Quarterly Numbers

BOREALIS EXPLORATION LIMITED
INTERIM CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE PERIOD ENDED JUNE 30, 1996
(Unaudited)
June 30 June 30
1996 1995
Operating Activities
Operating gain (loss) $51,651 $ (53,935)
Items not affecting cash
Amortization 903 132
52,554 (53,803)
Changes in non-cash working balances
Accounts receivable (increase) (24,399) --
Accounts payable(decrease) (704,112) 89,145
(728,511) 89,145
$ (675,957) $35,342
Financing Activities
Proceeds from Share Issuance $ 1,351,914 --
Additions (reductions) to loan payable (430,546) --
Advances from (repayment to) a
shareholder $ (251,469) $ 95,236
$ 669,899 $95,236
Investing Activities
Deferred exploration , research & development cost $ (10,285) $ (385)
Proceeds from sale of fixed assets -- --
Proceeds from sale of Marketable Securities -- 3,750
Advances to an affiliated company -- (135,582)
$ (10,285) $ (132,217)
Increase (decrease) cash $ (16,343) $ (1,639)
Cash (bank indebtedness), beginning of period $ (410) $ 3,343
Cash (bank indebtedness), end of period $ (16,753) $1,704
BOREALIS EXPLORATION LIMITED
INTERIM CONSOLIDATED BALANCE SHEET
FOR THE PERIOD ENDED JUNE 30, 1996
(Unaudited)
ASSETS
June 30 1996 June 30 1995
Current Assets
Cash $ -- $ 1,704
Marketable securities $ 1,295 $ 45
1,295 1,749
Investment in shares 1,707 1,728
Mineral properties, including deferred exploratory and development costs
and fixed assets 5,365,408 8,169,448
$ 5,368,410 $ 8,172,925
Liabilities
Current Liabilities
Bank indebtedness $ 16,753 --
Loans payable $-- $ 430,546
Accounts payable 1,371,493 2,075,605
Payable to shareholders 425,931 667,400
1,814,177 3,173,551
Royalty payable 2,547,871 2,619,827
4,362,048 5,793,378
SHAREHOLDERS' EQUITY
Capital Stock:
Authorized 5,000,000 common shares without par value
Issued (1996 - 4,148,345 shares)
(1995 - 3,232,498 shares) $ 25,262,462 $22,798,589
Stock options -- --
Contributed surplus 4,919,539 4,881,660
Deficit (29,175,639) (25,300,702)
1,006,362 2,379,547
$ 5,368,410 $ 8,172,925
BOREALIS EXPLORATION LIMITED
INTERIM CONSOLIDATED STATEMENT
OF LOSS AND DEFICIT
FOR THE PERIOD ENDED JUNE 30, 1996
(Unaudited)
June 30 1996 June 30 1995
Administration expenses
Interest and exchange loss $ 35,877 $ 6,230
Other general and administrative expenses 268,792 61,852
304,669 68,082
Other Items
Revenue 356,320
Management fees -- 6,000
Interest -- 8,147
356,320 14,147
Decrease (increase) in deficit 51,651 (53,735)
Deficit, beginning of period (29,227,290) (25,246,767)
Deficit, end of period (29,175,639) (25,300,702)