Share Structure

Share Capital as of April 30, 2012

	On Issue	Converts to Common Shares
Common Shares	378,879,186	378,879,186
Options *	38,132,758	38,132,758
9% CAD Convertible Notes	12,709,942	25,419,883
8% CAD Convertible Notes	15,000,000	30,000,000
8% USD Convertible Notes	14,600,000	28,627,451
Warrants on Issue *	29,719,195	44,432,885
Agent Warrants *	9,787,517	9,787,517
Gold Loan Warrants each to acquire 3,470 common shares *	2,196	7,620,120
Fully Diluted		562,899,800

* Note all options and warrants have the ability to be converted under a cashless method which would result in a lesser number of ordinary shares being issued on exercise