| 2007 | 2006 | ||
|---|---|---|---|
| $000 | $000 | ||
| REVENUE | |||
| Interest received | 624 | 708 | |
| 624 | 708 | ||
| EXPENSES | |||
| Exploration and development costs (note 4) | 24,175 | 5,914 | |
| Corporate and administration costs | 659 | 1,017 | |
| Stock based compensation (note 10) | 2,288 | 1,947 | |
| Reorganisation cost and professional fees | 1,127 | 1,015 | |
| Foreign exchange loss | 241 | 5 | |
| Interest paid | 45 | – | |
| 28,535 | 9,898 | ||
| Net loss before taxes | (27,911) | (9,190) | |
| Income taxes (note 13) | 163 | 119 | |
| Net loss after taxes | (28,074) | (9,309) | |
| Minority shareholders’ interest | (808) | (293) | |
| Net loss for the year | (27,266) | (9,016) | |
| Deficit, beginning of year | (10,092) | – | |
| Deficit arising on acquisition | – | (1,076) | |
| Deficit, end of year | (37,358) | (10,092) | |
| Basic and diluted loss per share | (0.51) | (0.27) | |
| Weighted average number of common shares outstanding (000) | 53,906 | 33,688 |
See accompanying notes to consolidated financial statements