From MD&A:

Outlook
As at the date of this report, the Company is continuing to work its way through a restructuring and to secure additional financing in order to continue its business of mining exploration and development.

The Company filed a Proposal to its unsecured creditors under the Bankruptcy and Insolvency Act, which received the approval of the unsecured creditors on April 14, 2009. The Company has now applied to the British Columbia Supreme Court for an order approving its Proposal. Management is also continuing to
work with secured creditors to restructure or amend convertible debentures.

In the meantime, the Company’s Greenwood Gold Project, which operated from June 1, 2008 to December 12, 2008, is on care-and-maintenance. It remains uncertain as to whether or not the Greenwood Gold Project can become viable and generate positive cash flow. The viability of the project is dependent
on a number of global factors, including commodity prices and financial market conditions, as well as management’s ability to resolve technical issues including mine dilution and mill recoveries. In order to re-start the Greenwood operations, the Company will require sufficient working capital to re-establish the mine and milling operations. Based on current market conditions and expected metal prices, management believes that the operation would not be economic.

The J&L polymetallic underground exploration project, located near Revelstoke, BC, was shutdown during the third quarter of 2008 due to lack of financing. Company management is also seeking financing/partners to continue advancing exploration at its J&L project.