| 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) |