
| Shares Outstanding: | 36,145,109** |
| Warrants: | 15,577,549 @ $0.40 - $0.60 |
| Options: | 2,925,000 |
| Fully Diluted: | 54,647,658 |
| Ownership: | 53% of the issued and outstanding shares by Federals Silver, Pinetree Capital Ltd., Directors and Officers and Sprott Asset Management L.P. (as at Dec. 31, 2010). |
As of December 30, 2011
** On 28 Febuary 2010 the Company held a total of 14,031,000 shares in escrow. Ten percent of the total were released and free trading on 9 March 2010, and an additional fifteen percent are to be released every 6 months thereafter. As at 30 September 2011, 6,313,950 shares are held in escrow.