CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2007

(Expressed in thousands of Canadian Dollars)
(Unaudited)

These financial statements have not been reviewed by the Company's auditors

TASEKO MINES LIMITED

Consolidated Balance Sheets

(Expressed in thousands of Canadian Dollars)

		December 31			September 30
		2007			2007
		(unaudited)
ASSETS
Current assets
Cash and equivalents	$	55,169		$	37,636
Restricted cash		4,400			4,400
Marketable securities and investments (note 4)		18,785			18,542
Accounts receivable		14,364			12,021
Advances to related party (note 7)		293			807
Inventory (note 5)		20,257			18,058
Prepaid expenses		1,174			1,069
Current portion of promissory note		2,809			2,086
		117,251			94,619
Reclamation deposits		34,168			33,396
Promissory note		72,705			72,350
Mineral properties, plant and equipment (note 6)		201,283			176,898
	$	425,407		$	377,263
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	22,439		$	30,435
Current portion of deferred revenue		175			175
Current portion of royalty obligation		2,809			2,086
Income taxes		1,074			6,573
Current portion of future income taxes		–			5,320
		26,497			44,589
Income taxes		25,086			24,645
Royalty obligation		62,967			63,330
Deferred revenue		1,006			1,050
Convertible debt		41,658			41,008
Site closure and reclamation costs (note 8)		13,909			17,441
Future income taxes		24,358			21,540
		195,481			213,603
Shareholders' equity
Share capital		252,130			205,040
Equity component of convertible debt		13,655			13,655
Tracking preferred shares		26,642			26,642
Contributed surplus		11,333			8,633
Accumulated other comprehensive income		2,532			2,338
Deficit		(76,366	)		(92,648	)
		229,926			163,660
	$	425,407		$	377,263

See accompanying notes to consolidated financial statements.

Approved by the Board of Directors

/s/ Russell E. Hallbauer	/s/ Jeffrey R. Mason
Russell E. Hallbauer	Jeffrey R. Mason
Director	Director

TASEKO MINES LIMITED

Consolidated Statements of Operations and Comprehensive Income

(Unaudited - Expressed in thousands of Canadian Dollars, except per share amounts)

		Three months ended December 31
		2007			2006
Revenue
Copper	$	38,163		$	53,159
Molybdenum		6,761			3,258
		44,924			56,417
Cost of sales		(25,039	)		(36,633	)
Amortization		(701	)		(437	)
Operating profit		19,184			19,347
Expenses (income)
Accretion of reclamation obligation		307			339
Exploration		2,123			1,912
Foreign exchange		40			(1,505	)
Asset retirement obligation change of estimates (note 8)		(2,413	)		–
General and administration		1,956			1,368
Interest and other income		(2,535	)		(2,778	)
Interest expense		1,148			1,191
Interest accretion on convertible debt		742			716
Stock-based compensation		2,772			759
Change in fair value of financial instruments		77			(28	)
		4,217			1,974
Earnings before income taxes		14,967			17,373
Income tax expense		1,224			1,808
Future income tax expense (recovery)		(2,539	)		3,845
Net earnings for the period	$	16,282		$	11,720
Other comprehensive loss (income)
Unrealized loss (gain) on available-for-sale reclamation deposit		(166	)		21
Unrealized loss (gain) on available-for-sale marketable securities		(65	)		(199	)
Tax effect		37			–
Other comprehensive loss (income)	$	(194	)	$	(178	)
Total comprehensive income	$	16,476		$	11,898
See accompanying notes to consolidated financial statements.
Earnings per share
Basic	$	0.12		$	0.09
Diluted		0.11			0.08
Weighted average number of common shares outstanding
Basic		136,967			128,435
Diluted		151,082			144,590

TASEKO MINES LIMITED

Consolidated Statements of Shareholders' Equity

(Expressed in thousands of Canadian Dollars, except for per share and share amounts)

			Three months ended				Year ended
			December 31, 2007				September 30, 2007
			(unaudited)
Common shares	Number of shares				Number of shares
Balance at beginning of the period	130,580,538	$	205,040		128,388,175	$	197,592
Share purchase options at $1.15 per share	–		–		409,833		471
Share purchase options at $1.29 per share	–		–		75,000		97
Share purchase options at $2.07 per share	–		–		233,300		483
Share purchase options at $2.18 per share	12,500		27		244,000		532
Share purchase options at $2.63 per share	–		–		20,000		53
Share purchase options at $2.68 per share	–		–		27,500		74
Share purchase options at $3.07 per share	16,000		49		48,000		147
Share issued for the purchase of mineral property interest	–		–		1,134,730		3,805
Fair value of stock options allocated to shares issued on exercise	–		72		–		1,786
Private placement at $5.20 per share, net of issue costs (note 9)	9,637,792		46,942		–		–
Balance at end of the period	140,246,830	$	252,130		130,580,538	$	205,040
Equity component of convertible debt
Balance at beginning and end of the period		$	13,655			$	13,655
Tracking preferred shares
Balance at beginning and end of the period		$	26,642			$	26,642
Contibuted surplus
Balance at beginning of the period			8,633				3,648
Stock-based compensation			2,772				6,771
Fair value of stock options allocated to shares issued on exercise			(72	)			(1,786	)
Balance at end of the period		$	11,333			$	8,633
Accumulated other comprehensive income
Balance at beginning of the period			2,338				–
Unrealized gain (loss) on reclamation deposits			166				(419	)
Unrealized gain (loss) on available-for-sale marketable securities			65				4,710
Reclassification of realized loss (gain) on sale of marketable securities			–				(1,508	)
Tax effect			(37	)			(445	)
Balance at end of the period		$	2,532			$	2,338
Deficit
Balance at beginning of the period			(92,648	)			(140,603	)
Adjustment to opening deficit			–				(307	)
Net earnings for the period			16,282				48,262
Balance at end of the period		$	(76,366	)		$	(92,648	)
TOTAL SHAREHOLDERS' EQUITY		$	229,926			$	163,660

See accompanying notes to consolidated financial statements.

TASEKO MINES LIMITED

Consolidated Statements of Cash Flows

(Unaudited - Expressed in thousands of Canadian Dollars)

		Three months ended December 31
		2007			2006
Operating activities
Net earnings for the period	$	16,282		$	11,720
Items not involving cash
Accretion of reclamation obligation		307			339
Amortization		701			437
Interest accretion on convertible debt		742			716
Stock-based compensation		2,772			759
Future income taxes		(2,539	)		3,845
Unrealized foreign exchange		(92	)		1,221
Change in fair value of financial instruments		77			(28	)
Changes in non-cash operating working capital
Accounts receivable		(1,830	)		5,898
Inventories		(2,199	)		12,169
Prepaids		(105	)		(86	)
Accrued interest income on promissory note		(1,078	)		(883	)
Accounts payable and accrued liabilities		(7,995	)		(1,107	)
Deferred revenue		(44	)		(11,838	)
Accrued interest expense on royalty obligation		359			–
Income taxes		(5,059	)		2,389
Site closure and reclamation expenditures		(2,413	)		(28	)
Cash provided by (used for) operating activities		(2,114	)		25,523
Investing activities
Purchase of property, plant and equipment		(26,512	)		(23,827	)
Reclamation deposits		(34	)		–
Accrued interest income on reclamation deposits		(571	)		(390	)
Investment in marketable securities		(254	)		(1,960	)
Cash used for investing activities		(27,371	)		(26,177	)
Financing activities
Common shares issued for cash, net of issue costs		47,018			112
Cash provided by financing activities		47,018			112
		–			–
Increase (decrease) in cash and equivalents		17,533			(542	)
Cash and equivalents, beginning of period		37,636			89,408
Cash and equivalents, end of period	$	55,169		$	88,866

See accompanying notes to consolidated financial statements.

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

1.	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
	These interim consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles. They do not include all the disclosures as required for annual financial statements under generally accepted accounting principles. These interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements which are available through the Internet on SEDAR at www.sedar.com.
	Operating results for the three month period ended December 31, 2007 are not necessarily indicative of the results that may be expected for the full fiscal year ending September 30, 2008.
2.	SIGNIFICANT ACCOUNTING POLICIES
	These interim consolidated financial statements follow the same accounting policies and methods of application as the Company's most recent annual financial statements, except as described in note 3.
3.	CHANGES IN ACCOUNTING POLICIES
	Effective October 1, 2007, the Company adopted the following accounting standards updates issued by the Canadian Institute of Chartered Accountants (“CICA”). These new standards have been adopted on a prospective basis with no restatement to prior period financial statements.

(a) Accounting Changes (Section 1506)

This standard establishes criteria for changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and correction of errors. As a result, changes in accounting policies are only permitted when required by a primary source of GAAP or when the change will result in more reliable and more relevant information. Changes in accounting estimates during the period resulting from the increase in the life of the Gibraltar mine are disclosed in note 6 and note 8.

(b) Capital Disclosures (Section 1535)

This standard requires disclosure of an entity's objectives, policies and processes for managing capital, quantitative data about what the entity regards as capital and whether the entity has complied with any capital requirements and, if it has not complied, the consequences of such non-compliance.

The Company's objectives when managing capital are:

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

• to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and

• to provide an adequate return to shareholders by pricing products commensurately with the level of risk.

The Company considers the items included in the consolidated statement of shareholder’s equity as capital. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through private placements, sell assets to reduce debt or return capital to shareholders. The Company is not subject to externally imposed capital requirements.

(c) Financial Instruments – Disclosure (Section 3862) and Presentation (Section 3863)

These standards replace CICA 3861, Financial Instruments – Disclosure and Presentation. They increase the disclosures currently required, which will enable users to evaluate the significance of financial instruments for an entity's financial position and performance, including disclosures about fair value. In addition, disclosure is required of qualitative and quantitative information about exposure to risks arising from financial instruments, including specified minimum disclosures about credit risk, liquidity risk and market risk. The quantitative disclosures must provide information about the extent to which the entity is exposed to risk, based on information provided internally to the entity’s key management personnel.

i) Financial Assets

The following table sets out the movement of the Company’s financial asset investments, which are accounted for as ‘available for sale’, ‘at fair value through profit or loss’, ‘held to maturity’ or ‘loans and receivables’ as defined by CICA 3855, Financial Instruments – Recognition and Measurement. No items were classified as ‘at fair value through profit or loss’ or ‘held to maturity’ during the period.

		Loans and		Available for sale			Total
		receivables			securities
At October 1, 2007	$	74,436	$		51,938	$	126,374
Movements in fair value		–			34		34
Additions		–			289		289
Interest accrued		1,078			692		1,770
At December 31, 2007	$	75,514	$		52,953	$	128,467

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

The carrying amounts and fair values of financial assets are as follows:

		December 31, 2007				September 30, 2007
		Estimated		Carrying		Estimated		Carrying
		fair value		value		fair value		value
Cash and equivalents	$	55,169	$	55,169	$	37,636	$	37,636
Restricted cash		4,400		4,400		4,400		4,400
Marketable securities and
investments		18,785		18,785		18,542		18,542
Accounts receivable		14,364		14,364		12,021		12,021
Reclamation deposit		34,168		34,168		33,396		33,396
Promissory note		75,514		75,514		74,436		74,436
Total financial assets	$	202,400	$	202,400	$	180,431	$	180,431

The fair value of marketable securities and investments and reclamation deposit represents the market value of quoted investments.

The exposure of the Company’s financial assets to interest rate and currency risk as at December 31, 2007 is as follows:

										Weighted
									Weighted	average
				Floating		Fixed			average	period for
				rate		rate			effective	which the
				financial		financial		Equity	interest	rate is fixed
		Total		assets		assets		investments	rate %	in years
USD	$	42,177	$	42,177	$	–	$	–	4.16%	–
CAD		145,859		92,456		34,618		18,785	4.76%	–
Total	$	188,036	$	134,633	$	34,618	$	18,785
Trade and other
receivables		14,364
Total financial
assets	$	202,400

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

ii) Financial Liabilities

The carrying amounts and fair values of financial liabilities are as follows:

		December 31, 2007				September 30, 2007
		Estimated		Carrying		Estimated		Carrying
		fair value		value		fair value		value
Accounts payable and accrued liabilities	$	22,439	$	22,439	$	30,435	$	30,435
Convertible debt		41,658		41,658		41,008		41,008
Royalty obligation		65,776		65,776		65,416		65,416
Total financial
liabilities	$	129,873	$	129,873	$	136,859	$	136,859

The fair values of the convertible debt and royalty obligation are determined by discounting the stream of future payments of interest and principal at the estimated prevailing market rates of comparable debt instruments.

The exposure of the Company’s financial liabilities to interest rate and currency risk at December 31, 2007 is as follows:

										Weighted
									Weighted	average	Weighted
									average	period for	average
									effective	which the	period until
				Floating		Fixed rate		Non-interest	interest	rate is fixed	maturity in
		Total		rate debt		debt		bearing debt	rate %	in years	years
USD	$	26,984	$	–	$	26,984	$	–	7.125	3.5	3.5
CAD		80,451		65,777		–		14,674	1.800	n/a	20
Total	$	107,435	$	65,777	$	26,984	$	14,674
Trade and
other
payables		22,438
Total
financial
liabilities	$	129,873

iii) Financial Instrument Risk Exposure and Risk Management

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board approves and monitors the risk management processes, inclusive of documented treasury policies, counterparty limits, controlling and reporting structures. The types of risk exposure and the way in which such exposure is managed is provided as follows:

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

Credit Risk

The Company’s credit risk is primarily attributable to its liquid financial assets. The Company limits exposure to credit risk on liquid financial assets through maintaining its cash and equivalents, restricted cash and reclamation deposits with high-credit quality financial institutions. The Company does not have financial assets that are invested in asset backed commercial paper.

Liquidity Risk

The Company ensures that there is sufficient capital in order to meet short term business requirements, after taking into account cash flows from operations and the Company’s holdings of cash and cash equivalents. The Company believes that these sources will be sufficient to cover the likely short and long term cash requirements. The Company’s cash and equivalents are invested in business accounts and bankers acceptances, and which are available on demand for the Company’s programs, and which are not invested in any asset backed deposits/investments.

Market Risk

The significant market risk exposures to which the Company is exposed are foreign exchange risk, interest rate risk and commodity price risk. These are discussed further below:

Foreign exchange risk

The Company’s revenues from the production and sale of copper and molybdenum are denominated in US dollars. However the Company's operating expenses are primarily incurred in Canadian dollars and its liabilities are primarily denominated in Canadian dollars. The results of the Company’s operations are subject to currency transaction risk and currency translation risk. The operating results and financial position of the Company are reported in Canadian dollars in the Company’s consolidated financial statements. The fluctuation of the US dollar in relation to the Canadian dollar will consequently have an impact upon the profitability of the Company and may also affect the value of the Company’s assets and the amount of shareholders’ equity.

The Company’s revenues and treatment and transportation charges are substantially denominated in US dollars, whereas all other expenses are substantially denominated in Canadian dollars.

The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks at this time.

Interest rate risk

In respect of financial assets, the Company’s policy is to invest cash at floating rates of interest and cash reserves are to be maintained in cash equivalents in order to maintain liquidity, while achieving a satisfactory return for shareholders. Fluctuations in interest rates impact on the value of cash equivalents and reclamation deposits.

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

In respect to financial liabilities, the Boliden convertible debenture is not subject to interest rate risk since it non-interest bearing. The royalty obligation is offset by a promissory note held by the Company. The convertible bond carry a fixed interest rate of 7.125% per annum, and as such is not subject to fluctuations in interest rate.

Commodity price risk

The value of the Company’s mineral resource properties is related to the price of gold, copper, molybdenum and niobium and the outlook for these minerals. The Company does not have any hedging or other commodity based risks respecting its operations.

Gold, copper, molybdenum and niobium prices historically have fluctuated widely and are affected by numerous factors outside of the Company's control, including, but not limited to, industrial and retail demand, central bank lending, forward sales by producers and speculators, levels of worldwide production, short-term changes in supply and demand because of speculative hedging activities, and certain other factors related specifically to gold.

The profitability of the Company's operations is highly correlated to the market price of copper, molybdenum, niobium and gold. If metal prices decline for a prolonged period below the cost of production of the Company's Gibraltar mine, it may not be economically feasible to continue production.

New Accounting Pronouncements Not Yet Adopted:

(a) Inventories (Section 3031)

This standard replaces the existing Section 3030 with the same title and will harmonize accounting for inventories under Canadian GAAP with International Financial Reporting Standards (“IFRS”). This standard requires that inventories be measured at the lower of cost and net realizable value, and includes guidance on the determination of cost, including allocation of overheads and other costs. The standard also requires that similar inventories within a consolidated group be measured using the same method. It also requires the reversal of previous write-downs to net realizable value when there is a subsequent increase in the value of inventories. This new Section is effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2008. The Company is currently evaluating the impact of this new standard.

(b) Going Concern – Amendments to Section 1400

CICA 1400, General Standards of Financial Statement Presentation, was amended to include requirements to assess and disclose an entity's ability to continue as a going concern. The new requirements are effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2008. The Company does not expect the adoption of these changes to have an impact on its financial statements.

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

4. MARKETABLE SECURITIES AND INVESTMENTS

		As at December 31, 2007
				Unrealized
		Cost		Gain/(Loss)			Fair Value
Continental Minerals Corporation – Common shares	$	9,880	$	2,645		$	12,525
Continental Minerals Corporation – Warrants		3,118		(2,309	)		809
Investment in other public companies		4,828		623			5,451
	$	17,826	$	959		$	18,785
		As at September 30, 2007
				Unrealized
		Cost		Gain/(Loss)			Fair Value
Continental Minerals Corporation – Common shares	$	9,880	$	2,566		$	12,446
Continental Minerals Corporation – Warrants		3,118		(2,232	)		886
Investment in other public companies		4,574		636			5,210
	$	17,572	$	970		$	18,542

At December 31, 2007, the estimated fair value of the Continental warrants was estimated at $809 (2007 – $886) (using an expected volatility of 76% (2007 – 46%), a risk free interest rate of 3.92%, (2007 – 3.90%) expected dividends of nil (2007 – nil) and a remaining life of approximately 0.14 years (2007 – 0.4 years). Consequently, a change in mark-to-market adjustment of $77 (2007 – $Nil) was charged to operations.

As at December 31, 2007, the Company held 7,827,726 (2007 – 7,827,726) common shares and 7,318,182 (2007 – 7,318,182) share purchase warrants of Continental.

5. INVENTORY

		December 31		September 30
		2007		2007
Copper concentrate	$	8,220	$	6,623
Ore in-process		1,529		2,320
Copper cathode		1,279		605
Molybdenum		281		–
Materials and supplies		8,948		8,510
	$	20,257	$	18,058

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

6. MINERAL PROPERTIES, PLANT AND EQUIPMENT

Plant and equipment - Gibraltar Mine
		December 31, 2007							September 30, 2007
				Accumulated		Net book					Accumulated		Net book
		Cost		Amortization		value			Cost		amortization		value
Buildings and equipment	$	6,115	$	2,011	$	4,104		$	6,115	$	1,905	$	4,210
Mine equipment		64,243		9,565		54,678			62,056		9,216		52,840
Plant and equipment		85,697		1,893		83,804			73,260		1,698		71,562
Vehicles		2,093		838		1,255			1,511		753		758
Computer equipment		3,300		2,359		941			3,178		2,225		953
Land		402		–		402			402		–		402
Deferred pre-stripping costs		43,646		–		43,646			32,949		–		32,949
Asset retirement costs (note 8)		–		–		–			1,426		–		1,426
Total Gibraltar mine	$	205,496	$	16,666	$	188,830		$	180,897	$	15,797	$	165,100
Mineral property interests					$	18,940						$	18,407
Net asset retirement obligation adjustment						(6,487	)						(6,609	)
Mineral properties, plant and equipment					$	201,283						$	176,898

As at December 31, 2007, approximately $67,045 (2007 – $94,656) of plant and equipment is under construction and not being amortized. Amortization recorded during the period reflects the changes in accounting estimates during the period resulting from the increase in the life of the Gibraltar mine.

7. RELATED PARTY TRANSACTIONS AND BALANCES

		Three months ended December 31
Transactions		2007		2006
Hunter Dickinson Inc.
Services rendered to the Company and its subsidiaries
and reimbursement of third party expenses	$	1,848	$	1,276
	As at
		December 31		September 30
Advances to		2007		2007
Hunter Dickinson Inc.	$	293	$	807

TASEKO MINES LIMITED

Notes to Consolidated Financial Statements

For the three months ended December 31, 2007

(Unaudited – Expressed in thousands of Canadian Dollars, unless stated otherwise)

8. SITE CLOSURE AND RECLAMATION OBLIGATIONS

The continuity of the provision for site closure and reclamation costs related to the Gibraltar mine is as follows:

Balance, September 30, 2007	$	17,441
Changes during the period:
Reclamation incurred		–
Accretion expense		307
Additional site closure and reclamation obligation recognized		–
Reduction in the present value of reclamation liability due to an extension in mine life		(3,839	)
Balance, December 31 2007	$	13,909

During the quarter ended December 31, 2007, the value of the underlying site closure and reclamation obligation was revised to reflect an increase in the life of the Gibraltar mine. This change resulted in a revision to the timing of undiscounted cash flows associated with the carrying amount of the liability and a reduction in the present value of the site closure and reclamation obligation. The impact of these changes in estimates are as follows:

• a decrease of $3,839 (2007 – $Nil) in the present value of the reclamation obligation due to an extension in the mine life.

• a decrease of $1,426 (2007 - $Nil) in asset retirement costs included in mineral properties, plant and equipment

• a gain of $2,413 (2007 – $Nil) resulting from a decrease in the asset retirement cost in excess of its carrying value.

The new estimated amount of the reclamation costs, adjusted for estimated inflation at 2.2% to 2.5% per year, in 2026 dollars, is $75,500 (2007 – $68,400) and is expected to be spent over a period of approximately three years beginning in 2026. The credit-adjusted risk free rates at which the estimated future cash flows have been discounted are 7.1% to 10%, which results in a net present value of $13,909 (2007 – $17,441). The accretion for the quarter ended December 31, 2007 of $307 (2007 – $339) is charged to the statement of operations.

9. EQUITY FINANCINGS

In October 2007, the Company completed a "bought deal" short form prospectus offering (the "Offering") of 7,115,385 common shares at a price of $5.20 per Common share (the "Offering Price"). The Company granted to the underwriters an over-allotment option to purchase up to an additional 1,067,307 common shares at the Offering Price. The Underwriters elected to exercise the over-allotment option in full at the closing, resulting in aggregate gross proceeds to the Company of $42,550.

In November 2007, the Company completed a private placement financing of 1,455,100 common shares at a price of $5.20 per share for gross proceeds of $7,600.