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2002 First Quarter Report

Management Discussion and Analysis
First Quarter Report for the Period Ended March 31, 2002

Financial Analysis

This Management Discussion and Analysis (MD&A) for the First Quarter Report, 2002 should be read in conjunction with the interim consolidated financial statements for the three-month period ended March 31, 2002. It is assumed that readers are already familiar with the MD&A and financial statements contained in the First Quarter Report, 2001. The MD&A is an assessment of the financial affairs of the Company for the most recent fiscal period. All figures are in $US.


Since its incorporation the Company has endeavored to secure valuable mineral properties that in due course could be explored, developed and brought into production to provide the Company with positive cash flow. To that end, the Company has expended its funds exploring and developing mineral properties each year since incorporation. As a result, the Company has incurred losses during each of its fiscal years since incorporation. Losses are typical of development-stage exploration and mining companies and are expected to continue until positive cash flow is achieved.

The Company knows of no trends, demands, commitments, events or uncertainties outside of the normal course of business that may result in the Company’s liquidity either materially increasing or decreasing at the present time or in the foreseeable future. Material increases or decreases in the Company’s liquidity are substantially determined by the success or failure of the Company’s exploration programs and overall market conditions for smaller resource companies. The Company is not aware of any seasonality in the business that have a material effect upon its financial condition, results of operations or cash flows other than those normally encountered by public reporting smaller resource companies. The Company is not aware of any changes in it’s the results of its operations that are other than those normally encountered in its ongoing business.

Liquidity and Capital Resources

The Company had positive working capital of $272,000 at March 31, 2002 as compared to $366,000 at December 31, 2001. Current assets fell 14% to $407,000 and current liabilities also dropped 14% to $92,000 during the First Quarter of 2002 as the Company continued to pay down its current accounts. The Company’s principal sources of funds continue to be the annual cash payments from our partner on the Bellavista project in Costa Rica and the raising of capital from time to time by issuing securities.

Results of Operations

The Company experienced a loss of $50,000 ($0.001 per share) for the 3 month period ending March 31, 2002, a reduction of 224% as compared to a loss of $112,000 ($0.003 per share) for the 3 month period ended March 31, 2001. The Company incurred cash expenditures totalling $56,000 on general, administrative, and other costs in the First Quarter of 2002, a reduction of 250% as compared to $140,000 in the First Quarter of 2001. The use of capital during the period was mainly directed toward company operating expenses rather than asset acquisitions or development programs.


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