Independent Auditor’s Report

To the Board of Directors and Shareholders of Global Iron Corporation

We have audited the accompanying consolidated financial of Global Iron Corporation and its subsidiaries, which comprise the consolidated statement of financial position as at March 31, 2011, and the consolidated statements of income, other comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant policies and other explanatory information.
Management is responsible for the preparation and fair presentation of these consolidated statements in accordance with international Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statementsthat are free from material misstatement, whether due to fraud of error.
Our responsability is to express an opinion onn these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards of Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated statements are free material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to desigm audit procedures that are appropriate in the circumstances, but no for the purpose of expressing an opinion on the