Rare Element Resources Ltd.

0001052918-11-000609.txt : 20111109 0001052918-11-000609.hdr.sgml : 20111109 20111109155346 ACCESSION NUMBER: 0001052918-11-000609 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111109 DATE AS OF CHANGE: 20111109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RARE ELEMENT RESOURCES LTD CENTRAL INDEX KEY: 0001419806 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34852 FILM NUMBER: 111191585 BUSINESS ADDRESS: STREET 1: 325 Howe Street Suite 410 CITY: Vancouver STATE: A1 ZIP: V6C 1Z7 BUSINESS PHONE: (604) 687-3520 MAIL ADDRESS: STREET 1: 325 Howe Street Suite 410 CITY: Vancouver STATE: A1 ZIP: V6C 1Z7 10-Q 1 res10qnov911ev3.htm RARE ELEMENT RESOURCES LTD. FORM 10-Q Rare Element Resources Ltd.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2011
OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-34852

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RARE ELEMENT RESOURCES LTD.

(Exact Name of Registrant as Specified in its Charter)


BRITISH COLUMBIA		N/A
(State of other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

225 Union Blvd., Suite 250
Lakewood, Colorado		80228
(Address of Principal Executive Offices)		(Zip Code)

(720) 278-2460

(Registrant’s Telephone Number, including Area Code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes o No

Indicate by check mark whether the Registrant is o a large accelerated filer, x an accelerated filer, o a non-accelerated filer, or o a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

o Yes x No

Number of shares of issuer’s common stock outstanding as of November 9, 2011: 44,096,674

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Balance Sheets, September 30, 2011 (unaudited) and June 30, 2011

Statements of Operations and Comprehensive Loss for the three months ended

September 30, 2011 and 2010 (unaudited)

Statements of Cash Flows for the three months ended September 30, 2011 and 2010 (unaudited)

Statement of Shareholders’ Equity (unaudited)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

ITEM 3. QUALITATIVE AND QUANTITATIVE DISCUSSION ABOUT MARKET RISK

ITEM 4. CONTROLS AND PROCEDURES

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

ITEM 4. [REMOVED AND RESERVED]

ITEM 5. OTHER INFORMATION

ITEM 6. EXHIBITS

SIGNATURES

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Balance Sheets, September 30, 2011 (unaudited) and June 30, 2011


RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED BALANCE SHEETS (Expressed in US Dollars)
	Notes	September 30, 2011	June 30, 2011
		(Unaudited)	(Audited)
ASSETS
CURRENT
Cash and cash equivalents		$ 64,170,389	$ 72,311,970
Marketable securities	5	29,046	53,238
Accounts receivable		560,153	327,281
Prepaid expenses		402,305	353,235
		65,161,893	73,045,724
Equipment	7	333,234	145,160
Mineral properties	6	1,669,060	1,669,060
Marketable securities	5	120,831	201,484
Reclamation bonding	13	422,283	422,283
		$ 67,707,301	$ 75,483,711

LIABILITIES
CURRENT
Accounts payable and accrued liabilities		$ 1,022,062	$ 1,019,146
Due to related parties	12	43,156	73,959
		1,065,218	1,093,105
Asset retirement obligation	9	100,540	100,540
Derivative liability	8	109,981	195,953
		1,275,739	1,389,598
SHAREHOLDERS' EQUITY
SHARE CAPITAL, no par value
Common - unlimited shares authorized;
outstanding: September 30, 2011 - 44,096,674;
June 30, 2011 - 44,076,674	10	91,457,296	91,357,438
ADDITIONAL PAID-IN CAPITAL	11	12,771,370	9,504,099
ACCUMULATED OTHER COMPREHENSIVE LOSS		(92,800)	3,306
DEFICIT		(37,704,304)	(26,770,730)
		66,431,562	74,094,113

		$ 67,707,301	$ 75,483,711

Nature of operations	1
Commitments and contingencies	13

See accompanying notes to consolidated interim financial statements

Statements of Operations and Comprehensive Loss for the three months ended September 30, 2011 and 2010 (unaudited)


RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in US Dollars)
	Notes	Cumulative amounts from the beginning of the exploration stage on June 3, 1999 to September 30, 2011	Three months ended September 30, 2011	Three months ended September 30, 2010

EXPENSES
Exploration expense		$ 16,818,165	$ 3,846,627	$ 2,839,204
Corporate administration and investor relations		4,551,323	506,677	157,197
Amortization		69,493	20,261	3,065
Corporate development		297,831	19,003	19,810
Foreign exchange (gain)/loss		706,470	3,497,270	(212,716)
Management, accounting and secretarial	12	1,950,631	104,285	89,140
Stock-based compensation		12,460,575	3,311,715	448,869
		36,854,488	11,305,838	3,344,569
OTHER (INCOME)/EXPENSE
Interest income		(1,097,235)	(286,292)	(25,120)
Write-off of mineral properties and others		1,050,028	-	-
Mark to market (gain)/loss on share purchase warrants	8	897,023	(85,972)	2,157,156
		849,816	(372,264)	2,132,036
NET LOSS FOR THE PERIOD		$ 37,704,304	$ 10,933,574	$ 5,476,605

OTHER COMPREHENSIVE (INCOME)/LOSS

Unrealized (gain)/loss on marketable securities	5	$ 92,800	$ 96,106	$ (30,129)

NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD		$ 37,797,104	$ 11,029,680	$ 5,446,476

LOSS PER SHARE - BASIC AND DILUTED			$ (0.25)	$ (0.17)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING			44,096,015	32,440,799

See accompanying notes to consolidated interim financial statements

Statements of Cash Flows for the three months ended September 30, 2011 and 2010 (unaudited)


RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in US Dollars)
	Cumulative amounts from the beginning of the exploration stage on June 3, 1999 to September 30, 2011	Three months ended September 30, 2011	Three months ended September 30, 2010

Cash flows from operating activities:
Net loss for the period	$ (37,704,304)	$ (10,933,574)	$ (5,476,605)
Adjustments to reconcile loss for the period to cash used in operations:
Amortization	69,493	20,261	3,065
Asset retirement obligation	100,540	-	-
Fair value of warrants received pursuant to the sale of mineral properties	(15,083)	-	-
Foreign exchange (gain)/loss	8,738	8,738	-
Mark to market gain/(loss) on share purchase warrants	897,023	(85,972)	2,157,156
Write-off of mineral properties and others	16,625	-	-
Stock-based compensation	12,460,575	3,311,715	448,869
Interest income accrued	(420,371)	(128,850)	-
Changes in working capital		-	-
Accounts receivable	(85,356)	(104,022)	(13,064)
Prepaid expenses	(413,826)	(49,070)	(1,933)
Accounts payable and accrued liabilities	802,680	2,916	313,247
Due to related party	13,969	(30,803)	15,462
Net cash used in operating activities	(24,269,297)	(7,988,661)	(2,553,803)

Cash flows from investing activities:
Marketable securities acquired	(207,293)	-	-
Mineral property costs	(28,815)	-	-
Reclamation bonding	(421,750)	-	(311,750)
Purchase of equipment	(402,726)	(208,334)	-
Payments received for sale/option of mineral properties	279,486	-	-
Net cash used in investing activities	(781,098)	(208,334)	(311,750)

Cash flows from financing activities:
Advance of promissory note	110,737	-	-
Repayment of promissory note	(129,286)	-	-
Cash received for common shares	93,808,993	55,414	2,351,702
Share issue costs	(4,788,458)	-	114,344
Net cash provided by financing activities	89,001,986	55,414	2,466,046
Cash acquired in capital transaction	218,798	-	-
Increase/(decrease) in cash and cash equivalents	64,170,389	(8,141,581)	(399,507)
Cash and cash equivalents - beginning of the period	-	72,311,970	11,460,476
Cash and cash equivalents - end of the period	$ 64,170,389	$ 64,170,389	$ 11,060,969

Supplemental disclosure with respect to cash flows - Note 14

See accompanying notes to consolidated interim financial statements

Statement of Shareholders’ Equity (unaudited)


RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF SHAREHOLDER’S EQUITY (Expressed in US Dollars)

	Notes	Number of shares	Amount	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Deficit	Total
Balance, June 30, 2011 (Audited)		44,076,674	91,357,438	9,504,099	3,306	(26,770,730)	74,094,113
Exercise of options	11	20,000	55,414	-	-	-	55,414
Fair value of options		-	44,444	(44,444)	-	-	-
Stock-based compensation	11	-	-	3,311,715	-	-	3,311,715
Unrealized loss on available for sale investments		-	-	-	(96,106)		(96,106)
Net loss for the period		-	-	-	-	(10,933,574)	(10,933,574)
Balance, September 30, 2011 (Unaudited)		44,096,674	$91,457,296	$ 12,771,370	$ (92,800)	$(37,704,304)	$66,431,562

See accompanying notes to consolidated interim financial statements

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

NATURE OF OPERATIONS

Rare Element Resources Ltd. (“Rare Element” or “the Company”) was incorporated under the laws of the Province of British Columbia on June 3, 1999.

The Company is in the process of exploring and evaluating its mineral property interests and has not yet determined whether its mineral property interests contain mineral reserves that are economically recoverable. The Company’s continuing operations and the underlying value and recoverability of the amounts shown for mineral property interests are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of the mineral property interests, obtaining the necessary permits to mine, and on future profitable production or proceeds from the disposition of the mineral property interests. To date, the Company has no revenue and has an accumulated operating deficit of $37,704,304.

Management of the Company is of the opinion that sufficient financing will be obtained from external financing and further share issuances to meet the Company’s obligations. Although the Company has been successful in raising such capital in the past, there can be no assurance that the Company will be able to do so in the future. At September 30, 2011, the Company had working capital of $64,096,675, which is sufficient to fund operations for a period greater than twelve months.

BASIS OF PRESENTATION

In July, 2011, the Company became a domestic issuer in the United States and transitioned from reporting according to Canadian regulations with US secondary filings, to reporting according to the US regulations with Canadian secondary filings. While this will have no impact on the value of the Company, shareholders will have to adapt to filings in the US regulation formats. The Company’s financial statements are presented in US generally accepted accounting principles (“US GAAP”), as required under SEC rules.

The Company’s reporting under US GAAP is similar to Canadian GAAP, except that exploration expenditures are expensed as incurred until a property has declared proven and probable mineral reserves. As a result of this difference, exploration costs reported in 2010 have been reclassified to the current presentation.

In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of June 30, 2011 and 2010 and for each of the three years ended June 30, 2011 included in our Annual Report on Form 10-K for the year ended June 30,2011. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of September 30, 2011 and the results of our operations and cash flows for the three months ended September 30, 2011 and 2010 in conformity with U.S. GAAP. Interim results of operations for the three months ended September 30, 2011 may not be indicative of results that will be realized for the full year ending June 30, 2012.

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

RECENT ACCOUNTING PRONOUNCEMENTS

Business Combinations

In December 2010, ASC guidance for business combinations was updated to clarify existing guidance that requires a public entity to disclose pro forma revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual period only. The update also expands the supplemental pro forma disclosures required to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The updated guidance became effective for our fiscal year that began on June 30, 2011. Adoption of this guidance has had no impact on our consolidated financial position, results of operations or cash flows.

Fair Value Accounting

In January 2010, the ASC guidance for fair-value measurements and disclosures was updated to require enhanced detail in the Level 3 reconciliation. The updated guidance became effective for our fiscal year that began on July 1, 2011. Adoption of this guidance had no impact on our consolidated financial statements for the three months ended September 30, 2011 and is expected to have minimal impact for the full year.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount.

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net loss. Financial assets classified as held-to-maturity and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive (income)/loss until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in (income)/loss.

Financial instruments, including cash and cash equivalents, accounts receivable, reclamation bonding, accounts payable and accrued liabilities are carried at cost, which management believes approximate the recognized fair value due to the short term nature of these instruments. Marketable securities are classified as available-for-sale, with unrealized gains and losses being recognized in other comprehensive (income)/loss.

The Company’s financial instruments have been designated as follows:

Held-for-trading: cash and cash equivalents, reclamation bond and derivative liabilities

Available-for-sale: marketable securities

Other financial liabilities: accounts payable, accrued liabilities, due to related parties and ARO

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

The following table presents information about financial instruments recognized at fair value on a recurring basis as of September 30, 2011, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset. As of September 30, 2011, the Company did not have any inputs considered to be Level 3.


	Level 1	Level 2	Total
Assets
Cash and cash equivalents	$ 37,740,887	$ 26,429,502	$ 64,170,389
Marketable securities	149,877	-	149,877
Reclamation bonding	422,283	-	422,283
Total	$ 38,313,047	$ 26,429,502	$ 64,742,549

Liabilities
Derivative liabilities	$ -	$ 109,981	$ 109,981
Total	$ 38,313,047	$ 26,539,483	$ 64,852,530

Derivative liabilities which are comprised of share purchase warrants not listed on public exchanges are valued using the Black Scholes valuation model. The valuation model requires a variety of inputs, including strike price, contractual terms, market prices, measure of volatility and interest rate. Because the inputs are derived from observable market data, derivative liabilities are classified within Level 2 of the fair value hierarchy.

MARKETABLE SECURITIES

Marketable securities consist of equity securities over which the Company does not have control or significant influence. Marketable securities are designated as available-for-sale and valued at fair value.


	September 30, 2011				June 30, 2011
	Cost	Unrealized (gain)/loss	Foreign exchange movement	Fair Market Value	Cost	Unrealized (gain)/loss	Foreign exchange movement	Fair Market Value
Current	$ 44,123	$ (16,502)	$ 1,425	$ 29,046	$ 44,123	$ 5,991	$ 3,124	$ 53,238
Long-term	204,137	(76,298)	(7,008)	120,831	204,137	(2,685)	32	201,484
	$ 248,260	$ (92,800)	$ (5,583)	$ 149,877	$ 248,260	$ 3,306	$ 3,156	$ 254,722

MINERAL PROPERTIES

The amounts shown represent acquisition costs, and do not necessarily represent present or future values as these are entirely dependent upon the economic recovery of future ore reserves. A summary of current property interests is as follows:


	Bear Lodge REE Property	Sundance Gold Property	Eden Lake Property	Nuiklavik Property	Total
Mineral property costs, September 30, 2011 and June 30, 2011	$ -	$ 27,000	$ 915,058	$ 727,002	$ 1,669,060

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

The Company completed an impairment analysis as at September 30, 2011. Management concluded that no impairment charge was required because:

there have been no significant changes in the legal factors or climate that affects the value of the properties;

all property rights remain in good standing;

the recent increase in prices in rare-earth-oxide (“REO”) and gold;

exploration results continue to be positive for both the Bear Lodge REE Project and the Sundance Gold Project;

the REE mineral resource was recently increased;

the Company intends to continue its exploration and development plans on its Bear Lodge REE Project and the Sundance Gold Project; and

the Company is looking for partners for its Eden Lake and Nuiklavik Properties.

EQUIPMENT


	September 30, 2011			June 30, 2011
	Cost	Accumulated amortization	Net book value	Cost	Accumulated amortization	Net book value
Computer equipment	$ 68,270	$ 18,740	$ 49,530	$ 45,913	$ 12,626	$ 33,287
Furniture	79,920	7,377	72,543	44,824	4,482	40,342
Geological equipment	205,328	35,202	170,126	97,080	25,549	71,531
Vehicle	42,634	1,599	41,035	-	-	-
	$ 396,152	$ 62,918	$ 333,234	$ 187,817	$ 42,657	$ 145,160

DERIVATIVE LIABILITY

Share purchase warrants

In accordance with EITF 07-5 “Determining Whether an Instrument (or Embedded Feature) is Indexed to an Entity’s Own Stock” , US GAAP requires share purchase warrants with an exercise price denominated in a currency other than the Company’s functional currency be classified and accounted for as a financial liability and fair valued. As a result of applying this interpretation, the Company has recorded the mark-to-market impacts related to fair valuation of these warrants in the net loss and reflected the fair value as a derivative liability.

During the three months ended September 30, 2011, the Company recognized a mark-to-market gain of $85,972.

ASSET RETIREMENT OBLIGATION

An environmental provision of $100,540 was recognized in fiscal year 2011 in respect of the Company’s current obligations to reclaim areas used for exploring the Bear Lodge Property.

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

10.

SHARE CAPITAL


	Number of shares issued	Share capital

As of June 30, 2011	44,076,674	$ 91,357,438

Exercise of stock options - cash	20,000	55,414
Exercise of stock options - fair value - Note 11	-	44,444

Issued during the three months ended September 30, 2011	20,000	99,858

As of September 30, 2011	44,096,674	$ 91,457,296

11.

ADDITIONAL PAID-IN CAPITAL

Stock options

The Company established a 20% fixed stock option plan whereby the board of directors may from time to time grant options up to 5,779,347 common shares to individual eligible directors, officers, employees or consultants. The maximum term of any option is five years. The exercise price of an option is not less than the closing price on the last trading day preceding the grant date, less allowable discounts in accordance with the policies of the Toronto Stock Exchange and the NYSE Amex. The Board retains the discretion to impose vesting periods on any options granted. All options granted to date vest as follows: 20% vest 4 months after date of grant, 20% vest 8 months after the date of grant, 20% vest 12 months after the date of grant, 20% vest 15 months after the date of grant, and the remaining 20% vest 18 months after the date of grant.

The following table provides certain stock options disclosure:


	For the three months ended September 30, 2011 (in millions)	For the year ended June 30, 2011 (in millions)
Stock-based compensation expense	$3.31	$7.41
Intrinsic value of options exercised	$0.16	$15.66
Fair value of awards vesting	$2.93	$2.32
Cash received on option exercises	$0.06	$1.34
Unamortized stock-based compensation expense	$5.88	$7.12

The following table summarizes the weighted-average assumptions used in determining fair values:


	For the three months ended September 30, 2011	For the year ended June 30, 2011
Grant date fair value	CDN$6.93	CDN$9.13
Grant market price	CDN$8.85	CDN$11.44
Ending common share price	CDN$5.40	CDN$10.67
Expected volatility	108%	117%
Expected option term - years	5	5
Risk-free interest rate	2.0%	2.3%
Forfeiture rate	0%	0%
Dividend yield	0%	0%

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

The following table summarizes the Company’s stock option activity:


	Number of Options	Weighted Average Exercise Price (CDN$)	Weighted Average Fair Value (CDN$)	Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (CDN$)
Outstanding, June 30, 2010	3,236,000	1.30	0.97	3.36	2,956,170
Granted	1,438,000	11.77	9.13	4.67	-
Exercised	(1,537,500)	0.87	0.64	1.87	-
Outstanding, June 30, 2011	3,136,500	6.31	4.91	3.67	15,492,845
Granted	410,000	8.85	6.93	4.86	-
Exercised	(20,000)	2.71	2.17	3.66	-
Outstanding, September 30, 2011	3,526,500	6.62	5.16	3.58	6,254,500
Exercisable, September 30, 2011	1,898,700	3.65	2.87	2.82	5,904,940

The following table summarizes the options outstanding and exercisable at September 30, 2011:


Expiry Date	Options Outstanding	Options Exercisable	Exercise Price (CDN$)	Weighted Average Remaining Contractual Life (Years)
January 10, 2012	100,000	100,000	0.55	0.28
October 1, 2012	250,000	250,000	1.00	1.01
January 27, 2014	505,500	505,500	0.58	2.33
July 20, 2014	200,000	200,000	2.09	2.81
April 19, 2015	184,000	146,000	3.28	3.55
May 28, 2015	439,000	339,000	2.71	3.66
January 11, 2016	403,000	161,200	15.16	4.28
March 16, 2016	985,000	197,000	10.50	4.46
June 17, 2016	50,000	-	9.35	4.72
July 5, 2016	100,000	-	9.95	4.76
August 23, 2016	310,000	-	8.49	4.90
	3,526,500	1,898,700		3.58

The fair value of stock options and warrants is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	2011	2010
Risk-free interest rate	2.10 – 2.36%	1.28 – 2.52%
Expected volatility	110 - 113%	116 – 137%
Expected dividend yield	Nil	Nil
Expected life in years	1.5 – 5	1.5 – 5

During the three months ended September 30, 2011, the Company recognized $3,311,715 (2010 - $448,869) of stock-based compensation expense for options granted to directors, officers, and consultants.

Option pricing models require the input of highly subjective assumptions, particularly as to the expected price volatility of the stock. Changes in these assumptions can materially affect fair value estimates and, therefore, it is management’s view that the existing models do not necessarily provide a single reliable measure of the fair value of the Company’s stock-option grants.

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

Warrants

The following table summarizes the Company’s warrants activity:


	Number of Warrants	Weighted Average Exercise Price (CDN$)
Outstanding, June 30, 2009	1,000,000	1.00
Granted	2,865,751	4.02
Exercised	(144,500)	1.03
Outstanding, June 30, 2010	3,721,251	3.32
Exercised	(3,601,964)	3.28
Outstanding, September 30, 2011 and June 30, 2011	119,287	4.75

At September 30, 2011, the following warrants were outstanding:


Expiry Date	Number of Warrants	Exercise Price (CDN$)	Weighted Average Remaining Contractual Life (Years)
April 13, 2012	119,287	4.75	0.54

Agents’ Options and Warrants

The following table summarizes the Company’s agents’ options and warrants activity:


	Number of Agents’ options and warrants	Weighted Average Exercise Price (CDN$)
Outstanding, June 30, 2009	-	-
Issued	151,890	3.50
Outstanding, June 30, 2010	151,890	3.50
Granted	383,640	9.00
Exercised	(324,528)	6.43
Outstanding, September 30, 2011 and June 30, 2011	211,002	9.00

At September 30, 2011, the following agent’s options and warrants were outstanding:

Expiry Date

Number of

Agents’ options

and warrants

Exercise Price (CDN$)

Weighted Average Remaining Contractual Life (Years)

December 22, 2012

211,002

9.00

1.23

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

12.

RELATED PARTY TRANSACTIONS

During the three months ended September 30, 2011:

$50,000 (2010 - $36,700) was charged for management fees by an officer and director of the Company. As at September 30, 2011, $Nil (June 30, 2011 - $Nil) was owed to the officer.

$108,119 (2010 - $54,605) was charged by a private company controlled by a director of the Company for accounting, management fees and rent. As at September 30, 2011, $43,156 (June 30, 2011 - $73,959) was owed to this private company.

Related party transactions were in the normal course of operations and are measured at the fair value amount as determined by management. The amounts owed bear no interest and are unsecured with no repayment terms.

13.

COMMITMENTS AND CONTINGENCIES

Our commitments and contingencies include the following items:

Reclamation bonding

On July 23, 2004, $10,000 was transferred to the Wyoming Department of Environmental Quality for the bond required to reclaim the ground disturbed during its exploration programs at the Bear Lodge Property. The Company must complete certain reclamation work for these funds to be released, but may leave the bond in place for future exploration programs, even if such work is completed.

In August 2009, an additional $100,000 bond was set up for the benefit of the Company in respect to future reclamation work at the Bear Lodge Property.

In August 2010, the Company increased its reclamation bonding to $420,000 by depositing with Wyoming regulatory authorities an additional $310,000 in the name of Rare Element Resources, Inc.

Potential environmental contingency

The Company’s mining and exploration activities are subject to various federal, provincial and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain.

Rent commitment

The Company signed a five-year office building lease for its US office in Lakewood, Colorado, USA. The Company is committed to pay the monthly rent instalments according to the following schedule:


August 2011 through July 2012	$ 7,415
August 2012 through July 2013	$ 7,610
August 2013 through July 2014	$ 7,805
August 2014 through July 2015	$ 8,000
August 2015 through July 2016	$ 8,195

RARE ELEMENT RESOURCES LTD.

(An Exploration Stage Company)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in US Dollars, unless otherwise noted)

14.

SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS


	Three months ended September 30,
	2011	2010
Non-cash information
Shares issued on property acquisition	$ -	$ 44,707
Fair value of securities exercised	44,444	491,621
Fair value of agents’ options and warrants issued	-	310,988

Other items
Interest received	$ 157,442	$ 25,120

15.

SEGMENTED INFORMATION

The Company operates in a single reportable operating segment, being exploration and development of mineral properties.

Summarized financial information for the geographic segments the Company operates in are as follows:


	Canada	United States	Total
As at September 30, 2011
Assets	$ 64,041,193	$ 3,666,108	$ 67,707,301
As at June 30, 2011
Assets	$ 74,506,793	$ 976,918	$ 75,483,711


	Canada	United States	Total
For the three months ended September 30, 2011
Losses for the period	$ 3,386,437	$ 7,547,137	$ 10,933,574
Capital expenditures	$ -	$ 208,334	$ 208,334
For the three months ended September 30, 2010
Losses for the period	$ 477,680	$ 4,998,925	$ 5,476,605
Capital expenditures	$ -	$ 311,750	$ 311,750

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Such forward-looking statements concern the Company’s anticipated results and developments in the Company’s operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. 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.

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” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) 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 which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

risks related to the Company’s history of losses and need for additional financing;

risks associated with the Company’s lack of history of producing metals from its mineral properties;

risks associated with increased costs affecting financial condition;

risks associated with a shortage of equipment and supplies;

risks associated with mining and resource exploration being an inherently dangerous activity;

risks associated with operating in the resource industry, which is highly speculative;

risks associated with the Company’s lack of known reserves;

risks associated with resource estimates;

risks associated with material changes in mineral resource estimates;

risks associated with the difference in U.S. and Canadian practices for reporting reserves and resources;

risks associated with the Company’s lack of insurance for its operations;

risks associated with mineral operations being subject to market forces outside of the Company’s control;

risks associated with the permitting, licensing and approval processes for the Company’s operations;

risks associated with governmental and environmental regulations;

risks associated with future legislation regarding the mining industry and climate change;

risks associated with the Company’s land reclamation requirements;

risks related to competition in the mining and rare earth elements industries;

risks related to joint ventures and partnerships;

risks related to foreign currency fluctuations;

risks related to the Company’s dependence on key personnel;

risks related to the potential difficulty of attracting and retaining qualified personnel;

risks related to the Company’s executive officers and directors being engaged in other businesses;

risks related to title in the Company’s properties;

risks related to enforcement of civil liabilities in the United States;

risks related to the Company’s securities; and

risks associated with tax consequences to U.S. shareholders.

This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated,

estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. The Company qualifies all the forward-looking statements contained in this Quarterly Report by the foregoing cautionary statements. We advise you to carefully review the reports and documents we file from time to time with the United States Securities and Exchange Commission (the “SEC”), particularly our Annual Report on Form 10-K and our Current Reports on Form 8-K. The reports and documents filed by the Company with the SEC are available at www.sec.gov.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Quarterly Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See “Cautionary Note Regarding Forward-Looking Statements.” Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those set forth under elsewhere in this report. See “Forward-Looking Statements” above.

This discussion and analysis should be read in conjunction with the accompanying unaudited consolidated financial statements and related notes. The discussion and analysis of the financial condition and results of operations are based upon the unaudited consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis the Company reviews its estimates and assumptions. The estimates were based on historical experience and other assumptions that the Company believes to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but the Company does not believe such differences will materially affect our consolidated financial position or results of operations

Introduction

This is Management’s Discussion and Analysis (“MD&A”) for Rare Element Resources Ltd. and has been prepared based on information known to management as of the date of this report. This MD&A is intended to help the reader understand the unaudited consolidated financial statements of Rare Element.

Rare Element is focused on exploring and developing economic mineral projects which contain or have the potential to contain rare-earth elements with or without gold. The Company plans to explore advanced-stage exploration projects itself, and to acquire and option out earlier stage exploration projects, while keeping a retained interest.

The main focus of the Company is advancing the Bear Lodge REE Project located near Sundance, Wyoming, USA.

In July, 2011, the Company became a domestic issuer in the United States and transitioned from reporting according to Canadian regulations with US secondary filings, to reporting according to the US regulations with Canadian secondary filings. While this will have no impact on the value of the Company, shareholders will have to adapt to filings in the US regulation formats. The Company has adopted US generally accepted accounting principles (“US GAAP”), as required under SEC rules. This MD&A should be read in conjunction with the consolidated financial statements for the quarter ended September 30, 2011 and supporting notes.

The Company’s reporting under US GAAP is similar to Canadian GAAP, except that exploration expenditures are expensed as incurred until a property has declared proven and probable mineral reserves.

Currently, the United States Financial Accounting Standards Board expects to adopt IFRS in 2016 but that may change. At that time, Rare Element will adopt IFRS which is now widely used in developed countries. Under IFRS the mineral property expenditures that had been capitalized under Canadian GAAP and expensed under US GAAP

would be reevaluated for capitalization under IFRS. Generally under IFRS if the expenditure is expected to provide a betterment of the asset it would be capitalized.

Management is responsible for the preparation and integrity of the consolidated financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Management also ensures that information used internally or disclosed externally, including the consolidated financial statements and MD&A, is complete and reliable.

The Company’s board of directors follows recommended corporate-governance guidelines for public companies to ensure transparency and accountability to shareholders. The board’s audit committee meets with management regularly to review the consolidated financial statements, including the MD&A, and to discuss other financial, operating and internal-control matters.

All currency amounts are expressed in US dollars unless otherwise noted.

Outlook

Rare Element Resources has sufficient cash on hand to conduct its current exploration and operating plans through 2012. Rare Element Resources plans to continue to advance the Bear Lodge REE Project and the Sundance Gold Project in Wyoming, USA, during 2011 and into 2012 including the following:

Additional resource definition drilling to expand and upgrade the resources at the Bull Hill (aka Bull Hill SW), Whitetail Ridge, and Bull Hill NW deposits.

Exploration drilling at the Bull Hill West, Carbon REE, Taylor REE, and other prospective REE targets identified during the 2010 exploration program.

Geological mapping, geochemical sampling, and geophysical surveys over selected areas in order to better delineate current target areas and identify new targets for economic REE mineralization.

Collection of additional bulk sample mineralized material for continued pilot plant testing from a second large diameter core drilling program in select, well-mineralized areas, along with additional sampling of mineralized surface exposures in road cuts, trenches, and drill sites.

A condemnation drilling program to ensure that the proposed low-grade stockpile and waste facility will not cover ground that is prospective for REE and/or gold mineralization.

Environmental baseline and geotechnical studies for use in the environmental impact study (“EIS”) and prefeasibility study.

Continued metallurgical testing of the oxide, the oxide-carbonate and the low-grade stockwork mineralized material for optimization of mineral concentration and chemical concentration processes.

Perform market testing from product produced by the pilot plant.

Completion of a Preliminary Feasibility Study in the first quarter of 2012.

Continue to add key personnel to develop the corporate infrastructure to support the current project development and future production operation.

Plans to begin a limited gold-targeted drilling program to expand existing mineral resources, to search for higher grade mineralization, and to discover new deposits.

Description of Metal Markets

Rare earth elements (“REE”) are used in hybrid-electric-vehicles (“HEV”) and all-electric vehicles, many of which contain REE-bearing nickel-metal-hydride (“Ni-MH”) batteries and REE “super” magnets within electrical motors and generators; REE are also used in computers, cellular telephones, TV screens, wind turbines, fuel cells, magnetic refrigeration technologies, compact fluorescent lights, petroleum-refining catalysts and numerous other modern specialty technologies.

The markets for REE have become more significant over the years as more of these new technologies are developed. Currently these REE markets are dominated by production from China, which produced over 95 percent of the world’s REEs in recent years. For the past eight years and most recently in the summer of 2010, China has reduced its exports of REE by 40 percent and increased related export taxes, which has significantly increased producer sales prices since that time.

The prices of REE are quoted in different forms including. rare-earth carbonate concentrates that contain approximately 42 percent to 45 percent REOs can be marketed or they can be separated into individual oxides or sold in small sub-groups of similar elements.

According to www.metal-pages.com (“Metal Pages”), the prices of REEs have generally increased approximately 500 percent in 2010 after a slight recovery in 2009 from depressed prices in 2008 due to worldwide economic turmoil. For example, according to Metal Pages, the prices of REE concentrates have increased from $4,500 per ton in July 2010 to approximately $38,000 per ton in December 2010. REO prices increased considerably during the first two quarters of 2011 but have declined in the third quarter.

Since REE are used for many new technologies, it is estimated that their demand for REE will increase at a rate of 7 to 10 percent per year for the next 5 years and possibly longer [IMCOA, Roskill and Rare Earths Industry Stakeholders, 2011, Dudley J. Kingsnorth]. Rare-earth magnet demand using Nd, Pr, Dy and Tb, is expected to increase annually at a rate of 10-15 percent.

Risks and Uncertainties

The Company’s operations are subject to certain risks and uncertainties that may impact the Company’s financial results. For a full list of such risks and uncertainties, please see “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed with the SEC on September 28, 2011.

Our failure to successfully address these risks and uncertainties would have a material adverse effect on our business, financial condition and/or results of operations. Consequently, the trading price of our common shares may decline and investors may lose all or part of their investment in the Company. We cannot assure you that we will successfully address these risks and uncertainties or other unknown risks and uncertainties that may affect our business.

Results of Operations

Results of Operations for the three months ended September 30, 2011 compared to the three months ended September 30, 2010

The net loss for the three-month period ended September 30, 2011 totaled $10,933,574 or $0.25 per share as compared to a net loss of $5,476,605 or $0.17 per share for the same period in 2010, which is an increase of $5,456,969.

Exploration expense

Exploration expense for the three-month period ended September 30, 2011 was $3,846,627 as compared with $2,839,204 for the same period in 2010. This increase is due to additional exploration work, including the pre-feasibility study, at the Bear Lodge REE Project and the Sundance Gold Project. The following table shows the major exploration expenses incurred for the comparative periods by project:


	Three months ended September 30, 2011	Three months ended September 30, 2010
Bear Lodge REE property
Assays	$ 195,591	$ 144,935
Drilling	1,110,215	1,537,358
Engineering consulting	496,627	111,182
Environmental costs	119,825	5,846
Geological consulting and geochemistry	300,511	263,249
Holding costs	311,989	196,701
Metallurgical testing	243,156	48,173
Subtotal - Bear Lodge REE property	2,777,914	2,307,444

Sundance Gold Project
Assays	66,368	63,209
Drilling	249,724	297,360
Others	202,555	171,191
Subtotal - Sundance Gold property	518,647	531,760

Pre-feasibility Study	550,066	-

Total exploration expense	$ 3,846,627	$ 2,839,204

Foreign exchange (gain)/loss

A foreign exchange loss of $3,497,270 was recognized for the three-month period ended September 30, 2011 as compared with a foreign exchange gain of $212,716 for the same period in 2010. The increase in the foreign exchange loss of $3,709,986 was due to the majority of the Company’s cash balances being in Canadian dollars during a period when the US dollar (our reporting currency) has appreciated against the Canadian dollar. In the future, we intend to hold between six months and twelve months of US based spending in US dollars as a natural hedge against currency fluctuations.

Interest income

Interest income was $286,292 for the three-month period ended September 30, 2011 as compared to $25,120 for the same period in 2010. The increase of $261,172 from the respective prior period was due to an increase in interest earned on the funds that the Company held in financial institutions as a result of increased cash balances.

Stock-based compensation

Non-cash stock-based compensation was $3,311,715 for the three-month period ended September 30, 2011 as compared to $448,869 for the same period in 2010. The increase of $2,862,846 from the respective prior period was the result of an increase in stock options granted during the latter part of the fiscal year ended June 30, 2011 and the subsequent amortization expense associated with the awards as they vest over time.

Liquidity and Capital Resources

Liquidity and Capital Resources for the quarter ended September 30, 2011

The Company’s working capital as at September 30, 2011 was $64,096,675 (June 30, 2011 - $71,952,619). As at September 30, 2011, cash totaled $64,170,389, representing a decrease of $8,141,581 from June 30, 2011.

During the quarter ended September 30, 2011, 20,000 options were exercised for gross proceeds of $55,414. The Company spent $208,334 on the purchase of equipment. The Company also spent $7,988,661 on its operating activities, of which $3,497,270 relates to the foreign exchange loss as a result of the Company holding the majority of its cash and cash equivalents in Canadian dollars.

Management estimates that the current cash position and future cash flows from warrants and options and potential financing will be sufficient for the Company to carry out its anticipated exploration and operating plans through 2012.

There may be circumstances where, for sound business reasons, a reallocation of funds may be necessary in order for the Company to achieve its stated business objectives.

Asset Retirement Obligations

An asset retirement obligation of $100,540 was recognized in the quarter ended September 30, 2011 for the Company’s current obligations to reclaim areas used for exploring the Bear Lodge Property. As the Company disturbs more property the Company will record an increase in its asset retirement obligations.

Potential Environmental Contingency

The Company’s mining and exploration activities are subject to various federal, provincial and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment and believes its operations are in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site restoration costs to be incurred is uncertain.

Transactions with Related Parties

During the three-months ended September 30, 2011:

$50,000 (quarter ended September 30, 2010 - $36,700) was charged for management fees by an officer and director of the Company. As at September 30, 2011 $Nil (June 30, 2011 - $Nil) was owed to the officer.

$108,119 (quarter ended September 30, 2010 - $54,605) was charged by a private company controlled by a director of the Company for accounting, management fees and rent. As at September 30, 2011 $43,156 (June 30, 2011 - $73,959) was owed to this private company.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

Contractual Obligations

There were no material changes to the contractual obligations disclosed in Item 7 of Part 2 in our Form 10-K for the fiscal year ended June 30, 2011

ITEM 3. QUALITATIVE AND QUANTITATIVE DISCUSSION ABOUT MARKET RISK

Market risk. Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign currency risk, and other price risk.

Interest rate risk. The Company’s cash and cash equivalents consist of cash held in bank accounts and guaranteed investment certificates that earn interest at variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates do not have a significant impact on estimated fair values as of September 30, 2011. Future cash flows from interest income on cash and cash equivalents will be affected by interest rate fluctuations. The Company manages interest rate risk by maintaining an investment policy that focuses primarily on preservation of capital and liquidity.

Foreign currency risk. The Company is exposed to foreign currency risk as monetary financial instruments are denominated in Canadian Dollars. The Company has not entered into any foreign currency contracts to mitigate this risk.

Other price risk. Other price risk is the risk that the fair or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than those arising from interest rate risk or foreign exchange risk. The Company is not exposed to significant other price risk.

Net loss and other comprehensive loss for the quarter ended September 30, 2011 could have varied if the Canadian Dollar to US Dollar foreign exchange rate varied by reasonably possible amounts from their actual balance sheet date values.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, an evaluation was carried out under the supervision of and with the participation of our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on that evaluation the CEO and the CFO have concluded that as of the end of the period covered by this quarterly report, our disclosure controls and procedures were effective in ensuring that: (i) information required to be disclosed by us in reports that we file or submit to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

The Company notes that during the period covered by our Annual Report on Form 10-K filed with the SEC on September 28, 2011, the Company restated its financial statements due to an adjustment in its accounting for warrants in its reconciliations to United States generally accepted accounting principles (“U.S. GAAP”) in the footnotes to its financial statements for the following periods: (1) the fiscal year ended June 30, 2010 and (2) the fiscal quarters ended September 30, 2009, December 31, 2009, March 31, 2010, and June 30, 2010. As a result of the accounting oversight in U.S. GAAP, in February of 2011, the Company hired Deloitte & Touche LLP as accounting consultant to the Company to bolster the Company U.S. GAAP expertise. The Company’s management does not believe that the restatement of the accounting treatment for warrants under U.S. GAAP resulted through a material weakness in the Company’s internal control over financial reporting or as a result of the Company’s disclosure controls and procedures being ineffective, and management’s assessments as of September 30, 2011, reflects this fact.

Changes in Internal Controls

There has been no change in our internal control over financial reporting during the quarter ended September 30, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not aware of any material pending or threatened litigation or of any proceedings known to be contemplated by governmental authorities which are, or would be, likely to have a material adverse effect upon us or our operations, taken as a whole. There are no material proceedings pursuant to which any of our directors, officers or affiliates or any owner of record or beneficial owner of more than 5% of our securities or any associate of any such director, officer or security holder is a party adverse to us or has a material interest adverse to us.

ITEM 1A. RISK FACTORS

There were no material changes to the risk factors disclosed in Item 1A of Part 1 in our Form 10-K for the fiscal year ended June 30, 2011.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. [REMOVED AND RESERVED]

ITEM 5. OTHER INFORMATION

Mine Safety and Health Administration Regulations

Pursuant to Section 1503(a) of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (The “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. During the quarter ended September 30, 2011, our U.S. exploration properties were not subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the "Mine Act").

ITEM 6. EXHIBITS


Exhibit Number	Description of Exhibits
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act
32.2	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		RARE ELEMENT RESOURCES LTD.


	By:	/s/ Donald E. Ranta
		Donald E. Ranta
		President, Chief Executive Officer and Director
		(Principal Executive Officer )

	Date:	November 9, 2011


		RARE ELEMENT RESOURCES LTD.


	By:	/s/ David P. Suleski
		David P. Suleski
		Chief Financial Officer
		(Principal Financial Officer
		and Principal Accounting Officer)

	Date:	November 9, 2011

EX-31 2 ex311.htm CERTIFICATION EXHIBIT 31

EXHIBIT 31.1

CERTIFICATIONS

I, Donald E. Ranta, certify that:

I have reviewed this quarterly report on Form 10-Q of Rare Element Resources Ltd.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report.

The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors:

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 9, 2011

By: /s/ Donald E. Ranta

Donald E. Ranta

President, Chief Executive Officer and Director

(Principal Executive Officer)

EX-31 3 ex312.htm CERTIFICATION EXHIBIT 31

EXHIBIT 31.2

CERTIFICATIONS

I, David P. Suleski, certify that:

I have reviewed this quarterly report on Form 10-Q of Rare Element Resources Ltd.;

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 9, 2011

By: /s/ David P. Suleski

David P. Suleski

Chief Financial Officer

(Principal Accounting and Financial Officer)

EX-32 4 ex321.htm CERTIFICATION EXHIBIT 32

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Rare Element Resources Ltd.. (the “Company”) on Form 10-Q for the period ended September 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Donald E. Ranta, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 9, 2011

By: /s/ Donald E. Ranta

Donald E. Ranta

President, Chief Executive Officer and Director

(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to Rare Element Resources Ltd. and will be retained by Rare Element Resources Ltd. to be furnished to the Securities and Exchange Commission or its staff upon request.

EX-32 5 ex322.htm CERTIFICATION Exhibit 32

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Rare Element Resources Ltd.. (the “Company”) on Form 10-Q for the period ended September 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David P. Suleski, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 9, 2011

By: /s/ David P. Suleski

David P. Suleski

Chief Financial Officer

(Principal Accounting and Financial Officer)

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55414

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8.738

1.     NATURE OF OPERATIONS   Rare Element Resources Ltd. (Rare Element or the Company) was incorporated under the laws of the Province of British Columbia on June 3, 1999.   The Company is in the process of exploring and evaluating its mineral property interests and has not yet determined whether its mineral property interests contain mineral reserves that are economically recoverable. The Companys continuing operations and the underlying value and recoverability of the amounts shown for mineral property interests are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of the mineral property interests, obtaining the necessary permits to mine, and on future profitable production or proceeds from the disposition of the mineral property interests. To date, the Company has no revenue and has an accumulated operating deficit of $37,704,304.    Management of the Company is of the opinion that sufficient financing will be obtained from external financing and further share issuances to meet the Companys obligations.  Although the Company has been successful in raising such capital in the past, there can be no assurance that the Company will be able to do so in the future.  At September 30, 2011, the Company had working capital of $64,096,675, which is sufficient to fund operations for a period greater than twelve months.

2.     BASIS OF PRESENTATION   In July, 2011, the Company became a domestic issuer in the United States and transitioned from reporting according to Canadian regulations with US secondary filings, to reporting according to the US regulations with Canadian secondary filings. While this will have no impact on the value of the Company, shareholders will have to adapt to filings in the US regulation formats. The Companys financial statements are presented in US generally accepted accounting principles (US GAAP), as required under SEC rules.    The Companys reporting under US GAAP is similar to Canadian GAAP, except that exploration expenditures are expensed as incurred until a property has declared proven and probable mineral reserves.  As a result of this difference, exploration costs reported in 2010 have been reclassified to the current presentation.   In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP.  Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of June 30, 2011 and 2010 and for each of the three years ended June 30, 2011 included in our Annual Report on Form 10-K for the year ended June 30,2011.  In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of September 30, 2011 and the results of our operations and cash flows for the three months ended September 30, 2011 and 2010 in conformity with U.S. GAAP.  Interim results of operations for the three months ended September 30, 2011 may not be indicative of results that will be realized for the full year ending June 30, 2012.

3.     RECENT ACCOUNTING PRONOUNCEMENTS   Business Combinations   In December 2010, ASC guidance for business combinations was updated to clarify existing guidance that requires a public entity to disclose pro forma revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual period only.  The update also expands the supplemental pro forma disclosures required to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings.  The updated guidance became effective for our fiscal year that began on June 30, 2011.  Adoption of this guidance has had no impact on our consolidated financial position, results of operations or cash flows.   Fair Value Accounting   In January 2010, the ASC guidance for fair-value measurements and disclosures was updated to require enhanced detail in the Level 3 reconciliation.  The updated guidance became effective for our fiscal year that began on July 1, 2011.  Adoption of this guidance had no impact on our consolidated financial statements for the three months ended September 30, 2011 and is expected to have minimal impact for the full year.

5.     MARKETABLE SECURITIES   Marketable securities consist of equity securities over which the Company does not have control or significant influence.  Marketable securities are designated as available-for-sale and valued at fair value.    <div align="center"> <table width="657" style="MARGIN:auto auto auto 4.7pt; WIDTH:492.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:15pt"> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:60.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="280" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> September 30, 2011</td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="280" colspan="4" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:209.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> June 30, 2011</td></tr> <tr style="HEIGHT:45pt"> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:60.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="64" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cost</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Unrealized (gain)/loss</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Foreign exchange movement</td> <td width="66" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Fair Market Value</td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="64" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cost</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Unrealized (gain)/loss</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Foreign exchange movement</td> <td width="66" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.6pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Fair Market Value</td></tr> <tr style="HEIGHT:15pt"> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:60.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Current</td> <td width="64" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ 44,123</td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ (16,502)</td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     1,425</td> <td width="66" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ 29,046</td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="64" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ 44,123</td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     5,991</td> <td width="75" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     3,124</td> <td width="66" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.6pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ 53,238</td></tr> <tr style="HEIGHT:15pt"> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:60.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Long-term</td> <td width="64" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 204,137</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (76,298)</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (7,008)</td> <td width="66" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 120,831</td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="64" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 204,137</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (2,685)</td> <td width="75" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 32</td> <td width="66" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.6pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 201,484</td></tr> <tr style="HEIGHT:15.75pt"> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:60.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="64" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $248,260</td> <td width="75" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ (92,800)</td> <td width="75" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   (5,583)</td> <td width="66" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.7pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $149,877</td> <td width="16" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:11.8pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="64" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:48.3pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $248,260</td> <td width="75" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     3,306</td> <td width="75" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:56pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     3,156</td> <td width="66" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:49.6pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:15.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $254,722</td></tr></table></div>

6.     MINERAL PROPERTIES   The amounts shown represent acquisition costs, and do not necessarily represent present or future values as these are entirely dependent upon the economic recovery of future ore reserves.  A summary of current property interests is as follows:   <div align="center"> <table width="663" style="MARGIN:auto auto auto 5.4pt; WIDTH:497pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:25.5pt"> <td width="238" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:178.5pt; PADDING-RIGHT:5.4pt; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="88" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66pt; PADDING-RIGHT:5.4pt; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Bear Lodge REE Property</td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Sundance Gold Property</td> <td width="88" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66pt; PADDING-RIGHT:5.4pt; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Eden Lake Property</td> <td width="83" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.5pt; PADDING-RIGHT:5.4pt; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Nuiklavik Property</td> <td width="79" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59pt; PADDING-RIGHT:5.4pt; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Total</td></tr> <tr style="HEIGHT:26.25pt"> <td width="238" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:178.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Mineral property costs, September 30, 2011 and June 30, 2011</td> <td width="88" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66pt; PADDING-RIGHT:5.4pt; HEIGHT:26.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $                 -</td> <td width="87" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:26.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       27,000</td> <td width="88" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:66pt; PADDING-RIGHT:5.4pt; HEIGHT:26.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     915,058</td> <td width="83" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:62.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $    727,002</td> <td width="79" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:59pt; PADDING-RIGHT:5.4pt; HEIGHT:26.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ 1,669,060</td></tr></table></div>   The Company completed an impairment analysis as at September 30, 2011. Management concluded that no impairment charge was required because:   ·                     there have been no significant changes in the legal factors or climate that affects the value of the properties; ·                     all property rights remain in good standing; ·                     the recent increase in prices in rare-earth-oxide (REO) and gold; ·                     exploration results continue to be positive for both the Bear Lodge REE Project and the Sundance Gold Project; ·                     the REE mineral resource was recently increased; ·                     the Company intends to continue its exploration and development plans on its Bear Lodge REE Project and the Sundance Gold Project; and ·                     the Company is looking for partners for its Eden Lake and Nuiklavik Properties.

7.     EQUIPMENT   <div align="center"> <table width="628" style="MARGIN:auto auto auto 5.4pt; WIDTH:470.65pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:18.75pt"> <td width="136" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:101.8pt; PADDING-RIGHT:5.4pt; HEIGHT:18.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="247" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:185.6pt; PADDING-RIGHT:5.4pt; HEIGHT:18.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  September 30, 2011 </td> <td width="244" colspan="3" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:183.25pt; PADDING-RIGHT:5.4pt; HEIGHT:18.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  June 30, 2011 </td></tr> <tr style="HEIGHT:27.85pt"> <td width="136" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:101.8pt; PADDING-RIGHT:5.4pt; HEIGHT:27.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.6pt; PADDING-RIGHT:5.4pt; HEIGHT:27.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  Cost </td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:27.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Accumulated amortization </td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:27.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Net book value </td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.45pt; PADDING-RIGHT:5.4pt; HEIGHT:27.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  Cost </td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.15pt; PADDING-RIGHT:5.4pt; HEIGHT:27.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Accumulated amortization </td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.65pt; PADDING-RIGHT:5.4pt; HEIGHT:27.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  Net book value </td></tr> <tr style="HEIGHT:12.75pt"> <td width="136" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:101.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Computer equipment</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.6pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $    68,270</td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       18,740</td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $    49,530</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   45,913</td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.15pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $      12,626</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $    33,287</td></tr> <tr style="HEIGHT:12.75pt"> <td width="136" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:101.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Furniture</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.6pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 79,920</td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 7,377</td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 72,543</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 44,824</td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.15pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4,482</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 40,342</td></tr> <tr style="HEIGHT:12.75pt"> <td width="136" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:101.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Geological equipment</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.6pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 205,328</td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 35,202</td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 170,126</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 97,080</td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.15pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 25,549</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 71,531</td></tr> <tr style="HEIGHT:12.75pt"> <td width="136" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:101.8pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Vehicle</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.6pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 42,634</td> <td width="87" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,599</td> <td width="80" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 41,035</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.45pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="86" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.15pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="81" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.65pt; PADDING-RIGHT:5.4pt; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="HEIGHT:13.5pt"> <td width="136" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:101.8pt; PADDING-RIGHT:5.4pt; HEIGHT:13.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="81" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.6pt; PADDING-RIGHT:5.4pt; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   396,152</td> <td width="87" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:65pt; PADDING-RIGHT:5.4pt; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       62,918</td> <td width="80" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60pt; PADDING-RIGHT:5.4pt; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   333,234</td> <td width="78" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.45pt; PADDING-RIGHT:5.4pt; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $  187,817</td> <td width="86" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:64.15pt; PADDING-RIGHT:5.4pt; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $      42,657</td> <td width="81" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:60.65pt; PADDING-RIGHT:5.4pt; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   145,160</td></tr></table></div>

9.     ASSET RETIREMENT OBLIGATION   An environmental provision of $100,540 was recognized in fiscal year 2011 in respect of the Companys current obligations to reclaim areas used for exploring the Bear Lodge Property.

10.  SHARE CAPITAL   <div align="center"> <table width="581" style="MARGIN:auto auto auto 4.7pt; WIDTH:436pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:25.5pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Number of shares issued</td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:25.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Share capital</td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> As of June 30, 2011</td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 44,076,674</td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $  91,357,438</td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercise of stock options - cash</td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 20,000</td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 55,414</td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercise of stock options - fair value - Note 11</td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 44,444</td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Issued during the three months ended September 30, 2011</td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 20,000</td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 99,858</td></tr> <tr style="HEIGHT:12.75pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:12.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="HEIGHT:13.5pt"> <td width="379" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:284pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:13.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> As of September 30, 2011</td> <td width="12" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:13.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 44,096,674</td> <td width="7" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:5.2pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:13.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="92" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:68.9pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:13.5pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $ 91,457,296</td></tr></table></div>     11.  ADDITIONAL PAID-IN CAPITAL   Stock options   The Company established a 20% fixed stock option plan whereby the board of directors may from time to time grant options up to 5,779,347 common shares to individual eligible directors, officers, employees or consultants.  The maximum term of any option is five years. The exercise price of an option is not less than the closing price on the last trading day preceding the grant date, less allowable discounts in accordance with the policies of the Toronto Stock Exchange and the NYSE Amex. The Board retains the discretion to impose vesting periods on any options granted.  All options granted to date vest as follows:  20% vest 4 months after date of grant, 20% vest 8 months after the date of grant, 20% vest 12 months after the date of grant, 20% vest 15 months after the date of grant, and the remaining 20% vest 18 months after the date of grant.   The following table provides certain stock options disclosure:   <div align="center"> <table width="558" style="MARGIN:auto auto auto 41.4pt; WIDTH:418.5pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.6pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; HEIGHT:12.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="152" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:114pt; PADDING-RIGHT:5.4pt; HEIGHT:12.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> For the three months ended September 30, 2011 (in millions)</td> <td width="126" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> For the year ended June 30, 2011 (in millions)</td></tr> <tr style="HEIGHT:14.8pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; HEIGHT:14.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Stock-based compensation expense </td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:114pt; PADDING-RIGHT:5.4pt; HEIGHT:14.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $3.31</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $7.41</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Intrinsic value of options exercised </td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:114pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $0.16</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $15.66</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Fair value of awards vesting</td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:114pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $2.93</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $2.32 </td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Cash received on option exercises</td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:114pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $0.06</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $1.34</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Unamortized stock-based compensation expense</td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:114pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $5.88</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $7.12</td></tr></table></div>   The following table summarizes the weighted-average assumptions used in determining fair values:   <div align="center"> <table width="560" style="MARGIN:auto auto auto 41.4pt; WIDTH:420pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:14.85pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; HEIGHT:14.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="160" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; HEIGHT:14.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> For the three months ended September 30, 2011</td> <td width="120" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:14.85pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> For the year ended June 30, 2011</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Grant date fair value</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> CDN$6.93</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> CDN$9.13</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Grant market price</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> CDN$8.85</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> CDN$11.44</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Ending common share price</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> CDN$5.40</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> CDN$10.67</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Expected volatility</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 108%</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 117%</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Expected option term - years</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 5</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 5</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Risk-free interest rate</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.0%</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.3%</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Forfeiture rate</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0%</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0%</td></tr> <tr> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:210pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Dividend yield</td> <td width="160" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:120pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0%</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0%</td></tr></table></div>   The following table summarizes the Companys stock option activity:   <div align="center"> <table style="BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:46.4pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:46.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top">  </td> <td width="84" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:46.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Number of Options</td> <td width="90" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:46.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Weighted Average Exercise Price (CDN$)</td> <td width="72" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:46.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Weighted Average Fair Value (CDN$)</td> <td width="78" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:46.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Weighted  Average Remaining Contractual Life (Years)</td> <td width="78" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:46.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Aggregate Intrinsic  Value  (CDN$)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:10.9pt"> <td width="198" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, June 30, 2010</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:10.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3,236,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1.30</td> <td width="72" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:10.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0.97</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.36</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2,956,170</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:10.5pt"> <td width="198" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Granted</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,438,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 11.77</td> <td width="72" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 9.13</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.67</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:10.5pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercised</td> <td width="84" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (1,537,500)</td> <td width="90" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0.87</td> <td width="72" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0.64</td> <td width="78" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1.87</td> <td width="78" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:10.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:16.4pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, June 30, 2011</td> <td width="84" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:16.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3,136,500</td> <td width="90" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 6.31</td> <td width="72" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:16.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.91</td> <td width="78" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.67</td> <td width="78" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 15,492,845</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:9.75pt"> <td width="198" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:9.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Granted</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:9.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 410,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:9.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 8.85</td> <td width="72" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:9.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 6.93</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:9.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.86</td> <td width="78" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:9.75pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:12.15pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercised</td> <td width="84" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:12.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (20,000)</td> <td width="90" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.71</td> <td width="72" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:12.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.17</td> <td width="78" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.66</td> <td width="78" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:14.35pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.35pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, September 30, 2011</td> <td width="84" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:14.35pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3,526,500</td> <td width="90" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.35pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 6.62</td> <td width="72" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:14.35pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 5.16</td> <td width="78" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.35pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.58</td> <td width="78" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.35pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 6,254,500</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:16.5pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercisable, September 30, 2011</td> <td width="84" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:16.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,898,700</td> <td width="90" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.65</td> <td width="72" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:0.75in; PADDING-RIGHT:5.4pt; HEIGHT:16.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.87</td> <td width="78" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.82</td> <td width="78" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:58.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 5,904,940</td></tr></table></div>   The following table summarizes the options outstanding and exercisable at September 30, 2011:   <div align="center"> <table style="MARGIN:auto auto auto 41.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:24.7pt"> <td width="180" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; HEIGHT:24.7pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Expiry Date</td> <td width="90" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:24.7pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Options Outstanding</td> <td width="90" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:24.7pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Options Exercisable</td> <td width="84" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:24.7pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercise Price (CDN$)</td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; HEIGHT:24.7pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Weighted  Average Remaining Contractual  Life (Years)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> January 10, 2012</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 100,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 100,000</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0.55</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0.28 </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> October 1, 2012</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 250,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 250,000</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1.00</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1.01 </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> January 27, 2014</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 505,500</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 505,500</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0.58</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.33 </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> July 20, 2014</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 200,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 200,000</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.09</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.81</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> April 19, 2015</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 184,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 146,000</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.28</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.55</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> May 28, 2015</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 439,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 339,000</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2.71</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.66</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> January 11, 2016</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 403,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 161,200</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 15.16</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.28</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> March 16, 2016</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 985,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 197,000</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 10.50</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.46</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> June 17, 2016</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 50,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 9.35</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.72</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> July 5, 2016</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 100,000</td> <td width="90" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="84" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 9.95</td> <td width="96" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.76</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="180" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> August 23, 2016</td> <td width="90" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 310,000</td> <td width="90" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="84" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 8.49</td> <td width="96" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.90</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:17.5pt"> <td width="180" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:135pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="90" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3,526,500</td> <td width="90" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:67.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,898,700</td> <td width="84" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:63pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="96" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1in; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.58</td></tr></table></div>   The fair value of stock options and warrants is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:   <div align="center"> <table style="BORDER-BOTTOM:medium none; BORDER-LEFT:medium none; MARGIN:auto auto auto 41.4pt; BORDER-COLLAPSE:collapse; BORDER-TOP:medium none; BORDER-RIGHT:medium none" border="1" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:12.9pt"> <td width="210" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:157.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:windowtext 1.5pt double; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top">  </td> <td width="110" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:windowtext 1.5pt double; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 2011</td> <td width="110" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:windowtext 1.5pt double; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 2010</td></tr> <tr style="HEIGHT:12.9pt"> <td width="210" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:157.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Risk-free interest rate</td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 2.10 2.36%</td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 1.28 2.52%</td></tr> <tr style="HEIGHT:13.7pt"> <td width="210" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:157.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.7pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Expected volatility</td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.7pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 110 - 113%</td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.7pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 116 137%</td></tr> <tr style="HEIGHT:13.7pt"> <td width="210" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:157.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.7pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Expected dividend yield</td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.7pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Nil</td> <td width="110" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.7pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Nil</td></tr> <tr style="HEIGHT:12.9pt"> <td width="210" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:157.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Expected life in years</td> <td width="110" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 1.5 5</td> <td width="110" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:82.5pt; PADDING-RIGHT:5.4pt; HEIGHT:12.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> 1.5 5</td></tr></table></div>   During the three months ended September 30, 2011, the Company recognized $3,311,715 (2010 - $448,869) of stock-based compensation expense for options granted to directors, officers, and consultants.   Option pricing models require the input of highly subjective assumptions, particularly as to the expected price volatility of the stock.  Changes in these assumptions can materially affect fair value estimates and, therefore, it is managements view that the existing models do not necessarily provide a single reliable measure of the fair value of the Companys stock-option grants.   Warrants   The following table summarizes the Companys warrants activity:   <div align="center"> <table style="MARGIN:auto auto auto 41.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="222" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top">  </td> <td width="138" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Number of Warrants</td> <td width="150" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:112.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Weighted Average Exercise Price (CDN$)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:13.45pt"> <td width="222" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, June 30, 2009 </td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1,000,000</td> <td width="150" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:112.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.45pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1.00</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:13pt"> <td width="222" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Granted</td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2,865,751</td> <td width="150" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:112.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.02</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:13pt"> <td width="222" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Exercised</td> <td width="138" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (144,500)</td> <td width="150" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:112.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1.03</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:13.9pt"> <td width="222" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, June 30, 2010 </td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3,721,251</td> <td width="150" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:112.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.9pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.32</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:11.25pt"> <td width="222" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Exercised</td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (3,601,964)</td> <td width="150" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:112.5pt; PADDING-RIGHT:5.4pt; HEIGHT:11.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.28</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:14.8pt"> <td width="222" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.8pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, September 30, 2011 and June 30, 2011</td> <td width="138" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.8pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 119,287</td> <td width="150" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:112.5pt; PADDING-RIGHT:5.4pt; HEIGHT:14.8pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.75</td></tr></table></div>   At September 30, 2011, the following warrants were outstanding:   <div align="center"> <table style="MARGIN:auto auto auto 41.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:26.95pt"> <td width="222" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Expiry Date</td> <td width="102" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Number of Warrants</td> <td width="102" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercise Price (CDN$)</td> <td width="156" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:117pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Weighted Average Remaining Contractual Life (Years)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:17.5pt"> <td width="222" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:166.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> April 13, 2012</td> <td width="102" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 119,287</td> <td width="102" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 4.75</td> <td width="156" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:117pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 0.54</td></tr></table></div>   Agents Options and Warrants   The following table summarizes the Companys agents options and warrants activity:   <div align="center"> <table style="MARGIN:auto auto auto 41.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid"> <td width="228" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:171pt; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top">  </td> <td width="138" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Number of Agents options and warrants</td> <td width="126" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Weighted Average Exercise Price (CDN$)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:17.95pt"> <td width="228" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:171pt; PADDING-RIGHT:5.4pt; HEIGHT:17.95pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, June 30, 2009</td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.95pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.95pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:13pt"> <td width="228" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:171pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Issued </td> <td width="138" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 151,890</td> <td width="126" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.50</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:18.4pt"> <td width="228" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:171pt; PADDING-RIGHT:5.4pt; HEIGHT:18.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, June 30, 2010</td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:18.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 151,890</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:18.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 3.50</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:13pt"> <td width="228" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:171pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Granted </td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 383,640</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 9.00</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:13pt"> <td width="228" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:171pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">   Exercised</td> <td width="138" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> (324,528)</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 6.43</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:18.4pt"> <td width="228" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:171pt; PADDING-RIGHT:5.4pt; HEIGHT:18.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Outstanding, September 30, 2011 and June 30, 2011</td> <td width="138" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:103.5pt; PADDING-RIGHT:5.4pt; HEIGHT:18.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 211,002</td> <td width="126" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:18.4pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 9.00</td></tr></table></div>   At September 30, 2011, the following agents options and warrants were outstanding:   <div align="center"> <table style="MARGIN:auto auto auto 41.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:26.95pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Expiry Date</td> <td width="126" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Number of Agents options and warrants</td> <td width="102" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Exercise Price (CDN$)</td> <td width="156" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:117pt; PADDING-RIGHT:5.4pt; HEIGHT:26.95pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> Weighted Average Remaining Contractual Life (Years)</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:17.5pt"> <td width="198" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:148.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> December 22, 2012</td> <td width="126" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 211,002</td> <td width="102" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 9.00</td> <td width="156" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:117pt; PADDING-RIGHT:5.4pt; HEIGHT:17.5pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 1.23</td></tr></table></div>

12.  RELATED PARTY TRANSACTIONS   During the three months ended September 30, 2011:   ·         $50,000 (2010 - $36,700) was charged for management fees by an officer and director of the Company. As at September 30, 2011, $Nil (June 30, 2011 - $Nil) was owed to the officer.   ·         $108,119 (2010 - $54,605) was charged by a private company controlled by a director of the Company for accounting, management fees and rent.  As at September 30, 2011, $43,156 (June 30, 2011 - $73,959) was owed to this private company.   Related party transactions were in the normal course of operations and are measured at the fair value amount as determined by management. The amounts owed bear no interest and are unsecured with no repayment terms.

13.  COMMITMENTS AND CONTINGENCIES   Our commitments and contingencies include the following items:   Reclamation bonding   On July 23, 2004, $10,000 was transferred to the Wyoming Department of Environmental Quality for the bond required to reclaim the ground disturbed during its exploration programs at the Bear Lodge Property. The Company must complete certain reclamation work for these funds to be released, but may leave the bond in place for future exploration programs, even if such work is completed.   In August 2009, an additional $100,000 bond was set up for the benefit of the Company in respect to future reclamation work at the Bear Lodge Property.   In August 2010, the Company increased its reclamation bonding to $420,000 by depositing with Wyoming regulatory authorities an additional $310,000 in the name of Rare Element Resources, Inc.   Potential environmental contingency   The Companys mining and exploration activities are subject to various federal, provincial and state laws and regulations governing the protection of the environment.  These laws and regulations are continually changing and generally becoming more restrictive.  The Company conducts its operations so as to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations.  The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations.  The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain.   Rent commitment   The Company signed a five-year office building lease for its US office in Lakewood, Colorado, USA. The Company is committed to pay the monthly rent instalments according to the following schedule:   <div align="center"> <table style="MARGIN:auto auto auto 23.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:13.55pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:209.75pt; PADDING-RIGHT:5.4pt; HEIGHT:13.55pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> August 2011 through July 2012</td> <td width="129" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:97.1pt; PADDING-RIGHT:5.4pt; HEIGHT:13.55pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       7,415</td></tr> <tr style="HEIGHT:13.55pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:209.75pt; PADDING-RIGHT:5.4pt; HEIGHT:13.55pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> August 2012 through July 2013</td> <td width="129" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:97.1pt; PADDING-RIGHT:5.4pt; HEIGHT:13.55pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       7,610</td></tr> <tr style="HEIGHT:13.2pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:209.75pt; PADDING-RIGHT:5.4pt; HEIGHT:13.2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> August 2013 through July 2014</td> <td width="129" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:97.1pt; PADDING-RIGHT:5.4pt; HEIGHT:13.2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       7,805</td></tr> <tr style="HEIGHT:13.55pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:209.75pt; PADDING-RIGHT:5.4pt; HEIGHT:13.55pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> August 2014 through July 2015</td> <td width="129" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:97.1pt; PADDING-RIGHT:5.4pt; HEIGHT:13.55pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       8,000</td></tr> <tr style="HEIGHT:13.2pt"> <td width="280" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:209.75pt; PADDING-RIGHT:5.4pt; HEIGHT:13.2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> August 2015 through July 2016</td> <td width="129" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:97.1pt; PADDING-RIGHT:5.4pt; HEIGHT:13.2pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $       8,195</td></tr></table></div>

14.  SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS   <div align="center"> <table style="BORDER-BOTTOM:medium none; BORDER-LEFT:medium none; MARGIN:auto auto auto 23.4pt; BORDER-COLLAPSE:collapse; BORDER-TOP:medium none; BORDER-RIGHT:medium none" border="1" cellpadding="0" cellspacing="0"> <tr style="HEIGHT:13.8pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="246" colspan="2" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:184.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Three months ended September 30, </td></tr> <tr style="HEIGHT:13.8pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> </td> <td width="120" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2011</td> <td width="126" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 2010</td></tr> <tr style="HEIGHT:13.8pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Non-cash information</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="HEIGHT:13.8pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Shares issued on property acquisition</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $                -</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $      44,707</td></tr> <tr style="HEIGHT:13.6pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Fair value of securities exercised</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:13.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 44,444</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> 491,621</td></tr> <tr style="HEIGHT:13.6pt"> <td width="306" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Fair value of agents options and warrants issued</td> <td width="120" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:13.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> -</td> <td width="126" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.6pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  310,988 </td></tr> <tr style="HEIGHT:5.25pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:5.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:5.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:5.25pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="HEIGHT:13.8pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Other items</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr style="HEIGHT:13.8pt"> <td width="306" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:229.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Interest received</td> <td width="120" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:1.25in; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   157,442</td> <td width="126" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:94.5pt; PADDING-RIGHT:5.4pt; HEIGHT:13.8pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     25,120</td></tr></table></div>

15.  SEGMENTED INFORMATION   The Company operates in a single reportable operating segment, being exploration and development of mineral properties.   Summarized financial information for the geographic segments the Company operates in are as follows:   <div align="center"> <table style="BORDER-BOTTOM:medium none; BORDER-LEFT:medium none; MARGIN:auto auto auto 23.4pt; BORDER-COLLAPSE:collapse; BORDER-TOP:medium none; BORDER-RIGHT:medium none" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top">  </td> <td width="108" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Canada</td> <td width="102" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> United States</td> <td width="108" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Total</td></tr> <tr style="HEIGHT:16.65pt"> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> As at September 30, 2011</td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr> <td width="300" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Assets</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $  64,041,193</td> <td width="102" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $     3,666,108</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   67,707,301</td></tr> <tr style="HEIGHT:16.65pt"> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> As at June 30, 2011</td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr> <td width="300" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Assets</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $  74,506,793</td> <td width="102" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $        976,918</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $   75,483,711</td></tr></table></div>   <div align="center"> <table style="BORDER-BOTTOM:medium none; BORDER-LEFT:medium none; MARGIN:auto auto auto 23.4pt; BORDER-COLLAPSE:collapse; BORDER-TOP:medium none; BORDER-RIGHT:medium none" border="1" cellpadding="0" cellspacing="0"> <tr> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top">  </td> <td width="108" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Canada</td> <td width="102" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> United States</td> <td width="108" style="BORDER-BOTTOM:black 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:black 1.5pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Total</td></tr> <tr style="HEIGHT:9.15pt"> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; HEIGHT:9.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> For the three months ended September 30, 2011</td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:9.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:9.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:9.15pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Losses for the period</td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $    3,386,437 </td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $    7,547,137 </td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $   10,933,574</td></tr> <tr> <td width="300" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Capital expenditures</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $                    -</td> <td width="102" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $       208,334</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $        208,334</td></tr> <tr style="HEIGHT:16.65pt"> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> For the three months ended September 30, 2010</td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; HEIGHT:16.65pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  </td></tr> <tr> <td width="300" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Losses for the period</td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $      477,680 </td> <td width="102" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $    4,998,925 </td> <td width="108" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $     5,476,605</td></tr> <tr> <td width="300" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:225pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> Capital expenditures</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom"> $                    -</td> <td width="102" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:76.5pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $       311,750</td> <td width="108" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:81pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="bottom">  $        311,750</td></tr></table></div>

4.     FAIR VALUE OF FINANCIAL INSTRUMENTS <h4 style="TEXT-INDENT:0in; MARGIN:0in 0.2pt 0pt 0.25in"> </h4> The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.    The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature.  Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferors carrying amount or exchange amount.   Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net loss.  Financial assets classified as held-to-maturity and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization.  Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive (income)/loss until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in (income)/loss.   Financial instruments, including cash and cash equivalents, accounts receivable, reclamation bonding, accounts payable and accrued liabilities are carried at cost, which management believes approximate the recognized fair value due to the short term nature of these instruments.  Marketable securities are classified as available-for-sale, with unrealized gains and losses being recognized in other comprehensive (income)/loss.   The Companys financial instruments have been designated as follows:   ·                     Held-for-trading: cash and cash equivalents, reclamation bond and derivative liabilities ·                     Available-for-sale: marketable securities ·                     Other financial liabilities: accounts payable, accrued liabilities, due to related parties and ARO   The following table presents information about financial instruments recognized at fair value on a recurring basis as of September 30, 2011, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.  In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets.  Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves.  Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset. As of September 30, 2011, the Company did not have any inputs considered to be Level 3.   <div align="center"> <table width="512" style="WIDTH:384pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Level 1</td> <td width="113" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Level 2 </td> <td width="113" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Total</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Assets </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Cash and cash equivalents</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       37,740,887</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       26,429,502</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       64,170,389</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Marketable securities </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> 149,877</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> -</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> 149,877</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Reclamation bonding </td> <td width="113" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> 422,283</td> <td width="113" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> -</td> <td width="113" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> 422,283</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">   Total</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       38,313,047</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       26,429,502</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       64,742,549</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Liabilities </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">  </td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> Derivative liabilities </td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $                        -</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $            109,981</td> <td width="113" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $            109,981</td></tr> <tr style="PAGE-BREAK-INSIDE:avoid; HEIGHT:1pt"> <td width="172" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:129pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in">   Total</td> <td width="113" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       38,313,047</td> <td width="113" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       26,539,483</td> <td width="113" style="BORDER-BOTTOM:windowtext 2.25pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; PADDING-LEFT:5.4pt; WIDTH:85pt; PADDING-RIGHT:5.4pt; BACKGROUND:white; HEIGHT:1pt; BORDER-TOP:windowtext 1pt solid; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in"> $       64,852,530</td></tr></table></div>   Derivative liabilities which are comprised of share purchase warrants not listed on public exchanges are valued using the Black Scholes valuation model.  The valuation model requires a variety of inputs, including strike price, contractual terms, market prices, measure of volatility and interest rate.  Because the inputs are derived from observable market data, derivative liabilities are classified within Level 2 of the fair value hierarchy.

8      DERIVATIVE LIABILITY   Share purchase warrants   In accordance with EITF 07-5 Determining Whether an Instrument (or Embedded Feature) is Indexed to an Entitys Own Stock, US GAAP requires share purchase warrants with an exercise price denominated in a currency other than the Companys functional currency be classified and accounted for as a financial liability and fair valued.  As a result of applying this interpretation, the Company has recorded the mark-to-market impacts related to fair valuation of these warrants in the net loss and reflected the fair value as a derivative liability.    During the three months ended September 30, 2011, the Company recognized a mark-to-market gain of $85,972.

44096674

44076674

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EX-101.SCH 8 res-20110930.xsd 000110 - Disclosure - Extractive Industries link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in US Dollars) (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - Accounting Changes and Error Corrections link:presentationLink link:definitionLink link:calculationLink 000170 - Disclosure - Commitment and Contingencies link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - Derivative Instruments and Hedging Activities link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Statement of Financial Position - Parenthetical link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED BALANCE SHEETS (Expressed in US Dollars) link:presentationLink link:definitionLink link:calculationLink 000190 - Disclosure - Segment Reporting link:presentationLink link:definitionLink link:calculationLink 000180 - Statement - Statement of Cash Flows, Supplemental Disclosures link:presentationLink link:definitionLink link:calculationLink 000150 - Disclosure - Equity link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in US Dollars)(Unaudited) link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000120 - Disclosure - Property, Plant, and Equipment link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - Investments, Debt and Equity Securities link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - Accounting Policies link:presentationLink link:definitionLink link:calculationLink 000060 - Statement - RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF SHAREHOLDER'S EQUITY (Expressed in US Dollars) link:presentationLink link:definitionLink link:calculationLink 000160 - Disclosure - Related Party Disclosures link:presentationLink link:definitionLink link:calculationLink 000140 - Disclosure - Asset Retirement Obligations link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 9 res-20110930_cal.xml EX-101.DEF 10 res-20110930_def.xml EX-101.LAB 11 res-20110930_lab.xml Asset Retirement Obligations Derivatives and Fair Value [Text Block] Fair value of options Accumulated Other Comprehensive Loss Increase/(decrease) in cash and cash equivalents Repayment of promissory note Common shares, unlimited shares authorized; outstanding: September 30, 2011 - 44,096,674;June 30, 2011 - 44,076,674 Entity Filer Category Equity Component Management, accounting and secretarial Cash and cash equivalents Statements of Financial Position Stockholders' Equity Note Disclosure [Text Block] Cash acquired in capital transaction Share issue costs Cash flows from financing activities: Write-off of mineral properties and others {1} Write-off of mineral properties and others LOSS PER SHARE - BASIC AND DILUTED EXPENSES Marketable securities {1} Marketable securities Entity Common Stock, Shares Outstanding Related Party Transactions Disclosure [Text Block] Asset retirement obligation {1} Asset retirement obligation Cash flows from operating activities: ADDITIONAL PAID-IN CAPITAL Equipment Document Fiscal Period Focus Commitment and Contingencies Additional Paid-in Capital Reclamation bonding {1} Reclamation bonding Prepaid expenses {1} Prepaid expenses Accounts receivable {1} Accounts receivable Net loss for the period NET LOSS FOR THE PERIOD Net loss for the period Mark to market (gain)/loss on share purchase warrants Mark to market gain/(loss) on share purchase warrants Common Stock, Shares Issued SHARE CAPITAL, no par value LIABILITIES Entity Well-known Seasoned Issuer Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] Purchase of equipment Foreign exchange (gain)/loss {1} Foreign exchange (gain)/loss Statement of Cash Flows Stock-based compensation Amortization ACCUMULATED OTHER COMPREHENSIVE LOSS Investments, Debt and Equity Securities Balance Balance Balance Common Stock Amount Statement of Stockholders' Equity Unrealized loss on available for sale investments Unrealized (gain)/loss on marketable securities TOTAL OTHER ITEMS TOTAL OTHER ITEMS TOTAL CURRENT LIABILITIES TOTAL CURRENT LIABILITIES TOTAL CURRENT ASSETS TOTAL CURRENT ASSETS Accounts receivable ASSETS Document Type Segment Reporting Property, Plant, and Equipment Marketable Securities [Text Block] Accounting Changes and Error Corrections Cash and cash equivalents - beginning of the period Cash and cash equivalents - beginning of the period Cash and cash equivalents - end of the period Net cash used in investing activities Net cash used in investing activities Mineral property costs Changes in working capital TOTAL EXPENSES TOTAL EXPENSES TOTAL SHAREHOLDERS' EQUITY TOTAL SHAREHOLDERS' EQUITY Due to related parties Segment Reporting Disclosure [Text Block] Total Shareholders' Equity Deficit OTHER ITEMS Common Stock, Shares Outstanding Accounts payable and accrued liabilities Prepaid expenses Entity Voluntary Filers Cash Flow, Supplemental Disclosures [Text Block] Derivative Instruments and Hedging Activities Organization, Consolidation and Presentation of Financial Statements Cash received for common shares Exploration expense TOTAL ASSETS TOTAL ASSETS Entity Registrant Name Property, Plant and Equipment Disclosure [Text Block] Exercise of options Write-off of mineral properties and others Derivative liability Reclamation bonding Mineral properties Marketable securities Document Period End Date Equity Marketable securities acquired Cash flows from investing activities: Interest income accrued Fair value of warrants received pursuant to the sale of mineral properties Adjustments to reconcile loss for the period to cash used in operations: NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD Foreign exchange (gain)/loss DEFICIT CURRENT {1} CURRENT CURRENT Statement [Line Items] Amendment Flag Document and Entity Information Statement of Cash Flows, Supplemental Disclosures Commitments and Contingencies Disclosure [Text Block] Accounting Policies Accounts payable and accrued liabilities {1} Accounts payable and accrued liabilities Corporate development TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY Current Fiscal Year End Date Related Party Disclosures Corporate administration and investor relations Asset retirement obligation Statement [Table] Entity Current Reporting Status Mineral Industries Disclosures [Text Block] Payments received for sale/option of mineral properties WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING Entity Central Index Key Asset Retirement Obligation Disclosure [Text Block] Extractive Industries Net cash provided by financing activities Net cash provided by financing activities Interest income Income statements Document Fiscal Year Focus Fair Value of Financial Instruments, Policy [Policy Text Block] Basis of Accounting [Text Block] Nature of Operations [Text Block] Statement, Equity Components [Axis] Advance of promissory note Net cash used in operating activities Net cash used in operating activities Due to related party OTHER COMPREHENSIVE (INCOME)/LOSS TOTAL LIABILITIES TOTAL LIABILITIES EX-101.PRE 12 res-20110930_pre.xml XML 13 R3.htm IDEA: XBRL DOCUMENT

Statement of Financial Position - Parenthetical	Sep. 30, 2011	Jun. 30, 2011
Common Stock, Shares Issued	44,096,674	44,076,674
Common Stock, Shares Outstanding	44,096,674	44,076,674

XML 14 R4.htm IDEA: XBRL DOCUMENT

RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in US Dollars)(Unaudited) (USD $)

3 Months Ended

150 Months Ended

Sep. 30, 2011

Sep. 30, 2010

Sep. 30, 2011

EXPENSES

Exploration expense

$ 3,846,627

$ 2,839,204

$ 16,818,165

Corporate administration and investor relations

506,677

157,197

4,551,323

Amortization

20,261

3,065

69,493

Corporate development

19,003

19,810

297,831

Foreign exchange (gain)/loss

3,497,270

(212,716)

706,470

Management, accounting and secretarial

104,285

^[1]

89,140

^[1]

1,950,631

^[1]

Stock-based compensation

3,311,715

448,869

12,460,575

TOTAL EXPENSES

11,305,838

3,344,569

36,854,488

OTHER ITEMS

Interest income

(286,292)

(25,120)

(1,097,235)

Write-off of mineral properties and others

1,050,028

Mark to market (gain)/loss on share purchase warrants

(85,972)

^[2]

2,157,156

^[2]

897,023

^[2]

TOTAL OTHER ITEMS

(372,264)

2,132,036

849,816

NET LOSS FOR THE PERIOD

10,933,574

5,476,605

37,704,304

OTHER COMPREHENSIVE (INCOME)/LOSS

Unrealized (gain)/loss on marketable securities

96,106

^[3]

(30,129)

^[3]

92,800

^[3]

NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD

$ 11,029,680

$ 5,446,476

$ 37,797,104

LOSS PER SHARE - BASIC AND DILUTED

$ (0.25)

$ (0.17)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

44,096,015

32,440,799

[1]	Note 12
[2]	Note 8
[3]	Note 5

XML 15 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	Sep. 30, 2011	Nov. 09, 2011
Document and Entity Information
Entity Registrant Name	Rare Element Resources Ltd.
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Entity Central Index Key	0001419806
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		44,096,674
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

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Property, Plant, and Equipment

3 Months Ended

Sep. 30, 2011

Property, Plant, and Equipment

Property, Plant and Equipment Disclosure [Text Block]

7. EQUIPMENT

	September 30, 2011			June 30, 2011
	Cost	Accumulated amortization	Net book value	Cost	Accumulated amortization	Net book value
Computer equipment	$ 68,270	$ 18,740	$ 49,530	$ 45,913	$ 12,626	$ 33,287
Furniture	79,920	7,377	72,543	44,824	4,482	40,342
Geological equipment	205,328	35,202	170,126	97,080	25,549	71,531
Vehicle	42,634	1,599	41,035	-	-	-
	$ 396,152	$ 62,918	$ 333,234	$ 187,817	$ 42,657	$ 145,160

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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Commitment and Contingencies

3 Months Ended

Sep. 30, 2011

Commitment and Contingencies

Commitments and Contingencies Disclosure [Text Block]

13. COMMITMENTS AND CONTINGENCIES

Our commitments and contingencies include the following items:

Reclamation bonding

In August 2009, an additional $100,000 bond was set up for the benefit of the Company in respect to future reclamation work at the Bear Lodge Property.

In August 2010, the Company increased its reclamation bonding to $420,000 by depositing with Wyoming regulatory authorities an additional $310,000 in the name of Rare Element Resources, Inc.

Potential environmental contingency

Rent commitment

The Company signed a five-year office building lease for its US office in Lakewood, Colorado, USA. The Company is committed to pay the monthly rent instalments according to the following schedule:

August 2011 through July 2012	$ 7,415
August 2012 through July 2013	$ 7,610
August 2013 through July 2014	$ 7,805
August 2014 through July 2015	$ 8,000
August 2015 through July 2016	$ 8,195

- Definition

The entire disclosure for commitments and contingencies.

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Accounting Changes and Error Corrections

3 Months Ended

Sep. 30, 2011

Accounting Changes and Error Corrections

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

3. RECENT ACCOUNTING PRONOUNCEMENTS

Business Combinations

Fair Value Accounting

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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Asset Retirement Obligations

3 Months Ended

Sep. 30, 2011

Asset Retirement Obligations

Asset Retirement Obligation Disclosure [Text Block]

9. ASSET RETIREMENT OBLIGATION

An environmental provision of $100,540 was recognized in fiscal year 2011 in respect of the Company’s current obligations to reclaim areas used for exploring the Bear Lodge Property.

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Segment Reporting

3 Months Ended

Sep. 30, 2011

Segment Reporting

Segment Reporting Disclosure [Text Block]

15. SEGMENTED INFORMATION

The Company operates in a single reportable operating segment, being exploration and development of mineral properties.

Summarized financial information for the geographic segments the Company operates in are as follows:

	Canada	United States	Total
As at September 30, 2011
Assets	$ 64,041,193	$ 3,666,108	$ 67,707,301
As at June 30, 2011
Assets	$ 74,506,793	$ 976,918	$ 75,483,711

	Canada	United States	Total
For the three months ended September 30, 2011
Losses for the period	$ 3,386,437	$ 7,547,137	$ 10,933,574
Capital expenditures	$ -	$ 208,334	$ 208,334
For the three months ended September 30, 2010
Losses for the period	$ 477,680	$ 4,998,925	$ 5,476,605
Capital expenditures	$ -	$ 311,750	$ 311,750

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Equity

3 Months Ended

Sep. 30, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

10. SHARE CAPITAL

	Number of shares issued	Share capital

As of June 30, 2011	44,076,674	$ 91,357,438

Exercise of stock options - cash	20,000	55,414
Exercise of stock options - fair value - Note 11	-	44,444

Issued during the three months ended September 30, 2011	20,000	99,858

As of September 30, 2011	44,096,674	$ 91,457,296

11. ADDITIONAL PAID-IN CAPITAL

Stock options

The following table provides certain stock options disclosure:

	For the three months ended September 30, 2011 (in millions)	For the year ended June 30, 2011 (in millions)
Stock-based compensation expense	$3.31	$7.41
Intrinsic value of options exercised	$0.16	$15.66
Fair value of awards vesting	$2.93	$2.32
Cash received on option exercises	$0.06	$1.34
Unamortized stock-based compensation expense	$5.88	$7.12

The following table summarizes the weighted-average assumptions used in determining fair values:

	For the three months ended September 30, 2011	For the year ended June 30, 2011
Grant date fair value	CDN$6.93	CDN$9.13
Grant market price	CDN$8.85	CDN$11.44
Ending common share price	CDN$5.40	CDN$10.67
Expected volatility	108%	117%
Expected option term - years	5	5
Risk-free interest rate	2.0%	2.3%
Forfeiture rate	0%	0%
Dividend yield	0%	0%

The following table summarizes the Company’s stock option activity:

	Number of Options	Weighted Average Exercise Price (CDN$)	Weighted Average Fair Value (CDN$)	Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (CDN$)
Outstanding, June 30, 2010	3,236,000	1.30	0.97	3.36	2,956,170
Granted	1,438,000	11.77	9.13	4.67	-
Exercised	(1,537,500)	0.87	0.64	1.87	-
Outstanding, June 30, 2011	3,136,500	6.31	4.91	3.67	15,492,845
Granted	410,000	8.85	6.93	4.86	-
Exercised	(20,000)	2.71	2.17	3.66	-
Outstanding, September 30, 2011	3,526,500	6.62	5.16	3.58	6,254,500
Exercisable, September 30, 2011	1,898,700	3.65	2.87	2.82	5,904,940

The following table summarizes the options outstanding and exercisable at September 30, 2011:

Expiry Date	Options Outstanding	Options Exercisable	Exercise Price (CDN$)	Weighted Average Remaining Contractual Life (Years)
January 10, 2012	100,000	100,000	0.55	0.28
October 1, 2012	250,000	250,000	1.00	1.01
January 27, 2014	505,500	505,500	0.58	2.33
July 20, 2014	200,000	200,000	2.09	2.81
April 19, 2015	184,000	146,000	3.28	3.55
May 28, 2015	439,000	339,000	2.71	3.66
January 11, 2016	403,000	161,200	15.16	4.28
March 16, 2016	985,000	197,000	10.50	4.46
June 17, 2016	50,000	-	9.35	4.72
July 5, 2016	100,000	-	9.95	4.76
August 23, 2016	310,000	-	8.49	4.90
	3,526,500	1,898,700		3.58

The fair value of stock options and warrants is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

	2011	2010
Risk-free interest rate	2.10 – 2.36%	1.28 – 2.52%
Expected volatility	110 - 113%	116 – 137%
Expected dividend yield	Nil	Nil
Expected life in years	1.5 – 5	1.5 – 5

During the three months ended September 30, 2011, the Company recognized $3,311,715 (2010 - $448,869) of stock-based compensation expense for options granted to directors, officers, and consultants.

Warrants

The following table summarizes the Company’s warrants activity:

	Number of Warrants	Weighted Average Exercise Price (CDN$)
Outstanding, June 30, 2009	1,000,000	1.00
Granted	2,865,751	4.02
Exercised	(144,500)	1.03
Outstanding, June 30, 2010	3,721,251	3.32
Exercised	(3,601,964)	3.28
Outstanding, September 30, 2011 and June 30, 2011	119,287	4.75

At September 30, 2011, the following warrants were outstanding:

Expiry Date	Number of Warrants	Exercise Price (CDN$)	Weighted Average Remaining Contractual Life (Years)
April 13, 2012	119,287	4.75	0.54

Agents’ Options and Warrants

The following table summarizes the Company’s agents’ options and warrants activity:

	Number of Agents’ options and warrants	Weighted Average Exercise Price (CDN$)
Outstanding, June 30, 2009	-	-
Issued	151,890	3.50
Outstanding, June 30, 2010	151,890	3.50
Granted	383,640	9.00
Exercised	(324,528)	6.43
Outstanding, September 30, 2011 and June 30, 2011	211,002	9.00

At September 30, 2011, the following agent’s options and warrants were outstanding:

Expiry Date

Number of

Agents’ options

and warrants

Exercise Price (CDN$)

Weighted Average Remaining Contractual Life (Years)

December 22, 2012

211,002

9.00

1.23

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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XML 23 R13.htm IDEA: XBRL DOCUMENT

Derivative Instruments and Hedging Activities

3 Months Ended

Sep. 30, 2011

Derivative Instruments and Hedging Activities

Derivatives and Fair Value [Text Block]

8 DERIVATIVE LIABILITY

Share purchase warrants

In accordance with EITF 07-5 “Determining Whether an Instrument (or Embedded Feature) is Indexed to an Entity’s Own Stock”, US GAAP requires share purchase warrants with an exercise price denominated in a currency other than the Company’s functional currency be classified and accounted for as a financial liability and fair valued. As a result of applying this interpretation, the Company has recorded the mark-to-market impacts related to fair valuation of these warrants in the net loss and reflected the fair value as a derivative liability.

During the three months ended September 30, 2011, the Company recognized a mark-to-market gain of $85,972.

XML 24 R6.htm IDEA: XBRL DOCUMENT

RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF SHAREHOLDER'S EQUITY (Expressed in US Dollars) (USD $)

Total

Common Stock Amount

Additional Paid-in Capital

Accumulated Other Comprehensive Loss

Deficit

Total Shareholders' Equity

Balance at Jun. 30, 2011

$ 91,357,438

$ 9,504,099

$ 3,306

$ (26,770,730)

$ 74,094,113

Exercise of options

^[1]

55,414

Fair value of options

44,444

(44,444)

Stock-based compensation

3,311,715

^[1]

3,311,715

^[1]

3,311,715

^[1]

Unrealized loss on available for sale investments

96,106

^[2]

(96,106)

Net loss for the period

10,933,574

(10,933,574)

Balance at Sep. 30, 2011

$ 91,457,296

$ 12,771,370

$ (92,800)

$ (37,704,304)

$ 66,431,562

[1]	Note 11
[2]	Note 5

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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+ Details

- Definition

Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax.

+ References

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+ Details

- Definition

The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

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+ Details

XML 25 R9.htm IDEA: XBRL DOCUMENT

Accounting Policies

3 Months Ended

Sep. 30, 2011

Accounting Policies

Fair Value of Financial Instruments, Policy [Policy Text Block]

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments have been designated as follows:

· Held-for-trading: cash and cash equivalents, reclamation bond and derivative liabilities

· Available-for-sale: marketable securities

· Other financial liabilities: accounts payable, accrued liabilities, due to related parties and ARO

	Level 1	Level 2	Total
Assets
Cash and cash equivalents	$ 37,740,887	$ 26,429,502	$ 64,170,389
Marketable securities	149,877	-	149,877
Reclamation bonding	422,283	-	422,283
Total	$ 38,313,047	$ 26,429,502	$ 64,742,549

Liabilities
Derivative liabilities	$ -	$ 109,981	$ 109,981
Total	$ 38,313,047	$ 26,539,483	$ 64,852,530

XML 26 R10.htm IDEA: XBRL DOCUMENT

Investments, Debt and Equity Securities

3 Months Ended

Sep. 30, 2011

Investments, Debt and Equity Securities

Marketable Securities [Text Block]

5. MARKETABLE SECURITIES

	September 30, 2011				June 30, 2011
	Cost	Unrealized (gain)/loss	Foreign exchange movement	Fair Market Value	Cost	Unrealized (gain)/loss	Foreign exchange movement	Fair Market Value
Current	$ 44,123	$ (16,502)	$ 1,425	$ 29,046	$ 44,123	$ 5,991	$ 3,124	$ 53,238
Long-term	204,137	(76,298)	(7,008)	120,831	204,137	(2,685)	32	201,484
	$248,260	$ (92,800)	$ (5,583)	$149,877	$248,260	$ 3,306	$ 3,156	$254,722

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Statement of Cash Flows, Supplemental Disclosures
3 Months Ended
Sep. 30, 2011
Statement of Cash Flows, Supplemental Disclosures
Cash Flow, Supplemental Disclosures [Text Block]
14. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

Three months ended September 30,

2011

2010

Non-cash information

Shares issued on property acquisition

$ -

$ 44,707

Fair value of securities exercised

44,444

491,621

Fair value of agents’ options and warrants issued

-

310,988

Other items

Interest received

$ 157,442

$ 25,120

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Extractive Industries
3 Months Ended
Sep. 30, 2011
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Mineral Industries Disclosures [Text Block]

6. MINERAL PROPERTIES

The amounts shown represent acquisition costs, and do not necessarily represent present or future values as these are entirely dependent upon the economic recovery of future ore reserves. A summary of current property interests is as follows:

Bear Lodge

REE Property

Sundance

Gold Property

Eden Lake

Property

Nuiklavik

Property

Total

Mineral property costs, September 30, 2011 and June 30, 2011

$ -

$ 27,000

$ 915,058

$ 727,002

$ 1,669,060

The Company completed an impairment analysis as at September 30, 2011. Management concluded that no impairment charge was required because:

· there have been no significant changes in the legal factors or climate that affects the value of the properties;

· all property rights remain in good standing;

· the recent increase in prices in rare-earth-oxide (“REO”) and gold;

· exploration results continue to be positive for both the Bear Lodge REE Project and the Sundance Gold Project;

· the REE mineral resource was recently increased;

· the Company intends to continue its exploration and development plans on its Bear Lodge REE Project and the Sundance Gold Project; and

· the Company is looking for partners for its Eden Lake and Nuiklavik Properties.

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RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in US Dollars) (Unaudited) (USD $)
3 Months Ended 150 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cash flows from operating activities:
Net loss for the period $ (10,933,574) $ (5,476,605) $ (37,704,304)
Adjustments to reconcile loss for the period to cash used in operations:
Amortization 20,261 3,065 69,493
Asset retirement obligation 100,540
Fair value of warrants received pursuant to the sale of mineral properties (15,083)
Foreign exchange (gain)/loss 8.738 8,738
Mark to market gain/(loss) on share purchase warrants (85,972) ^[1] 2,157,156 ^[1] 897,023 ^[1]
Write-off of mineral properties and others 16,625
Stock-based compensation 3,311,715 448,869 12,460,575
Interest income accrued (128,850) (420,371)
Changes in working capital
Accounts receivable (104,022) (13,064) (85,356)
Prepaid expenses (49,070) (1,933) (413,826)
Accounts payable and accrued liabilities 2,916 313,247 802,680
Due to related party (30,803) 15,462 13,969
Net cash used in operating activities (7,988,661) (2,553,803) (24,269,297)
Cash flows from investing activities:
Marketable securities acquired (207,293)
Mineral property costs (28,815)
Reclamation bonding (311,750) (421,750)
Purchase of equipment (208,334) (402,726)
Payments received for sale/option of mineral properties 279,486
Net cash used in investing activities (208,334) (311,750) (781,098)
Cash flows from financing activities:
Advance of promissory note 110,737
Repayment of promissory note (129,286)
Cash received for common shares 55,414 2,351,702 93,808,993
Share issue costs 114,344 (4,788,458)
Net cash provided by financing activities 55,414 2,466,046 89,001,986
Cash acquired in capital transaction 218,798
Increase/(decrease) in cash and cash equivalents (8,141,581) (399,507) 64,170,389
Cash and cash equivalents - beginning of the period 72,311,970 11,460,476
Cash and cash equivalents - end of the period $ 64,170,389 ^[2] $ 11,060,969 ^[2] $ 64,170,389 ^[2]
[1] Note 8
[2] Supplemental disclosure with respect to cash flows - Note 14
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Organization, Consolidation and Presentation of Financial Statements
3 Months Ended
Sep. 30, 2011
Organization, Consolidation and Presentation of Financial Statements
Nature of Operations [Text Block]
1. NATURE OF OPERATIONS

Rare Element Resources Ltd. (“Rare Element” or “the Company”) was incorporated under the laws of the Province of British Columbia on June 3, 1999.

The Company is in the process of exploring and evaluating its mineral property interests and has not yet determined whether its mineral property interests contain mineral reserves that are economically recoverable. The Company’s continuing operations and the underlying value and recoverability of the amounts shown for mineral property interests are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of the mineral property interests, obtaining the necessary permits to mine, and on future profitable production or proceeds from the disposition of the mineral property interests. To date, the Company has no revenue and has an accumulated operating deficit of $37,704,304.

Management of the Company is of the opinion that sufficient financing will be obtained from external financing and further share issuances to meet the Company’s obligations. Although the Company has been successful in raising such capital in the past, there can be no assurance that the Company will be able to do so in the future. At September 30, 2011, the Company had working capital of $64,096,675, which is sufficient to fund operations for a period greater than twelve months.

Basis of Accounting [Text Block]
2. BASIS OF PRESENTATION

In July, 2011, the Company became a domestic issuer in the United States and transitioned from reporting according to Canadian regulations with US secondary filings, to reporting according to the US regulations with Canadian secondary filings. While this will have no impact on the value of the Company, shareholders will have to adapt to filings in the US regulation formats. The Company’s financial statements are presented in US generally accepted accounting principles (“US GAAP”), as required under SEC rules.

The Company’s reporting under US GAAP is similar to Canadian GAAP, except that exploration expenditures are expensed as incurred until a property has declared proven and probable mineral reserves. As a result of this difference, exploration costs reported in 2010 have been reclassified to the current presentation.

In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of June 30, 2011 and 2010 and for each of the three years ended June 30, 2011 included in our Annual Report on Form 10-K for the year ended June 30,2011. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of September 30, 2011 and the results of our operations and cash flows for the three months ended September 30, 2011 and 2010 in conformity with U.S. GAAP. Interim results of operations for the three months ended September 30, 2011 may not be indicative of results that will be realized for the full year ending June 30, 2012.

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Related Party Disclosures
3 Months Ended
Sep. 30, 2011
Related Party Disclosures
Related Party Transactions Disclosure [Text Block]

12. RELATED PARTY TRANSACTIONS

During the three months ended September 30, 2011:

· $50,000 (2010 - $36,700) was charged for management fees by an officer and director of the Company. As at September 30, 2011, $Nil (June 30, 2011 - $Nil) was owed to the officer.

· $108,119 (2010 - $54,605) was charged by a private company controlled by a director of the Company for accounting, management fees and rent. As at September 30, 2011, $43,156 (June 30, 2011 - $73,959) was owed to this private company.

Related party transactions were in the normal course of operations and are measured at the fair value amount as determined by management. The amounts owed bear no interest and are unsecured with no repayment terms.

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RARE ELEMENT RESOURCES LTD. (an exploration stage company) CONSOLIDATED BALANCE SHEETS (Expressed in US Dollars) (USD $)
Sep. 30, 2011
Jun. 30, 2011
CURRENT
Cash and cash equivalents $ 64,170,389 $ 72,311,970
Marketable securities 29,046 ^[1] 53,238 ^[1]
Accounts receivable 560,153 327,281
Prepaid expenses 402,305 353,235
TOTAL CURRENT ASSETS 65,161,893 73,045,724
Equipment 333,234 ^[2] 145,160 ^[2]
Mineral properties 1,669,060 ^[3] 1,669,060 ^[3]
Marketable securities 120,831 ^[1] 201,484 ^[1]
Reclamation bonding 422,283 ^[4] 422,283 ^[4]
TOTAL ASSETS 67,707,301 75,483,711
CURRENT
Accounts payable and accrued liabilities 1,022,062 1,019,146
Due to related parties 43,156 ^[5] 73,959 ^[5]
TOTAL CURRENT LIABILITIES 1,065,218 1,093,105
Asset retirement obligation 100,540 ^[6] 100,540 ^[6]
Derivative liability 109,981 ^[7] 195,953 ^[7]
TOTAL LIABILITIES 1,275,739 1,389,598
SHARE CAPITAL, no par value
Common shares, unlimited shares authorized; outstanding: September 30, 2011 - 44,096,674;June 30, 2011 - 44,076,674 91,457,296 ^[8] 91,357,438 ^[8]
ADDITIONAL PAID-IN CAPITAL 12,771,370 ^[9] 9,504,099 ^[9]
ACCUMULATED OTHER COMPREHENSIVE LOSS (92,800) 3,306
DEFICIT (37,704,304) (26,770,730)
TOTAL SHAREHOLDERS' EQUITY 66,431,562 74,094,113
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 67,707,301 ^[10],[4] $ 75,483,711 ^[10],[4]
[1] Note 5
[2] Note 7
[3] Note 6
[4] Note 13
[5] Note 12
[6] Note 9
[7] Note 8
[8] Note 10
[9] Note 11
[10] Note 1
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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A3

-Appendix A

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

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Organization, Consolidation and Presentation of Financial Statements	3 Months Ended
	Sep. 30, 2011
Organization, Consolidation and Presentation of Financial Statements
Nature of Operations [Text Block]	1. NATURE OF OPERATIONS Rare Element Resources Ltd. (“Rare Element” or “the Company”) was incorporated under the laws of the Province of British Columbia on June 3, 1999. The Company is in the process of exploring and evaluating its mineral property interests and has not yet determined whether its mineral property interests contain mineral reserves that are economically recoverable. The Company’s continuing operations and the underlying value and recoverability of the amounts shown for mineral property interests are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of the mineral property interests, obtaining the necessary permits to mine, and on future profitable production or proceeds from the disposition of the mineral property interests. To date, the Company has no revenue and has an accumulated operating deficit of $37,704,304. Management of the Company is of the opinion that sufficient financing will be obtained from external financing and further share issuances to meet the Company’s obligations. Although the Company has been successful in raising such capital in the past, there can be no assurance that the Company will be able to do so in the future. At September 30, 2011, the Company had working capital of $64,096,675, which is sufficient to fund operations for a period greater than twelve months.
Basis of Accounting [Text Block]	2. BASIS OF PRESENTATION In July, 2011, the Company became a domestic issuer in the United States and transitioned from reporting according to Canadian regulations with US secondary filings, to reporting according to the US regulations with Canadian secondary filings. While this will have no impact on the value of the Company, shareholders will have to adapt to filings in the US regulation formats. The Company’s financial statements are presented in US generally accepted accounting principles (“US GAAP”), as required under SEC rules. The Company’s reporting under US GAAP is similar to Canadian GAAP, except that exploration expenditures are expensed as incurred until a property has declared proven and probable mineral reserves. As a result of this difference, exploration costs reported in 2010 have been reclassified to the current presentation. In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of June 30, 2011 and 2010 and for each of the three years ended June 30, 2011 included in our Annual Report on Form 10-K for the year ended June 30,2011. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of September 30, 2011 and the results of our operations and cash flows for the three months ended September 30, 2011 and 2010 in conformity with U.S. GAAP. Interim results of operations for the three months ended September 30, 2011 may not be indicative of results that will be realized for the full year ending June 30, 2012.