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MONTACU MINING INVESTMENTS INC. <br />CONSOLIDATED STATEMENT OF OPERATIONS ANID DEFICIT <br />for the period from April 30, 1986 (inception) [o December 31, 1986 <br />Gold sales ..................................................................... $ 91,524 <br />Cost of sales ................................................................... 35,964 <br />55,560 <br />Costs and expenses <br />Management fees (Note 7) .............................. ..................... 45,000 <br />General and administrative (Note 7) ...................... ..................... 166,067 <br />Interest (Note 7) ...................................... ..................... 43,781 <br />Depletian ............................................ ..................... 29.881 <br /> 284,729 <br />Net loss ................................................. ..................... (29.169) <br />Beginning retained earnings ................................. ..................... 0 <br />Deficit at December 31,1986 ................................ ..................... $ 229,169) <br />The accompan~~ing notes are an integral part of these consolidated /inancia/statements. <br />C-3 <br />