Annual Report 2011  Notes to Consolidated Financial Statements  Monument Mining Limited Future income tax assets and liabilities have been calculated using the following enacted corporate income tax rates:  Canada at 25% (2009  – 26%) and Malaysia at 25% (2009  – 20%). Significant components of future tax assets and  liabilities, after applying enacted corporate income tax rates, are as follows:  At June 30, 2011, the Company’s losses for Malaysian tax purposes are approxim ately $700,000 (Malaysian ringgit  2,022,000), that may be carried forward to apply against future income for Malaysian tax purposes. These losses do not  expire.  At June 30, 2011, the Company has non-capital losses available for carry-forward for tax purposes that are available to  reduce taxable income of future years in Canada of $11,377,400 (CAD10,973,500). The losses expire as follows:  The future benefit of future income tax assets has not been recorded in these consolidated financial statements to the  extent that the Company estimates that these assets, more likely than not, will not be realized.  The Company’s objectives when managing capital are to safeguard the Company’s ability to continue so that it can  continue to provide returns for shareholders, and to have sufficient funds on hand to fund its future business acquisition  and its gold production at Selinsing Gold Mine, to pursue the exploration and development of its mineral property  interests, and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk.  The Company includes the c omponents of shareholders’ equity and credit facilities as capital. The Company manages the  capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of  the underlying assets. To maintain or adjust the capital structure, the Company may issue equity, issue new debt or  acquire or dispose of assets.  21. Capital Management  67 |  P a g e Total  2014  20,000  2025  52,700  2026  187,200  2027  1,230,600  2028  893,000  2029  2,598,900  2030  2,231,900  2031  4,163,100  $ 11,377,400  30-Jun-11  30-Jun-10  Future income tax liabilities  Mineral property interests $ - $ (806,295)  Property, plant and equipment -  (331,761)  $ -  $ (1,138,056)  Future income tax assets  Mineral property interests 2,193,900  -  Property, plant and equipment 626,800  -  Asset retirement obligation in excess of tax value  646,000  602,655  Share issuance cost carry forwards  301,600  485,148  Loss carry forwards  3,011,800  1,908,845  6,780,100  2,996,648  Valuation allowance  (7,501,000)  (2,531,225)  Net future income tax assets  (720,900)  465,423  Net future income tax liabilities  $ (720,900)  $ (672,633) 