... According to Canadian GAAP, the investment the Company...

... According to Canadian GAAP, the investment the Company holds in Union Resources should be valued at the lower of cost or fair market value. However, according to IAS 39, this investment would be recorded at fair market value. The fair market value, as at December 31 2005, was $9.2 million, which exceeded the carried cost value by $5.8 million. ...

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fair market value ??
carried cost value ??

| 19,90% | 19,90% | 100,00% | 100,00% |
| U$ | A$ | A$ | -- | A$ |
| mio | mio | mio | mio sh. | per sh. |
| 9,2 | 12,47 | 62,66 | 760 | 0,0825 |
| 5,8 | 7,86 | 39,5 | 760 | 0,0520 |

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