Ann: Exercise and Expiry of Options, page-7

You're welcome Plext

Yes and no.

DGR's Director's fees, admin expenses and other exploration costs, etc, etc are all expensed through the P&L for tax purposes, thus creating a revenue loss to offset income and capital gains. Revenue losses not offset in a given year can be carried forward for future use.

Capital gains can be offset against revenue losses, but capital losses (say we sold shares in a Company we were "underwater" on) cannot be offset against non-capital income (interest, management fees, forex gains, etc). The wonders of the tax system!

K