Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

Consolidated Statements of Shareholders' Equity

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Consolidated Statements of Shareholders' Equity (CAD)
Total
Capital Stock
Warrants
Contributed Surplus
Deficit
Beginning Balance at Dec. 31, 2008 99,941,487 144,692,000   12,721,559 (57,472,072)
Beginning Balance (in shares) at Dec. 31, 2008   93,243,607      
Common shares issued for properties (in shares)   695,000      
Common shares issued for properties 452,250 452,250      
Exercise of stock options (in shares)   1,961      
Exercise of stock options 1,393 2,127   (734)  
Non-cash stock compensation 950,874     950,874  
Net loss and comprehensive loss (19,178,318)       (19,178,318)
Ending Balance at Dec. 31, 2009 82,167,686 145,146,377   13,671,699 (76,650,390)
Ending Balance (in shares) at Dec. 31, 2009   93,940,568      
Exercise of stock options (in shares)   3,057,444      
Exercise of stock options 3,519,256 5,400,941   (1,881,685)  
Common shares issued for cash, net of issue costs (in shares)   5,000,000      
Common shares issued for cash, net of issue costs 4,700,151 4,700,151      
Non-cash warrant costs 44,271   44,271    
Non-cash stock compensation 658,491     658,491  
Net loss and comprehensive loss (16,418,088)       (16,418,088)
Ending Balance at Dec. 31, 2010 74,671,767 155,247,469 44,271 12,448,505 (93,068,478)
Ending Balance (in shares) at Dec. 31, 2010   101,998,012      
Exercise of stock options (in shares)   1,677,432      
Exercise of stock options 3,357,307 5,165,374   (1,808,067)  
Adjustment to share issue costs 20,000 20,000      
Non-cash stock compensation 2,450,734     2,450,734  
Net loss and comprehensive loss (16,256,876)       (16,256,876)
Ending Balance at Dec. 31, 2011 64,242,932 160,432,843 44,271 13,091,172 (109,325,354)
Ending Balance (in shares) at Dec. 31, 2011   103,675,444