid madeby way of take-over bid circular which complies with thefollowing provisions:

 

    (a) It is made to all holders of voting shares of theCompany of a particular class and for all those votingshares.

    (b) No voting shares can be taken up and paid for beforethe close of business on a date not less than 60 daysfollowing the date of the take-over bid and unless morethan 50% of voting shares held by shareholdersindependent of the offeror are tendered and notwithdrawn.

    (c) Voting shares may be tendered at any time during such60 day period and may be withdrawn until taken up andpaid for.

    (d) If the condition described in (b) above is met, therewill be a public announcement and the take-over bidwill be open for a further period of 10 business days.

 

The Shareholder Rights Plan contains provisions designed toensure that, if considered appropriate, the time for tendering totwo or more competing permitted bids will occur on the same date.

 

*Exchange Option*

 

Under certain circumstances, the board of directors of theCompany can, on exercise of a right and payment of the exerciseprice, issue other securities or assets of the Company in lieu ofCommon Shares.  The board of directors of the Company can alsodetermine to issue in exchange for the rights, but withoutpayment of the exercise price, Common Shares having a value equalto the exercise price or other securities or assets of theCompany having the same value.

 

*Adjustments*

 

The exercise price, the number and kind of shares subject topurchase upon exercise of each right and the number of rightsoutstanding are subject to adjustment from time to time toprevent dilution in the event that the Company takes certainactions involving the Company's share capital which wouldotherwise have a dilutive effect.

 

*Redemption*

 

At any time before the occurrence of a flip-in event, the boardof directors may elect to redeem the rights in whole at aredemption price of $0.00001 per right.

 

*Waiver*

 

The board of directors may waive the application of theShareholder Rights Plan to any flip-in event if it determinesthat a person became an acquiring person by inadvertence,conditional upon such person having, within 10 days after thedetermination by the board of directors, reduced its beneficialownership of shares such that it is no longer an acquiringperson.  The board of directors may also, until a flip-in eventhas occurred, waive the application of the Shareholder RightsPlan to any particular flip-in event, but in that event, theboard of directors must waive the application of the ShareholderRights Plan to any other flip-in event occurring within 75 daysafter the initial waiver.

 

*Amendments*

 

The board of directors may amend the Shareholder Rights Plan tocorrect clerical or typographical errors, to maintain thevalidity of the plan as a result of any changes in any applicablelegislation or to increase or decrease the exercise price.  Anyamendments required to maintain the validity of the ShareholderRights Plan must be submitted to the shareholders of the Companyor, after the separation time, to the holders of the rights forconfirmation.

 

Other amendments can only be made with the approval of theshareholders of the Company or, after the separation time, theholders of the rights.  Any supplements or amendments to theShareholder Rights Plan require the prior written consent of TheToronto Stock Exchange.

 

*Term*

 

The Shareholder Rights Plan has a term of 10 years.  However, ifit is not subsequently confirmed at the shareholders’ meetings onthe fourth and seventh anniversaries of such confirmation, itwill terminate at the end of each such shareholders’ meeting.

 

 

ITEM 15. CONTROLS AND PROCEDURES

 

(a) Within the 90-day period prior to the filing of this report(“Date of Evaluation”), an evaluation was carried out underthe supervision and with the participation of the Company’smanagement, including the Chief Executive Officer (“CEO”)and Chief Financial Officer (“CFO”), of the effectiveness ofour disclosure controls and procedures.  Based on theevaluation, the CEO and CFO have concluded that theCompany’s disclosure controls and procedures are effectiveto ensure that information required to be disclosed by theCompany in reports that it files or submits under theSecurities Exchange Act of 1934, as amended, is recorded,processed, summarized and reported within the time periodsspecified in U.S. Securities and Exchange Commission rulesand forms.

 

(b) There have been no significant changes in the Company’sinternal controls or in other factors that couldsignificantly affect these controls subsequent to the dateof the evaluation, including any corrective actions wereregard to significant deficiencies and material weaknesses.

 

 

ITEM 16.  AUDIT COMMITTEE FINANCIAL EXPERT AND CODE OF ETHICS

 

A.  Audit Committee Financial Expert

 

The Company’s audit committee consists of three unrelatedindependent directors.  Each is experienced in analyzing andevaluating financial statements, has an understanding of internalcontrols and procedures for financial reporting, and has anunderstanding of audit committee functions.  Each member hasacquired such attributes through their experiences in a number ofpublic companies where they have overseen and actively supervisedprincipal financial officers, principal accounting officers,controllers, public accountants, auditors and persons performingsimilar function.  They have assessed the performance ofcompanies with respect to the preparation, auditing andevaluation of financial statements.

 

B.   Code of Ethics

 

The Company recently adopted a code of ethics that applies to allthe Company’s Officers, including the Chief Executive Officer andthe Chief Financial Officer.  A copy of the code of ethics isfiled as an exhibit to this annual report.   

 

 

 

PART III

 

 

ITEM 17. FINANCIAL STATEMENTS

 

See the Financial Statements and Exhibits listed in item 19hereof and filed as part of this Annual Report.

 

These financial statements were prepared in accordance withCanadian GAAP and are presented in Canadian dollars. There arematerial differences between United States and Canadian GAAP.  Areconciliation of the financial statements to United States GAAPis set forth in Note 12 to the financial statements.

 

 

ITEM 18. FINANCIAL STATEMENTS

 

Not applicable.

 

 

ITEM 19. EXHIBITS

 

Exhibit 1Financial Statements filed as part of the annualreport:

         (i) Auditors' Report.

         (ii)Consolidated Balance Sheets as at December 31,2002 and 2001.

         (iii)    Consolidated Statements of Operations andDeficit for the years ended December 31, 2002,2001 and 2000.

         (iv)Consolidated Statements of Cash Flows for theyears ended December 31, 2002, 2001 and 2000.

         (v) Notes to the Consolidated Financial Statements.

 

Exhibit 2Code of Ethics of Atna Resources Ltd.

 

 

 

 

 

 

SIGNATURES

 

 

Pursuant to the requirements of Section 12 of the SecuritiesExchange Act of 1934, the Registrant certifies that it meets allthe requirements for filing on Form 20-F and has duly caused thisregistration statement to be signed on its behalf by theundersigned, thereunto duly authorised.

 

 

 

Atna Resources Ltd.

 

 

By /s/ “David H. Watkins”

____________________________________

David H. Watkins

President & Chief Executive Officer

 

 

 

Date: May 2, 2003

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