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APPENDIX C <br />To the Director and Shareholder of <br />Montagu Mining Investments Inc.: <br />We have examined the consolidated balance sheet of Montagu Mining Investments Inc. as of ecember <br />31, 1986, and the related consolidated statements of operations and deficit, and changes in financi I position <br />For the period from the date of inception (April 30, 1986) to December 31, 1986. Our examination as made <br />in accordance with generally accepted auditing standards and, accordingly, included such to is of the <br />accounting records and such other auditing procedures as we considered neo:ssary in the circums antes. <br />In our opinion, the financial statements referred to above present fairly the consolidated financ <br />of Montagu Mining Investments Inc. as of December 31, 1986, and the consolidated results of its <br />and the changes in its financial position for the period from inception to December 31, 1986, in <br />with generally accepted accounting principles. <br />COOPERS & LYBRAND <br />Denver, Colorado <br />March 27, 1987 <br />position <br />ty <br />C-I <br />