This report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 concerning the Company's plans; and other matters. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "estimates", "intends", "strategy", "goals", "objectives" or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

• commodity price fluctuations;
• risks related to the Company's ability to finance the development of its mineral properties;
• risks related to the Company's ability to commence production and generate material revenues or obtain adequate financing for its planned exploration and development activities;
• the risk that permits and governmental approvals necessary to develop and operate mines on the Company's properties will not be available on a timely basis or at all;
• uncertainty of capital costs, operating costs, production and economic returns;
• the possible dilution of the Company's interest in the projects;
• the Company's need to attract and retain qualified management and technical personnel;
• risks related to the integration of new acquisitions into the Company's existing operations;
• uncertainty of production at the Company's mineral exploration properties;
• risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of the Company's mineral deposits;
• mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in development, construction or production;
• risks related to governmental regulation, including environmental regulation;
• risks related to reclamation activities on the Company's properties;
• uncertainty related to title to the Company's mineral properties;
• uncertainty related to unsettled aboriginal rights and title, if any, in British Columbia;
• the Company's history of losses and expectation of future losses;
• uncertainty as to the Company's ability to acquire additional commercially mineable mineral rights;
• currency fluctuations;
• increased competition in the mining industry; and
• risks related to the Company's current practice of not using hedging arrangements.

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. The Company's forward-looking statements are based on the beliefs, expectations and opinions of Management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or Management's beliefs, expectations or opinions should change. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.