Nevada
|
|
1040
|
|
13-3180530
|
(State
or jurisdiction of
incorporation
or organization)
|
|
(Primary
Standard Industrial
Classification
Code Number)
|
|
(I.R.S.
Employer
Identification
Number)
|
Title
of Each Class of Securities to be Registered
|
Amount
to be Registered (1)
|
Proposed
Maximum Offering Price Per Share(3)
|
Proposed
Maximum Aggregate Offering Price
|
Amount
of Registration Fee
|
|||||||||
Common
Stock
|
1,150,000
|
$
|
0.315
|
$
|
362,250
|
$
|
38.76
|
||||||
Common
Stock (2)
|
12,800,000
|
$
|
0.315
|
$
|
4,032,000
|
$
|
431.42
|
||||||
Total
Registration Fee
|
$
|
470.18
|
|||||||||||
(1)
|
Pursuant
to Rule 416 of the Securities Act of 1933, there are also being registered
an indeterminate number of additional shares of common stock as may
become
offered, issuable or sold to prevent dilution resulting from stock
splits,
stock dividends or similar
transactions.
|
(2)
|
Represent
shares issuable upon exercise of warrants and options owned by selling
stockholders.
|
(3)
|
Estimated
solely for the purpose of computing the registration fee in accordance
with Rules 457(c) of the Securities Act on the basis of $0.315 per
share,
which was the average of the high and low prices of the shares of
common
stock of the Registrant on November 16, 2006, as reported on the
OTC
Bulletin Board.
|
TABLE
OF CONTENTS
|
|
Page
|
|
Prospectus
Summary
|
2
|
Risk
Factors
|
4
|
Forward-looking
Statements
|
14
|
Use
of Proceeds
|
14
|
Dividend
Policy
|
14
|
Price
Range of Common Stock
|
14
|
Selected
Consolidated Financial
Data
|
15
|
Management’s
Discussion and Analysis
of Financial Condition And
Results of Operations
|
16
|
Our
Business
|
28
|
Management
|
38
|
Executive
Compensation
|
42
|
Principal
Stockholders
|
45
|
Certain
Relationships and Related
Transactions
|
47
|
Selling
Stockholders
|
48
|
How
the Shares May Be
Distributed
|
58
|
Description
of Securities Being
Registered
|
60
|
Legal
Matters
|
62
|
Experts
|
62
|
Where
you can find More
information
|
62
|
Glossary
|
62
|
Financial
Statements
|
F-1
|
Common
stock to be offered
by
the selling stockholders
|
100,479,757 Shares |
Common
stock outstanding
prior
to this offering
|
133,035,127 Shares |
Use of Proceeds | We will not receive any of the proceeds from the sale of the shares of common stock because they are being offered by the selling stockholders and we are not offering any shares for sale under this prospectus, but we may receive proceeds from the exercise of warrants and options held by the selling stockholders. We will apply such proceeds, if any, toward the construction of our mining operation in Mexico, and for working capital. See "Use of Proceeds." |
Over-The-Counter
Bulletin
Board
symbol
|
CGLD |
Toronto Stock Exchange symbol | CGC |
· |
Up
to 37,361,000 shares of common stock issuable upon the exercise of
outstanding warrants;
|
· |
Up
to 872,727 shares of common stock issuable upon the exercise of
outstanding options; and
|
· |
Up
to 62,246,030 shares of common stock owned by certain of the selling
stockholders.
|
For
the Years Ended
|
||||||||||||||||
July
31,
|
||||||||||||||||
2002
|
2003
|
2004
|
2005
|
2006
|
||||||||||||
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
||||||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$ | - | ||||||
Mine
Expenses
|
$
|
709,961
|
$
|
1,028,899
|
$
|
673,050
|
$
|
851,374
|
$
|
1,940,805
|
||||||
Selling,
General and
|
||||||||||||||||
Administrative
|
$
|
639,652
|
$
|
770,629
|
$
|
687,722
|
$
|
1,005,038
|
$
|
2,135,493
|
||||||
Stock
& Warrants
|
||||||||||||||||
Issued
for Services
|
$
|
222,338
|
$
|
288,623
|
$
|
379,033
|
$
|
187,844
|
$
|
89,391
|
||||||
Depreciation
&
|
||||||||||||||||
Amortization
|
$
|
3,105
|
$
|
-
|
$
|
-
|
$
|
7,431
|
$
|
38,969
|
||||||
Total
Other
|
||||||||||||||||
Income
(Expense)
|
$
|
2,027,810
|
$
|
(
11,735
|
)
|
$
|
(
950,005
|
)
|
$
|
46,005
|
$
|
(600,034
|
)
|
|||
Minority
Interest
|
$
|
54,543
|
$
|
180,625
|
$
|
51,220
|
$
|
-
|
$
|
-
|
||||||
Write
Down of Mining,
|
||||||||||||||||
Milling
and Other
|
||||||||||||||||
Property
and Equipment
|
$
|
999,445
|
$
|
-
|
$
|
300,000
|
$
|
-
|
$
|
-
|
||||||
Net
Loss
|
$
|
(492,148
|
)
|
$
|
(1,919,261
|
)
|
$
|
(2,938,590
|
)
|
$
|
(2,005,682
|
)
|
$
|
(4,804,692
|
)
|
Balance
Sheet Data
|
||||||||||||||||
As
of July 31,
|
||||||||||||||||
2002
|
2003
|
2004
|
2005
|
2006
|
||||||||||||
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
||||||||||||
Working
Capital
|
$
|
1,192,871
|
$
|
105,661
|
$
|
182,939
|
$
|
4,239,991
|
$
|
7,031,526
|
||||||
Total
Assets
|
$
|
2,056,851
|
$
|
761,607
|
$
|
485,753
|
$
|
5,551,871
|
$
|
9,545,580
|
||||||
Stockholders’
Equity
|
$
|
1,622,119
|
$
|
651,000
|
$
|
281,594
|
$
|
5,269,055
|
$
|
8,929,937
|
· |
the
level of interest rates,
|
· |
the
rate of inflation,
|
· |
central
bank sales,
|
· |
world
supply of gold and
|
· |
stability
of exchange rates.
|
· |
labor
disputes,
|
· |
invalidity
of governmental orders,
|
· |
uncertain
or unpredictable political, legal and economic
environments,
|
· |
war
and civil disturbances,
|
· |
changes
in laws or policies,
|
· |
taxation,
|
· |
delays
in obtaining or the inability to obtain necessary governmental
permits,
|
· |
governmental
seizure of land or mining claims,
|
· |
limitations
on ownership,
|
· |
limitations
on the repatriation of earnings,
|
· |
increased
financial costs,
|
· |
import
and export regulations, including restrictions on the export of gold,
and
|
· |
foreign
exchange controls.
|
· |
ownership
of assets,
|
· |
land
tenure,
|
· |
mining
policies,
|
· |
monetary
policies,
|
· |
taxation,
|
· |
rates
of exchange,
|
· |
environmental
regulations,
|
· |
labor
relations,
|
· |
repatriation
of income and
|
· |
return
of capital.
|
· |
stricter
standards and enforcement,
|
· |
increased
fines and penalties for non-compliance,
|
· |
more
stringent environmental assessments of proposed projects and
|
· |
a
heightened degree of responsibility for companies and their officers,
directors and employees.
|
· |
environmental
hazards,
|
· |
industrial
accidents,
|
· |
metallurgical
and other processing,
|
· |
acts
of God, and
|
· |
mechanical
equipment and facility performance problems.
|
· |
damage
to, or destruction of, mineral properties or production
facilities,
|
· |
personal
injury or death,
|
· |
environmental
damage,
|
· |
delays
in mining,
|
· |
monetary
losses and /or
|
· |
possible
legal liability.
|
· |
the
location of economic ore bodies,
|
· |
development
of appropriate metallurgical processes,
|
· |
receipt
of necessary governmental approvals and
|
· |
construction
of mining and processing facilities at any site chosen for mining.
|
· |
the
price of gold,
|
· |
the
particular attributes of the deposit, such as its
|
o |
size,
|
o |
grade
and
|
o |
proximity
to infrastructure,
|
· |
financing
costs,
|
· |
taxation,
|
· |
royalties,
|
· |
land
tenure,
|
· |
land
use,
|
· |
water
use,
|
· |
power
use,
|
· |
importing
and exporting gold and
|
· |
environmental
protection.
|
i. |
with
a price of less than five dollars per share;
|
ii. |
that
are not traded on a recognized national
exchange;
|
§ |
whose
prices are not quoted on the NASDAQ automated quotation system;
or
|
iii. |
of
issuers with net tangible assets equal to or less than
|
§ |
-$2,000,000
if the issuer has been in continuous operation for at least three
years;
or
|
§ |
-$5,000,000
if in continuous operation for less than three years,
or
|
§ |
of
issuers with average revenues of less than $6,000,000 for the last
three
years.
|
i. |
to
obtain from the investor information concerning his or her financial
situation, investment experience and investment objectives;
|
ii. |
to
determine reasonably, based on that information, that transactions
in
penny stocks are suitable for the investor and that the investor
has
sufficient knowledge and experience as to be reasonably capable of
evaluating the risks of penny stock transactions;
|
iii. |
to
provide the investor with a written statement setting forth the basis
on
which the broker-dealer made the determination in (ii) above; and
|
iv. |
to
receive a signed and dated copy of such statement from the investor,
confirming that it accurately reflects the investor's financial situation,
investment experience and investment objectives.
|
Quarter Ending |
High
|
and
|
Low
|
||||
October
31, 2006
|
0.33
|
0.28
|
|||||
July
31, 2006
|
0.43
|
0.32
|
|||||
April
30, 2006
|
0.39
|
0.33
|
|||||
January
31, 2006
|
0.42
|
0.28
|
|||||
October
31, 2005
|
0.27
|
0.17
|
|||||
July
31, 2005
|
0.24
|
0.16
|
|||||
April
30, 2005
|
0.40
|
0.17
|
|||||
January
31, 2005
|
0.39
|
0.23
|
|||||
October
31, 2004
|
0.33
|
0.19
|
Period Ending |
High
and Low
|
||||||
US$/CDN$
|
US$/CDN$
|
||||||
Quarter
ended October 31, 2006
|
0.36/0.40
|
0.28/0.32
|
|||||
Quarter
ended July 31, 2006
|
0.49/0.55
|
0.28/0.32
|
|||||
March
22 2006 - April 30, 2006
|
0.44/0.50
|
0.33/0.37
|
For
the Years Ended
July
31,
|
||||||||||||||||
2002
|
2003
|
2004
|
2005
|
|
2006
|
|||||||||||
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
||||||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Mine
Expenses
|
$
|
709,961
|
$
|
1,028,899
|
$
|
673,050
|
$
|
851,374
|
$
|
1,940,805
|
||||||
Selling,
General and
|
||||||||||||||||
Administrative
|
$
|
639,652
|
$
|
770,629
|
$
|
687,722
|
$
|
1,005,038
|
$
|
2,135,493
|
||||||
Stocks
and Warrants
|
||||||||||||||||
Issued
for Services
|
$
|
222,338
|
$
|
288,623
|
$
|
379,033
|
$
|
187,844
|
$
|
89,391
|
||||||
Depreciation
&
|
||||||||||||||||
Amortization
|
$
|
3,105
|
$
|
-
|
$
|
-
|
$
|
7,431
|
$
|
38,969
|
||||||
Total
Other
|
||||||||||||||||
Income
(Expense)
|
$
|
2,027,810
|
$
|
(
11,735
|
)
|
$
|
(
950,005
|
)
|
$
|
46,005
|
$
|
(600,034
|
)
|
|||
Minority
Interest
|
$
|
54,543
|
$
|
180,625
|
$
|
51,220
|
$
|
-
|
$
|
-
|
||||||
Write
Down of Mining,
|
||||||||||||||||
Milling
and Other
|
||||||||||||||||
Property
and Equipment
|
$
|
999,445
|
$
|
-
|
$
|
300,000
|
$
|
-
|
$
|
-
|
||||||
Net
Loss
|
$
|
(492,148
|
)
|
$
|
(1,919,261
|
)
|
$
|
(2,938,590
|
)
|
$
|
(2,005,682
|
)
|
$
|
(4,804,692
|
)
|
For
the Years Ended
July
31,
|
||||||||||||||||
2002
|
2003
|
2004
|
2005
|
2006
|
||||||||||||
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
||||||||||||
Net
Cash (Used) in Operations
|
$
|
(1,094,098
|
)
|
$
|
(1,889,349
|
)
|
$
|
(1,423,372
|
)
|
$
|
(1,841,821
|
)
|
$
|
(8,720,598
|
)
|
|
Net
Cash Provided by (Used in)
|
||||||||||||||||
Investing
Activities
|
$
|
670,886
|
$
|
1,429,249
|
$
|
2,992
|
$
|
(712,868
|
)
|
$
|
(618,774
|
)
|
||||
Net
Cash Provided by Financing
|
||||||||||||||||
Activities
|
$
|
511,453
|
$
|
494,601
|
$
|
1,362,776
|
$
|
6,598,819
|
$
|
(7,753,817
|
)
|
|||||
Effects
of Exchange
|
||||||||||||||||
Rates
on Cash
|
$
|
(
2,728
|
)
|
$
|
62,476
|
$
|
19,637
|
$
|
28,975
|
$
|
45,506
|
|||||
Net
Increase (Decrease)
|
||||||||||||||||
in
Cash
|
$
|
85,513
|
$
|
96,977
|
$
|
(
37,967
|
)
|
$
|
4,073,105
|
$
|
(1,540,050
|
)
|
||||
Balance
Sheet Data
|
As
of July 31,
|
||||||||||||||||
2002
|
2003
|
2004
|
2005
|
2006
|
||||||||||||
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
(consolidated)
|
||||||||||||
Cash
and Cash Equivalents
|
$
|
149,433
|
$
|
246,410
|
$
|
208,443
|
$
|
4,281,548
|
$
|
2,741,498
|
||||||
Total
Current Assets
|
$
|
1,659,888
|
$
|
359,960
|
$
|
387,098
|
$
|
4,522,807
|
$
|
7,647,169
|
||||||
Mining
Concessions
|
$
|
-
|
$
|
-
|
$
|
44,780
|
$
|
70,104
|
$
|
70,104
|
||||||
Property
and Equipment (Net)
|
$
|
346,378
|
$
|
344,780
|
$
|
-
|
$
|
650,941
|
$
|
1,035,972
|
||||||
Intangible
Assets (Net)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
17,842
|
$
|
13,800
|
||||||
Total
Assets
|
$
|
2,056,851
|
$
|
761,607
|
$
|
485,753
|
$
|
5,551,871
|
$
|
9,545,580
|
||||||
Total
Current Liabilities
|
$
|
467,017
|
$
|
254,299
|
$
|
204,159
|
$
|
282,816
|
$
|
615,643
|
||||||
Stockholders’
Equity
|
$
|
1,622,119
|
$
|
651,000
|
$
|
281,594
|
$
|
5,269,055
|
$
|
8,929,937
|
Activity
|
Estimated
Cost
|
|||
Mexico | ||||
Crushing | 3,950,000 | |||
Heap leaching | 4,040,000 | |||
Carbon handling & refining | 960,000 | |||
Power system | 930,000 | |||
Water system | 965,000 | |||
Trucks and other mining equipment | 460,000 | |||
Engineering and planning | 1,050,000 | |||
Ancillaries (building, shops, lab and road) | 1,172,000 | |||
Owner’s costs | 2,700,000 | |||
Working capital | 1,600,000 | |||
General and administrative | 210,000 | |||
Sub-total
|
$ | 18,037,000 | ||
New York and Colorado | ||||
General,
administrative and professional expenses
|
1,380,000
|
|||
Total
|
$ | 19,417,000 |
2007 |
51,000
|
|||
2008 | 4,200 | |||
$ | 55,200 |
Concession
Name
|
Title
No.
|
Hectares
|
|||||
1 San
Jose
|
200718
|
96.0000
|
|||||
2 Las
Dos Virgen
|
214874
|
132.2350
|
|||||
3
Rono I
|
206408
|
82.1902
|
|||||
4
Rono 3
|
214224
|
197.2180
|
|||||
5
La Cuchilla
|
211987
|
143.3481
|
|||||
6
Elsa
|
212004
|
2,035.3997
|
|||||
7
Elisa
|
214223
|
78.4717
|
|||||
8
Ena
|
217495
|
190.0000
|
|||||
9
Eva
|
212395
|
416.8963
|
|||||
10
Mirsa
|
212082
|
20.5518
|
|||||
11
Olga
|
212081
|
60.5890
|
|||||
12
Edna
|
212355
|
24.0431
|
|||||
13
La Tira
|
219624
|
1.7975
|
|||||
14
La Tira 1
|
219623
|
18.6087
|
|||||
15
Los Tres
|
223634
|
8.000
|
|||||
16
El Charro
|
206,404
|
40.0000
|
|||||
Total
|
3,543.3491
|
· |
an
increase in the mine life from five to six
years,
|
· |
an
increase in the base gold price from $325/oz to
$375/oz,
|
· |
use
of a mining contractor,
|
· |
revised
mining, processing and support costs,
|
· |
stockpiling
of low grade material for possible processing in year six, if justified
by
gold prices at that time,
|
· |
a
reduced size for the waste rock dump and revised design of reclamation
waste dump slopes,
|
· |
a
revised process of equipment selection
and
|
· |
evaluation
of the newly acquired water well for processing the
ore.
|
· |
a
33% increase in proven and probable gold
reserves,
|
· |
an
increase in mine life from six to seven
years,
|
· |
an
increase in the base gold price from $375/oz to $450/oz
and
|
· |
Stockpiling
of low grade material for possible processing in year seven, if justified
by gold prices at that time.
|
|
Metric
|
U.S.
|
Materials
Reserves
Other
Mineralized Materials
Waste
Total
Contained
Gold
Production
Ore
Crushed
Operating
Days/Year
Gold
Plant Average Recovery
Average
Annual Production
Total
Gold Produced
|
19.9
Tonnes @ 0.767 g/t*
0
Million Tonnes
19.9
Million Tonnes
39.8
Million Tonnes
15.24
Million grams
2.6
Million Tonnes /Year
7,500
Mt/d*
365
Days per year
69.2
%
1.38
Million grams
10.55
Million grams
|
21.9
Million Tons @ 0.022 opt*
0
Million Tons
21.9
Million Tons
43.8
Million tons
489,952
Oz
2.86
Million Tons/Year
8,250
t/d
365
Days per year
69.2
%
44,395
Oz
339,047
Oz
|
Name
|
Age
|
Position
|
Gifford
A. Dieterle
|
74
|
President,
Treasurer & Chairman of the Board
|
Christopher
Chipman
|
33
|
Chief
Financial Officer
|
Robert
Roningen
|
71
|
Director,
Senior Vice President and Secretary
|
Jack
V. Everett
|
85
|
Director,
Vice President - Exploration
|
Roger
A. Newell
|
63
|
Director,
Vice President - Development
|
Jeffrey
W. Pritchard
|
48
|
Director,
Vice President - Investor Relations
|
John
Brownlie
|
57
|
Vice
President - Operations
|
J.
Scott Hazlitt
|
54
|
Vice
President - Mine Development
|
Ian
A. Shaw
|
66
|
Director
|
John
Postle
|
65
|
Director
|
Mark
T. Nesbitt
|
61
|
Director
|
Long-Term
Compensation
|
|||||||||||||||||||||||||
Annual
Compensation
|
Award
|
Payouts
|
|||||||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
|||||||||||||||||
Name
and Principal Position
|
Year
|
Salary
|
Bonus
($)
|
Other
Annual Compensation ($)
|
Restricted
Stock Award ($)
|
Options
SARs
|
LTIP
Payouts ($)
|
All
Other Compensation (i)
|
|||||||||||||||||
Gifford
A. Dieterle
|
2006
|
169,000
|
-0-
|
-0-
|
-0-
|
1,500,000*
|
-0-
|
-0-
|
|||||||||||||||||
Chief
Executive
|
2005
|
123,000
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
|||||||||||||||||
Officer
|
2004
|
104,000
|
20,000
|
-0-
|
-0-
|
250,000
|
-0-
|
-0-
|
|||||||||||||||||
|
|
||||||||||||||||||||||||
J.
Scott Hazlitt
|
2006
|
101,000
|
-0-
|
-0-
|
-0-
|
25,000
|
-0-
|
-0-
|
|||||||||||||||||
Vice
President
|
2005
|
97,000
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
|||||||||||||||||
Mine
Development
|
2004
|
96,000
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
||||
Name
|
Options/
SARs Granted
|
Percent
of Total Options/SARs Granted to Employee in Fiscal Year
|
Exercise
or Base Price ($/SH)
|
Expiration
Date
|
||||
Gifford
A. Dieterlie
|
1,250,000
|
22.4%
|
$.
05
|
1/3/2007
|
||||
Gifford
A. Dieterlie*
|
250,000
|
4.5%
|
$.
32
|
7/31/2008
|
||||
J.
Scott Hazlitt
|
25,000
|
0.4%
|
$.05
|
1/3/2007
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
|||||||||
Name
|
Shares
Acquired on Exercise (#)
|
Number
of Value Realized
|
Unexercised
Options/SARs at FY-End(#) Exercisable/ Unexercisable
|
Value
of Unexercised In-the-Money Option/SARs at FY-End(#) Exercisable/
Unexercisable
|
|||||||||
Gifford
A. Dieterle*
|
200,000
|
44,000
|
1,550,000
|
$
|
308,500
|
||||||||
Scott
Hazlitt
|
300,000
|
75,000
|
25,000
|
$
|
7,000
|
· |
Each
person, individually or as a group, known to us to be deemed
the
beneficial owners of five percent or more of our issued and outstanding
Common Stock;
|
· |
each
of our Directors and the Named Executives;
and
|
· |
all
of our officers and Directors as a group.
|
Name
and Address
of
Beneficial
Owner
|
Amount
& Nature
of
Beneficial
Ownership
|
Approximate
Percentage(1)(2)
|
||
Gifford
A. Dieterle*
|
2,650,000(2)(4)
|
2.0%
|
||
Jack
Everett*
534
Observatory Drive
Colorado
Springs, CO 80904
|
1,310,000(3)(4)
|
1.0%
|
||
Robert
Roningen*
2955
Strand Road
Duluth,
MN 55804
|
2,143,750(2)(5)
|
1.6%
|
||
Jeffrey
W. Pritchard*
|
956,354(2)(4)
|
**
|
||
Christopher
Chipman*
4014
Redwing Lane
Audubon,
PA 19407
|
-0-(4)
|
0.0%
|
||
Roger
A Newell*
1781
South Larkspur Drive
Golden,
CO 80401
|
1,477,273(2)(4)
|
1.1%
|
||
John
Brownlie*
6040
Puma Ridge
Littleton,
CO 80124
|
-0-(4)
|
0.0%
|
||
Scott
Hazlitt*
9428
W. Highway 50
Salida.
CO 81201
|
1,025,000(2)
|
**
|
||
Ian
A. Shaw*
20
Toronto Street, 12 Floor
Toronto,
Ontario M5C-2B8
Canada
|
-0-
|
0.0%
|
||
John
Postle*
2169
Constance Drive
Oakville
Ontario
Canada
L6j 5l2
|
-0-
|
0.0%
|
||
Mark
T. Nesbitt*
1580
Lincoln St., Ste 700
Denver,
CO 80203-1501
|
41,666(6)
|
**
|
||
RAB
Special Situations
(Master)
Fund Limited
1
Adam Street
London,
WC2N 6LE, UK
|
16,358,700(7)
|
12.3%
|
||
SPGP
17,
Avenue Matignon
75008
Paris, France
|
20,270,000(8)
|
14.2%
|
||
Standard
Bank PLC
320
Park Avenue
New
York, NY 10022
|
15,750,000(9)
|
10.8%
|
||
All
Officers and
Directors
as a
Group
(11)
|
9,594,043(2)(3)(4)(5)(6)
|
7.0%
|
(1) |
Based
upon 133,035,127, shares issued and outstanding as of November
16, 2006.
|
(2) |
For
Messrs. Dieterle, Roningen, Pritchard, Newell and Hazlitt, includes,
respectively, 1,300,000 shares, 750,000 shares, 622,727 shares,
750,000
shares and 25,000 shares issuable upon exercise of options and/or
warrants.
|
(3) |
Includes
shares owned by Mr. Everett’s wife.
|
(4) |
Excludes
for Messrs. Dieterle, Everett, Pritchard, Chipman, Brownlie and
Newell,
respectively, 250,000 shares, 250,000 shares, 250,000 shares,
50,000
shares, 200,000 shares and 250,000 shares issuable upon exercise
of
options, which options cannot be exercised unless and until the
options
have been approved by our
stockholders.
|
(5) |
Includes
shares owned by Mr. Roningen’s wife. All of the foregoing shares are
pledged as collateral for payment of a bank
note.
|
(6) |
Includes
shares owned by Mr. Nesbitt’s wife.
|
(7) |
The
shares are held of record by Credit Suisse First Boston LLC.
We have been
advised that William P. Richards is the Fund Manager for RAB
Special
Situations (Master) Fund Limited, with dispositive and voting
power over
the shares held by RAB Special Situations (Master) Fund Limited.
|
(8) |
Includes
shares issuable upon exercise of warrants to purchase an aggregate
of
9,600,000 shares. We have been advised that Xavier Roulet, is
a natural
person with voting and investment control over shares of our
Common Stock
beneficially owned by SPGP.
|
(9) |
Includes
shares issuable upon exercise of warrants to purchase an aggregate
of
13,600,000 shares. We have been advised that Standard Bank
PLC’s
directors and senior management are natural persons with voting
and
investment control over shares of our common stock beneficially
owned by
Standard Bank PLC.
|
Selling
Stockholder
|
Common
Stock
Owned Prior To Offering |
No.
of Shares
Being Offered |
Common
Stock
Owned After The Offering |
|||
Peter
Alan Lloyd(1)
|
90,000(1)
|
90,000(1)
|
—
|
|||
Terence
Owen Lloyd(2)
|
515,000(2)
|
515,000(2)
|
—
|
|||
SPGP(3)
|
20,270,000
(3)
|
20,270,000
(3)
|
—
|
|||
RAB
Special Situations (Master) Fund Limited (5)
|
16,504,200
(5)
|
16,504,200
(5)
|
—
|
|||
NCL
Smith & Williamson Ltd(6)
|
330,000(6)
|
330,000(6)
|
—
|
|||
Galloway
Ltd(7)
|
2,200,000(7)
|
2,200,000(7)
|
—
|
|||
Regent
Pacific Group Ltd(8)
|
1,320,000(8)
|
1,320,000(8)
|
—
|
|||
Excalibur
Limited Partnership(9)
|
391,460(9)
|
391,460(9)
|
—
|
|||
Tameem
Auchi(10)
|
176,000(10)
|
176,000(10)
|
—
|
|||
Compagnie
Internationale
|
1,760,000(11)
|
1,760,000(11)
|
—
|
|||
Sook
Hee Chang(12)
|
48,000(12)
|
48,000(12)
|
—
|
|||
AGF
Precious Metals Fund(13)
|
3,520,000(13)
|
3,520,000(13)
|
—
|
|||
Caisse
de Depot et Placement
|
||||||
du
Quebec(14)
|
4,630,800(14)
|
4,630,800(14)
|
—
|
|||
Minh-Thu
Dao-Huy(15)
|
405,000(15)
|
405,000(15)
|
—
|
|||
Michael
White(16)
|
29,568(16)
|
29,568(16)
|
—
|
|||
Neil
McLoughlin(17)
|
179,441(17)
|
179,441(17)
|
—
|
|||
Jay
Smith(18)
|
161,660(18)
|
161,660(18)
|
—
|
|||
Charles
L. Stafford(19)
|
449,700(19)
|
396,000(19)
|
53,700
|
|||
Selling
Stockholder
|
Common
Stock
Owned Prior To Offering |
No.
of Shares
Being Offered |
Common
Stock
Owned After The Offering |
|||
Standard
Bank Plc.(20)*
|
15,750,000(20)
|
15,750,000(20)
|
—
|
|||
IBK
Capital Corp. (21)
|
3,636,000(21)
|
3,636,000
(21)
|
—
|
|||
Josephine
Scott
|
1,018,500(22)
|
672,727
|
345,773
|
|||
Peter
I. Wold
|
550,000
(23)
|
250,000
|
300,000
|
|||
John
P. Wold
|
450,000
(23)
|
250,000
|
200,000
|
|||
John
S. Wold
|
1,000,001
(23)
|
250,001
|
750,000
|
|||
Andrew
Fraser (24)
|
336,900(24)
|
336,900(24)
|
—
|
|||
RBC/David
Paterson Trust (25)
|
397,000(25)
|
397,000(25)
|
—
|
|||
Van
Eck International Investors Gold Fund*
|
8,300,000(26)
|
8,300,000(26)
|
—
|
|||
Van
Eck Long/Short Gold Portfolio Ltd.*
|
1,700,000(27)
|
1,700,000(27)
|
—
|
|||
Global
Gold and Precious
|
1,000,000(28)
|
1,000,000(28)
|
—
|
|||
Eric
T. Inkilainen
|
250,000(29)
|
250,000(29)
|
—
|
|||
Russ
Fromm*
|
750,000(30)
|
750,000(30)
|
—
|
|||
Shane
Baghai
|
100,000(31)
|
100,000(31)
|
—
|
|||
Philip
Emanuele
|
750,000(32)
|
750,000(32)
|
—
|
|||
Robert
Krahn
|
250,000(33)
|
250,000(33)
|
—
|
|||
Firestone
Fund Limited
|
2,450,000(34)
|
2,450,000(34)
|
—
|
|||
Banque
Vontobel Geneve SA
|
1,465,000(35)
|
1,465,000(35)
|
—
|
|||
Guy
Huet
|
50,000(36)
|
50,000(36)
|
—
|
|||
Alison
Dyer
|
7,500(37)
|
7,500(37)
|
—
|
|||
Beat
Invest Ltd.
|
100,000(38)
|
100,000(38)
|
—
|
|||
Donald
G. Lang
|
225,000(39)
|
225,000(39)
|
—
|
|||
Selling
Stockholder
|
Common
Stock
Owned Prior To Offering |
No.
of Shares
Being Offered |
Common
Stock
Owned After The Offering |
|||
Stuart
W. Lang
|
75,000(40)
|
75,000(40)
|
—
|
|||
Ebner
Beteiligungsgesellschaft
|
425,000(41)
|
425,000(41)
|
—
|
|||
Ebner
Industrieofenbau
|
312,500
(42)
|
312,500
(42)
|
—
|
|||
Sentinel
Associates Ltd.
|
75,000(43)
|
75,000(43)
|
—
|
|||
Shirley
Hom
|
7,500(44)
|
7,500(44)
|
—
|
|||
HNW
Investments Inc.
|
500,000(45)
|
500,000(45)
|
—
|
|||
GM
CH Becker
|
1,250,000(46)
|
1,250,000(46)
|
—
|
|||
Michael
J. Hampton
|
300,000(47)
|
300,000(47)
|
—
|
|||
Yuet-Ha
Mo
|
30,000(48)
|
30,000(48)
|
—
|
|||
Gonzalo
Ojeda
|
100,000(49)
|
100,000(49)
|
—
|
|||
John
Andrew McKee
|
25,000(50)
|
25,000(50)
|
—
|
|||
The
Gresham Family Trust
|
300,000(51)
|
300,000(51)
|
—
|
|||
Eddye
Ann Kelley
|
250,000(52)
|
250,000(52)
|
—
|
|||
Robert
Louis Rosenthal
|
250,000(53)
|
250,000(53)
|
—
|
|||
Gregory
James McCoach
|
500,000(54)
|
500,000(54)
|
—
|
|||
Robert
H. Norris and Shirley B. Norris
Real Estate Trust |
1,250,000(55)
|
1,250,000(55)
|
—
|
|||
Hans
Von Michaelis
|
600,000(56)
|
500,000(56)
|
100,000
|
|||
William
M. Knapp
|
500,000(57)
|
500,000(57)
|
—
|
|||
Christin
Elizabeth Gwilliam
|
500,000(58)
|
500,000(58)
|
—
|
|||
Craig
L. McCarty
|
250,000(59)
|
250,000(59)
|
—
|
|||
Daniela
Porter
|
75,000(60)
|
75,000(60)
|
—
|
|||
Selling
Stockholder
|
Common
Stock
Owned Prior To Offering |
No.
of Shares
Being Offered |
Common
Stock
Owned After The Offering |
|||
Sydney
Trust
|
750,000(61)
|
750,000(61)
|
—
|
|||
Dee
Hunt
|
250,000(62)
|
250,000(62)
|
—
|
|||
J
Gandt
|
58,750(63)
|
58,750(63)
|
—
|
|||
CM
Prinsloo
|
37,500(64)
|
37,500(64)
|
—
|
|||
Hansard
|
37,500(65)
|
37,500(65)
|
—
|
|||
J.
Hruska
|
25,000(66)
|
25,000(66)
|
—
|
|||
U.
Vlok
|
25,000(66)
|
25,000(66)
|
—
|
|||
ICM
Fox
|
25,000(66)
|
25,000(66)
|
—
|
|||
Kelly
Glik
|
22,500(67)
|
22,500(67)
|
—
|
|||
JSW
Cross
|
18,750(68)
|
18,750(68)
|
—
|
|||
Richard
Feiner
|
200,000(4)
|
200,000(4)
|
—
|
|||
*
|
This
selling stockholder has identified itself as an affiliate of
a registered
broker-dealer.
|
(1)
|
The
stockholder’s brother, Terence Owen Lloyd, shares voting and investment
control with the stockholder. Terence Owen Lloyd disclaims beneficial
ownership of the shares owned by Peter Alan
Lloyd.
|
(2)
|
Some
of the shares are held of record by Jocar Nominees Limited. The
stockholder is the brother of Peter Alan
Lloyd.
|
(3)
|
Shares
offered and owned include 9,600,000 shares issuable upon exercise
of
warrants
issued in the February 2005 private placement. The selling stockholder
has
identified Xavier
Roulet,
as a natural person with voting and investment control over shares
of our
common stock beneficially owned by the selling stockholder.
|
(4)
|
Shares
offered and owned include 200,000 shares issuable upon exercise
of
options.
|
(5) |
The
shares are held of record by Credit Suisse First Boston LLC.
We have been
advised that William P. Richards is the Fund Manager for RAB
Special
Situations (Master) Fund Limited, with dispositive and voting
power over
the shares held by RAB Special Situations (Master) Fund Limited.
|
(6)
|
The
shares are held of record by NCL Investments Limited. Shares
offered and
owned include 150,000 shares issuable upon exercise of warrants
issued in
the February 2005 private placement. The selling stockholder
has
identified Mr. P. A. Irving as a natural person with voting and
investment
control over shares of our common stock beneficially owned by
the selling
stockholder.
|
(7)
|
Shares
offered and owned include 1,000,000 shares issuable upon exercise
of
warrants issued in the February 2005 private placement. The selling
stockholder has identified Denham Eke as a natural person with
voting and
investment control over shares of our common stock beneficially
owned by
the selling stockholder. Mr. Eke disclaims beneficial ownership
of the
shares offered.
|
(8)
|
The
shares are held of record by Willbro Nominees Limited. The selling
stockholder has identified Jamie Gibson as a natural person with
voting
and investment control over shares of our common stock beneficially
owned
by the selling stockholder.
|
(9)
|
The
selling stockholder has identified William Hechter, the president
of the
selling stockholder’s general partner as a natural person with voting and
investment control over shares of our common stock beneficially
owned by
the selling stockholder. Mr. Hechter disclaims beneficial ownership
of the
shares offered.
|
(10) |
The
shares are held of record by Fitel Nominees Limited.
|
(11) |
The
shares are held of record by Fitel Nominees Limited. The selling
stockholder has identified Mr. Nadhmi Auchi as a natural person
with
voting and investment control over shares of our common stock
beneficially
owned by the selling stockholder.
|
(12) |
Shares
offered and owned include 40,000 shares issuable upon exercise
of warrants
issued in the February 2005 private placement. The selling stockholder
has
indicated that her husband, Paul Ensor, also exercises voting
and
investment control over shares of our common stock beneficially
owned by
the selling stockholder.
|
(13) |
The
shares are held of record by Roytor & Co. Shares offered and owned
include 1,600,000 shares issuable upon exercise of warrants issued
in the
February 2005 private placement. The selling stockholder has
identified
Charles Oliver and Bob Farquharson as natural persons with voting
and
investment control over shares of our common stock beneficially
owned by
the selling stockholder. Messrs. Oliver and Farquharson disclaim
beneficial ownership of the shares
offered.
|
(14) |
The
shares are held of record by Fiducie Desjardins. Includes shares
issuable
upon exercise of warrants to purchase an aggregate of 2,400,000
shares. We
have been advised that Stephen Kibsey has dispositive power and
Ginette
Depelteau, as representative of Caisse de Depot et Placement
du Quebec,
has voting power over the shares held by Caisse de Depot et Placement
du
Quebec.
|
(15)
|
The
shares are held of record by GundyCo. The
selling stockholder is an officer of IBK Capital Corp., the placement
agent. Shares offered and owned include 37,000 shares issuable
upon
exercise of warrants issued in the 2006 Private Placements, and
exclude
all of the shares issuable upon exercise of warrants owned by
IBK.
|
(16)
|
The
selling stockholder is an officer of IBK Capital Corp., the placement
agent. Shares offered and owned exclude all of the shares issuable
upon
exercise of warrants owned by IBK.
|
(17)
|
Some
of the shares are held of record by Willbro Nominees Limited.
|
(18)
|
The
shares are held of record by GundyCo.
|
(19)
|
Shares
offered and owned include 125,000 shares issuable upon exercise
of
warrants issued in the February 2005 private placement and shares
issued
in trust for the benefit of his children. Shares owned include
an
aggregate of 53,700 shares owned by Mr. Stafford’s
children.
|
(20)
|
Shares
offered includes 13,600,000 shares issuable upon exercise of
warrants. The
selling stockholder has identified its directors and senior management
as
a natural persons with voting and investment control over shares
of our
common stock beneficially owned by the selling
stockholder.
|
(21)
|
Shares
offered and owned represent shares issuable upon exercise of
placement
agent warrants issued with regard to the February 2005 private
placement
and one of the 2006 Private Placements. The selling stockholder
was the
placement agent for the February 2005 private and part of the
2006 Private
Placements. The selling stockholder has identified William F.
White,
Minh-Thu Dao-Huy and Michael F. White as natural persons with
voting and
investment control over shares of our common stock beneficially
owned by
the selling stockholder. Securities owned individually by Minh-Thu
Dao-Huy
and Michael White are not included in the number of shares beneficially
owned by IBK.
|
(22)
|
Shares
owned includes 672,727 shares issuable upon exercise of options
and
exclude 250,000 shares issuable upon exercise of options, which
options
cannot be exercised unless and until the options have been approved
by our
stockholders. The selling stockholder is one of our
employees.
|
(23)
|
John
P. Wold and Peter I. Wold are brothers. John S. Wold is the father
of John
P. and Peter I. Wold. Each disclaims beneficial ownership of
the shares
owned by the others.
|
(24)
|
The
shares are held of record by Willbro Nominees Limited.
|
(25)
|
The
shares are held of record by Willbro Nominees Limited. The selling
stockholder has identified David Paterson as a natural person
with voting
and investment control over shares of our common stock beneficially
owned
by the selling stockholder.
|
(26)
|
Shares
offered and owned include 1,660,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified Joseph Foster, the portfolio manager for Van Eck
Associates
Corporation (the selling stockholder’s investment adviser), as a natural
person with voting and investment control over shares of our
common stock
beneficially owned by the selling stockholder. Van Eck International
Investors Gold Fund and Van Eck Long/Short Gold Portfolio Ltd.
are both
clients of related investment
advisors.
|
(27)
|
Shares
offered and owned include 340,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified Joseph Foster, the portfolio manager for Van Eck
Absolute
Return Advisers Corp. (the selling stockholder’s investment adviser), as a
natural person with voting and investment control over shares
of our
common stock beneficially owned by the selling stockholder. Van
Eck
International Investors Gold Fund and Van Eck Long/Short Gold
Portfolio
Ltd. are both clients of related investment
advisors.
|
(28)
|
Shares
offered and owned include 200,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified Jean Bernard Guyon, as a natural person with voting
and
investment control over shares of our common stock beneficially
owned by
the selling stockholder.
|
(29)
|
Shares
offered and owned include 50,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(30)
|
Shares
offered and owned include 150,000 shares issuable upon exercise
of
warrants issued in the 2006 Private
Placements.
|
(31)
|
Shares
offered and owned include 20,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements.
|
(32)
|
Shares
offered and owned include 150,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. 100,000 of these
shares
issuable upon exercise of warrants and 400,000 shares owned and
offered by
the stockholder are owned by him for the benefit of his two minor
children.
|
(33)
|
Shares
offered and owned include 50,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(34)
|
Shares
offered and owned include 490,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified HL Huet and Guy Huet, directors, as natural persons
with
voting and investment control over shares of our common stock
beneficially
owned by the selling stockholder. HL Huet and Guy Huet disclaim
beneficial
ownership of the shares offered.
|
(35)
|
Shares
offered and owned include 300,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified Michel A. Pasche and F. Von Engelbrechten, as
natural
persons with voting and investment control over shares of our
common stock
beneficially owned by the selling
stockholder.
|
(36)
|
The
shares are held of record by Bank Julius Baer & Co. Ltd. Shares
offered and owned include 10,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
is a
director of Firestone Fund Limited. The selling stockholder disclaims
beneficial ownership of the shares owned by
Firestone.
|
(37)
|
Shares
offered and owned include 1,500 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Alfred G. Wirth and Thomas A. Starkey of Wirth Associates
Inc.
as persons with voting and investment control over shares of
our common
stock beneficially owned by the selling
stockholder.
|
(38)
|
Shares
offered and owned include 20,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Alfred G. Wirth and Thomas A. Starkey of Wirth Associates
Inc.
as persons with voting and investment control over shares of
our common
stock beneficially owned by the selling
stockholder.
|
(39)
|
Shares
offered and owned include 45,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Alfred G. Wirth and Thomas A. Starkey of Wirth Associates
Inc.
as persons with voting and investment control over shares of
our common
stock beneficially owned by the selling stockholder. Donald and
Stuart
Lang are brothers.
|
(40)
|
Shares
offered and owned include 15,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Alfred G. Wirth and Thomas A. Starkey of Wirth Associates
Inc.
as persons with voting and investment control over shares of
our common
stock beneficially owned by the selling stockholder. Donald and
Stuart
Lang are brothers.
|
(41)
|
Shares
offered and owned include an aggregate of 85,000 shares issuable
upon
exercise of warrants issued in the 2006 Private Placements. Ebner
Beteiligungsgesellschaft owns 100% of Ebner Industrieofenbau.
Accordingly,
all shares owned by Ebner Industrieofenbau are deemed to be beneficially
owned by Ebner Beteiligungsgesellschaft and included in the shares
listed
as owned and offered by Ebner Beteiligungsgesellschaft (the shares
owned
by Ebner Industrieofenbau are also listed in the table separately
as owned
by Ebner Industrieofenbau). The selling stockholder has identified
Alfred
G. Wirth and Thomas A. Starkey of Wirth Associates Inc. as persons
with
voting and investment control over shares of our common stock
beneficially
owned by the selling stockholder.
|
(42)
|
Shares
offered and owned include 62,500 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Alfred G. Wirth and Thomas A. Starkey of Wirth Associates
Inc.
as persons with voting and investment control over shares of
our common
stock beneficially owned by the selling stockholder. Ebner
Industrieofenbau is wholly-owned by Ebner Beteiligungsgesellschaft.
|
(43)
|
Shares
offered and owned include 15,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Alfred G. Wirth and Thomas A. Starkey of Wirth Associates
Inc.
as persons with voting and investment control over shares of
our common
stock beneficially owned by the selling
stockholder.
|
(44)
|
Shares
offered and owned include 1,500 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Alfred G. Wirth and Thomas A. Starkey of Wirth Associates
Inc.
as persons with voting and investment control over shares of
our common
stock beneficially owned by the selling
stockholder.
|
(45)
|
Shares
offered and owned include 100,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified Alfred G. Wirth and Thomas A. Starkey of Wirth
Associates
Inc. as persons with voting and investment control over shares
of our
common stock beneficially owned by the selling
stockholder.
|
(46)
|
Shares
offered and owned include 250,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified James Fitzpatrick as a person who shares voting
and
investment control over shares of our common stock beneficially
owned by
the selling stockholder.
|
(47)
|
Shares
offered and owned include 60,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(48)
|
Shares
offered and owned include 10,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(49)
|
Shares
offered and owned include 20,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(50)
|
Shares
offered and owned include 5,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(51)
|
Shares
offered and owned include 60,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified James A. Gresham and Margaret F. Gresham, Trustees
of the
trust, as natural persons with
voting and investment control over shares of our common stock
beneficially
owned by the selling stockholder.
|
(52)
|
Shares
offered and owned include 50,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(53)
|
Shares
offered and owned include 50,000 shares issuable upon exercise
of warrants
issued in the 2006 Private
Placements.
|
(54)
|
Shares
offered and owned include 100,000 shares issuable upon exercise
of
warrants issued in the 2006 Private
Placements.
|
(55)
|
Shares
offered and owned include 250,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified Robert H. Morris, Trustee of the trust, as the
natural
person with voting and investment control over shares of our
common stock
beneficially owned by the selling
stockholder.
|
(56)
|
Shares
offered and owned include 100,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. Shares owned
includes
100,000 shares owned jointly with the Stockholder’s spouse. The
Stockholder has indicated that his spouse shares voting and investment
control over shares of our common stock beneficially owned by
him.
|
(57)
|
Shares
offered and owned include 100,000 shares issuable upon exercise
of
warrants issued in the 2006 Private
Placements.
|
(58)
|
Shares
offered and owned include 100,000 shares issuable upon exercise
of
warrants issued in the 2006 Private
Placements.
|
(59)
|
Shares
offered and owned include 50,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. All securities are held
by the
selling stockholder’s IRA.
|
(60)
|
Shares
offered and owned include 15,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements.
|
(61)
|
Shares
offered and owned include 150,000 shares issuable upon exercise
of
warrants issued in the 2006 Private Placements. The selling stockholder
has identified Lukas Nakos and James Fitzpatrick as natural persons
who
share voting and investment control over shares of our common
stock
beneficially owned by the selling
stockholder.
|
(62)
|
Shares
offered and owned include 50,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified James Fitzpatrick as a person who shares voting and
investment
control over shares of our common stock beneficially owned by
the selling
stockholder.
|
(63)
|
Shares
offered and owned include 11,750 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified James Fitzpatrick as a person who shares voting and
investment
control over shares of our common stock beneficially owned by
the selling
stockholder.
|
(64)
|
Shares
offered and owned include 7,500 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified James Fitzpatrick as a person who shares voting and
investment
control over shares of our common stock beneficially owned by
the selling
stockholder.
|
(65)
|
Shares
offered and owned include 7,500 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified Finola Nolan and James Fitzpatrick as natural persons
who
shares voting and investment control over shares of our common
stock
beneficially owned by the selling
stockholder.
|
(66)
|
Shares
offered and owned include 5,000 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified James Fitzpatrick as a person who shares voting and
investment
control over shares of our common stock beneficially owned by
the selling
stockholder.
|
(67)
|
Shares
offered and owned include 4,500 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified James Fitzpatrick as a person who shares voting and
investment
control over shares of our common stock beneficially owned by
the selling
stockholder.
|
(68)
|
Shares
offered and owned include 3,750 shares issuable upon exercise
of warrants
issued in the 2006 Private Placements. The selling stockholder
has
identified James Fitzpatrick as a person who shares voting and
investment
control over shares of our common stock beneficially owned by
the selling
stockholder.
|
· |
ordinary
brokerage transactions and transactions in which the broker-dealer
solicits purchasers;
|
· |
block
trades in which the broker-dealer will attempt to sell the shares
as agent
but may position and resell a portion of the block as principal
to
facilitate the transaction;
|
· |
purchases
by a broker-dealer as principal and resale by the broker-dealer
for its
account;
|
· |
an
exchange distribution in accordance with the rules of the applicable
exchange;
|
· |
privately
negotiated transactions;
|
· |
short
sales
that are not violations of the laws and regulations of any state
or the
United States;
|
· |
broker-dealers
may agree with the selling stockholders to sell a specified number
of such
shares at a stipulated price per
share;
|
· |
a
combination of any such methods of sale;
and
|
· |
any
other method permitted pursuant to applicable
law.
|
· |
it
purchased the shares in the ordinary course of business; and
|
· |
at
the time of the purchase of the shares to be resold, it had no
agreements
or understandings, directly or indirectly, with any person to
distribute
the shares.
|
· |
have
equal rights to dividends from funds legally available therefore,
when and
if declared by our board of
directors;
|
· |
are
entitled to share ratably in all of our assets available for
distribution
to holders of common stock upon liquidation, dissolution or winding
up of
our affairs; and
|
· |
do
not have preemptive rights, conversion rights, or redemption
of sinking
fund provisions.
|
Reserve:
|
That
part of a mineral deposit which could be economically and legally
extracted or produced at the time of the reserve determination.
Reserves
must be supported by a feasibility study done to bankable standards
that
demonstrates the economic extraction ("Bankable standards"
implies that
the confidence attached to the costs and achievements developed
in the
study is sufficient for the project to be eligible for external
debt
financing.) A reserve includes adjustments to the in-situ tonnes
and grade
to include diluting materials and allowances for losses that
might occur
when the material is mined.
|
Proven
Reserve:
|
Reserves
for which (a) quantity is computed from dimensions revealed
in outcrops,
trenches, workings or drill holes; grade and/or quality are
computed from
the results of detailed sampling and (b) the sites for inspection,
sampling and measurement are spaced so closely and the geologic
character
is so well defined that size, shape depth and mineral content
of reserves
are well-established.
|
Probable
Reserve:
|
Reserves
for which quantity and grade and/or quality are computed from
information
similar to that used for proven (measured) reserves, but the
sites for
inspection, sampling, and measurement are farther apart or
are otherwise
less adequately spaced. The degree of assurance, although lower
than that
for proven reserves, is high enough to assume continuity between
points of
observation.
|
mineralized
material
|
The
term “mineralized material” refers to material that is not included in the
reserve as it does not meet all of the criteria for adequate
demonstration
for economic or legal extraction.
|
non-reserves
|
The
term “non-reserves” refers to mineralized material that is not included in
the reserve as it does not meet all of the criteria for adequate
demonstration for economic or legal extraction.
|
exploration
stage
|
An
“exploration stage” prospect is one which is not in either the development
or production stage.
|
development
stage
|
A
“development stage” project is one which is undergoing preparation of an
established commercially mineable deposit for its extraction
but which is
not yet in production. This stage occurs after completion of a
feasibility study.
|
production
stage
|
A
“production stage” project is actively engaged in the process of
extraction and beneficiation of mineral reserves to produce
a marketable
metal or mineral product.
|
Caliche:
|
Sediment
cemented by calcium carbonate near surface.
|
Diorite:
|
Igneous
Rock.
|
Dikes:
|
Tabular,
vertical bodies of igneous rock.
|
Fissility:
|
Shattered,
broken nature of rock.
|
Fracture
Foliations:
|
Fracture
pattern in rock, parallel orientation, resulting from
pressure.
|
Heap
Leaching:
|
Broken
and crushed ore on a pile subjected to dissolution of metals
by leach
solution.
|
Hydrometallurgical
Plant:
|
A
metallurgical mineral processing plant that uses water to leach
or
separate and concentrate elements or minerals.
|
Intercalated:
|
Mixed
in.
|
Litho
static Pressure:
|
Pressure
brought on by weight of overlaying rocks.
|
Major
Intrusive
Center:
|
An
area where large bodies of intrusive igneous rock exist and
through which
large amounts of mineralizing fluids rose.
|
Mesothermal:
|
A
class of hydrothermal ore deposit formed at medium temperatures
and a
depth over one mile in the earth’s crust.
|
Microporphyritic
Latite:
|
Extremely
fine grained siliceous igneous rock with a distribution of
larger crystals
within.
|
Mudstone:
|
Sedimentary
bed composed primarily of fine grained material such as clay
and
silt.
|
PPM:
|
Part
per million.
|
Pyritized:
|
Partly
replaced by the mineral pyrite.
|
Reverse
Circulation
Drilling
(or R.C.
Drilling):
|
Type
of drilling using air to recover cuttings for sampling through
the middle
of the drilling rods rather than the outside of the drill rods,
resulting
in less contamination of the sampled interval.
|
|
|
Sericitized:
|
Rocks
altered by heat, pressure and solutions resulting in formation
of the
mineral sericite, a very fine grained mica.
|
Siltstone:
|
A
sedimentary rock composed of clay and silt sized particles.
|
Silicified:
|
Partly
replaced by silica.
|
Stockwork
Breccia:
|
Earth's
crust broken by two or more sets of parallel faults converging
from
different directions.
|
Stockwork:
|
Ore,
when not in strata or in veins but in large masses, so as to
be worked in
chambers or in large blocks.
|
Surface
Mine:
|
Surface
mining by way of an open pit without shafts or underground
working.
|
ASSETS
|
July
31,
2006
|
|||
Current
Assets:
|
||||
Cash
and Cash Equivalents
|
$
|
2,741,498
|
||
Loans
Receivable - Affiliate (Note 11)
|
41,745
|
|||
Prepaid
Assets
|
40,074
|
|||
Marketable
Securities (Note 3)
|
90,000
|
|||
Deposit
|
250,000
|
|||
Other
Current Assets (Note 4)
|
4,483,852
|
|||
Total
Current Assets
|
7,647,169
|
|||
Mining
Concessions (Note 10 )
|
70,104
|
|||
Property
& Equipment - net (Note 5)
|
1,035,972
|
|||
Intangible
Assets - net (Note 6)
|
13,800
|
|||
Other
Assets:
|
||||
Other
Investments (Note 12)
|
21,480
|
|||
Deferred
Financing Costs
|
450,777
|
|||
Mining
Reclamation Bonds
|
35,550
|
|||
Other
|
43,047
|
|||
Derivative
Contracts (Note 23)
|
218,076
|
|||
Security
Deposits
|
9,605
|
|||
Total
Other Assets
|
778,535
|
|||
Total
Assets
|
$
|
9,545,580
|
||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||
Current
Liabilities:
|
||||
Accounts
Payable
|
$
|
258,972
|
||
Accrued
Expenses
|
356,671
|
|||
Total
Current Liabilities
|
615,643
|
|||
Commitments
and Contingencies
|
||||
Stockholders'
Equity:
|
||||
Common
Stock, Par Value $.0001 Per Share;
|
||||
Authorized
200,000,000 shares; Issued and
|
||||
Outstanding
131,635,129 Shares
|
13,163
|
|||
Additional
Paid-In Capital
|
40,733,825
|
|||
Deficit
Accumulated in the Development Stage
|
(31,388,503
|
)
|
||
Deferred
Financing Costs (Note 20)
|
(522,541
|
)
|
||
Deferred
Compensation
|
(52,500
|
)
|
||
Accumulated
Other Comprehensive Loss
|
146,493
|
|||
Total
Stockholders' Equity
|
8,929,937
|
|||
Total
Liabilities and Stockholders' Equity
|
$
|
9,545,580
|
For
the Period
|
||||||||||
|
September
17, 1982
|
|||||||||
For
The Year Ended
|
(Inception)
|
|||||||||
July
31,
|
To
|
|||||||||
2006
|
2005
|
July
31, 2006
|
||||||||
Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
Costs
and Expenses:
|
||||||||||
Mine
Expenses
|
1,940,805
|
851,374
|
9,604,713
|
|||||||
Write-Down
of Mining, Milling and Other Property and Equipment
|
-
|
-
|
1,299,445
|
|||||||
Selling,
General and Administrative Expenses
|
2,135,493
|
1,005,038
|
11,998,460
|
|||||||
Stocks
and Warrants issued for Services
|
89,391
|
187,844
|
9,499,238
|
|||||||
Depreciation
and Amortization
|
38,969
|
7,431
|
414,126
|
|||||||
Total
Costs and Expenses
|
4,204,658
|
2,051,687
|
32,815,982
|
|||||||
Loss
from Operations
|
(4,204,658
|
)
|
(2,051,687
|
)
|
(32,815,982
|
)
|
||||
Other
Income (Expense):
|
||||||||||
Interest
Income
|
183,719
|
42,483
|
979,717
|
|||||||
Miscellaneous
|
-
|
3,522
|
36,199
|
|||||||
Loss
on Sale of Property and Equipment
|
(201,829
|
)
|
-
|
(155,713
|
)
|
|||||
Gain
on Sale of Subsidiary
|
-
|
-
|
1,907,903
|
|||||||
Option
Payment
|
-
|
-
|
70,688
|
|||||||
Loss
on change in fair value of derivative
|
(581,924
|
)
|
(581,924
|
)
|
||||||
Loss
on Write-Off of Investment
|
-
|
-
|
(10,000
|
)
|
||||||
Loss
on Joint Venture
|
-
|
-
|
(901,700
|
)
|
||||||
Loss
on Option
|
-
|
-
|
(50,000
|
)
|
||||||
Gain
(Loss) on Other Investments
|
-
|
-
|
(3,697
|
)
|
||||||
Loss
on Write -Off of Minority Interest
|
-
|
-
|
(150,382
|
)
|
||||||
Total
Other Income (Expense)
|
(600,034
|
)
|
46,005
|
1,141,091
|
||||||
Loss
Before Minority Interest
|
(4,804,692
|
)
|
(2,005,682
|
)
|
(31,674,891
|
)
|
||||
Minority
Interest
|
-
|
-
|
286,388
|
|||||||
Net
Loss
|
$
|
(4,804,692
|
)
|
$
|
(2,005,682
|
)
|
$
|
(31,388,503
|
)
|
|
Net
Loss Per Common Share - Basic and Diluted
|
$
|
(0.04
|
)
|
$
|
(0.03
|
)
|
||||
Weighted
Average Common Shares Outstanding
|
112,204,471
|
75,123,922
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Balance
September 17, 1982 (Inception)
|
-0-
|
$
|
-0-
|
$
|
-0-
|
$
|
-0-
|
$
|
-0-
|
|||||||
Initial
Cash
|
||||||||||||||||
Officers
- At $.001 Per Share
|
1,575,000
|
1,575
|
-
|
-
|
1,575
|
|||||||||||
|
||||||||||||||||
Other
Investors - At $.001 Per Share
|
1,045,000
|
1,045
|
-
|
-
|
1,045
|
|||||||||||
Initial
- Mining Claims - Officer - At $.002 Per Share
|
875,000
|
875
|
759
|
-
|
1,634
|
|||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash
At $.50 Per Share
|
300,000
|
300
|
149,700
|
-
|
150,000
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(
8,486
|
)
|
(
8,486
|
)
|
|||||||||
Balance
- July 31, 1983
|
3,795,000
|
3,795
|
150,459
|
(
8,486
|
)
|
145,768
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash
Pursuant to Initial Offering
At
$1.50 Per Share, Net of
Offering
Costs of $408,763
|
1,754,741
|
1,755
|
2,221,594
|
-
|
2,223,349
|
|||||||||||
Net
Income
|
-
|
-
|
-
|
48,890
|
48,890
|
|||||||||||
Balance
- July 31, 1984
|
5,549,741
|
5,550
|
2,372,053
|
40,404
|
2,418,007
|
|||||||||||
Net
Income
|
-
|
-
|
-
|
18,486
|
18,486
|
|||||||||||
Balance
- July 31, 1985
|
5,549,741
|
5,550
|
2,372,053
|
58,890
|
2,436,493
|
|||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Mineral
Lease At $1.00 Per Share
|
100
|
-
|
100
|
-
|
100
|
|||||||||||
Net
Income
|
-
|
-
|
-
|
4,597
|
4,597
|
|||||||||||
Balance
- July 31, 1986
|
5,549,841
|
5,550
|
2,372,153
|
63,487
|
2,441,190
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Net
Loss
|
-
|
$
|
-
|
$
|
-
|
$
|
(
187,773
|
)
|
$
|
(187,773
|
)
|
|||||
Balance
- July 31, 1987
|
5,549,841
|
5,550
|
2,372,153
|
(
124,286
|
)
|
2,253,417
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Services
Rendered At $1.00 Per Share
|
92,000
|
92
|
91,908
|
-
|
92,000
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(
328,842
|
)
|
(328,842
|
)
|
|||||||||
Balance
- July 31, 1988
|
5,641,841
|
5,642
|
2,464,061
|
(
453,128
|
)
|
2,016,575
|
||||||||||
Net
Loss
|
-
|
-
|
-
|
(
379,852
|
)
|
(
379,852
|
)
|
|||||||||
Balance
- July 31, 1989
|
5,641,841
|
5,642
|
2,464,061
|
(
832,980
|
)
|
1,636,723
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.70 Per Share
|
269,060
|
269
|
194,219
|
-
|
194,488
|
|||||||||||
At
$.50 Per Share
|
387,033
|
387
|
199,443
|
-
|
199,830
|
|||||||||||
Services:
|
||||||||||||||||
At
$.50 Per Share
|
68,282
|
68
|
34,073
|
-
|
34,141
|
|||||||||||
Commissions:
|
||||||||||||||||
At
$.70 Per Share
|
15,000
|
15
|
(
15
|
)
|
-
|
-
|
||||||||||
Commissions
Paid
|
-
|
-
|
(
2,100
|
)
|
-
|
(
2,100
|
)
|
|||||||||
Net
Loss
|
-
|
-
|
-
|
(
529,676
|
)
|
(
529,676
|
)
|
|||||||||
Balance
- July 31, 1990
|
6,381,216
|
6,381
|
2,889,681
|
(1,362,656
|
)
|
1,533,406
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash
At $.60 Per Share
|
318,400
|
319
|
180,954
|
-
|
181,273
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(
356,874
|
)
|
(
356,874
|
)
|
|||||||||
Balance
- July 31, 1991
|
6,699,616
|
6,700
|
3,070,635
|
(1,719,530
|
)
|
1,357,805
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.30 Per Share
|
114,917
|
$
|
115
|
$
|
34,303
|
$
|
-
|
$
|
34,418
|
|||||||
At
$.50 Per Share
|
2,000
|
2
|
998
|
-
|
1,000
|
|||||||||||
At
$.60 Per Share
|
22,867
|
23
|
13,698
|
-
|
13,721
|
|||||||||||
At
$.70 Per Share
|
10,000
|
10
|
6,990
|
-
|
7,000
|
|||||||||||
At
$.80 Per Share
|
6,250
|
6
|
4,994
|
-
|
5,000
|
|||||||||||
At
$.90 Per Share
|
5,444
|
5
|
4,895
|
-
|
4,900
|
|||||||||||
Services:
|
||||||||||||||||
At
$.32 Per Share
|
39,360
|
39
|
12,561
|
-
|
12,600
|
|||||||||||
At
$.50 Per Share
|
92,353
|
93
|
46,084
|
-
|
46,177
|
|||||||||||
Exercise
of Options:
|
||||||||||||||||
At
$.50 Per Share By Related Party
|
100,000
|
100
|
49,900
|
-
|
50,000
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(
307,477
|
)
|
(
307,477
|
)
|
|||||||||
Balance
- July 31, 1992
|
7,092,807
|
7,093
|
3,245,058
|
(2,027,007
|
)
|
1,225,144
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.30 Per Share
|
176,057
|
$
|
176
|
$
|
51,503
|
$
|
-
|
$
|
51,679
|
|||||||
At
$.50 Per Share
|
140,000
|
140
|
69,964
|
-
|
70,104
|
|||||||||||
At
$.60 Per Share
|
10,000
|
10
|
5,990
|
-
|
6,000
|
|||||||||||
At
$.70 Per Share
|
17,000
|
17
|
11,983
|
-
|
12,000
|
|||||||||||
At
$1.00 Per Share
|
50,000
|
50
|
49,950
|
-
|
50,000
|
|||||||||||
Services:
|
||||||||||||||||
At
$.50 Per Share
|
495,556
|
496
|
272,504
|
-
|
273,000
|
|||||||||||
Commissions:
|
||||||||||||||||
At
$.50 Per Share
|
20,220
|
20
|
(
20
|
)
|
-
|
-
|
||||||||||
Commissions
Paid
|
-
|
-
|
(
1,500
|
)
|
-
|
(
1,500
|
)
|
|||||||||
Net
Loss
|
-
|
-
|
-
|
(
626,958
|
)
|
(
626,958
|
)
|
|||||||||
Balance
- July 31, 1993
|
8,001,640
|
8,002
|
3,705,432
|
(2,653,965
|
)
|
1,059,469
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.30 Per Share
|
249,330
|
$
|
150
|
$
|
43,489
|
$
|
-
|
$
|
43,639
|
|||||||
At
$.50 Per Share
|
377,205
|
377
|
189,894
|
-
|
190,271
|
|||||||||||
Services:
|
||||||||||||||||
At
$.30 Per Share
|
500,000
|
500
|
149,500
|
-
|
150,000
|
|||||||||||
At
$.50 Per Share
|
130,000
|
130
|
71,287
|
-
|
71,417
|
|||||||||||
At
$.50 Per Share
|
||||||||||||||||
By
Related Party
|
56,000
|
156
|
77,844
|
-
|
78,000
|
|||||||||||
At
$.70 Per Share
|
4,743
|
4
|
3,316
|
-
|
3,320
|
|||||||||||
Exercise
of Options For Services:
|
||||||||||||||||
At
$.50 Per Share
|
35,000
|
35
|
17,465
|
-
|
17,500
|
|||||||||||
At
$.50 Per Share
|
||||||||||||||||
By
Related Party
|
150,000
|
150
|
74,850
|
-
|
75,000
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(
665,909
|
)
|
(
665,909
|
)
|
|||||||||
Balance
- July 31, 1994
|
9,503,918
|
9,504
|
4,333,077
|
(3,319,874
|
)
|
1,022,707
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.30 Per Share
|
150,000
|
$
|
150
|
$
|
49,856
|
$
|
-
|
$
|
50,006
|
|||||||
At
$.40 Per Share
|
288,200
|
288
|
115,215
|
-
|
115,503
|
|||||||||||
At
$.50 Per Share
|
269,611
|
270
|
132,831
|
-
|
133,101
|
|||||||||||
At
$.60 Per Share
|
120,834
|
121
|
72,379
|
-
|
72,500
|
|||||||||||
At
$.70 Per Share
|
23,000
|
23
|
16,077
|
-
|
16,100
|
|||||||||||
Services:
|
||||||||||||||||
At
$.40 Per Share
|
145,000
|
145
|
60,755
|
-
|
60,900
|
|||||||||||
At
$.50 Per Share
|
75,000
|
75
|
34,925
|
-
|
35,000
|
|||||||||||
Exercise
of Options For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.50 Per Share
|
||||||||||||||||
By
Related Party
|
350,000
|
350
|
174,650
|
-
|
175,000
|
|||||||||||
Services:
|
||||||||||||||||
At
$.50 Per Share
|
35,000
|
35
|
17,465
|
-
|
17,500
|
|||||||||||
Commissions
Paid
|
-
|
-
|
(
1,650
|
)
|
-
|
(
1,650
|
)
|
|||||||||
Net
Loss
|
-
|
-
|
-
|
(
426,803
|
)
|
(
426,803
|
)
|
|||||||||
Balance
- July 31, 1995
|
10,960,563
|
10,961
|
5,005,580
|
(3,746,677
|
)
|
1,269,864
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.40 Per Share
|
75,972
|
$
|
76
|
$
|
30,274
|
$
|
-
|
$
|
30,350
|
|||||||
At
$.50 Per Share
|
550,423
|
550
|
270,074
|
-
|
270,624
|
|||||||||||
At
$.60 Per Share
|
146,773
|
147
|
87,853
|
88,000
|
||||||||||||
At
$.70 Per Share
|
55,722
|
56
|
38,949
|
39,005
|
||||||||||||
At
$.80 Per Share
|
110,100
|
110
|
87,890
|
88,000
|
||||||||||||
Services:
|
||||||||||||||||
At
$.40 Per Share
|
104,150
|
104
|
38,296
|
-
|
38,400
|
|||||||||||
At
$.50 Per Share
|
42,010
|
42
|
20,963
|
-
|
21,005
|
|||||||||||
At
$.60 Per Share
|
4,600
|
5
|
2,755
|
2,760
|
||||||||||||
At
$.70 Per Share
|
154,393
|
155
|
107,920
|
108,075
|
||||||||||||
|
||||||||||||||||
Commissions:
|
||||||||||||||||
At
$.35 Per Share
|
23,428
|
23
|
(
23
|
)
|
||||||||||||
At
$.50 Per Share
|
50,545
|
50
|
(
50
|
)
|
||||||||||||
At
$.60 Per Share
|
2,000
|
2
|
(
2
|
)
|
||||||||||||
At
$.70 Per Share
|
12,036
|
12
|
(
12
|
)
|
||||||||||||
|
||||||||||||||||
Exercise
of Options:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.35 Per Share
|
||||||||||||||||
By
Related Party
|
19,571
|
20
|
6,830
|
6,850
|
||||||||||||
Services:
|
||||||||||||||||
At
$.35 Per Share
|
||||||||||||||||
By
Related Party
|
200,429
|
200
|
69,950
|
-
|
70,150
|
|||||||||||
At
$.50 Per Share
|
95,000
|
95
|
47,405
|
-
|
47,500
|
|||||||||||
Compensation
Portion of Options
|
-
|
-
|
261,500
|
-
|
261,500
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(
956,043
|
)
|
(
956,043
|
)
|
|||||||||
Balance
- July 31, 1996
|
12,607,715
|
12,608
|
6,076,152
|
(4,702,720
|
)
|
1,386,040
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.35 Per Share
|
50,000
|
$
|
50
|
$
|
17,450
|
$
|
-
|
$
|
17,500
|
|||||||
At
$.40 Per Share
|
323,983
|
324
|
128,471
|
-
|
128,795
|
|||||||||||
At
$.50 Per Share
|
763,881
|
762
|
381,174
|
-
|
381,936
|
|||||||||||
At
$.60 Per Share
|
16,667
|
17
|
9,983
|
-
|
10,000
|
|||||||||||
At
$.70 Per Share
|
7,143
|
7
|
4,993
|
-
|
5,000
|
|||||||||||
At
$.80 Per Share
|
28,750
|
29
|
22,971
|
-
|
23,000
|
|||||||||||
Services:
|
||||||||||||||||
At
$.50 Per Share
|
295,884
|
296
|
147,646
|
-
|
147,942
|
|||||||||||
Commissions:
|
||||||||||||||||
At
$.35 Per Share
|
44,614
|
45
|
(
45
|
)
|
||||||||||||
At
$.40 Per Share
|
41,993
|
42
|
(
42
|
)
|
||||||||||||
At
$.50 Per Share
|
37,936
|
38
|
(
38
|
)
|
||||||||||||
Expense:
|
||||||||||||||||
At
$.35 Per Share
|
8,888
|
9
|
3,099
|
3,108
|
||||||||||||
At
$.40 Per Share
|
9,645
|
10
|
3,848
|
3,858
|
||||||||||||
Property
and Equipment At $.60 Per Share
|
7,500
|
8
|
4,492
|
4,500
|
||||||||||||
Exercise
of Options
|
||||||||||||||||
Services:
|
||||||||||||||||
At
$.35 Per Share
|
||||||||||||||||
By
Related Party
|
136,301
|
136
|
47,569
|
47,705
|
||||||||||||
Net
Loss
|
-
|
-
|
-
|
(
805,496
|
)
|
(
805,496
|
)
|
|||||||||
Balance
- July 31, 1997
|
14,380,900
|
14,381
|
6,847,723
|
(5,508,216
|
)
|
1,353,888
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.20 Per Share
|
10,000
|
$
|
10
|
$
|
1,990
|
$
|
-
|
$
|
2,000
|
|||||||
At
$.25 Per Share
|
100,000
|
100
|
24,900
|
-
|
25,000
|
|||||||||||
At
$.27 Per Share
|
45,516
|
46
|
12,244
|
-
|
12,290
|
|||||||||||
At
$.28 Per Share
|
150,910
|
151
|
41,349
|
-
|
41,500
|
|||||||||||
At
$.30 Per Share
|
60,333
|
60
|
18,040
|
-
|
18,100
|
|||||||||||
At
$.31 Per Share
|
9,677
|
10
|
2,990
|
-
|
3,000
|
|||||||||||
At
$.32 Per Share
|
86,750
|
87
|
27,673
|
-
|
27,760
|
|||||||||||
At
$.33 Per Share
|
125,364
|
125
|
41,245
|
-
|
41,370
|
|||||||||||
At
$.35 Per Share
|
75,144
|
75
|
26,225
|
-
|
26,300
|
|||||||||||
At
$.38 Per Share
|
49,048
|
49
|
18,311
|
-
|
18,360
|
|||||||||||
At
$.40 Per Share
|
267,500
|
268
|
106,732
|
-
|
107,000
|
|||||||||||
At
$.45 Per Share
|
65,333
|
65
|
29,335
|
-
|
29,400
|
|||||||||||
At
$.50 Per Share
|
611,184
|
610
|
304,907
|
-
|
305,517
|
|||||||||||
Services:
|
||||||||||||||||
At
$.23 Per Share
|
48,609
|
49
|
11,131
|
-
|
11,180
|
|||||||||||
Exercise
of Options:
|
||||||||||||||||
Services:
|
||||||||||||||||
At
$.22 Per Share
|
82,436
|
82
|
18,054
|
-
|
18,136
|
|||||||||||
At
$.35 Per Share
|
183,846
|
184
|
64,162
|
-
|
64,346
|
|||||||||||
Compensation:
|
||||||||||||||||
At
$.22 Per Share
|
105,000
|
105
|
22,995
|
-
|
23,100
|
|||||||||||
At
$.35 Per Share
|
25,000
|
25
|
8,725
|
-
|
8,750
|
|||||||||||
Commissions:
|
||||||||||||||||
At
$.22 Per Share
|
67,564
|
68
|
(
68
|
)
|
-
|
|
||||||||||
At
$.35 Per Share
|
291,028
|
291
|
(
291
|
)
|
-
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(
807,181
|
)
|
(
807,181
|
)
|
|||||||||
Balance
- July 31, 1998
|
16,841,142
|
16,841
|
7,628,372
|
(6,315,397
|
)
|
1,329,816
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$0.20 Per Share
|
12,500
|
$
|
13
|
$
|
2,487
|
$
|
-
|
$
|
2,500
|
|||||||
At
$0.22 Per Share
|
45,454
|
45
|
9,955
|
-
|
10,000
|
|||||||||||
At
$0.25 Per Share
|
248,788
|
249
|
61,948
|
-
|
62,197
|
|||||||||||
At
$0.27 Per Share
|
132,456
|
132
|
35,631
|
-
|
35,763
|
|||||||||||
At
$0.28 Per Share
|
107,000
|
107
|
30,493
|
-
|
30,600
|
|||||||||||
At
$0.29 Per Share
|
20,000
|
20
|
5,780
|
-
|
5,800
|
|||||||||||
At
$0.30 Per Share
|
49,333
|
49
|
14,751
|
-
|
14,800
|
|||||||||||
At
$0.32 Per Share
|
152,725
|
153
|
48,719
|
-
|
48,872
|
|||||||||||
At
$0.33 Per Share
|
149,396
|
149
|
49,151
|
-
|
49,300
|
|||||||||||
At
$0.35 Per Share
|
538,427
|
538
|
187,912
|
-
|
188,450
|
|||||||||||
At
$0.40 Per Share
|
17,000
|
17
|
6,783
|
-
|
6,800
|
|||||||||||
At
$0.50 Per Share
|
53,000
|
53
|
26,447
|
-
|
26,500
|
|||||||||||
At
$0.55 Per Share
|
6,000
|
6
|
3,294
|
-
|
3,300
|
|||||||||||
At
$0.65 Per Share
|
33,846
|
34
|
21,966
|
-
|
22,000
|
|||||||||||
At
$0.68 Per Share
|
13,235
|
13
|
8,987
|
-
|
9,000
|
|||||||||||
At
$0.70 Per Share
|
153,572
|
154
|
107,346
|
-
|
107,500
|
|||||||||||
At
$0.90 Per Share
|
57,777
|
58
|
51,942
|
-
|
52,000
|
|||||||||||
At
$1.00 Per Share
|
50,000
|
50
|
49,950
|
-
|
50,000
|
|||||||||||
At
$1.10 Per Share
|
150,000
|
150
|
164,850
|
-
|
165,000
|
|||||||||||
Expenses:
|
||||||||||||||||
At
$0.21 Per Share
|
37,376
|
37
|
7,812
|
-
|
7,849
|
|||||||||||
At
$0.30 Per Share
|
19,450
|
19
|
5,816
|
-
|
5,835
|
|||||||||||
At
$0.36 Per Share
|
34,722
|
35
|
12,465
|
-
|
12,500
|
|||||||||||
|
||||||||||||||||
Commission:
|
||||||||||||||||
At
$0.21 Per Share
|
158,426
|
158
|
(
158
|
)
|
-
|
-
|
||||||||||
At
$0.25 Per Share
|
28,244
|
28
|
(
28
|
)
|
-
|
-
|
||||||||||
At
$0.30 Per Share
|
132,759
|
133
|
(
133
|
)
|
-
|
-
|
||||||||||
At
$0.35 Per Share
|
40,000
|
40
|
(
40
|
)
|
-
|
-
|
||||||||||
Services:
|
95,238
|
95
|
19,905
|
-
|
20,000
|
|||||||||||
At
$0.25 Per Share
|
17,000
|
17
|
4,233
|
-
|
4,250
|
|||||||||||
At
$0.30 Per Share
|
145,941
|
146
|
43,636
|
-
|
43,782
|
|||||||||||
At
$0.50 Per Share
|
71,808
|
72
|
35,832
|
-
|
35,904
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Compensation
portion of Cash
|
||||||||||||||||
Compensation
portion of Cash Issuances
|
-
|
$
|
-
|
$
|
618,231
|
$
|
-
|
$
|
618,231
|
|||||||
Compensation
Portion of Options
|
-
|
-
|
304,900
|
-
|
304,900
|
|||||||||||
Exercise
of Options:
|
||||||||||||||||
Cash
|
||||||||||||||||
At
$0.10 Per Share
|
510,000
|
510
|
50,490
|
-
|
51,000
|
|||||||||||
Services:
|
||||||||||||||||
At
$0.70 Per Share
|
100,000
|
100
|
69,900
|
-
|
70,000
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(1,964,447
|
)
|
(1,964,447
|
)
|
|||||||||
Balance
- July 31, 1999
|
20,222,615
|
20,221
|
9,689,625
|
(8,279,844
|
)
|
1,430,002
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.18 Per Share
|
27,778
|
28
|
4,972
|
-
|
5,000
|
|||||||||||
At
$.20 Per Share
|
482,500
|
483
|
96,017
|
-
|
96,500
|
|||||||||||
At
$.21 Per Share
|
47,500
|
47
|
9,953
|
-
|
10,000
|
|||||||||||
At
$.22 Per Share
|
844,821
|
845
|
185,012
|
-
|
185,857
|
|||||||||||
At
$.30 Per Share
|
100,000
|
100
|
29,900
|
-
|
30,000
|
|||||||||||
At
$.35 Per Share
|
280,000
|
280
|
97,720
|
-
|
98,000
|
|||||||||||
At
$.37 Per Share
|
56,000
|
56
|
19,944
|
-
|
20,000
|
|||||||||||
At
$.38 Per Share
|
100,000
|
100
|
37,900
|
-
|
38,000
|
|||||||||||
At
$.40 Per Share
|
620,000
|
620
|
247,380
|
-
|
248,000
|
|||||||||||
At
$.42 Per Share
|
47,715
|
48
|
19,952
|
-
|
20,000
|
|||||||||||
At
$.45 Per Share
|
182,445
|
182
|
81,918
|
-
|
82,100
|
|||||||||||
At
$.50 Per Share
|
313,000
|
313
|
156,187
|
-
|
156,500
|
|||||||||||
At
$.55 Per Share
|
122,778
|
123
|
67,377
|
-
|
67,500
|
|||||||||||
At
$.58 Per Share
|
12,069
|
12
|
6,988
|
-
|
7,000
|
|||||||||||
Expenses:
|
||||||||||||||||
At
$.20 Per Share
|
4,167
|
4
|
829
|
-
|
833
|
|||||||||||
At
$.22 Per Share
|
46,091
|
46
|
10,094
|
-
|
10,140
|
|||||||||||
Compensation
Portion
|
-
|
-
|
94,430
|
-
|
94,430
|
Common
Stock
|
||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Total
|
||||||||||||
Exercise
of Options:
|
||||||||||||||||
Services:
|
||||||||||||||||
At
$.25 Per Share
|
30,000
|
$
|
30
|
$
|
7,470
|
$
|
-
|
$
|
7,500
|
|||||||
At
$.40 Per Share
|
95,000
|
95
|
37,905
|
-
|
38,000
|
|||||||||||
At
$.50 Per Share
|
25,958
|
26
|
12,954
|
-
|
12,980
|
|||||||||||
Commissions:
|
||||||||||||||||
At
$.20 Per Share
|
26,750
|
27
|
(
27
|
)
|
-
|
-
|
||||||||||
At
$.22 Per Share
|
86,909
|
87
|
(
87
|
)
|
-
|
-
|
||||||||||
Exercise
of Options:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.10 Per Share
|
100,000
|
100
|
9,900
|
-
|
10,000
|
|||||||||||
Exercise
of Options:
|
||||||||||||||||
Services:
|
||||||||||||||||
At
$.22 Per Share
|
150,000
|
150
|
32,850
|
-
|
33,000
|
|||||||||||
Stock
Based Compensation
|
-
|
-
|
221,585
|
-
|
221,585
|
|||||||||||
Net
Loss
|
-
|
-
|
-
|
(1,530,020
|
)
|
(1,530,020
|
)
|
|||||||||
Balance
- July 31, 2000
|
||||||||||||||||
(Unconsolidated)
|
24,024,096
|
24,023
|
11,178,748
|
(9,809,864
|
)
|
1,392,907
|
||||||||||
Common
Stock Issued For:
|
||||||||||||||||
Cash:
|
||||||||||||||||
At
$.15 Per Share
|
120,000
|
120
|
17,880
|
-
|
18,000
|
|||||||||||
At
$.17 Per Share
|
80,000
|
80
|
13,520
|
-
|
13,600
|
|||||||||||
At
$.18 Per Share
|
249,111
|
249
|
44,591
|
-
|
44,840
|
|||||||||||
At
$.19 Per Share
|
70,789
|
71
|
13,379
|
-
|
13,450
|
|||||||||||
At
$.20 Per Share
|
1,322,500
|
1,323
|
261,677
|
-
|
263,000
|
|||||||||||
At
$.21 Per Share
|
33,810
|
34
|
7,066
|
-
|
7,100
|
|||||||||||
At
$.22 Per Share
|
2,472,591
|
2,473
|
541,497
|
-
|
543,970
|
|||||||||||
At
$.23 Per Share
|
65,239
|
65
|
14,935
|
-
|
15,000
|
|||||||||||
At
$.24 Per Share
|
123,337
|
123
|
29,477
|
-
|
29,600
|
|||||||||||
At
$.25 Per Share
|
610,400
|
611
|
151,884
|
-
|
152,495
|
|||||||||||
At
$.26 Per Share
|
625,769
|
626
|
162,074
|
-
|
162,700
|
|||||||||||
At
$.27 Per Share
|
314,850
|
315
|
84,695
|
-
|
85,010
|
|||||||||||
At
$.28 Per Share
|
7,143
|
7
|
1,993
|
-
|
2,000
|
|||||||||||
At
$.30 Per Share
|
33,333
|
33
|
9,967
|
-
|
10,000
|
|||||||||||
At
$.35 Per Share
|
271,429
|
272
|
94,728
|
-
|
95,000
|
|||||||||||
At
$.38 Per Share
|
453,158
|
453
|
169,547
|
-
|
170,000
|
|||||||||||
At
$.40 Per Share
|
300,000
|
300
|
119,700
|
-
|
120,000
|
|||||||||||
At
$.50 Per Share
|
10,000
|
10
|
4,990
|
-
|
5,000
|
Common
Stock
|
|||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
Total
|
||||||||||||||
Compensation
Portion:
|
-
|
$
|
-
|
$
|
24,000
|
$
|
-
|
$
|
-
|
$
|
24,000
|
||||||||
Expenses:
|
|||||||||||||||||||
At
$.27 Per Share
|
30,000
|
30
|
8,070
|
-
|
-
|
8,100
|
|||||||||||||
Services:
|
|||||||||||||||||||
At
$0.20 Per Share
|
33,850
|
34
|
6,736
|
-
|
-
|
6,770
|
|||||||||||||
At
$0.23 Per Share
|
15,000
|
15
|
3,435
|
-
|
-
|
3,450
|
|||||||||||||
At
$0.11 Per Share
|
87,272
|
87
|
9,513
|
-
|
-
|
9,600
|
|||||||||||||
At
$0.34 Per Share
|
50,000
|
50
|
16,950
|
-
|
-
|
17,000
|
|||||||||||||
Compensation
Portion:
|
-
|
-
|
21,777
|
-
|
-
|
21,777
|
|||||||||||||
Commission:
|
|||||||||||||||||||
At
$0.11 Per Share
|
266,500
|
267
|
(267
|
)
|
-
|
-
|
-
|
||||||||||||
At
$0.20 Per Share
|
26,150
|
26
|
(26
|
)
|
-
|
-
|
-
|
||||||||||||
At
$0.22 Per Share
|
15,000
|
15
|
(15
|
)
|
-
|
-
|
-
|
||||||||||||
Compensation
Portion:
|
-
|
-
|
36,595
|
-
|
-
|
36,595
|
|||||||||||||
Exercise
of Options:
|
|||||||||||||||||||
Cash:
|
|||||||||||||||||||
At
$0.02 Per Share By
|
|||||||||||||||||||
Related
Party
|
225,000
|
225
|
4,725
|
-
|
-
|
4,950
|
|||||||||||||
At
$0.10 Per Share
|
200,000
|
200
|
19,800
|
-
|
-
|
20,000
|
|||||||||||||
Expenses:
|
|||||||||||||||||||
At
$0.02 Per Share By Related Party
|
53,270
|
53
|
1,120
|
-
|
-
|
1,173
|
|||||||||||||
Compensation
Portion:
|
-
|
-
|
25,463
|
-
|
-
|
25,463
|
|||||||||||||
Commission:
|
|||||||||||||||||||
At
$0.02 Per Share
|
350,000
|
350
|
(350
|
)
|
-
|
-
|
-
|
||||||||||||
Compensation
Portion:
|
-
|
-
|
132,300
|
-
|
-
|
132,300
|
|||||||||||||
Commission:
|
|||||||||||||||||||
At
$0.05 Per Share
|
1,000,000
|
1,000
|
(1,000
|
)
|
-
|
-
|
-
|
||||||||||||
Compensation
Portion:
|
-
|
-
|
400,000
|
-
|
-
|
400,000
|
|||||||||||||
Stock
Based Compensation
|
-
|
-
|
7,002,500
|
-
|
-
|
7,002,500
|
Common
Stock
|
|||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
Total
|
||||||||||||||
Comprehensive
Loss:
|
|||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
(
9,418,266
|
)
|
-
|
(9,418,266
|
)
|
|||||||||||
Equity
Adjustment from
|
|||||||||||||||||||
Foreign
Currency
|
|||||||||||||||||||
Translation
|
-
|
-
|
-
|
-
|
|
(
493
|
)
|
(
493
|
)
|
||||||||||
Total
Comprehensive
|
|||||||||||||||||||
Loss
|
-
|
-
|
-
|
-
|
-
|
(9,418,759
|
)
|
||||||||||||
Balance
- July 31, 2001
|
33,539,597
|
33,540
|
20,633,674
|
(19,228,130
|
)
|
(
493
|
)
|
1,438,591
|
|||||||||||
Common
Stock Issued
|
|||||||||||||||||||
For:
|
|||||||||||||||||||
Cash:
|
|||||||||||||||||||
At
$.022 Per Share
|
1,400,976
|
1,401
|
29,420
|
-
|
-
|
30,821
|
|||||||||||||
At
$.08 Per Share
|
250,000
|
250
|
19,750
|
-
|
-
|
20,000
|
|||||||||||||
At
$.10 Per Share
|
980,000
|
980
|
97,020
|
-
|
-
|
98,000
|
|||||||||||||
At
$.11 Per Share
|
145,456
|
145
|
15,855
|
-
|
-
|
16,000
|
|||||||||||||
At
$.115 Per Share
|
478,260
|
478
|
54,522
|
-
|
-
|
55,000
|
|||||||||||||
At
$.12 Per Share
|
500,000
|
500
|
59,500
|
-
|
-
|
60,000
|
|||||||||||||
At
$.125 Per Share
|
40,000
|
40
|
4,960
|
-
|
-
|
5,000
|
|||||||||||||
At
$.14 Per Share
|
44,000
|
44
|
6,116
|
-
|
-
|
6,160
|
|||||||||||||
At
$.15 Per Share
|
383,667
|
384
|
57,166
|
-
|
-
|
57,550
|
|||||||||||||
At
$.18 Per Share
|
25,000
|
25
|
4,475
|
-
|
-
|
4,500
|
|||||||||||||
Commissions:
|
|||||||||||||||||||
At
$.115 Per Share
|
69,565
|
70
|
(
70
|
)
|
-
|
-
|
-
|
||||||||||||
At
$.22 Per Share
|
100,000
|
100
|
(
100
|
)
|
-
|
-
|
-
|
||||||||||||
At
$.08 Per Share
|
20,625
|
21
|
(
21
|
)
|
-
|
-
|
-
|
||||||||||||
At
$.14-$.22 Per Share
|
282,475
|
282
|
(
282
|
)
|
-
|
-
|
-
|
||||||||||||
Services:
|
|||||||||||||||||||
At
$.10 Per Share
|
35,950
|
36
|
3,559
|
-
|
-
|
3,595
|
|||||||||||||
Exercise
of Options:
|
|||||||||||||||||||
Non
Cash:
|
|||||||||||||||||||
At
$.022 Per Share by
|
|||||||||||||||||||
Related
Party:
|
227,273
|
227
|
4,773
|
-
|
-
|
5,000
|
|||||||||||||
Exercise
of Options:
|
|||||||||||||||||||
Cash:
|
|||||||||||||||||||
At
$.022 Per Share by
|
|||||||||||||||||||
Related
Parties
|
909,092
|
909
|
19,091
|
-
|
-
|
20,000
|
|||||||||||||
At
$.022 Per Share by
|
|||||||||||||||||||
Others
|
1,205,929
|
1,206
|
25,325
|
-
|
-
|
26,531
|
Deficit
|
|||||||||||||||||||
Accumulated
|
Accumulated
|
||||||||||||||||||
Additional
|
in
the
|
Other
|
|||||||||||||||||
Common
Stock
|
Paid-In
|
Development
|
Comprehensive
|
||||||||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
Income
(Loss)
|
Total
|
||||||||||||||
Additional
Paid-In Capital Arising From Investment In Joint Venture Subsidiary
by Minority Interest
|
- |
-
|
51,934
|
-
|
-
|
51,934
|
|||||||||||||
Stock
Based Compensation
|
-
|
-
|
222,338
|
-
|
-
|
222,338
|
|||||||||||||
Comprehensive
Loss:
|
|||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
(
492,148
|
)
|
-
|
(
492,148
|
)
|
|||||||||||
Equity
Adjustment from Foreign Currency Translation
|
-
|
-
|
-
|
-
|
(
6,753
|
)
|
(
6,753
|
)
|
|||||||||||
Total
Comprehensive
|
|||||||||||||||||||
Loss
|
-
|
-
|
-
|
-
|
-
|
(
498,901
|
)
|
||||||||||||
Balance
- July 31, 2002
|
40,637,865
|
40,638
|
21,309,005
|
(19,720,278
|
)
|
(
7,246
|
)
|
1,622,119
|
|||||||||||
Common
Stock Issued for:
|
|||||||||||||||||||
Cash:
|
|||||||||||||||||||
At
$.022 Per Share
|
250,000
|
250
|
5,250
|
-
|
-
|
5,500
|
|||||||||||||
At
$.10 Per Share
|
50,000
|
50
|
4,950
|
-
|
-
|
5,000
|
|||||||||||||
At
$.12 Per Share
|
1,250,000
|
1,250
|
148,750
|
-
|
-
|
150,000
|
|||||||||||||
At
$.14 Per Share
|
235,714
|
236
|
32,764
|
-
|
-
|
33,000
|
|||||||||||||
At
$.15 Per Share
|
1,016,865
|
1,017
|
151,513
|
-
|
-
|
152,530
|
|||||||||||||
Exercise
of Options:
|
|||||||||||||||||||
Cash:
|
|||||||||||||||||||
At
$.022 Per Share by
|
|||||||||||||||||||
Related
Party
|
922,727
|
923
|
19,377
|
-
|
-
|
20,300
|
|||||||||||||
At
$.05 Per Share by
|
|||||||||||||||||||
Related
Party
|
200,000
|
200
|
9,800
|
-
|
-
|
10,000
|
|||||||||||||
At
$.05 Per Share by
|
|||||||||||||||||||
Others
|
100,000
|
100
|
4,900
|
-
|
-
|
5,000
|
|||||||||||||
Services:
|
|||||||||||||||||||
At
$4.00 Per Share
|
14,363
|
13
|
57,378
|
-
|
-
|
57,391
|
|||||||||||||
Additional
Paid-In Capital Arising from Investment In Joint Venture
Subsidiary By
Minority Interest
|
-
|
-
|
159,919
|
-
|
-
|
159,919
|
|||||||||||||
Stock
Based Compensation
|
-
|
-
|
288,623
|
-
|
-
|
288,623
|
|||||||||||||
Comprehensive
Loss:
|
|||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
(
1,919,261
|
)
|
-
|
(
1,919,261
|
)
|
|||||||||||
Equity
Adjustment from Foreign Currency Translation
|
-
|
-
|
-
|
-
|
60,879
|
60,879
|
|||||||||||||
Total
Comprehensive Loss
|
-
|
-
|
-
|
-
|
-
|
(
1,858,382
|
)
|
||||||||||||
Balance
- July 31, 2003
|
44,677,534
|
44,677
|
22,192,229
|
(21,639,539
|
)
|
53,633
|
651,000
|
Common
Stock
|
|||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
Total
|
||||||||||||||
Common
Stock Issued for:
|
|||||||||||||||||||
Cash:
|
|||||||||||||||||||
At
$.05 Per Share
|
150,000
|
150
|
7,350
|
-
|
-
|
7,500
|
|||||||||||||
At
$.11 Per Share
|
245,455
|
245
|
26,755
|
-
|
-
|
27,000
|
|||||||||||||
At
$.12 Per Share
|
5,929,565
|
5,929
|
705,318
|
-
|
-
|
711,247
|
|||||||||||||
At
$.13 Per Share
|
349,691
|
350
|
45,110
|
-
|
-
|
45,460
|
|||||||||||||
At
$.14 Per Share
|
346,284
|
346
|
48,133
|
-
|
-
|
48,479
|
|||||||||||||
At
$.15 Per Share
|
368,665
|
369
|
54,931
|
-
|
-
|
55,300
|
|||||||||||||
At
$.16 Per Share
|
593,750
|
594
|
94,406
|
-
|
-
|
95,000
|
|||||||||||||
At
$.17 Per Share
|
145,000
|
145
|
24,505
|
-
|
-
|
24,650
|
|||||||||||||
At
$.18 Per Share
|
55,554
|
56
|
9,944
|
-
|
-
|
10,000
|
|||||||||||||
At
$.20 Per Share
|
365,000
|
365
|
72,635
|
-
|
-
|
73,000
|
|||||||||||||
At
$.23 Per Share
|
45,439
|
45
|
10,405
|
-
|
-
|
10,450
|
|||||||||||||
At
$.24 Per Share
|
74,166
|
74
|
17,726
|
-
|
-
|
17,800
|
|||||||||||||
At
$.25 Per Share
|
80,000
|
80
|
19,920
|
-
|
-
|
20,000
|
|||||||||||||
Exercise
of Options:
|
|||||||||||||||||||
Cash:
|
|||||||||||||||||||
At
$.02 Per Share by Related
Party
|
250,000
|
250
|
5,250
|
-
|
-
|
5,500
|
|||||||||||||
At
$.05 Per Share by Related
Party
|
1,415,000
|
1,415
|
69,338
|
-
|
-
|
70,753
|
|||||||||||||
At
$.12 Per Share by Related
Party
|
97,826
|
98
|
11,152
|
-
|
-
|
11,250
|
|||||||||||||
At
$.02 Per Share by Related
Party
|
272,727
|
273
|
5,327
|
-
|
-
|
5,600
|
|||||||||||||
At
$.05 Per Share by Related
Party
|
300,000
|
300
|
14,700
|
-
|
-
|
15,000
|
|||||||||||||
Services:
|
|||||||||||||||||||
At
$.12 Per Share
|
7,500
|
8
|
892
|
-
|
-
|
900
|
|||||||||||||
Additional
Paid-In Capital Arising from Investment In Joint Venture Subsidiary
By Minority Interest
|
-
|
-
|
100,156
|
-
|
-
|
100,156
|
|||||||||||||
Stock
Based Compensation:
|
|||||||||||||||||||
Related
Parties
|
-
|
-
|
314,000
|
-
|
-
|
314,000
|
|||||||||||||
Other
|
-
|
-
|
65,033
|
-
|
-
|
65,033
|
|||||||||||||
Common
Stock Issued In Connection with Termination of Joint
Venture
|
2,000,000
|
2,000
|
798,000
|
-
|
-
|
800,000
|
|||||||||||||
Comprehensive
Loss:
|
|||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
(
2,938,590
|
)
|
-
|
(
2,938,590
|
)
|
|||||||||||
Equity
Adjustment fromForeign Currency Translation
|
-
|
-
|
-
|
-
|
(24,894
|
)
|
(
24,894
|
)
|
|||||||||||
Unrealized
Gain on Marketable Securities
|
-
|
-
|
-
|
-
|
60,000
|
60,000
|
|||||||||||||
Total
Comprehensive Loss
|
-
|
-
|
-
|
-
|
-
|
(
2,903,484
|
)
|
||||||||||||
Balance
- July 31, 2004
|
57,769,156
|
57,769
|
24,713,215
|
(24,578,129
|
)
|
88,739
|
281,594
|
Common
Stock
|
||||||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
Deferred
Financing
Costs
|
Total
|
||||||||||||||||
Common
Stock Issued for:
|
||||||||||||||||||||||
Cash:
|
||||||||||||||||||||||
|
||||||||||||||||||||||
At
$.10 Per Share
|
175,000
|
175
|
17,325
|
-
|
-
|
-
|
17,500
|
|||||||||||||||
At
$.11 Per Share
|
381,763
|
382
|
41,612
|
-
|
-
|
-
|
41,994
|
|||||||||||||||
At
$.12 Per Share
|
2,378,493
|
2,379
|
283,042
|
-
|
-
|
-
|
285,421
|
|||||||||||||||
At
$.13 Per Share
|
582,307
|
582
|
75,118
|
-
|
-
|
-
|
75,700
|
|||||||||||||||
At
$.14 Per Share
|
35,714
|
36
|
4,964
|
-
|
-
|
-
|
5,000
|
|||||||||||||||
At
$.15 Per Share
|
101,333
|
101
|
15,099
|
-
|
-
|
-
|
15,200
|
|||||||||||||||
At
$.20 Per Share
|
25,000
|
25
|
4,975
|
-
|
-
|
-
|
5,000
|
|||||||||||||||
|
||||||||||||||||||||||
At
$.25 Per Share
|
27,200,004
|
27,200
|
6,772,801
|
-
|
-
|
-
|
6,800,001
|
|||||||||||||||
Shares
issued for Cash Through Private PlacementPrivate Placement
costs
|
(637,991
|
)
|
|
|
-
|
(637,991
|
)
|
|||||||||||||||
Services:
|
||||||||||||||||||||||
At
$.11 Per Share
|
188,173
|
188
|
20,511
|
-
|
-
|
-
|
20,699
|
|||||||||||||||
At
$.12 Per Share
|
71,334
|
71
|
8,489
|
-
|
-
|
-
|
8,560
|
|||||||||||||||
Exercise
of Options:
|
||||||||||||||||||||||
Cash:
|
||||||||||||||||||||||
At
$.022 Per Share by Related
Party
|
227,273
|
227
|
4,773
|
-
|
-
|
-
|
5,000
|
|||||||||||||||
At
$.05 Per Share by Related
Party
|
400,000
|
400
|
19,600
|
-
|
-
|
-
|
20,000
|
|||||||||||||||
At
$.05 Per Share by
Other
|
250,000
|
250
|
12,250
|
-
|
-
|
-
|
12,500
|
|||||||||||||||
At
$.22 Per Share by
Other
|
250,000
|
250
|
54,750
|
-
|
-
|
-
|
55,000
|
|||||||||||||||
Services
|
||||||||||||||||||||||
At
$.12 Per Share by
Other
|
300,000
|
300
|
35,700
|
-
|
-
|
-
|
36,000
|
|||||||||||||||
|
||||||||||||||||||||||
Commissions:
|
||||||||||||||||||||||
At
$.12 Per Share
|
193,666
|
194
|
(194
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Non
Registration Penalty:
|
||||||||||||||||||||||
At
$.19 Per Share
|
5,440,000
|
5,440
|
(5,440
|
)
|
-
|
-
|
-
|
- | ||||||||||||||
Stock
Based Compensation
|
|
|
158,584
|
|
158,584
|
|||||||||||||||||
Deferred
Financing Costs
|
-
|
-
|
252,541
|
-
|
-
|
(252,541
|
)
|
|||||||||||||||
|
||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
(
2,005,682
|
)
|
-
|
-
|
(2,005,682
|
)
|
|||||||||||||
Equity
Adjustment from Foreign Currency Translation
|
-
|
-
|
-
|
-
|
28,975
|
-
|
28,975
|
|||||||||||||||
Unrealized
Gain on Marketable Securities
|
-
|
-
|
-
|
-
|
40,000
|
-
|
40,000
|
|||||||||||||||
Total
Comprehensive Loss
|
|
(1,936,707
|
)
|
|||||||||||||||||||
Balance
- July 31, 2005
|
95,969,216
|
$
|
95,969
|
$
|
31,851,724
|
$
|
(26,583,811
|
)
|
$
|
157,714
|
$
|
(252,541
|
)
|
$
|
5,269,055
|
Common
Stock
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-In-capital
|
Deficit
Accumulated
in
the
Development
Stage
|
Accumulated
Other
Comprehensive
Income/(Loss)
|
Deferred
Financing
Costs
|
Deferred
Compensation
Costs
|
Total
Stockholder
Equity
|
||||||||||||||||||
Balance
at July 31, 2005
|
95,969,216
|
95,969
|
31,851,724
|
(26,583,811
|
)
|
157,714
|
(252,541
|
)
|
-
|
5,269,055
|
|||||||||||||||
Change
in par value to $0.0001
|
-
|
(86,372
|
)
|
86,372
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||
Deferred
Financing Costs
|
1,000,000
|
100
|
269,900
|
-
|
-
|
(270,000
|
)
|
-
|
-
|
||||||||||||||||
Issuance
of common stock upon
|
-
|
||||||||||||||||||||||||
warrant
and option exercises, net
|
4,825,913
|
482
|
741,338
|
-
|
-
|
741,820
|
|||||||||||||||||||
Issuance
of common stock upon
|
-
|
||||||||||||||||||||||||
warrant
and option exercises, net
|
8,600,000
|
860
|
2,372,740
|
-
|
-
|
2,373,600
|
|||||||||||||||||||
Private
placement, net
|
21,240,000
|
2,124
|
4,997,376
|
-
|
-
|
-
|
4,999,500
|
||||||||||||||||||
Options
and warrants issued for services
|
414,375
|
-
|
(52,500
|
)
|
361,875
|
||||||||||||||||||||
Unrealized
loss on marketable securities
|
-
|
-
|
-
|
(60,000
|
)
|
-
|
(60,000
|
)
|
|||||||||||||||||
Equity
adjustment from foreign currency translation
|
-
|
48,779
|
-
|
48,779
|
|||||||||||||||||||||
Net
loss for the year ended July 31, 2006
|
-
|
-
|
-
|
(4,804,692
|
)
|
-
|
-
|
(4,804,692
|
)
|
||||||||||||||||
Balance
- July 31, 2006
|
131,635,129
|
13,163
|
40,733,825
|
(31,388,503
|
)
|
146,493
|
(522,541
|
)
|
(52,500
|
)
|
8,929,937
|
|
For
The
Period
|
|||||||||
For
The
Years
Ended
|
September
17,
1982
|
|||||||||
July
31,
|
(Inception)
To
|
|||||||||
2006
|
2005
|
July
31, 2006
|
||||||||
Cash
Flow From Operating Activities:
|
||||||||||
Net
Loss
|
$
|
(4,804,692
|
)
|
$
|
(2,005,682
|
)
|
$
|
(31,388,503
|
)
|
|
Adjustments
to Reconcile Net Loss to
|
||||||||||
Net
Cash Used in Operating Activities:
|
||||||||||
Depreciation
and Amortization
|
38,969
|
7,431
|
422,696
|
|||||||
Gain
on Sale of Subsidiary
|
-
|
-
|
(1,907,903
|
)
|
||||||
Minority
Interest in Net Loss of Subsidiary
|
-
|
-
|
(286,388
|
)
|
||||||
Write-Down
of Impaired Mining, Milling and Other
|
-
|
|||||||||
Property
and Equipment
|
-
|
-
|
1,299,445
|
|||||||
Loss
on Sale of Property and Equipment
|
201,829
|
-
|
155,713
|
|||||||
Loss
on change in fair value of derivative
|
581,924
|
581,924
|
||||||||
Loss
on Write-Off of Investment
|
-
|
-
|
10,000
|
|||||||
Loss
on Joint Venture
|
-
|
-
|
901,700
|
|||||||
Loss
on Write-Off of Minority Interest
|
-
|
-
|
150,382
|
|||||||
Value
of Common Stock and Warrants Issued for Services
|
361,875
|
187,844
|
12,585,615
|
|||||||
Changes
in Operating Assets and Liabilities:
|
||||||||||
(Increase)
Decrease in Prepaid Expenses
|
(21,082
|
)
|
(54,299
|
)
|
(21,082
|
)
|
||||
(Increase)
Decrease in Other Current Assets
|
(5,243,003
|
)
|
(10,601
|
)
|
(5,265,839
|
)
|
||||
(Increase)
in Other Deposits
|
(170,000
|
)
|
(80,000
|
)
|
(268,000
|
)
|
||||
Decrease
in Other Assets
|
755
|
-
|
(42,668
|
)
|
||||||
(Increase)
in Security Deposits
|
-
|
(1,170
|
)
|
(9,605
|
)
|
|||||
Increase
(Decrease) in Accounts Payable
|
166,932
|
39,953
|
342,184
|
|||||||
Increase
(Decrease) in Accrued Expenses
|
165,895
|
74,703
|
136,929
|
|||||||
Net
Cash Used in Operating Activities
|
(8,720,598
|
)
|
(1,841,821
|
)
|
(22,603,400
|
)
|
||||
Cash
Flow From Investing Activities:
|
||||||||||
(Increase)
in Other Investments
|
(260
|
)
|
(11,330
|
)
|
(21,740
|
)
|
||||
Purchase
of Mining, Milling and Other Property and Equipment
|
(810,425
|
)
|
(657,683
|
)
|
(3,191,282
|
)
|
||||
Purchase
of Concessions
|
-
|
(25,324
|
)
|
(25,324
|
)
|
|||||
Investment
in Intangibles
|
(89
|
)
|
(18,531
|
)
|
(18,620
|
)
|
||||
Proceeds
on Sale of Mining, Milling and Other Property and
Equipment
|
192,000
|
-
|
275,638
|
|||||||
Proceeds
From Sale of Subsidiary
|
-
|
-
|
2,131,616
|
|||||||
Expenses
of Sale of Subsidiary
|
-
|
-
|
(101,159
|
)
|
||||||
Advance
Payments - Joint Venture
|
-
|
-
|
98,922
|
|||||||
Investment
in Joint Venture
|
-
|
-
|
(101,700
|
)
|
||||||
Investment
in Privately Held Company
|
-
|
-
|
(10,000
|
)
|
||||||
Net
Assets of Business Acquired (Net of Cash)
|
-
|
-
|
(42,130
|
)
|
||||||
Investment
in Marketable Securities
|
-
|
-
|
(50,000
|
)
|
|
For
The
Period
|
|||||||||
For
The
|
September
17,
1982
|
|||||||||
Year
Ended
|
(Inception)
|
|||||||||
July
31,
|
To
|
|||||||||
2006
|
2005
|
July
31, 2006
|
||||||||
Net
Cash Used in Investing Activities
|
(618,774
|
)
|
(712,868
|
)
|
(1,055,779
|
)
|
||||
Cash
Flow From Financing Activities:
|
||||||||||
Advances
to Affiliate
|
(10,326
|
)
|
(3,571
|
)
|
(45,322
|
)
|
||||
Decrease
in Loans Receivable - Others
|
-
|
2,065
|
-
|
|||||||
Proceeds
of Borrowings - Officers
|
-
|
-
|
18,673
|
|||||||
Repayment
of Loans Payable - Officers
|
-
|
-
|
(18,673
|
)
|
||||||
Proceeds
of Note Payable
|
-
|
-
|
11,218
|
|||||||
Payments
of Note Payable
|
-
|
-
|
(11,218
|
)
|
||||||
Proceeds
From Issuance of Common Stock, Net
|
8,114,920
|
6,700,325
|
26,850,844
|
|||||||
Commissions
on Sale of Common Stock
|
-
|
-
|
(5,250
|
)
|
||||||
Deferred
Finance Costs
|
(350,777
|
)
|
(100,000
|
)
|
(450,777
|
)
|
||||
Expenses
of Initial Public Offering
|
-
|
-
|
(408,763
|
)
|
||||||
Capital
Contributions - Joint Venture Subsidiary
|
-
|
-
|
304,564
|
|||||||
Purchase
of Certificate of Deposit - Restricted
|
-
|
-
|
(5,000
|
)
|
||||||
Purchase
of Mining Reclamation Bonds
|
-
|
-
|
(30,550
|
)
|
||||||
Net
Cash Provided By Financing Activities
|
7,753,817
|
6,598,819
|
26,209,746
|
|||||||
Effect
of Exchange Rate Changes
|
45,506
|
28,975
|
190,932
|
|||||||
Increase
(Decrease) In Cash and Cash Equivalents
|
(1,540,050
|
)
|
4,073,105
|
2,741,498
|
||||||
Cash
and Cash Equivalents - Beginning
|
4,281,548
|
208,443
|
-
|
|||||||
Cash
and Cash Equivalents - Ending
|
$
|
2,741,498
|
$
|
4,281,548
|
$
|
2,741,498
|
||||
Supplemental
Cash Flow Information:
|
||||||||||
Cash
Paid For Interest
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
Cash
Paid For Income Taxes
|
$
|
15,099
|
$
|
-
|
$
|
39,886
|
||||
Non-Cash
Financing Activities:
|
||||||||||
Issuances
of Common Stock as Commissionson Sales of Common Stock
|
$
|
-
|
$
|
23,240
|
$
|
440,495
|
||||
Issuance
of common stock as payment for financing costs
|
$
|
270,000
|
$
|
-
|
$
|
270,000
|
||||
Issuance
of common stock and warrants as payment for Expenses
|
$
|
-
|
$
|
-
|
$
|
192,647
|
||||
Issuance
of Common Stock as Payment for Mining,
|
||||||||||
Milling
and Other Property and Equipment
|
$
|
-
|
$
|
-
|
$
|
4,500
|
||||
Exercise
of Options as Payment of Accounts Payable
|
$
|
-
|
$
|
36,000
|
$
|
36,000
|
|
Years
ended July 31,
|
|||
|
2006
|
2005
|
||
|
||||
Expected
volatility
|
95%
- 165%
|
70%
- 100%
|
||
Risk-free
interest rate
|
5.95%
|
3.10%
|
||
Expected
dividend yield
|
-
|
-
|
||
Expected
life
|
1
-
2 years
|
3
years
|
|
Number
of
Options
|
Weighted
Average
exercise
price
|
Weighted
average
remaining
contracted
term
(years)
|
Aggregate
intrinsic
value
|
|||||||||
|
|||||||||||||
|
|||||||||||||
|
|||||||||||||
Outstanding
at July 31, 2004
|
5,588,636
|
$
|
.32
|
-
|
$
|
-
|
|||||||
Options
granted
|
-
|
-
|
-
|
-
|
|||||||||
Options
exercised
|
(877,273
|
)
|
.09
|
-
|
-
|
||||||||
Options
expired
|
-
|
-
|
-
|
-
|
|||||||||
Outstanding
at July 31, 2005
|
4,711,363
|
$
|
.30
|
0.30
|
$
|
1,277,977
|
|||||||
Options
granted
|
4,611,363
|
.13
|
-
|
-
|
|||||||||
Options
exercised
|
(590,909
|
)
|
.05
|
-
|
-
|
||||||||
Options
expired
|
(3,161,363
|
)
|
.05
|
-
|
-
|
||||||||
Warrants
and options outstanding at July 31, 2006
|
5,570,454
|
$
|
.16
|
1.17
|
$
|
702,250
|
|||||||
Warrants
and options exercisable at July 31, 2006
|
4,120,454
|
$
|
.10
|
0.71
|
$
|
680,250
|
|
Number
of
Options
|
Weighted Averageprice
|
Weighted averageterm
(years)
|
Aggregate Intrinsic
value
|
|||||||||
Outstanding
at August 1, 2005
|
-
|
-
|
-
|
$
|
-
|
||||||||
Options
granted
|
150,000
|
$
|
.32
|
1.83
|
16,500
|
||||||||
Unvested
Options outstanding at July 31, 2006
|
150,000
|
$
|
.32
|
1.83
|
$
|
16,500
|
|
Number
of
Options
|
Weighted Averageprice
|
Weighted averageterm
(years)
|
Aggregate
Intrinsic
value
|
|||||||||
Outstanding
at July 31, 2004
|
1,300,000
|
$
|
.31
|
-
|
$
|
-
|
|||||||
Options
granted
|
31,452,004
|
.29
|
-
|
-
|
|||||||||
Options
exercised
|
(550,000
|
)
|
.09
|
-
|
-
|
||||||||
Options
expired
|
(300,000
|
) |
.23
|
-
|
-
|
||||||||
Outstanding
at July 31, 2005
|
31,902,004
|
$
|
.30
|
1.13
|
$
|
3,430,120
|
|||||||
Options
granted
|
6,844,000
|
.28
|
-
|
-
|
|||||||||
Options
exercised
|
(4,235,004
|
)
|
.27
|
-
|
-
|
||||||||
Options
expired
|
(350,000
|
)
|
.10
|
-
|
-
|
||||||||
Warrants
and options outstanding at July 31, 2006
|
34,161,000
|
$
|
.29
|
1.33
|
$
|
2,540,530
|
|||||||
Warrants
and options exercisable at July 31, 2006
|
33,911,000
|
$
|
.29
|
1.31
|
$
|
2,539,630
|
|
Year
Ended
July
31, 2006
|
|||
Net
loss
|
$
|
(4,804,692
|
)
|
|
Add
stock-based employee compensation expense (recovery) included
in reported
net income (loss)
|
-
|
|||
Deduct
total stock-based employee compensation expense determined
under fair value based method
for
all awards, net
of tax
|
(773,263
|
)
|
||
Pro
forma net loss
|
$
|
(5,577,955
|
)
|
|
Pro
forma net loss per common share (Basic and diluted)
|
$
|
(.05
|
)
|
|
Weighted
average common shares outstanding: Basic and
diluted
|
112,204,471
|
|||
Net
loss per common share basic and diluted
|
$
|
(.04
|
)
|
|
July
31,
2006
|
|||
Marketable
equity securities, at cost
|
$
|
50,000
|
||
Marketable
equity securities, at fair value (See Notes 11 & 13)
|
$
|
90,000
|
Cash
collateral on project facility (Note 20)
|
$
|
4,267,445
|
||
Other
current assets
|
216,407
|
|||
Total
Other Current Assets
|
$
|
4,483,852
|
Construction
in progress
|
$
|
661,899
|
||
Water
Well
|
141,243
|
|||
Building
|
116,000
|
|||
Equipment
|
75,757
|
|||
Vehicle
|
51,385
|
|||
Improvements
|
15,797
|
|||
Office
Equipment
|
12,266
|
|||
Furniture
|
1,843
|
|||
Total
|
$
|
1,076,190
|
||
Less:
accumulated depreciation
|
(
40,218
|
)
|
||
Property
and equipment, net
|
$
|
1,035,972
|
Investment
in Right of way
|
$
|
18,620
|
||
Less:
accumulated amortization
|
(
4,820
|
)
|
||
Intangible
assets, net
|
$
|
13,800
|
El
Charro
|
$
|
25,324
|
||
El
Chanate
|
44,780
|
|||
|
||||
Total
|
$
|
70,104
|
Balance
- July 31, 2004
|
$
|
88,739
|
||
Equity
Adjustments from Foreign Currency Translation
|
28,975
|
|||
Unrealized
Gains on Marketable Securities
|
40,000
|
|||
Balance
- July 31, 2005
|
157,714
|
|||
Equity
Adjustments from Foreign Currency Translation
|
48,779
|
|||
Unrealized
Gains (loss) on Marketable Securities
|
(60,000
|
)
|
||
Balance
- July 31, 2006
|
$
|
146,493
|
|
Year
Ended July 31,
|
||||||
|
2006
|
2005
|
|||||
|
|||||||
Computed
"expected" tax benefit
|
$
|
5,823,176
|
$
|
4,661,620
|
|||
Decrease
in tax benefit resulting from net operating loss for which no
benefit is currently available
|
5,823,176
|
4,661,620
|
|||||
|
$
|
- |
$
|
-
|
Year
Ending July 31,
|
||||
2007
|
$ | 51,000 | ||
2008
|
4,200
|
|||
|
$
|
55,200
|
SEC
Filing Fees
|
$
|
470.18
|
||
Printing
and Engraving Expenses*
|
$
|
5,000.00
|
||
Accounting
Fees and Expenses*
|
$
|
7,500.00
|
||
Legal
Fees and Expenses*
|
$
|
7,500,00
|
||
Miscellaneous*
|
$
|
4529.82
|
||
|
||||
Total
Expenses*
|
$
|
25,000.00
|
3.1
|
Certificate
of Incorporation of Company.(1)
|
3.2
|
Amendments
to Certificate of Incorporation of
Company.(1)(5)
|
3.3
|
Certificate
of Merger (Delaware) (which amends our Certificate of
Incorporation)(16)
|
3.4
|
Amended
and Restated By-Laws of Company(17)
|
4.1 |
Specimen
certificate representing our Common
Stock.(9)
|
4.2
|
Form
of Warrant for Common Stock of the Company issued in February
2005 private
placement.(8)
|
4.3
|
Form
of Warrant for Common Stock of the Company issued to Standard
Bank.(10)
|
4.4
|
Form
of Warrant for Common Stock of the Company issued in February
and March
2006 private placement.(14)
|
4.5
|
Rights
Agreement, dated as of August 15, 2006, between the Company and
American
Stock Transfer & Trust Company. The Right Agreement includes the Form
of Certificate of Designation of the Series B Common Stock and
the Form of
Right Certificate. (17)
|
5.1 |
Opinion
of Richard Feiner, Esq., legal
counsel.
|
10.1 |
Mining
Claims (1)
|
10.2 |
Stock
Purchase Option Agreement from AngloGold
(2)
|
10.3 |
Letter
of Intent with International Northair Mines Ltd.
(2)
|
10.4
|
March
30, 2002 Minera Chanate Stock Purchase and Sale and Security
Agreement
(Sale by us and Holding of all of the stock of Minera Chanate)
(In
Spanish).(3)
|
10.5
|
English
summary of March 30, 2002 Minera Chanate Stock Purchase and Sale
and
Security Agreement.(3)
|
10.6 |
Agreement
between Santa Rita and Grupo Minero
FG.(4)
|
10.7 |
Amendment
to Agreement between Santa Rita and Grupo Minero
FG.(6)
|
10.8 |
Termination
Agreement between Santa Rita and Grupo Minero
FG.(7)
|
10.9 |
English
summary of El Charro agreement.
(11)
|
10.10 |
Plan
and agreement of merger (reincorporation).
(12)
|
10.11 |
Contract
between MSR and Sinergia Obras Civiles y Mineras, S.A. de
C.V.(13)
|
10.12
|
Amendment
to Contract between MSR and Sinergia Obras Civiles y Mineras,
S.A. de
C.V.(19)
|
10.13
|
September
2006 Chipman Amended Engagement Agreement.
(19)
|
10.14
|
Employment
Agreement with John Brownlie. (18)
|
10.15
|
June
1, 2006 EPCM agreement between MSR and a Mexican subsidiary of
M3
Engineering & Technology Corporation
(18)
|
10.16
|
Credit
Agreement dated August 15, 2006 among MSR and Oro, as the borrowers,
the
Company, as the guarantor, and Standard Bank PLC, as the lender
and the
offshore account holder. (17)
|
10.17
|
Employment
Agreement with Gifford A. Dieterle.
(19)
|
10.18
|
Employment
Agreement with Roger A. Newell. (19)
|
10.19
|
Employment
Agreement with Jack V. Everett.
(19)
|
10.20
|
Employment
Agreement with Jeffrey W. Pritchard.
(19)
|
21 |
Subsidiaries
of the Registrant. (9)
|
23.1
|
Consent
of Wolinetz, Lafazan & Company, P.C., independent registered public
accountants.
|
23.2 |
Consent
of Richard Feiner, Esq., legal counsel (included in Exhibit
5.1).
|
24.1
|
Powers
of Attorney (included in Signature Pages to the Registration
Statement on
Form SB-2).
|
(1)
|
Previously
filed as an exhibit to the Company's Registration Statement
on Form S-18
(SEC File No. 2-86160-NY) filed on or about November 10,
1983, and
incorporated herein by this
reference.
|
(2) |
Previously
filed as an exhibit to the Company's Quarterly Report on Form
10-QSB for
the quarter ended January 31, 2001 filed with the Commission
on or about
March 16, 2001, and incorporated herein by this
reference.
|
(3) |
Previously
filed as an exhibit to the Company's Quarterly Report on Form
10-QSB for
the quarter ended April 30, 2002 filed with the Commission on
or about
June 20, 2002, and incorporated herein by this
reference.
|
(4) |
Previously
filed as an exhibit to the Company's Quarterly Report on Form
10-QSB for
the quarter ended January 31, 2002 filed with the Commission
on or about
March 25, 2002, and incorporated herein by this
reference.
|
(5) |
Previously
filed as an exhibit to the Company's Current Report on Form 8-K
filed with
the Commission on or about April 11, 2003, and incorporated herein
by this
reference.
|
(6) |
Previously
filed as an exhibit to the Company's Current Report on Form
8-K filed with
the Commission on or about January 22, 2004, and incorporated
herein by
this reference.
|
(7) |
Previously
filed as an exhibit to the Company's Current Report on Form 8-K
filed with
the Commission on or about April 12, 2004, and incorporated herein
by this
reference.
|
(8) |
Previously
filed as an exhibit to the Company's Current Report on Form 8-K
filed with
the Commission on or about February 10, 2005, and incorporated
herein by
this reference.
|
(9) |
Previously
filed as an exhibit to the Company's Registration Statement on
Form SB-2
(SEC file no. 333-123216) filed with the Commission on or about
March 9,
2005, and incorporated herein by this
reference.
|
(10) |
Previously
filed as an exhibit to Amendment No. 1 to the Company's Registration
Statement on Form SB-2 (SEC file no. 333-123216) filed with the
Commission
on or about June 27, 2005, and incorporated herein by this
reference.
|
(11) |
Previously
filed as an exhibit to the Company's Quarterly Report on Form
10-QSB for
the quarter ended April 30, 2005 filed with the Commission on
or about
June 20, 2005, and incorporated herein by this
reference.
|
(12) |
Previously
filed as Appendix B to the Company's Definitive 14A Proxy Statement
filed
with the Commission on or about October 7, 2005, and incorporated
herein
by this reference.
|
(13) |
Previously
filed as an exhibit to the Company's Quarterly Report on Form
10-QSB for
the quarter ended October 31, 2005 filed with the Commission
on or about
December 15, 2005, and incorporated herein by this
reference.
|
(14) |
Previously
filed as an exhibit to the Company's Current Report on Form 8-K
filed with
the Commission on or about February 16, 2006, and incorporated
herein by
this reference.
|
(15) |
Previously
filed as an exhibit to the Company's Quarterly Report on Form
10-QSB for
the quarter ended January 31, 2006 filed with the Commission
on or about
March 22, 2006, and incorporated herein by this
reference.
|
(16) |
Previously
filed as an exhibit to the Company's Registration Statement on
Form SB-2
(SEC file no. 333-129939) filed with the Commission on or about
November
23, 2005, and incorporated herein by this
reference.
|
(17) |
Previously
filed as an exhibit to the Company's Current Report on Form 8-K
filed with
the Commission on or about August 16, 2006, and incorporated
herein by
this reference.
|
(18) |
Previously
filed as an exhibit to the Company's Quarterly Report on Form
10-QSB for
the quarter ended April 30, 2006 filed with the Commission on
or about
June 19, 2006, and incorporated herein by this
reference.
|
(19) |
Previously
filed as an exhibit to the Company's Annual Report on Form 10-KSB
for the
fiscal year ended July 31, 2006 filed with the Commission on
or about
November 1, 2006, and incorporated herein by this
reference.
|
Signature
|
Title
|
Date
|
||
s/ Gifford A. Dieterle
|
||||
Gifford
A. Dieterle
|
President,
Treasurer, and Chairman of the Board
|
November
20, 2006
|
||
s/ Christopher
Chipman
|
||||
Christopher
Chipman
|
Principal
Financial and Accounting officer
|
November
20, 2006
|
||
s/ Jack
V. Everett
|
||||
Jack
V. Everett
|
Director
|
November
20, 2006
|
||
s/ Robert
N. Roningen
|
||||
Robert
N. Roningen
|
Director
|
November
20, 2006
|
||
s/ Roger
A. Newell
|
||||
Roger
A. Newell
|
Director
|
November
20, 2006
|
||
s/ Jeffrey
W. Pritchard
|
||||
Jeffrey
W. Pritchard
|
Director
|
November
20, 2006
|
||
|
||||
John
Postle
|
Director
|
November
__, 2006
|
||
s/ Ian
Shaw
|
||||
Ian
Shaw
|
Director
|
November
20, 2006
|
||
s/ Mark
T. Nesbitt
|
||||
Mark
T. Nesbitt
|
Director
|
November
20, 2006
|
Exhibit No. | Description |
5.1 |
Opinion
of Richard Feiner, Esq., legal
counsel.
|
23.1 |
Consent
of Wolinetz, Lafazan & Company, P.C., independent registered public
accountants.
|