|                                                                                         |   | 2010   |     |   | 2009   |   |
|----------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                         |   |   |     |   |   |   |
| Mineral Properties – under Canadian GAAP                                               |   | $      | 116,336  |   |   | $      | 94,277 |   |
|     Cumulative exploration expenditures expensed under U.S. GAAP (i)     |   |   | (60,960  | )      |   |   | (47,631 | ) |
|     Cumulative write-down adjustment (iii)                               |   |   | (1,825   | )      |   |   | (1,825 | ) |
|     Cumulative depreciation and depletion adjustment (iii)               |   |   | 1,741    |   |   |   | 1,720 |   |
| Mineral Properties – under U.S. GAAP                                                   |   | $      | 55,292   |   |   | $      | 46,541 |   |
|                                                                                         |   |   |     |   |   |   |   |   |
| Payables and accrued liabilities – under Canadian GAAP                                 |   | $      | 5,537    |   |   | $      | 4,100 |   |
|     Cumulative liability for flow-through shares (v)                     |   |   | -        |   |   |   | 326 |   |
| Payables and accrued liabilities - under U.S. GAAP                                           |   | $      | 5,537    |   |   | $      | 4,426 |   |
|                                                                                         |   |   |     |   |   |   |   |   |
| Future tax liability – under Canadian GAAP                                             |   | $      | 1,975    |   |   | $      | - |   |
|     Income tax effect of adjustments (v)                                 |   |   | (1,975   | )      |   |   | - |   |
| Future tax liability - under U.S. GAAP                                                       |   | $      | -        |   |   | $      | - |   |
|                                                                                         |   |   |     |   |   |   |   |   |
| Shareholders’ equity                                                                   |   |   |     |   |   |   |   |   |
|     Share capital – under Canadian GAAP                            |   | $      | 117,974  |   |   | $      | 111,957 |   |
|     Reduction of stated capital (iv)                                     |   |   | 55,000   |   |   |   | 55,000 |   |
|     Adjustment for flow-through shares (v)                               |   |   | 9,575    |   |   |   | 7,964 |   |
|     Adjustment for flow-through share premiums (v)                       |   |   | (4,462   | )      |   |   | (4,462 | ) |
|     Income tax adjustment (v)                                            |   |   | (60      | )      |   |   | - |   |
| Share capital – under U.S. GAAP                                                        |   |   | 178,027  |   |   |   | 170,459 |   |
|                                                                                         |   |   |     |   |   |   |   |   |
| Contributed Surplus                                                                          |   |   |     |   |   |   |   |   |
|     Contributed Surplus – Under Canadian GAAP                      |   |   | 2,754    |   |   |   | 2,465 |   |
|     Cumulative stock compensation costs implementation of FAS 123        |   |   | (25      | )      |   |   | (25 | ) |
| Contributed Surplus – under U.S. GAAP                                                  |   |   | 2,729    |   |   |   | 2,440 |   |
|                                                                                         |   |   |     |   |   |   |   |   |
| Retained earnings (deficit) – under Canadian GAAP                                      |   |   | 1,457    |   |   |   | (4,361 | ) |
|     Reduction of stated capital (iv)                                     |   |   | (55,000  | )      |   |   | (55,000 | ) |
|     Cumulative exploration expenses (i)                                  |   |   | (60,960  | )      |   |   | (47,631 | ) |
|     Cumulative depreciation and depletion adjustment (iii)               |   |   | 1,741    |   |   |   | 1,720 |   |
|     Cumulative write-down adjustment (iii)                               |   |   | (1,825   | )      |   |   | (1,825 | ) |
|     Cumulative stock compensation costs implementation of FAS 123        |   |   | 25       |   |   |   | 25 |   |
|     Cumulative impact of flow-through shares (v)                         |   |   | (7,964   | )      |   |   | (7,964 | ) |
|     Cumulative renunciation of tax deductions on flow-through shares (v) |   |   | 4,462    |   |   |   | 4,136 |   |
| Deficit – under U.S. GAAP                                                              |   |   | (118,064 | )      |   |   | (110,900 | ) |
|                                                                                         |   |   |     |   |   |   |   |   |
| Accumulated other comprehensive income – Under Canada GAAP                             |   |   | 2,753    |   |   |   | 34 |   |
|     Income tax adjustment (v)                                            |   |   | 424      |   |   |   | - |   |
| Accumulated other comprehensive income – Under U.S. GAAP                               |   |   | 3,177    |   |   |   | 34 |   |
| Shareholders’ equity - under U.S. GAAP                                                 |   | $      | 65,869   |   |   | $      | 62,033 |   |

----

|                                                                                            |   | 2010   |    |   | 2009   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                                            |   |   |    |   |   |   |
| Net earnings (loss) – under Canadian GAAP                                                 |   | $      | 5,818   |   |   | $      | (6,257 | ) |
|     Exploration expenditures (i)                                            |   |   | (13,329 | )      |   |   | (12,380 | ) |
|     Depreciation and depletion on Santoy 7 (ii)                             |   |   | -       |   |   |   | 2,835 |   |
|     Depreciation and depletion adjustment on write down (iii)               |   |   | 21      |   |   |   | 37 |   |
|     Income tax provision adjustments (v):                                   |   |   |    |   |   |   |   |   |
|        Renunciation of tax deductions on flow-through shares |   |   | 326     |   |   |   | - |   |
| Net earnings (loss) – under U.S. GAAP                                                     |   |   | (7,164  | )      |   |   | (15,765 | ) |
|                                                                                            |   |   |    |   |   |   |   |   |
| Other comprehensive income – under Canadian GAAP                                          |   | $      | 2,719   |   |   | $      | 566 |   |
|     Income tax provision adjustments (v)                                    |   |   | 424     |   |   |   | - |   |
| Comprehensive loss under U.S. GAAP                                                              |   |   | 3,143   |   |   |   | 566 |   |
|                                                                                            |   |   |    |   |   |   |   |   |
| Net loss per share under U.S. GAAP                                                              |   |   |    |   |   |   |   |   |
|     Basic and diluted                                                       |   |   |    |   |   |   |   |   |
|        Net earnings (loss)                                   |   | $      | (0.05   | )      |   | $      | (0.15 | ) |