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CONSOLIDATED BALANCE SHEETS
May 31, 2016
CAD
May 31, 2015
CAD
Current assets    
Cash and cash equivalents CAD 4,783,519 CAD 5,159,962
Accounts receivable 28,810 26,015
Prepaid expenses 166,853 248,679
Total current assets 4,979,182 5,434,656
Property and equipment (note 5) 82,051 96,703
Capitalized acquisition costs (note 6) 4,261,680 4,866,634
Total assets 9,322,913 10,397,993
Current liabilities    
Accounts payable and accrued liabilities (note 9) 236,861 419,228
Promissory note payable (note 7) 0 298,488
Total current liabilities 236,861 717,716
Asset retirement obligations (note 6) 293,578 132,579
Total liabilities 530,439 850,295
Shareholders' equity    
Share capital (note 8) 69,890,670 64,256,889
Contributed surplus (note 8) 11,977,459 11,247,286
Accumulated other comprehensive income - cumulative translation differences 1,168,386 853,349
Deficit accumulated during the exploration stage (74,244,041) (66,809,826)
Total shareholders' equity 8,792,474 9,547,698
Total liabilities and shareholders’ equity CAD 9,322,913 CAD 10,397,993