LiqLuidity risk

The Company’s approach to managing liquidity risk is to ensure that it will have sufficient capital to meet liabilities when due after taking into account the Company’s holdings of cash that might be raised from equity financings. As at October 31, 2015, the Company had a cash balance of $41,880(

2014$195,836),marketable securities of $1,284,217 (2014-$3,017,973),

sales taxes refundable of $81,398(2014–$139,386), accrued mining duty receivable of $122,659(2014-$40,064), accrued exploration tax credits receivable of $173,948(2014-$Nil) and accounts payable and accrued liabilities of$285,787(2014-$131,520). All of the Company’s accounts payable and accrued liabilities havecontractual maturities of less than 60 days and are subject to normal trade terms. The Company believes that these sources will be sufficient to cover the expected short and long term cash requirements