Judy Stoeterau
President
CONSOLIDATED BALANCE SHEETS
AS AT MARCH 31, 1999 & 1998
UNAUDITED)
1999 1998
ASSETS
CURRENT
Cash $ 300 $ ---
Accounts and advances receivable 8,850 161,368
9,150 161,368
NOTE RECEIVABLE --- 250,000
INVESTMENT IN RHONDA MINING
CORPORATION 66,753 996,832
CAPITAL ASSETS 87,061 104,041
MINING PROPERTIES AND
DEFERRED COSTS 11,143,079 10,294,910
$ 11,306,043 $ 11,807,151
LIABILITIES
CURRENT
Bank overdraft $ 358 $ 15,406
Accounts payable and accrued
liabilities 783,116 367,251
783,474 382,657
DUE TO AFFILIATED COMPANIES 331,129 333,476
NON-CONTROLLING INTEREST 130,760 132,592
1,245,363 848,725
SHAREHOLDERS' EQUITY
SHARE CAPITAL 38,508,137 30,508,137
DEFICIT (28,447,457) (27,549,711)
10,060,680 10,958,426
$ 11,306,043 $ 11,807,151
CONSOLIDATED STATEMENTS OF LOSS & DEFICIT
FOR THE THREE MONTHS ENDED MARCH 31, 1999 & 1998
(UNAUDITED)
1999 1998
INCOME
Oil and gas royalties $ 2,612 $ 2,430
2,612 2,430
EXPENSES
General and administrative 71,253 81,988
Interest 1,980 2,082
73,233 84,070
OPERATING LOSS FOR THE PERIOD (70,621) (81,640)
OTHER
Non-controlling interest in
losses of subsidiary companies --- 128
Gain (loss) on sale of marketable securities --- (4,661)
NET LOSS FOR THE PERIOD (70,621) (86,173)
DEFICIT, beginning of period (28,376,836) (27,463,538)
DEFICIT, END OF PERIOD $ (28,447,457) $ (27,549,711)
LOSS PER COMMON SHARE $ (0.001) $ (0.001)
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