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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
---------------------------------------------------------------------------- Three months ended Nine months ended(unaudited) Dec 31, Dec 31,(thousands of U.S. dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Cash flows from operating activities:Net loss (93,709) (40,405) (214,404) (139,304)Adjustments for: Depletion and depreciation expense 30,979 27,057 112,597 86,026 Accretion expense 2,531 2,077 6,689 5,818 Deferred income tax (reduction) expense (5,559) 6,887 (30,531) 64,936 Unrealized foreign exchange loss (gain) 87 3,752 (1,427) 7,627 Gain (loss) on short-term investment 282 (2,384) 558 6,184 Asset impairment 28,911 143 67,830 74 Exploration and evaluation write-off 44,085 55,498 93,567 111,544 Share-based compensation expense 2,925 5,642 13,861 33,279Change in non-cash working capital (8,925) (7,417) (4,621) 5,768Change in long-term receivables 2,387 (1,964) 11,006 23,177----------------------------------------------------------------------------Net cash from operating activities 3,994 48,886 55,125 205,129----------------------------------------------------------------------------Cash flows from investing activities: Exploration and evaluation expenditures (56,921) (71,848) (149,975) (246,958) Property, plant and equipment expenditures (5,060) (415) (16,120) (9,219) Proceeds from other arrangements (note 4) - - 36,000 - Farm-out proceeds (note 4) - - 9,203 - Restricted cash contributions (186) (3,630) (3,288) (6,230) Release of restricted cash 3,000 (8) 6,319 4,450 Disposition of investments - - - 1,106 Change in non-cash working capital 1,851 12,635 32,663 16,919----------------------------------------------------------------------------Net cash used in investing activities (57,316) (63,266) (85,198) (239,932)----------------------------------------------------------------------------Cash flows from financing activities: Proceeds from issuance of share capital, net of issuance costs 152,752 1,970 152,752 6,822 Repayment of debentures (note 6) (312,106) - (312,106) - Proceeds from issuance of convertible notes, net of notes issued and issuance costs (note 6) 110,892 - 110,892 - Change in loans and borrowings 49,000 - 65,000 - Reduction in finance lease liability (1,390) (1,240) (4,023) (3,587) Dividends paid - (2,969) (3,017) (9,360)----------------------------------------------------------------------------Net cash from financing activities (852) (2,239) 9,498 (6,125)--------------------------------------------------------------------------------------------------------------------------------------------------------Change in cash and cash equivalents (54,174) (16,619) (20,575) (40,928)----------------------------------------------------------------------------Effect of translation on foreign currency cash 42 194 8 (414)Cash and cash equivalents, beginning of period 98,060 83,425 64,495 108,342----------------------------------------------------------------------------Cash and cash equivalents, end of period 43,928 67,000 43,928 67,000----------------------------------------------------------------------------The accompanying notes are an integral part of these financial statements.
