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style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 134,580 </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> - </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 134,580 </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;">Engineering studies</font> </font> </td> <td align="left" width="1%">&#160;</td> <td align="right" width="15%"> <font 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style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> - </font> </font> </td> <td align="left" width="2%">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="right" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 53,262 </font> </font> </td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;">Wages and benefits</font> </font> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 35,687 </font> </font> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" 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align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 9,695 </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> - </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 9,695 </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;">Travel</font> </font> </td> <td align="left" width="1%">&#160;</td> <td align="right" 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style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;">Administrative</font> </font> </td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 706 </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> - </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="15%"> <font style="font-size:10pt;"> <font style="font-family: times new roman,times,serif;"> 706 </font> </font> </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left"> <font 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0.204 </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left">Granted</td> <td align="left" width="1%">&#160;</td> <td align="right" width="12%"> - </td> <td align="left" width="2%">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="right" width="12%"> - </td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Exercised</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" style="BORDER-BOTTOM: #000000 1px solid">Expired</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%">&#160;</td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> - </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%">&#160;</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%">&#160;</td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> - </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double">Balance, May 31, 2012 and November 30, 2012</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%"> 24,570,000 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%"> &#160; 0.204 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="2%">&#160;</td> </tr> </table> </div> <p align="justify" style="margin-left: 10%; font-family: times new roman,times,serif; font-size: 10pt;">Share purchase warrants outstanding at November 30, 2012:</p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="50%"> <tr valign="top"> <td align="center" style="BORDER-BOTTOM: #000000 1px solid">Series</td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="25%">Number</td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="25%">Price</td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="25%">Expiry Date</td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff">"A"</td> <td align="right" bgcolor="#e6efff" width="25%"> 3,817,500 </td> <td align="center" bgcolor="#e6efff" width="25%"> $0.50 </td> <td align="left" bgcolor="#e6efff" width="25%">February 15, 2013</td> </tr> <tr valign="top"> <td align="center">"D"</td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> 20,752,500 </td> <td align="center" width="25%"> $0.15 </td> <td align="left" width="25%">February 15, 2013</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="25%"> 24,570,000 </td> <td align="left" bgcolor="#e6efff" width="25%">&#160;</td> <td align="left" bgcolor="#e6efff" width="25%">&#160;</td> </tr> </table> </div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left">&#160;</td> <td align="left" width="90%">&#160;</td> </tr> <tr valign="top"> <td align="left">&#160;</td> <td align="left" width="90%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> Each Series &#8220;A&#8221; warrant entitles the holder thereof the right to purchase one common share at $0.50 per share expiring on the earlier of: </p> </td> </tr> </table> <br/> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="10%">&#160;</td> <td valign="top" width="5%">1)</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">February 16, 2008; or</p> </td> </tr> <tr> <td width="10%">&#160;</td> <td valign="top" width="5%">2)</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> The 30th day after the day on which the weighted average trading price of the Company's shares exceeds $0.80 per share for 20 consecutive trading days. </p> </td> </tr> </table> <p align="justify" style="margin-left: 10%; font-family: times new roman,times,serif; font-size: 10pt;"> Upon exercise of the Series "A" Share Purchase Warrant at $0.50 each, the holder will receive one Common Share of the Company and a Series "B" Share Purchase Warrant exercisable at $1.00 expiring one year after the occurrence of either (1) or (2) as described above. The Series "A" Share Purchase Warrants were originally issued in 2004 pursuant to a private placement commenced in February 2004. </p> <p align="justify" style="margin-left: 10%; font-family: times new roman,times,serif; font-size: 10pt;"> On February 7, 2008, the Company extended the expiry date of the 3,817,500 Series &#8220;A&#8221; Share Purchase Warrants from February 16, 2008 to February 16, 2009. The exercise price of the warrants remains unchanged at $0.50 per share. The additional fair value of the 3,817,500 extended life Series &#8220;A&#8221; Share Purchase Warrants was estimated at $252,989 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 218.52%, risk free interest rates of 2.08% and expected life of one year. </p> <p align="justify" style="margin-left: 10%; font-family: times new roman,times,serif; font-size: 10pt;"> On February 6, 2009, the Company re-extended the expiry date of 3,817,500 Series &#8220;A&#8221; Share Purchase Warrants from February 16, 2009 to February 16, 2010. The exercise price of the warrants remains unchanged at $0.50 per share. The additional fair value of the 3,817,500 extended life Series &#8220;A&#8221; Share Purchase Warrants was estimated at $35,593 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 223.36%, risk free interest rates of 0.82% and expected life of one year. </p> <p align="justify" style="margin-left: 10%; font-family: times new roman,times,serif; font-size: 10pt;"> On February 12, 2010, the Company re-extended the expiry date of 3,817,500 Series "A" Share Purchase Warrants from February 16, 2010 to February 16, 2011. The exercise price of the warrants remains unchanged at $0.50 per share. The additional fair value of the 3,817,500 extended life Series &#8220;A&#8221; Share Purchase Warrants was estimated at $44,283 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 244%, risk free interest rates of 0.56% and expected life of one year. </p> <p align="justify" style="margin-left: 10%; font-family: times new roman,times,serif; font-size: 10pt;"> On February 14, 2011, the Company re-extended the expiry date of 3,817,500 Series "A" Share Purchase Warrants from February 16, 2011 to February 16, 2012. The exercise price of the warrants remains unchanged at $0.50 per share. The additional fair value of the 3,817,500 extended life Series &#8220;A&#8221; Share Purchase Warrants was estimated at $517,526 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 201%, risk free interest rates of 0.29% and expected life of one year. </p> <p align="justify" style="margin-left: 10%; font-family: times new roman,times,serif; font-size: 10pt;"> On January 26, 2012, the Company re-extended the expiry date of 3,817,500 Series "A" share purchase warrants from February 16, 2012 to the earlier of February 15, 2013 or the close of business on the 30th day after a takeover bid for the Company's issued and outstanding share capital has been made by a third party and approved by the shareholders of the Company. The exercise price of the warrants remained unchanged at $0.50 per share. The additional fair value of the 3,817,500 extended life Series &#8220;A&#8221; Share Purchase Warrants was estimated at $25,832 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 155.80%, risk-free interest rates of 0.12% and expected life of 1.05 years. </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left">&#160;</td> <td align="left" width="90%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> On February 7, 2008, the Company extended the expiry date of the 2,873,990 Series &#8220;C&#8221; Share Purchase Warrants from February 29, 2008 to February 27, 2009. The exercise price of the warrants remained unchanged at $0.18 per share. The additional fair value of the 2,873,990 extended life Series &#8220;C&#8221; Share Purchase Warrants was estimated at $156,536 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 222.09%, risk-free interest rates of 2.08% and expected life of one year. </p> </td> </tr> <tr> <td>&#160;</td> <td width="90%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">&#160;</p> </td> </tr> <tr valign="top"> <td align="left">&#160;</td> <td align="left" width="90%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> On February 6, 2009, the Company re-extended the expiry date of 2,873,990 Series "C" share purchase Warrants from February 27, 2009 to February 26, 2010. The exercise price of the warrants remains unchanged at $0.18 per share. The Series "C" Share Purchase Warrants were originally issued in September 2006 pursuant to a private placement commenced in August 2006. The additional fair value of the 2,873,990 extended life Series &#8220;C&#8221; Share Purchase Warrants was estimated at $48,259 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 244.01%, risk-free interest rates of 0.82% and expected life of one year. </p> </td> </tr> <tr> <td>&#160;</td> <td width="90%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">&#160;</p> </td> </tr> <tr valign="top"> <td align="left">&#160;</td> <td align="left" width="90%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> On February 12, 2010, the Company re-extended the expiry date of 2,873,990 the Series "C" share purchase Warrants from February 26, 2010 to February 16, 2011. 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0.204 </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left">Granted</td> <td align="left" width="1%">&#160;</td> <td align="right" width="12%"> - </td> <td align="left" width="2%">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="right" width="12%"> - </td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Exercised</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" style="BORDER-BOTTOM: #000000 1px solid">Expired</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%">&#160;</td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> - </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%">&#160;</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%">&#160;</td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> - </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%">&#160;</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double">Balance, May 31, 2012 and November 30, 2012</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%"> 24,570,000 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="2%">&#160;</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%"> &#160; 0.204 </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="2%">&#160;</td> </tr> </table> 24570000 0.204 0 0 0 0 0 0 24570000 0.204 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="50%"> <tr valign="top"> <td align="center" style="BORDER-BOTTOM: #000000 1px solid">Series</td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="25%">Number</td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="25%">Price</td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="25%">Expiry Date</td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff">"A"</td> <td align="right" bgcolor="#e6efff" width="25%"> 3,817,500 </td> <td align="center" bgcolor="#e6efff" width="25%"> $0.50 </td> <td align="left" bgcolor="#e6efff" width="25%">February 15, 2013</td> </tr> <tr valign="top"> <td align="center">"D"</td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="25%"> 20,752,500 </td> <td align="center" width="25%"> $0.15 </td> <td align="left" width="25%">February 15, 2013</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">&#160;</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="25%"> 24,570,000 </td> <td align="left" bgcolor="#e6efff" width="25%">&#160;</td> <td align="left" bgcolor="#e6efff" width="25%">&#160;</td> </tr> </table> 3817500 0.50 20752500 0.15 24570000 3716000 0.50 1858000 0.75 1.00 101500 100000 42000 2750300 0.15 412545 0.18 123690 324685 0.06 19480 20000000 0.10 2000000 0.15 752500 350000 0.23 10000000 0.22 0.20 2100000 0.50 504000 1536000 0.50 368641 0.24 0 0.5115 0.0326 5 4700000 0.25 500000 0.25 0.08 40000 5200000 5200000 0.25 0 1300000 6.18 6.82 0.50 0.80 20 0.50 1.00 3817500 0.50 3817500 252989 0 2.1852 0.0208 3817500 0.50 3817500 35593 0 2.2336 0.0081 3817500 0.50 3817500 44283 0 2.44 0.0056 3817500 0.50 3817500 517526 0 2.01 0.0029 3817500 0.50 3817500 25832 0 1.5580 0.0012 1.05 2873990 0.18 2873990 156536 0 2.2209 0.0208 2873990 0.18 2873990 48259 0 2.4400 0.0081 2873990 0.18 2873990 47421 0 2.44 0.0056 801666 0.18 144300 20752500 0.15 20752500 358647 0 1.5729 0.0012 1.05 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; 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