Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 10, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Trading Symbol | 'gqm | ' |
Entity Registrant Name | 'GOLDEN QUEEN MINING CO LTD | ' |
Entity Central Index Key | '0001025362 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 99,778,683 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Interim
Condensed Consolidated Interim Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash | $97,477,106 | $5,030,522 |
Receivables | 64,632 | 13,786 |
Prepaid expenses and other current assets | 154,227 | 62,951 |
Total current assets | 97,695,965 | 5,107,259 |
Property and equipment, net | 259,551 | 286,256 |
Mineral property interests | 25,103,924 | 9,919,486 |
Reclamation financial assurance | 563,105 | 478,742 |
Total Assets | 123,622,545 | 15,791,743 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 1,466,561 | 1,438,904 |
Interest payable | 887,718 | 76,699 |
Loan payable | 10,000,000 | 0 |
Derivative liability-convertible debenture | 4,085,368 | 0 |
Convertible debenture | 6,146,479 | 0 |
Property rent payments | 0 | 6,351 |
Total current liabilities | 22,586,126 | 1,521,954 |
Asset retirement obligations | 552,250 | 552,250 |
Derivative liability-convertible debenture | 0 | 2,833,987 |
Convertible debenture | 0 | 4,642,620 |
Total liabilities | 23,138,376 | 9,550,811 |
Temporary Equity | ' | ' |
Convertible portion of non-controlling interest | 22,930,539 | 0 |
Shareholders' Equity | ' | ' |
Preferred shares, no par value, 3,000,000 shares authorized; no shares outstanding | 0 | 0 |
Common shares, no par value, unlimited shares authorized (2013- unlimited); 99,778,683 (2013 - 99,233,383) shares issued and outstanding | 62,709,015 | 62,289,402 |
Additional paid-in capital | 56,436,755 | 9,927,142 |
Deficit accumulated | -75,987,948 | -65,975,612 |
Total shareholders' equity | 43,157,822 | 6,240,932 |
Non-controlling interest | 34,395,808 | 0 |
Total Liabilities, Temporary Equity and Shareholders' Equity | $123,622,545 | $15,791,743 |
Condensed_Consolidated_Interim1
Condensed Consolidated Interim Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred Stock, No Par Value | ' | ' |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | ' | ' |
Common Stock, No Par Value | ' | ' |
Common Stock, Shares Authorized | ' | ' |
Common Stock, Shares, Issued | 99,778,683 | 99,233,383 |
Common Stock, Shares, Outstanding | 99,778,683 | 99,233,383 |
Condensed_Consolidated_Interim2
Condensed Consolidated Interim Statements of Income/(Loss) and Comprehensive Income/( Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
General and administrative expenses | ($1,119,216) | ($766,108) | ($4,266,435) | ($1,668,610) |
Change in fair value of derivative liability including change in foreign exchange | 2,861,314 | 475,862 | -1,251,381 | 2,760,672 |
Total Operating Expenses | 1,742,098 | -290,246 | -5,517,816 | 1,092,062 |
Interest expense | -208,126 | -349,586 | -1,163,543 | -349,586 |
Commitment fee | -2,250,000 | 0 | -2,250,000 | 0 |
Joint venture transaction fee | -2,275,000 | 0 | -2,275,000 | 0 |
Interest income | 18,940 | 2,088 | 33,778 | 13,864 |
Net and comprehensive income (loss) for the period | -2,972,088 | -637,744 | -11,172,581 | 756,340 |
Add: Net and comprehensive loss attributable to the non-controlling interest for the period | -1,160,245 | 0 | -1,160,245 | 0 |
Net and comprehensive income (loss) attributable to Golden Queen Mining Ltd for the period | ($1,811,843) | ($637,744) | ($10,012,336) | $756,340 |
Earnings (Loss) per share : | ' | ' | ' | ' |
Earnings (Loss) per share - basic | ($0.02) | ($0.01) | ($0.10) | $0.01 |
Earnings (Loss) per share - diluted | ($0.02) | ($0.01) | ($0.10) | ($0.01) |
Weighted average number of common shares outstanding -basic | 99,778,683 | 98,317,948 | 99,554,864 | 98,184,189 |
Weighted average number of common shares outstanding - diluted | 99,778,683 | 105,282,912 | 99,554,864 | 101,804,452 |
Condensed_Consolidated_Interim3
Condensed Consolidated Interim Statements of Shareholders Equity (USD $) | Common Shares [Member] | Additional Paid-in Capital [Member] | Deficit Accumulated [Member] | Non-controlling Interest [Member] | Redeemable Non-controlling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2012 | $61,959,471 | $8,407,935 | ($67,953,626) | ' | ' | $2,413,780 |
Beginning Balance (Shares) at Dec. 31, 2012 | 97,998,383 | ' | ' | ' | ' | ' |
Issuance of common shares for mineral property | 22,568 | ' | ' | ' | ' | 22,568 |
Issuance of common shares for mineral property (Shares) | 15,000 | ' | ' | ' | ' | ' |
Stock options exercised | 307,363 | ' | ' | ' | ' | 307,363 |
Stock options exercised (Shares) | 1,220,000 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 271,137 | ' | ' | ' | 271,137 |
Reclassification of derivative liability on the exercise of stock options | ' | 910,054 | ' | ' | ' | 910,054 |
Reclassification of derivative liability upon conversion of exercise price of stock | ' | 338,016 | ' | ' | ' | 338,016 |
Net income for the period | ' | ' | 1,978,014 | ' | ' | 1,978,014 |
Ending Balance at Dec. 31, 2013 | 62,289,402 | 9,927,142 | -65,975,612 | ' | ' | 6,240,932 |
Ending Balance (Shares) at Dec. 31, 2013 | 99,233,383 | ' | ' | ' | ' | ' |
Issuance of common shares for mineral property | 24,480 | ' | ' | ' | ' | 24,480 |
Issuance of common shares for mineral property (Shares) | 15,300 | ' | ' | ' | ' | ' |
Stock options exercised | 395,133 | -283,712 | ' | ' | ' | 111,421 |
Stock options exercised (Shares) | 530,000 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 279,917 | ' | ' | ' | 279,917 |
Gain on dilution of ownership interest in subsidiary to non-controlling interest | ' | 46,513,408 | ' | 38,091,955 | 25,394,637 | 46,513,408 |
Distributions to non- controlling interest | ' | ' | ' | -3,000,000 | -2,000,000 | ' |
Net income for the period | ' | ' | -10,012,336 | -696,147 | -464,098 | -10,012,336 |
Ending Balance at Sep. 30, 2014 | $62,709,015 | $56,436,755 | ($75,987,948) | $34,395,808 | $22,930,539 | $43,157,822 |
Ending Balance (Shares) at Sep. 30, 2014 | 99,778,683 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Interim4
Condensed Consolidated Interim Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating activities: | ' | ' |
Net income (loss) for the period | ($11,172,581) | $756,340 |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ' | ' |
Amortization and depreciation | 26,705 | 7,488 |
Amortization of debt discount and interest accrual | 953,936 | 349,818 |
Change in fair value of derivative liability including change in foreign exchange | 1,251,381 | -2,760,672 |
Stock option compensation | 279,917 | 378,228 |
Unrealized foreign exchange | -282,415 | 4,372 |
Changes in assets and liabilities: | ' | ' |
Receivables | -50,846 | -1,391 |
Prepaid expenses and other current assets | -91,276 | 5,270 |
Accounts payable and accrued liabilities | -76,376 | 114,521 |
Interest payable | -186,180 | 0 |
Cash used in operating activities | -9,347,735 | -1,146,026 |
Investment activities: | ' | ' |
Additions to mineral property interests | -13,232,736 | -4,446,970 |
Purchase of financial assurance | -84,366 | -140,480 |
Cash used in investing activities | -13,317,102 | -4,587,450 |
Financing activities: | ' | ' |
Investment in Golden Queen Mining LLC by non-controlling interest | 110,000,000 | 0 |
Distribution to non-controlling interest | -5,000,000 | 0 |
Proceeds from convertible debt | 0 | 9,710,603 |
Borrowing under short-term debt | 20,000,000 | 0 |
Repayment of short-term debt | -10,000,000 | 0 |
Issuance of common shares upon exercise of stock options | 111,421 | 81,413 |
Cash provided by financing activities | 115,111,421 | 9,792,016 |
Net change in cash | 92,446,584 | 4,058,540 |
Cash, Beginning balance | 5,030,522 | 4,031,403 |
Cash, Ending balance | $97,477,106 | $8,089,943 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Text Block] | ' |
1. Basis of Presentation | |
The Company has had no revenues from operations since inception and as at September 30, 2014 had a deficit of $75,987,948 (December 31, 2013 - $65,975,612) and working capital of $75,109,839 (December 31, 2013 – surplus of $3,585,305). | |
On June 9, 2014, the Company announced that it entered into an agreement (the “JV”) with Gauss LLC (“Gauss”) for 50% interest in the Project. On September 9, 2014, the Company’s shareholders approved the JV, which then closed on September 15, 2014. Pursuant to the JV, the Company’s wholly owned subsidiary, Golden Queen Mining Co., Inc. (“GQM Inc.”) was converted into a limited liability company, GQ California. On closing of the JV, Gauss invested $110,000,000 into GQ California and received 110,000 newly created membership units of GQ California to give it 50% ownership, with the Company retaining 50% interest in GQ California through its newly formed and wholly owned subsidiary GQ Holdco. Please refer to Note 6 for complete details on the JV. | |
The funds received from Gauss’ investment will help the Company move the Project through the development stage and into the production phase. | |
The ability of the Company to obtain financing for its ongoing activities and thus maintain solvency, or to fund its attributable portion of capital requirements under the joint venture), is dependent on equity market conditions, the market for precious metals, the willingness of other parties to lend the Company money or the ability to find a merger partner. While the Company has been successful at certain of these efforts in the past, there can be no assurance that future efforts will be successful. Golden Queen has an outstanding loan in the amount of $10,000,000 plus accrued interest that will come due in January 2015. Golden Queen, on a non-consolidated basis, currently does not have sufficient cash to be able to meet this commitment. The Company is in negotiations to refinance the loan. This raises substantial doubt about the Company’s ability to continue as a going concern. | |
These condensed consolidated interim financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Mineral_Properties
Mineral Properties | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Mineral Properties [Text Block] | ' | ||||||
2 . Mineral Properties | |||||||
In July 2012, the Company received notice that it had met all the remaining major conditions of the conditional use permits for development of the Project. As a result, management made the decision to begin capitalizing all development expenditures directly related to the Project. Prior to July 2012, all acquisition costs were written off due to uncertainties around obtaining the necessary permits. Development expenditures for the nine months ended on September 30, 2014 are as follows: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Mineral Property Interest | $ | 3,292,193 | $ | 1,907,549 | |||
Deferred Mine Development | 19,693,569 | 7,804,377 | |||||
Asset Retirement Costs . | 200,675 | 200,675 | |||||
Capitalized Interest | 1,829,540 | - | |||||
Capitalized Amortization | 87,947 | 6,885 | |||||
Balance, end of the period | $ | 25,103,924 | $ | 9,919,486 | |||
As at September 30, 2014, included in deferred mine development is capital properties and equipment with a total accumulated cost of $1,112,227 (2013 - $226,721). Total additions during the three and nine months ended September 30, 2014 were $701,921 and $885,507 (Three and nine months ended September 30, 2013 - $48,455 and $187,312). During the three and nine months ended September 30, 2014, amortization of $59,962 and $81,062 (Three and nine months ended September 30, 2013 - $2,038 and $2,038) relating to these assets was capitalized within deferred mine development. | |||||||
Company is capitalizing a portion of the interest expense related to the convertible debenture and loan in accordance with its accounting policy. See Note 6 (v) – Interest Expense. |
Share_Capital
Share Capital | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Share Capital [Text Block] | ' | |||
3. Share Capital | ||||
Common shares - 2014 | ||||
In May 2014, 300,000 stock options were exercised and the Company issued 300,000 common shares at $0.21 per share for proceeds of $63,000. The total transferred to share capital from additional paid-in capital upon exercise of stock options was $160,592. | ||||
In April 2014, 170,000 stock options were exercised and the Company issued 170,000 common shares at $0.21 per share for proceeds of $35,700. The total transferred to share capital from additional paid-in capital upon exercise of stock options was $91,002. | ||||
In February 2014, the Company issued 15,300 common shares for mineral property interests with a total fair value of $24,480. The fair value was based on the market price on the date of issuance. | ||||
In February 2014, 60,000 stock options were exercised and the Company issued 60,000 common shares at $0.21 per share for proceeds of $12,721. The total transferred to share capital from additional paid-in capital upon exercise of stock options was $32,118. | ||||
Common shares - 2013 | ||||
In March 2013, the Company issued 15,000 common shares for mineral property interests with a total fair value of $22,568 (C$23,250). | ||||
In April 2013, 200,000 stock options were exercised and the Company issued 200,000 common shares at C$0.26 per share for proceeds of $50,674 (C$52,000). The total transferred to share capital from additional paid-in capital upon exercise of stock options was $132,011. | ||||
In May 2013, 100,000 stock options were exercised and the Company issued 100,000 common shares at C$0.26 per share for proceeds of $25,722 (C$26,000). The total transferred to share capital from additional paid-in capital upon exercise of stock options was $90,496. | ||||
In September 2013, 20,000 stock options were exercised and the Company issued 20,000 common shares at C$0.26 per share for proceeds of $5,017 (C$5,200). The total transferred to share capital from additional paid-in capital upon exercise of stock options was $24,724. | ||||
In October 2013, 500,000 stock options were exercised and the Company issued 500,000 common shares at C$0.26 per share for proceeds of $126,373 (C$130,000). The total transferred to share capital from additional paid-in capital upon exercise of stock options was $355,351. | ||||
In October 2013, 300,000 stock options were exercised and the Company issued 300,000 common shares at C$0.26 per share for proceeds of $74,677 (C$78,000). | ||||
In November 2013, 100,000 stock options were exercised and the Company issued 100,000 common shares at C$0.26 per share for proceeds of $24,900 (C$26,000). The total transferred to share capital from additional paid-in capital upon exercise of stock options was $68,849. | ||||
Stock options | ||||
The Company has elected to use the Black-Scholes option pricing model to determine the fair value of stock options granted. In accordance with the accounting standard for employees, the compensation expense is amortized on a straight-line basis over the requisite service period, which approximates the vesting period. Compensation expense for stock options granted to non-employees is amortized over the contract services period or, if none exists, from the date of grant until the options vest. Compensation associated with unvested options granted to non-employees is remeasured on each balance sheet date using the Black-Scholes option pricing model. | ||||
On December 23, 2013, the Board of the Company passed a resolution to convert the exercise prices of granted stock options to US dollars, being the functional currency of the Company. Prior to this, the Company was recognizing a derivative liability on the balance sheet for these options since they were not denominated in the functional currency. Refer to Note 8 – Derivative liability for further details. | ||||
The following is a summary of stock option activity during the nine month period ended September 30, 2014: | ||||
Weighted | ||||
Average Exercise | ||||
Shares | Price per Share | |||
Options outstanding and exercisable: December 31, 2013 | 1,380,000 | $0.87 | ||
Stock options issued | - | - | ||
Stock options exercised | -530,000 | $0.21 | ||
Options outstanding, September 30, 2014 | 850,000 | $1.27 | ||
Options exercisable, September 30, 2014 | 750,000 | $1.29 | ||
During the three and nine months ended September 30, 2014, the Company recognized $87,769 and $279,917 (Three and nine months ended September 30, 2013 - $378,228 and $378,228) in stock-based compensation relating to employee stock options that have vesting terms. | ||||
During the year ended December 31, 2013, there were 800,000 stock options issued for a total stock-based compensation expense of $475,263 of which $271,137 related to stock options issued to employees and $204,126 related to stock options issued to non-employees. Of the options issued, 50,000 were issued to a consultant and vested immediately while an additional 150,000 options were issued to directors and they also vested immediately. The remaining 600,000 stock options were issued to two employees of which 100,000 vested immediately. The remaining 500,000 stock options had vesting conditions as follows: | ||||
300,000 options - 100,000 vesting every 6 months from grant date for a total vesting period of 18 months using the straight line method; and | ||||
200,000 options - 100,000 vesting every 6 months from grant date for a total vesting period of 12 months using the straight line method. | ||||
In addition, during the year ended December 31, 2013, the Company extended the expiry date of 650,000 stock options issued to non-employees from January 28, 2014 to May 30, 2014. All other stock options remain unchanged. | ||||
The fair value of stock options granted as above is calculated using the following weighted average assumptions: | ||||
2014 | 2013 | |||
Expected life years | - | 5 | ||
Interest rate | - | 1.78% | ||
Volatility | - | 98.25% | ||
Dividend yield | - | 0% | ||
As at September 30, 2014, the aggregate intrinsic value of the outstanding exercisable options was approximately $Nil (December 31, 2013 - $325,995 ; September 30, 2013 - $1,381,067). | ||||
The total intrinsic value of 530,000 options exercised during 2014 was approximately $678,494 (December 31, 2013 - $881,816). | ||||
The unamortized compensation expense as at September 30, 2014 was $46,245 (December 31, 2013 - $325,158 ; September 30, 2013 - $418,682). | ||||
The following table summarizes information about stock options outstanding and exercisable at September 30, 2014: | ||||
Weighted | ||||
Number | Average | |||
Outstanding | Remaining | |||
Expiry | and | Contractual Life | Exercise | |
Date | Exercisable | (Years) | Price | |
18-Apr-15 | 50,000 | 0.55 | $1.22 | |
3-Jun-18 | 300,000 | 3.68 | $1.16 | |
3-Jun-18 | 50,000 | 3.68 | $1.16 | |
3-Sep-18 | 150,000 | 3.93 | $1.59 | |
18-Sep-18 | 300,000 | 4.97 | $1.26 | |
Outstanding, September 30, 2014 | 850,000 | 3.64 | ||
Exercisable, September 30, 2014 | 750,000 | 3.64 |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Asset Retirement Obligations [Text Block] | ' 4. Asset Retirement Obligations | ||||||
The Company is required to provide the Bureau of Land Management, the State Office of Mine Reclamation and Kern County with a revised reclamation cost estimate annually. The financial assurance is adjusted once the cost estimate is approved. | |||||||
The Company’s provision for reclamation of the property is estimated each year by an independent consulting engineer. This estimate, once approved by state and county authorities, forms the basis for a cash deposit of reclamation financial assurance. | |||||||
The Company has provided reclamation financial assurance to the Bureau of Land Management, the State and Kern County totaling $563,105 (2013 - $478,742). This deposit earns interest at 0.1% per annum and is not available for working capital purposes. | |||||||
The Company estimated its asset retirement obligations based on its understanding of the requirements to reclaim and clean up the property within the Project based on its activities and planned activities to date. | |||||||
Management made the decision to capitalize all development expenditures directly related to the Project in July 2012, $Nil (December 31, 2013 - $76,312) was capitalized as the asset portion of the retirement obligation for the period ended September 30, 2014. The following is a summary of asset retirement obligations: | |||||||
2014 | 2013 | ||||||
Balance, beginning of the period | $ | 552,250 | $ | 475,938 | |||
Changes in cash flow estimates | - | 76,312 | |||||
Balance, end of the period | $ | 552,250 | $ | 552,250 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies [Text Block] | ' |
5. Commitments and Contingencies | |
Property rent payments (Advance minimum royalties) | |
The Company has acquired a number of mineral properties outright. It has acquired exclusive rights to explore, develop and mine other portions of the Project under various mining lease agreements with landowners. | |
The Company is required to make property rent payments related to its mining lease agreements with landholders, in the form of advance minimum royalties. The total property rent payments for the nine months ended September 30, 2014 were $116,436 of which $24,480 was related to common shares issued (Year ended December 31, 2013 - $161,190 of which $22,568 related to common shares issued), and the Company is expected to make approximate payments of $184,000 in 2014 to various landowners under the existing lease agreements. The payments are at the discretion of the Company and will cease if and when the Company goes into production and then begins paying royalty payments on production yields. | |
There are multiple third party landholders and the royalty amount due to each landholder over the life of the Project varies with each property. | |
Finder’s fee | |
The Company has agreed to issue 100,000 common shares as a finder’s fee in connection with certain property acquisitions upon commencement of commercial production of the Project. As of September 30, 2014, commercial production has not commenced and no shares have been issued. | |
Management agreement | |
In 2004, the Company entered into an agreement with the President of the Company to issue 300,000 bonus shares upon completion of certain milestones. Upon receipt by the Company of a bankable feasibility study and the decision to place the Property into commercial production, a bonus of 150,000 common shares would be issued. Upon commencement of commercial production on the Property, a further bonus of 150,000 common shares would be issued. In May 2010, the Company entered into an amendment to the agreement whereby the 300,000 bonus shares would alternatively be issuable upon a change of control transaction, or upon a sale of all or substantially all of the Company’s assets, having a value at or above C$1.00 per share of the Company, with a further 300,000 bonus shares being issuable in the event the change of control transaction or asset sale occurred at a value at or above C$1.50 per share. This amended agreement is for a term of three years and shall automatically renew for two years. As at September 30, 2014, none of the milestones had been reached and no commitment to issue the common shares has been recorded in connection with these arrangements. | |
During the year ended December 31, 2013, the Company entered into employment agreements with a new Chief Financial Officer (“CFO”) and a Chief Operating Officer (“COO’). Included in the agreement with the CFO is a provision that if the CFO’s position is lost upon a change of control or within six months of a change of control the CFO would be entitled to a one-time payment equal to twice the annual salary, C$300,000 total, plus twice the annual bonus. The annual bonus is determined by the Board subsequent to a review of the CFO’s performance. Included in the agreement with the COO is a provision that if the COO’s position is lost upon a change of control or within six months of a change of control the COO would be entitled to a onetime payment equal to 100% of the annual base salary of $150,000. | |
Compliance with Environmental Regulations | |
The Company’s exploration and development activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties, but also the effect of such activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays or affect the economics of a project, and cause changes or delays in the Company’s activities. | |
Mine Development Commitments | |
GQ California has entered into contracts for construction totalling approximately $3.6 million as of September 30, 2014, of which $0.7 million had been paid as of September 30, 2014. The major commitments relate to the construction of the assay laboratory for $1.2 million and work related to the water supply and water storage for $1.3 million. The commitments are expected to be paid out as $2.5 million in 2014 and $0.4 million in 2015. | |
GQ California also had a commitment of $4.2 million for the high pressure grinding roll (HPGR) as of September 30, 2014. Subsequent to September 30, 2014, GQ California made two payments totaling approximately $1.9 million. GQ California expects to make another payment of approximately $0.7 million in 2014 and the remaining payments will be made in 2015. | |
In addition, GQ California committed, as of September 30, 2014, to approximately $1.1 million for a water truck and a motor grader. The final terms of the mobile equipment financing were not known as of September 30, 2014. Subsequent to September 30, 2014, the water truck was delivered to site. Shortly after receiving the water truck, the Company paid $0.1 million, which represents the sales tax and a 10% deposit. The remaining $0.7 million will be financed over 48 months at an interest rate of 2.99% . | |
GQ California made approximately $1.8 million in additional construction commitments subsequent to September 30, 2014. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Related Party Transactions [Text Block] | ' | |||||||
6. Related Party Transactions | ||||||||
Except as noted elsewhere in these consolidated financial statements, related party transactions are disclosed as follows: | ||||||||
(i) | Consulting Fees | |||||||
For the three and nine months ended September 30, 2014, the Company paid $42,417 and $126,476 (2013 - $40,047 and $114,570) to Mr. H. L. Klingmann for services as President of the Company of which $13,811 (December 31, 2013 - $47,967 ; September 30, 2013 - $14,763) is payable as at September 30, 2014. | ||||||||
During the three and nine months ended September 30, 2014, the Company paid a total of $11,640 and $35,079 (2013 - $12,172 and $19,505) to its three independent directors. The two non-independent directors, Lutz Klingmann and Thomas M. Clay, do not receive directors’ fees for the three and nine months ended September 30, 2014 or 2013. | ||||||||
(ii) | Convertible Debentures | |||||||
On July 26, 2013, the Company entered into agreements to issue convertible debentures for aggregate proceeds of C$10,000,000 ($9,710,603), from a significant shareholder group. The convertible debentures are unsecured and bear interest at 2% per annum, calculated on the outstanding principal balance, payable annually. The principal amounts of the notes are convertible into shares of the Company at a price of C$1.03 per share for a period of two years. If the notes have not been converted by the holder prior to the maturity date, then the Company may convert them at the lower of C$1.03 or the market price as at the maturity date. | ||||||||
The market price on the maturity date will be determined based on the volume- weighted average price of the shares traded on the Toronto Stock Exchange for the five trading days preceding the maturity date. A total of C$7,500,000 of the offering was subscribed for by an investment vehicle managed by Thomas M. Clay, a Director and insider of the Company. The Company agreed to pay the legal fees incurred by the lenders relating to this instrument which amounted to $10,049. | ||||||||
The conversion feature of the convertible debentures meets the definition of a derivative liability instrument because the conversion feature is denominated in a currency other than the Company’s functional currency as well as the fact the exercise price is not a fixed price as described above. Therefore, the conversion feature does not meet the “fixed-for-fixed” criteria outlined in ASC 815-40-15. | ||||||||
As a result, the conversion feature of the notes is required to be recorded as a derivative liability recorded at fair value and marked-to-market each period with the changes in fair value each period being charged or credited to income or loss. | ||||||||
On inception of the debentures, the fair value of the derivative liability related to the conversion feature was $5,741,520 and as at September 30, 2014, was $4,085,368 (December 31, 2013 - $2,833,987). The derivative liability was calculated using an acceptable option pricing valuation model with the following assumptions: | ||||||||
2014 | 2013 | |||||||
Risk-free interest rate | 1.07% - 1.09% | 1.13% - 1.15% | ||||||
Expected life of derivative liability | 1.07 - 1.32 years | 1.57 - 2 years | ||||||
Expected volatility | 95.87 - 98.71% | 73.43% - 89.52% | ||||||
Dividend rate | 0.00% | 0.00% | ||||||
The changes in the derivative liability related to the conversion feature are as follows: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Balance, beginning of the period | $ | 2,833,987 | $ | - | ||||
Fair value at inception | - | 5,741,520 | ||||||
Change in fair value of derivative liability including | ||||||||
foreign exchange | 1,251,381 | (2,907,533 | ) | |||||
Balance, end of the period | $ | 4,085,368 | $ | 2,833,987 | ||||
With the conversion feature initially being valued at $5,741,520, the resulting residual value allocated to the host debentures was $3,975,480, being the difference between the face value of the convertible debentures and the fair value of the conversion feature derivative liability. | ||||||||
The change in the convertible debentures is as follows: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Balance, beginning of the period | $ | 4,642,620 | $ | - | ||||
Discounted convertible debentures | - | 3,975,480 | ||||||
Amortization of discount | 1,779,294 | 811,327 | ||||||
Foreign exchange | (275,435 | ) | (144,187 | ) | ||||
Balance, end of the period | $ | 6,146,479 | $ | 4,642,620 | ||||
During the three and nine months ended September 30, 2014, in addition to the amortization of the discount on the convertible debenture, the Company incurred interest expense of $45,543 and $137,059, (September 30, 2013 - $29,899 and $29,899) based on the 2% per annum stated interest rate for a total interest expense of $711,220 and $1,916,353 for the three and nine months ended September 30, 2014 (September 30, 2013 - $348,821 and $348,821). | ||||||||
(iii) | Loan Payable | |||||||
On January 1, 2014, the Company entered into an agreement to secure a $10,000,000 loan (the “Loan”). The Loan was provided by members of the Clay family, who are shareholders of the Company, including $7,500,000 provided by an investment vehicle managed by Thomas M. Clay, a Director and insider of the Company. The Loan has a twelve-month term and bears an annual interest rate of 5%, payable on the maturity date. | ||||||||
The Loan will be repaid on a date that is less than 183 days before the maturity date As a result, the Company will pay the Lenders a prepayment penalty in the amount that is equivalent to 105% of the principal amount, plus interest on the principal amount at the rate of 5% per annum accrued to the date the Loan is repaid. The estimated $500,000 finance charge, included in the $867,123 interest payable balance, represents the prepayment penalty to the Lenders. | ||||||||
30-Sep-14 | ||||||||
Balance, beginning of the period | $ | - | ||||||
Proceeds from the loan | 10,000,000 | |||||||
Balance, end of the period | $ | 10,000,000 | ||||||
The interest expense and prepayment finance charge of $126,027 (2013 - $Nil) and $867,123 (2013 - $Nil) has been accrued on this loan three and nine months ended September 30, 2014 and is included in interest payable as at September 30, 2014. | ||||||||
(iv) | Advance | |||||||
In July 2014, GQM Inc. entered into a $10,000,000 short-term advance agreement (the “Advance”) with Leucadia and Auvergne (together with Leucadia, the “Lenders”), with the Company as guarantor. Leucadia provided $6,500,000 of the loan and Auvergne provided $3,500,000. The Advance had an interest rate of 10.0% per annum, compounded monthly. Auvergne is an investment vehicle managed by Thomas M. Clay, a Director and insider of the Company. On closing of the joint venture transaction on September 15, 2014, GQ California applied part of the investment of $110,000,000 to repayment of principal and accrued interest on the $10,000,000 bridge loan advanced by the Lenders in July 2014. GQ California paid $209,607 in interest payment, including $73,632 paid to Auvergne on the July 2014 Advance, of which $45,264 was capitalized to mineral property interests. | ||||||||
(v) | Amortization of Discount and Interest Expense | |||||||
The following summarizes the capitalized amortization of discount and interest expense as at September 30, 2014 and December 31, 2013. | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
Amortization of discount and interest on loan and | ||||||||
convertible debenture | $ | 2,993,083 | $ | 888,026 | ||||
Less: Interest costs capitalized | (1,829,540 | ) | - | |||||
Amortization of discount and interest expensed | $ | 1,163,543 | $ | - | ||||
(vi) | Joint Venture Transaction | |||||||
On September 15, 2014, the Company closed the JV with Gauss resulting in both parties owning 50% interest in the Project. Pursuant to the JV, Golden Queen converted its wholly-owned subsidiary GQM Inc., the entity developing the Project, into a California limited liability company named Golden Queen Mining Company, LLC, “GQ California”. On closing of the transaction, Gauss acquired 50% of GQ California by investing $110 million cash in exchange for newly issued membership units of GQ California. GQ Holdco, a newly incorporated subsidiary of the Company, holds the other 50% of GQ California. | ||||||||
Gauss is a funding vehicle owned by entities controlled by Leucadia National Corporation (NYSE: LUK) (“Leucadia”) and certain members of the Clay family, a shareholder group which collectively owned approximately 27%, at the time of the transaction, of the issued and outstanding shares of Golden Queen (the “Clay Group”). Gauss is owned 67.5% by Gauss Holdings LLC (“Gauss Holdings”, Leucadia’s investment entity) and 32.5% by Auvergne LLC (“Auvergne”, the Clay Group’s investment entity). Pursuant to the transaction, Leucadia was paid a transaction fee of $2,000,000 and $275,000 was paid to Auvergne through GQ California. The Company has adopted an accounting policy of expensing transaction costs. | ||||||||
Variable Interest Entity | ||||||||
In accordance with ASC 810-10-30, the Company has determined that GQ California meets the definition of a VIE and that the Company is part of a related party group that, in its entirety, would meet the definition of a primary beneficiary. Although no individual variable interest holder individually meets the definition of a primary beneficiary in the absence of the related party group, Golden Queen has determined it is considered the member of the related party group most closely associated with GQ California. As a result, the Company has consolidated 100% of the accounts of GQ California in these condensed consolidated interim financial statements, while presenting a non-controlling interest portion representing the 50% interest in GQ California of Gauss on its balance sheet. A portion of the non- controlling interest has been presented as temporary equity on the Company’s balance sheet representing the initial fair value of the non-controlling interest that could potentially be redeemable by Gauss in the future. | ||||||||
Non-Controlling Interest | ||||||||
In accordance with ASC 810, the Company has presented Gauss’ ownership in GQ California as a non- controlling interest amount on the balance sheet within the equity section. However, the Amended and Restated Limited Liability Company Agreement (“LLC Agreement”) contains terms within Section 12.5 that provides terms for the exit from the investment in GQ California for a member whose interest in GQ California becomes less than 20%. The following is a summary of the terms of the clause: | ||||||||
Pursuant to Section 12.5, if a member becomes less than 20% interest holder, its remaining unit interest will (ultimately) be terminated through one of three events. At the non-diluted member’s option within 60 days of the of the diluted member’s interest dropping below 20% (the “triggering event”): | ||||||||
a. | Through conversion to a net smelter royalty (“NSR”) (in which case the conversion ratio is based on a pro rata percentage, determined on a linear basis, based on the following: 0 - 20% membership interest translates to 0 - 5% NSR) obligation of GQ California; | |||||||
b. | Through a buy-out (at fair value) by the non-diluted member; or | |||||||
c. | Through a sale process by which the diluted member’s interest is sold | |||||||
• | If such sale process does not result in a binding offer acceptable to the non- diluted member within six months after the election by the non-diluted member, the sale process terminates and the non-diluted member has 15 days to choose between (a) and (b). | |||||||
If the non-diluted member does not make an election pursuant to the above within 60 days, the diluted member may choose (a) or (b) above. If no election is made by the diluted member, option (a) is deemed to have been elected. | ||||||||
This clause in the JV constitutes contingent redeemable equity as outlined in Accounting Series Release No. 268 (“ASR 268”) and has been classified as temporary equity. | ||||||||
The carrying value of the temporary equity is calculated using the guidance provided in ASC 480-10- S99 that specifies that the initial measurement of redeemable instruments should be carrying value. The breakdown of the allocation initial value of the temporary equity and the permanent equity is shown below. The 40% of temporary equity represents the amount of redeemable equity within Gauss’ ownership interest in the net assets of GQ California. The remaining 60% is considered permanent equity as it is not redeemable. | ||||||||
15-Sep-14 | ||||||||
Net assets, GQ California before JV | $ | 16,973,184 | ||||||
Investment by Gauss | 110,000,000 | |||||||
Net assets, GQ California after JV | 126,973,184 | |||||||
Gauss’ ownership percentage | 50% | |||||||
Net assets of GQ California attributable to Gauss | 63,486,592 | |||||||
Allocation of non-controlling interest between permanent | ||||||||
equity and temporary equity: | ||||||||
Initial value of permanent non-controlling interest ( 60% of | 38,091,955 | |||||||
total non-controlling interest) | ||||||||
Initial fair value of temporary non-controlling interest ( 40% | 25,394,637 | |||||||
of total non-controlling interest) | ||||||||
Subsequent to the initial transaction, the carrying value will be adjusted for net income and loss and distributions pursuant to ASC 810-10 based on the same percentage allocation used to value the initial book value of temporary equity. | ||||||||
Three and Nine Months Ended | ||||||||
30-Sep-14 | 30-Sep-13 | |||||||
Net and comprehensive loss in GQ California | $ | (2,320,490 | ) | $ | - | |||
Non-controlling interest percentage | 50% | |||||||
Net and comprehensive loss attributable to | (1,160,245 | ) | - | |||||
non- controlling interest | ||||||||
Net and comprehensive loss attributable to | $ | (696,147 | ) | $ | - | |||
permanent non-controlling interest | ||||||||
Net and comprehensive loss attributable to | $ | (464,098 | ) | $ | - | |||
temporary non-controlling interest | ||||||||
Dilution of Interest in Subsidiary | ||||||||
As a result of the JV transaction, the Company’s interest in GQ California was diluted from 100% to 50% and ordinarily, the Company would recognize a gain on dilution. Since the gain is with a related party, the gain was recorded in additional paid in capital (“APIC”) and calculated as being $46,513,408 : | ||||||||
15-Sep-14 | ||||||||
Investment by Gauss | $ | 110,000,000 | ||||||
Less: | ||||||||
Initial value of permanent equity | (38,091,955 | ) | ||||||
Initial value of temporary equity | (25,394,637 | ) | ||||||
Gain on dilution | $ | 46,513,408 | ||||||
Based on the guidance provided in ASC 810-10-55-4D and -4E, due to the fact the Company retained control, the gain has not been recognized in net income but rather has been recorded in equity as an increase to APIC. | ||||||||
Management Agreement | ||||||||
GQ California will be managed by a board of managers comprising an equal number of representatives of each of Gauss and GQ Holdco. The initial officers of GQ California are Lutz Klingmann as Chief Executive Officer, and Andrée St-Germain as Chief Financial Officer. As long as a member of the Clay family holds greater that 25% of the Company, the Clay Group is entitled to appoint one of the Company’s representatives to the GQ California board of managers. Capital Contribution Agreement | ||||||||
Pursuant to the JV, GQ Holdco will have the right to make a single capital contribution to GQ California of between $15 million and $25 million (the “Top-Up Contribution”), with each such threshold to be reduced by 50% of the amount of any proceeds received by GQ California from any debt financing transaction . Pursuant to the JV Agreement, if the Company (through GQ Holdco) makes the Top-Up Contribution, Gauss is committed to fund an amount equal to the Top-Up Contribution to GQ California, and the aggregate amount of such contributions are anticipated to provide GQ California with the necessary funds to fully develop the Project. If the Company does not make the Top-Up Contribution, Gauss will be obligated to make up to a $40 million capital contribution to GQ California, in which case GQ Holdco’s ownership interest in GQ California will be diluted and GQ Holdco will surrender one of its board seats in GQ California. | ||||||||
Standby Commitment | ||||||||
Golden Queen also entered into a backstop guarantee agreement with Gauss (the “Backstop Agreement”) whereby, if the Company conducts a rights offering, Gauss has agreed to purchase, upon the terms set forth in the Backstop Agreement, any common shares which have not been acquired pursuant to the exercise of rights under the Rights Offering at a purchase price to be determined but not to exceed $1.10 per common share, up to a maximum amount of $45 million in the aggregate. In consideration for entering into the Backstop Agreement, on closing of the Joint Venture, the Company paid Leucadia and Auvergne a standby guarantee fee of $2,250,000, of which $731,250 was paid to Auvergne. | ||||||||
The Transaction Agreement and Backstop Agreement contemplated that the Company would file a registration statement in connection with the rights offering by October 15, 2014, however, the Company is conducting a full review of available financing alternatives, and as a result, whether the Company will proceed with a possible rights offering (if any), and the size of any such rights offering, is not known at this time. The Company will not be subject to additional fees or expenses as a result of not filing a registration statement in connection with a rights offering. |
Supplementary_Disclosures_of_C
Supplementary Disclosures of Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplementary Disclosures of Cash Flow Information [Text Block] | ' | |||||||
7. Supplementary Disclosures of Cash Flow Information | ||||||||
Nine Months Ended | Nine Months Ended | |||||||
30-Sep-14 | 30-Sep-13 | |||||||
Cash paid during period for: | ||||||||
Interest | $ | 395,787 | $ | - | ||||
Income taxes | $ | - | $ | - | ||||
Non-cash financing and investing activities: | ||||||||
Reclassification of derivative liability for exercised stock options and warrants | $ | - | $ | 247,232 | ||||
Stock option compensation | $ | 279,917 | $ | 378,228 | ||||
Common shares issued for mineral property | $ | 24,480 | $ | 22,568 | ||||
Gain (loss) on change in fair value of derivative liability | $ | (1,251,381 | ) | $ | 2,760,672 | |||
Mineral property expenditures included in accounts payable | $ | 97,682 | $ | 1,029,233 | ||||
Non-cash interest cost capitalized to mineral property interests | $ | 1,829,540 | $ | - | ||||
Non-cash amortization of discount and interest expense | $ | 1,163,543 | $ | 349,586 |
Derivative_Liability_Options_a
Derivative Liability Options and Warrants | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Derivative Liability Options and Warrants [Text Block] | ' 8. Derivative Liability – Options and Warrants | ||||||
As at January 1, 2009, the date on which the guidance of ASC 815-40-15 became effective for the Company, the Company’s stock options and warrants met the criteria of a derivative instrument liability because they were exercisable in a currency other than the functional currency of the Company and thus did not meet the “fixed-for-fixed” criteria of that guidance. As a result, the Company was required to separately account for the stock options and warrants as derivative instrument liabilities recorded at fair value and marked-to-market each period with the changes in the fair value each period charged or credited to income. | |||||||
During the year ended December 31, 2013, the Company issued a total of 200,000 stock options that were treated as a derivative liability and in total 1,220,000 stock options were exercised during the year. Upon exercise of the options, the portion of the derivative liability that pertained to these options was re-measured and recorded at its fair value of $910,054, subsequent to which it was reclassified to additional paid-in capital. The Company measured the fair value of the derivative liability pertaining to the options exercised using the Black-Scholes pricing model with the following range of assumptions: expected volatility – 82.54% - 105.67%, expected life – 0.39 – 0.78 years, risk-free discount rate – 0.97% - 1.32%, dividend yield – 0.00% . | |||||||
On December 23, 2013, the Board of the Company passed a resolution to convert the exercise prices of granted stock options to US dollars, being the functional currency of the Company. As a result of this change, the derivative liability no longer exists. In accordance with Accounting Standard 815 - 40 - 35, the Company marked the derivative liability to market and recorded the change in fair value of the derivative liability in the Consolidated Statement of Comprehensive Income (Loss). The resulting balance was reclassified to additional paid-up capital. In accordance with the Toronto Stock Exchange (the “Exchange”) guidance, the reclassification was completed at the exchange rates at the grant date of the stock options. The difference between the current foreign exchange rate and the grant date exchange rate was included in the change in fair value of the derivative liability in the profit and loss statement. The total amount reclassified to equity was $338,016. | |||||||
During the nine month period ended September 30, 2014 and the year ended December 31, 2013, there were no warrants treated as derivative liabilities. | |||||||
The changes of derivative liability for options and warrants are as follows: | |||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Balance, beginning of the period | $ | - | $ | 3,522,071 | |||
Fair value of options granted | - | 204,126 | |||||
Fair value of options exercised | - | (910,054 | ) | ||||
Change in fair value of options and warrants | - | (2,478,127 | ) | ||||
including foreign exchange | |||||||
Extinguishment of liability on conversion of | - | (338,016 | ) | ||||
exercise price of options to Company’s | |||||||
functional currency | |||||||
Balance, end of the period | $ | - | $ | - |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Earnings (Loss) Per Share [Text Block] | ' | |||||||||||||
9. Earnings (Loss) Per Share | ||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
September | September | September | September | |||||||||||
30, 2014 | 30, 2013 | 30, 2014 | 30, 2013 | |||||||||||
Numerator: | ||||||||||||||
Net income (loss) – | $ | (1,811,843 | ) | $ | (637,744 | ) | $ | (10,012,335 | ) | $ | 756,340 | |||
numerator for basic EPS | ||||||||||||||
Amortization of discount | - | 349,586 | - | 349,586 | ||||||||||
Change in derivative liability | - | (749,998 | ) | - | (749,998 | ) | ||||||||
– Convertible debentures | ||||||||||||||
Change in derivative – Stock options | - | - | - | (2,551,768 | ) | |||||||||
Numerator for diluted EPS | $ | (1,811,843 | ) | $ | (1,038,156 | ) | $ | (10,012,335 | ) | $ | (1,195,840 | ) | ||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Denominator: | ||||||||||||||
Denominator for basic EPS | 99,778,683 | 98,317,948 | 99,554,864 | 98,116,201 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock options | - | - | - | 1,264,467 | ||||||||||
Convertible debenture | - | 6,964,964 | - | 2,355,797 | ||||||||||
Denominator for diluted EPS | 99,778,683 | 105,282,912 | 99,554,864 | 101,840,452 | ||||||||||
Basic earnings(loss) per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.10 | ) | $ | 0.01 | |||
Diluted loss per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.10 | ) | $ | (0.01 | ) | ||
For the three and nine month periods ended September 30, 2014, 750,000 (September 30, 2013 – 500,000) options were not included above as their impact would be anti-dilutive. In addition, for the nine month period ended September 30, 2014, the convertible debenture was not included above as its effect would be anti-dilutive. |
Mineral_Properties_Tables
Mineral Properties (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Schedule of Mineral Properties [Table Text Block] | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Mineral Property Interest | $ | 3,292,193 | $ | 1,907,549 | |||
Deferred Mine Development | 19,693,569 | 7,804,377 | |||||
Asset Retirement Costs . | 200,675 | 200,675 | |||||
Capitalized Interest | 1,829,540 | - | |||||
Capitalized Amortization | 87,947 | 6,885 | |||||
Balance, end of the period | $ | 25,103,924 | $ | 9,919,486 |
Share_Capital_Tables
Share Capital (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||
Weighted | ||||
Average Exercise | ||||
Shares | Price per Share | |||
Options outstanding and exercisable: December 31, 2013 | 1,380,000 | $0.87 | ||
Stock options issued | - | - | ||
Stock options exercised | -530,000 | $0.21 | ||
Options outstanding, September 30, 2014 | 850,000 | $1.27 | ||
Options exercisable, September 30, 2014 | 750,000 | $1.29 | ||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||
2014 | 2013 | |||
Expected life years | - | 5 | ||
Interest rate | - | 1.78% | ||
Volatility | - | 98.25% | ||
Dividend yield | - | 0% | ||
Schedule of Stock Options Outstanding and Exercisable [Table Text Block] | ' | |||
Weighted | ||||
Number | Average | |||
Outstanding | Remaining | |||
Expiry | and | Contractual Life | Exercise | |
Date | Exercisable | (Years) | Price | |
18-Apr-15 | 50,000 | 0.55 | $1.22 | |
3-Jun-18 | 300,000 | 3.68 | $1.16 | |
3-Jun-18 | 50,000 | 3.68 | $1.16 | |
3-Sep-18 | 150,000 | 3.93 | $1.59 | |
18-Sep-18 | 300,000 | 4.97 | $1.26 | |
Outstanding, September 30, 2014 | 850,000 | 3.64 | ||
Exercisable, September 30, 2014 | 750,000 | 3.64 |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | ||||||
2014 | 2013 | ||||||
Balance, beginning of the period | $ | 552,250 | $ | 475,938 | |||
Changes in cash flow estimates | - | 76,312 | |||||
Balance, end of the period | $ | 552,250 | $ | 552,250 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Schedule of Fair Value of the Derivative Liability [Table Text Block] | ' | |||||||
2014 | 2013 | |||||||
Risk-free interest rate | 1.07% - 1.09% | 1.13% - 1.15% | ||||||
Expected life of derivative liability | 1.07 - 1.32 years | 1.57 - 2 years | ||||||
Expected volatility | 95.87 - 98.71% | 73.43% - 89.52% | ||||||
Dividend rate | 0.00% | 0.00% | ||||||
Schedule of Changes in the Derivative Liability [Table Text Block] | ' | |||||||
30-Sep-14 | 31-Dec-13 | |||||||
Balance, beginning of the period | $ | 2,833,987 | $ | - | ||||
Fair value at inception | - | 5,741,520 | ||||||
Change in fair value of derivative liability including | ||||||||
foreign exchange | 1,251,381 | (2,907,533 | ) | |||||
Balance, end of the period | $ | 4,085,368 | $ | 2,833,987 | ||||
Schedule of Change in the Convertible Debentures [Table Text Block] | ' | |||||||
30-Sep-14 | 31-Dec-13 | |||||||
Balance, beginning of the period | $ | 4,642,620 | $ | - | ||||
Discounted convertible debentures | - | 3,975,480 | ||||||
Amortization of discount | 1,779,294 | 811,327 | ||||||
Foreign exchange | (275,435 | ) | (144,187 | ) | ||||
Balance, end of the period | $ | 6,146,479 | $ | 4,642,620 | ||||
Schedule of Loan Payable [Table Text Block] | ' | |||||||
30-Sep-14 | ||||||||
Balance, beginning of the period | $ | - | ||||||
Proceeds from the loan | 10,000,000 | |||||||
Balance, end of the period | $ | 10,000,000 | ||||||
Schedule of Amortization of discount and Interest Expense [Table Text Block] | ' | |||||||
30-Sep-14 | 31-Dec-13 | |||||||
Amortization of discount and interest on loan and | ||||||||
convertible debenture | $ | 2,993,083 | $ | 888,026 | ||||
Less: Interest costs capitalized | (1,829,540 | ) | - | |||||
Amortization of discount and interest expensed | $ | 1,163,543 | $ | - | ||||
Schedule of Fair Value of Temporary Non-controlling Interest [Table Text Block] | ' | |||||||
15-Sep-14 | ||||||||
Net assets, GQ California before JV | $ | 16,973,184 | ||||||
Investment by Gauss | 110,000,000 | |||||||
Net assets, GQ California after JV | 126,973,184 | |||||||
Gauss’ ownership percentage | 50% | |||||||
Net assets of GQ California attributable to Gauss | 63,486,592 | |||||||
Allocation of non-controlling interest between permanent | ||||||||
equity and temporary equity: | ||||||||
Initial value of permanent non-controlling interest ( 60% of | 38,091,955 | |||||||
total non-controlling interest) | ||||||||
Initial fair value of temporary non-controlling interest ( 40% | 25,394,637 | |||||||
of total non-controlling interest) | ||||||||
Schedule of Carrying Value of Temporary Non-controlling Interest [Table Text Block] | ' | |||||||
Three and Nine Months Ended | ||||||||
30-Sep-14 | 30-Sep-13 | |||||||
Net and comprehensive loss in GQ California | $ | (2,320,490 | ) | $ | - | |||
Non-controlling interest percentage | 50% | |||||||
Net and comprehensive loss attributable to | (1,160,245 | ) | - | |||||
non- controlling interest | ||||||||
Net and comprehensive loss attributable to | $ | (696,147 | ) | $ | - | |||
permanent non-controlling interest | ||||||||
Net and comprehensive loss attributable to | $ | (464,098 | ) | $ | - | |||
temporary non-controlling interest | ||||||||
Schedule of Dilution of Interest in Subsidiary [Table Text Block] | ' | |||||||
15-Sep-14 | ||||||||
Investment by Gauss | $ | 110,000,000 | ||||||
Less: | ||||||||
Initial value of permanent equity | (38,091,955 | ) | ||||||
Initial value of temporary equity | (25,394,637 | ) | ||||||
Gain on dilution | $ | 46,513,408 |
Supplementary_Disclosures_of_C1
Supplementary Disclosures of Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | |||||||
Nine Months Ended | Nine Months Ended | |||||||
30-Sep-14 | 30-Sep-13 | |||||||
Cash paid during period for: | ||||||||
Interest | $ | 395,787 | $ | - | ||||
Income taxes | $ | - | $ | - | ||||
Non-cash financing and investing activities: | ||||||||
Reclassification of derivative liability for exercised stock options and warrants | $ | - | $ | 247,232 | ||||
Stock option compensation | $ | 279,917 | $ | 378,228 | ||||
Common shares issued for mineral property | $ | 24,480 | $ | 22,568 | ||||
Gain (loss) on change in fair value of derivative liability | $ | (1,251,381 | ) | $ | 2,760,672 | |||
Mineral property expenditures included in accounts payable | $ | 97,682 | $ | 1,029,233 | ||||
Non-cash interest cost capitalized to mineral property interests | $ | 1,829,540 | $ | - | ||||
Non-cash amortization of discount and interest expense | $ | 1,163,543 | $ | 349,586 |
Derivative_Liability_Options_a1
Derivative Liability Options and Warrants (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Schedule of Derivative Liabiity, Options and Warrants [Table Text Block] | ' | ||||||
September 30, | December 31, | ||||||
2014 | 2013 | ||||||
Balance, beginning of the period | $ | - | $ | 3,522,071 | |||
Fair value of options granted | - | 204,126 | |||||
Fair value of options exercised | - | (910,054 | ) | ||||
Change in fair value of options and warrants | - | (2,478,127 | ) | ||||
including foreign exchange | |||||||
Extinguishment of liability on conversion of | - | (338,016 | ) | ||||
exercise price of options to Company’s | |||||||
functional currency | |||||||
Balance, end of the period | $ | - | $ | - |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block [Table Text Block] | ' | |||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
September | September | September | September | |||||||||||
30, 2014 | 30, 2013 | 30, 2014 | 30, 2013 | |||||||||||
Numerator: | ||||||||||||||
Net income (loss) – | $ | (1,811,843 | ) | $ | (637,744 | ) | $ | (10,012,335 | ) | $ | 756,340 | |||
numerator for basic EPS | ||||||||||||||
Amortization of discount | - | 349,586 | - | 349,586 | ||||||||||
Change in derivative liability | - | (749,998 | ) | - | (749,998 | ) | ||||||||
– Convertible debentures | ||||||||||||||
Change in derivative – Stock options | - | - | - | (2,551,768 | ) | |||||||||
Numerator for diluted EPS | $ | (1,811,843 | ) | $ | (1,038,156 | ) | $ | (10,012,335 | ) | $ | (1,195,840 | ) | ||
Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block [Table Text Block] | ' | |||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||
Ended | Ended | Ended | Ended | |||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Denominator: | ||||||||||||||
Denominator for basic EPS | 99,778,683 | 98,317,948 | 99,554,864 | 98,116,201 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock options | - | - | - | 1,264,467 | ||||||||||
Convertible debenture | - | 6,964,964 | - | 2,355,797 | ||||||||||
Denominator for diluted EPS | 99,778,683 | 105,282,912 | 99,554,864 | 101,840,452 | ||||||||||
Basic earnings(loss) per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.10 | ) | $ | 0.01 | |||
Diluted loss per share | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.10 | ) | $ | (0.01 | ) |
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Basis Of Presentation 1 | $75,987,948 |
Basis Of Presentation 2 | 65,975,612 |
Basis Of Presentation 3 | 75,109,839 |
Basis Of Presentation 4 | 3,585,305 |
Basis Of Presentation 5 | 50.00% |
Basis Of Presentation 6 | 110,000,000 |
Basis Of Presentation 7 | 110,000 |
Basis Of Presentation 8 | 50.00% |
Basis Of Presentation 9 | 50.00% |
Basis Of Presentation 10 | $10,000,000 |
Mineral_Properties_Narrative_D
Mineral Properties (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Mineral Properties 1 | $1,112,227 |
Mineral Properties 2 | 226,721 |
Mineral Properties 3 | 701,921 |
Mineral Properties 4 | 885,507 |
Mineral Properties 5 | 48,455 |
Mineral Properties 6 | 187,312 |
Mineral Properties 7 | 59,962 |
Mineral Properties 8 | 81,062 |
Mineral Properties 9 | 2,038 |
Mineral Properties 10 | $2,038 |
Share_Capital_Narrative_Detail
Share Capital (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | CAD | |
M | ||
Share Capital 1 | 300,000 | 300,000 |
Share Capital 2 | 300,000 | 300,000 |
Share Capital 3 | $0.21 | ' |
Share Capital 4 | $63,000 | ' |
Share Capital 5 | 160,592 | ' |
Share Capital 6 | 170,000 | 170,000 |
Share Capital 7 | 170,000 | 170,000 |
Share Capital 8 | $0.21 | ' |
Share Capital 9 | 35,700 | ' |
Share Capital 10 | 91,002 | ' |
Share Capital 11 | 15,300 | 15,300 |
Share Capital 12 | 24,480 | ' |
Share Capital 13 | 60,000 | 60,000 |
Share Capital 14 | 60,000 | 60,000 |
Share Capital 15 | $0.21 | ' |
Share Capital 16 | 12,721 | ' |
Share Capital 17 | 32,118 | ' |
Share Capital 18 | 15,000 | 15,000 |
Share Capital 19 | 22,568 | ' |
Share Capital 20 | ' | 23,250 |
Share Capital 21 | 200,000 | 200,000 |
Share Capital 22 | 200,000 | 200,000 |
Share Capital 23 | ' | 0.26 |
Share Capital 24 | 50,674 | ' |
Share Capital 25 | ' | 52,000 |
Share Capital 26 | 132,011 | ' |
Share Capital 27 | 100,000 | 100,000 |
Share Capital 28 | 100,000 | 100,000 |
Share Capital 29 | ' | 0.26 |
Share Capital 30 | 25,722 | ' |
Share Capital 31 | ' | 26,000 |
Share Capital 32 | 90,496 | ' |
Share Capital 33 | 20,000 | 20,000 |
Share Capital 34 | 20,000 | 20,000 |
Share Capital 35 | ' | 0.26 |
Share Capital 36 | 5,017 | ' |
Share Capital 37 | ' | 5,200 |
Share Capital 38 | 24,724 | ' |
Share Capital 39 | 500,000 | 500,000 |
Share Capital 40 | 500,000 | 500,000 |
Share Capital 41 | ' | 0.26 |
Share Capital 42 | 126,373 | ' |
Share Capital 43 | ' | 130,000 |
Share Capital 44 | 355,351 | ' |
Share Capital 45 | 300,000 | 300,000 |
Share Capital 46 | 300,000 | 300,000 |
Share Capital 47 | ' | 0.26 |
Share Capital 48 | 74,677 | ' |
Share Capital 49 | ' | 78,000 |
Share Capital 50 | 100,000 | 100,000 |
Share Capital 51 | 100,000 | 100,000 |
Share Capital 52 | ' | 0.26 |
Share Capital 53 | 24,900 | ' |
Share Capital 54 | ' | 26,000 |
Share Capital 55 | 68,849 | ' |
Share Capital 56 | 87,769 | ' |
Share Capital 57 | 279,917 | ' |
Share Capital 58 | 378,228 | ' |
Share Capital 59 | 378,228 | ' |
Share Capital 60 | 800,000 | 800,000 |
Share Capital 61 | 475,263 | ' |
Share Capital 62 | 271,137 | ' |
Share Capital 63 | 204,126 | ' |
Share Capital 64 | 50,000 | 50,000 |
Share Capital 65 | 150,000 | 150,000 |
Share Capital 66 | 600,000 | 600,000 |
Share Capital 67 | 100,000 | 100,000 |
Share Capital 68 | 500,000 | 500,000 |
Share Capital 69 | 300,000 | 300,000 |
Share Capital 70 | 100,000 | 100,000 |
Share Capital 71 | 6 | 6 |
Share Capital 72 | 18 | 18 |
Share Capital 73 | 200,000 | 200,000 |
Share Capital 74 | 100,000 | 100,000 |
Share Capital 75 | 6 | 6 |
Share Capital 76 | 12 | 12 |
Share Capital 77 | 650,000 | 650,000 |
Share Capital 78 | 0 | ' |
Share Capital 79 | 325,995 | ' |
Share Capital 80 | 1,381,067 | ' |
Share Capital 81 | 530,000 | 530,000 |
Share Capital 82 | 678,494 | ' |
Share Capital 83 | 881,816 | ' |
Share Capital 84 | 46,245 | ' |
Share Capital 85 | 325,158 | ' |
Share Capital 86 | $418,682 | ' |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Asset Retirement Obligations 1 | $563,105 |
Asset Retirement Obligations 2 | 478,742 |
Asset Retirement Obligations 3 | 0.10% |
Asset Retirement Obligations 4 | 0 |
Asset Retirement Obligations 6 | $76,312 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | CAD | |
M | ||
Commitments And Contingencies 1 | $116,436 | ' |
Commitments And Contingencies 2 | 24,480 | ' |
Commitments And Contingencies 3 | 161,190 | ' |
Commitments And Contingencies 4 | 22,568 | ' |
Commitments And Contingencies 5 | 184,000 | ' |
Commitments And Contingencies 6 | 100,000 | 100,000 |
Commitments And Contingencies 7 | 300,000 | 300,000 |
Commitments And Contingencies 8 | 150,000 | 150,000 |
Commitments And Contingencies 9 | 150,000 | 150,000 |
Commitments And Contingencies 10 | 300,000 | 300,000 |
Commitments And Contingencies 11 | ' | 1 |
Commitments And Contingencies 12 | 300,000 | 300,000 |
Commitments And Contingencies 13 | ' | 1.5 |
Commitments And Contingencies 14 | ' | 300,000 |
Commitments And Contingencies 15 | 100.00% | 100.00% |
Commitments And Contingencies 16 | 150,000 | ' |
Commitments And Contingencies 17 | 3,600,000 | ' |
Commitments And Contingencies 18 | 700,000 | ' |
Commitments And Contingencies 19 | 1,200,000 | ' |
Commitments And Contingencies 20 | 1,300,000 | ' |
Commitments And Contingencies 21 | 2,500,000 | ' |
Commitments And Contingencies 22 | 400,000 | ' |
Commitments And Contingencies 23 | 4,200,000 | ' |
Commitments And Contingencies 24 | 1,900,000 | ' |
Commitments And Contingencies 25 | 700,000 | ' |
Commitments And Contingencies 26 | 1,100,000 | ' |
Commitments And Contingencies 27 | 100,000 | ' |
Commitments And Contingencies 28 | 10.00% | 10.00% |
Commitments And Contingencies 29 | 700,000 | ' |
Commitments And Contingencies 30 | 48 | 48 |
Commitments And Contingencies 31 | 2.99% | 2.99% |
Commitments And Contingencies 32 | $1,800,000 | ' |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | CAD | |
D | ||
Related Party Transactions 1 | $42,417 | ' |
Related Party Transactions 2 | 126,476 | ' |
Related Party Transactions 3 | 40,047 | ' |
Related Party Transactions 4 | 114,570 | ' |
Related Party Transactions 5 | 13,811 | ' |
Related Party Transactions 6 | 47,967 | ' |
Related Party Transactions 7 | 14,763 | ' |
Related Party Transactions 8 | 11,640 | ' |
Related Party Transactions 9 | 35,079 | ' |
Related Party Transactions 10 | 12,172 | ' |
Related Party Transactions 11 | 19,505 | ' |
Related Party Transactions 12 | ' | 10,000,000 |
Related Party Transactions 13 | 9,710,603 | ' |
Related Party Transactions 14 | 2.00% | 2.00% |
Related Party Transactions 15 | ' | 1.03 |
Related Party Transactions 16 | ' | 1.03 |
Related Party Transactions 17 | ' | 7,500,000 |
Related Party Transactions 18 | 10,049 | ' |
Related Party Transactions 19 | 5,741,520 | ' |
Related Party Transactions 20 | 4,085,368 | ' |
Related Party Transactions 21 | 2,833,987 | ' |
Related Party Transactions 22 | 5,741,520 | ' |
Related Party Transactions 23 | 3,975,480 | ' |
Related Party Transactions 24 | 45,543 | ' |
Related Party Transactions 25 | 137,059 | ' |
Related Party Transactions 26 | 29,899 | ' |
Related Party Transactions 27 | 29,899 | ' |
Related Party Transactions 28 | 2.00% | 2.00% |
Related Party Transactions 29 | 711,220 | ' |
Related Party Transactions 30 | 1,916,353 | ' |
Related Party Transactions 32 | 348,821 | ' |
Related Party Transactions 33 | 348,821 | ' |
Related Party Transactions 34 | 10,000,000 | ' |
Related Party Transactions 35 | 7,500,000 | ' |
Related Party Transactions 36 | 5.00% | 5.00% |
Related Party Transactions 37 | 183 | 183 |
Related Party Transactions 38 | 105.00% | 105.00% |
Related Party Transactions 39 | 5.00% | 5.00% |
Related Party Transactions 40 | 500,000 | ' |
Related Party Transactions 41 | 867,123 | ' |
Related Party Transactions 42 | 126,027 | ' |
Related Party Transactions 43 | 0 | ' |
Related Party Transactions 44 | 867,123 | ' |
Related Party Transactions 45 | 0 | ' |
Related Party Transactions 46 | 10,000,000 | ' |
Related Party Transactions 47 | 6,500,000 | ' |
Related Party Transactions 48 | 3,500,000 | ' |
Related Party Transactions 49 | 10.00% | 10.00% |
Related Party Transactions 50 | 110,000,000 | ' |
Related Party Transactions 51 | 10,000,000 | ' |
Related Party Transactions 52 | 209,607 | ' |
Related Party Transactions 53 | 73,632 | ' |
Related Party Transactions 54 | 45,264 | ' |
Related Party Transactions 55 | 50.00% | 50.00% |
Related Party Transactions 56 | 50.00% | 50.00% |
Related Party Transactions 57 | 110,000,000 | ' |
Related Party Transactions 58 | 50.00% | 50.00% |
Related Party Transactions 59 | 27.00% | 27.00% |
Related Party Transactions 60 | 67.50% | 67.50% |
Related Party Transactions 61 | 32.50% | 32.50% |
Related Party Transactions 62 | 2,000,000 | ' |
Related Party Transactions 63 | 275,000 | ' |
Related Party Transactions 64 | 100.00% | 100.00% |
Related Party Transactions 65 | 50.00% | 50.00% |
Related Party Transactions 67 | 20.00% | 20.00% |
Related Party Transactions 69 | 20.00% | 20.00% |
Related Party Transactions 70 | 60 | 60 |
Related Party Transactions 71 | 20.00% | 20.00% |
Related Party Transactions 70 | 0 | 0 |
Related Party Transactions 71 | 20.00% | 20.00% |
Related Party Transactions 72 | 0 | 0 |
Related Party Transactions 73 | 5.00% | 5.00% |
Related Party Transactions 74 | 15 | 15 |
Related Party Transactions 75 | 60 | 60 |
Related Party Transactions 76 | 40.00% | 40.00% |
Related Party Transactions 77 | 60.00% | 60.00% |
Related Party Transactions 78 | 100.00% | 100.00% |
Related Party Transactions 79 | 50.00% | 50.00% |
Related Party Transactions 80 | 46,513,408 | ' |
Related Party Transactions 81 | 25.00% | 25.00% |
Related Party Transactions 82 | 15,000,000 | ' |
Related Party Transactions 83 | 25,000,000 | ' |
Related Party Transactions 84 | 50.00% | 50.00% |
Related Party Transactions 85 | 40,000,000 | ' |
Related Party Transactions 86 | 1.1 | ' |
Related Party Transactions 87 | 45,000,000 | ' |
Related Party Transactions 88 | 2,250,000 | ' |
Related Party Transactions 89 | $731,250 | ' |
Derivative_Liability_Options_a2
Derivative Liability Options and Warrants (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Y | |
Derivative Liability Options And Warrants 1 | 200,000 |
Derivative Liability Options And Warrants 2 | 1,220,000 |
Derivative Liability Options And Warrants 3 | $910,054 |
Derivative Liability Options And Warrants 4 | 82.54% |
Derivative Liability Options And Warrants 5 | 105.67% |
Derivative Liability Options And Warrants 6 | 0.39 |
Derivative Liability Options And Warrants 7 | 0.78 |
Derivative Liability Options And Warrants 8 | 0.97% |
Derivative Liability Options And Warrants 9 | 1.32% |
Derivative Liability Options And Warrants 10 | 0.00% |
Derivative Liability Options And Warrants 14 | $338,016 |
Earnings_Loss_Per_Share_Narrat
Earnings (Loss) Per Share (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Earnings (loss) Per Share 1 | 750,000 |
Earnings (loss) Per Share 2 | 500,000 |
Schedule_of_Mineral_Properties
Schedule of Mineral Properties (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Mineral Properties Schedule Of Mineral Properties 1 | $3,292,193 |
Mineral Properties Schedule Of Mineral Properties 2 | 1,907,549 |
Mineral Properties Schedule Of Mineral Properties 3 | 19,693,569 |
Mineral Properties Schedule Of Mineral Properties 4 | 7,804,377 |
Mineral Properties Schedule Of Mineral Properties 5 | 200,675 |
Mineral Properties Schedule Of Mineral Properties 6 | 200,675 |
Mineral Properties Schedule Of Mineral Properties 7 | 1,829,540 |
Mineral Properties Schedule Of Mineral Properties 8 | 0 |
Mineral Properties Schedule Of Mineral Properties 9 | 87,947 |
Mineral Properties Schedule Of Mineral Properties 10 | 6,885 |
Mineral Properties Schedule Of Mineral Properties 11 | 25,103,924 |
Mineral Properties Schedule Of Mineral Properties 12 | $9,919,486 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 1 | $1,380,000 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.87 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 3 | 0 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 5 | -530,000 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.21 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 7 | 850,000 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 8 | 1.27 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 9 | 750,000 |
Share Capital Schedule Of Share-based Compensation, Stock Options, Activity 10 | $1.29 |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | $0 |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | 5 |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 0 |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 1.78% |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 5 | 0 |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 6 | 98.25% |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 7 | $0 |
Share Capital Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 8 | 0.00% |
Schedule_of_Stock_Options_Outs
Schedule of Stock Options Outstanding and Exercisable (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 1 | $50,000 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 2 | 0.55 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 3 | 1.22 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 4 | 300,000 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 5 | 3.68 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 6 | 1.16 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 7 | 50,000 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 8 | 3.68 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 9 | 1.16 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 10 | 150,000 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 11 | 3.93 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 12 | 1.59 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 13 | 300,000 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 14 | 4.97 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 15 | 1.26 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 16 | 850,000 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 17 | 3.64 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 18 | $750,000 |
Share Capital Schedule Of Stock Options Outstanding And Exercisable 19 | 3.64 |
Schedule_of_Change_in_Asset_Re
Schedule of Change in Asset Retirement Obligation (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Asset Retirement Obligations Schedule Of Change In Asset Retirement Obligation 1 | $552,250 |
Asset Retirement Obligations Schedule Of Change In Asset Retirement Obligation 2 | 475,938 |
Asset Retirement Obligations Schedule Of Change In Asset Retirement Obligation 3 | 0 |
Asset Retirement Obligations Schedule Of Change In Asset Retirement Obligation 4 | 76,312 |
Asset Retirement Obligations Schedule Of Change In Asset Retirement Obligation 5 | 552,250 |
Asset Retirement Obligations Schedule Of Change In Asset Retirement Obligation 6 | $552,250 |
Schedule_of_Fair_Value_of_the_
Schedule of Fair Value of the Derivative Liability (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Y | |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 1 | 1.07% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 2 | 1.09% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 3 | 1.13% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 4 | 1.15% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 5 | 1.07 |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 6 | 1.32 |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 7 | 1.57 |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 8 | 2 |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 9 | 95.87 |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 10 | 98.71% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 11 | 73.43% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 12 | 89.52% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 13 | 0.00% |
Related Party Transactions Schedule Of Fair Value Of The Derivative Liability 14 | 0.00% |
Schedule_of_Changes_in_the_Der
Schedule of Changes in the Derivative Liability (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions Schedule Of Changes In The Derivative Liability 1 | $2,833,987 |
Related Party Transactions Schedule Of Changes In The Derivative Liability 2 | 0 |
Related Party Transactions Schedule Of Changes In The Derivative Liability 3 | 0 |
Related Party Transactions Schedule Of Changes In The Derivative Liability 4 | 5,741,520 |
Related Party Transactions Schedule Of Changes In The Derivative Liability 5 | 1,251,381 |
Related Party Transactions Schedule Of Changes In The Derivative Liability 6 | -2,907,533 |
Related Party Transactions Schedule Of Changes In The Derivative Liability 7 | 4,085,368 |
Related Party Transactions Schedule Of Changes In The Derivative Liability 8 | $2,833,987 |
Schedule_of_Change_in_the_Conv
Schedule of Change in the Convertible Debentures (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions Schedule Of Change In The Convertible Debentures 1 | $4,642,620 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 2 | 0 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 3 | 0 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 4 | 3,975,480 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 5 | 1,779,294 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 6 | 811,327 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 7 | -275,435 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 8 | -144,187 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 9 | 6,146,479 |
Related Party Transactions Schedule Of Change In The Convertible Debentures 10 | $4,642,620 |
Schedule_of_Loan_Payable_Detai
Schedule of Loan Payable (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions Schedule Of Loan Payable 1 | $0 |
Related Party Transactions Schedule Of Loan Payable 2 | 10,000,000 |
Related Party Transactions Schedule Of Loan Payable 3 | $10,000,000 |
Schedule_of_Amortization_of_di
Schedule of Amortization of discount and Interest Expense (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions Schedule Of Amortization Of Discount And Interest Expense 1 | $2,993,083 |
Related Party Transactions Schedule Of Amortization Of Discount And Interest Expense 2 | 888,026 |
Related Party Transactions Schedule Of Amortization Of Discount And Interest Expense 3 | -1,829,540 |
Related Party Transactions Schedule Of Amortization Of Discount And Interest Expense 4 | 0 |
Related Party Transactions Schedule Of Amortization Of Discount And Interest Expense 5 | 1,163,543 |
Related Party Transactions Schedule Of Amortization Of Discount And Interest Expense 6 | $0 |
Schedule_of_Fair_Value_of_Temp
Schedule of Fair Value of Temporary Non-controlling Interest (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 1 | $16,973,184 |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 2 | 110,000,000 |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 3 | 126,973,184 |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 4 | 50.00% |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 5 | 63,486,592 |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 6 | 60.00% |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 7 | 38,091,955 |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 8 | 40.00% |
Related Party Transactions Schedule Of Fair Value Of Temporary Non-controlling Interest 9 | $25,394,637 |
Schedule_of_Carrying_Value_of_
Schedule of Carrying Value of Temporary Non-controlling Interest (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 1 | ($2,320,490) |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 2 | 0 |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 3 | 50.00% |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 4 | -1,160,245 |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 5 | 0 |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 6 | -696,147 |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 7 | 0 |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 8 | -464,098 |
Related Party Transactions Schedule Of Carrying Value Of Temporary Non-controlling Interest 9 | $0 |
Schedule_of_Dilution_of_Intere
Schedule of Dilution of Interest in Subsidiary (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions Schedule Of Dilution Of Interest In Subsidiary 1 | $110,000,000 |
Related Party Transactions Schedule Of Dilution Of Interest In Subsidiary 2 | -38,091,955 |
Related Party Transactions Schedule Of Dilution Of Interest In Subsidiary 3 | -25,394,637 |
Related Party Transactions Schedule Of Dilution Of Interest In Subsidiary 4 | $46,513,408 |
Schedule_of_Cash_Flow_Suppleme
Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 1 | $395,787 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 2 | 0 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 3 | 0 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 4 | 0 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 5 | 0 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 6 | 247,232 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 7 | 279,917 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 8 | 378,228 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 9 | 24,480 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 10 | 22,568 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 11 | -1,251,381 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 12 | 2,760,672 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 13 | 97,682 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 14 | 1,029,233 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 15 | 1,829,540 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 16 | 0 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 17 | 1,163,543 |
Supplementary Disclosures Of Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 18 | $349,586 |
Schedule_of_Derivative_Liabiit
Schedule of Derivative Liabiity, Options and Warrants (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 1 | $0 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 2 | 3,522,071 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 3 | 0 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 4 | 204,126 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 5 | 0 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 6 | -910,054 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 7 | 0 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 8 | -2,478,127 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 9 | 0 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 10 | -338,016 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 11 | 0 |
Derivative Liability Options And Warrants Schedule Of Assumptions For Fair Value Derivative Liabilities 12 | $0 |
Schedule_Of_Calculation_Of_Num
Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 1 | ($1,811,843) |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 2 | -637,744 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 3 | -10,012,335 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 4 | 756,340 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 5 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 6 | 349,586 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 7 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 8 | 349,586 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 9 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 10 | -749,998 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 11 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 12 | -749,998 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 13 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 14 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 15 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 16 | -2,551,768 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 17 | -1,811,843 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 18 | -1,038,156 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 19 | -10,012,335 |
Earnings (loss) Per Share Schedule Of Calculation Of Numerator In Earnings Per Share Table Text Block 20 | ($1,195,840) |
Schedule_Of_Calculation_Of_Den
Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 1 | $99,778,683 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 2 | 98,317,948 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 3 | 99,554,864 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 4 | 98,116,201 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 5 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 6 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 7 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 8 | 1,264,467 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 9 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 10 | 6,964,964 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 11 | 0 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 12 | 2,355,797 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 13 | 99,778,683 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 14 | 105,282,912 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 15 | 99,554,864 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 16 | $101,840,452 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 17 | -0.02 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 18 | -0.01 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 19 | -0.1 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 20 | 0.01 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 21 | -0.02 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 22 | -0.01 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 23 | -0.1 |
Earnings (loss) Per Share Schedule Of Calculation Of Denominator In Earnings Per Share Table Text Block 24 | -0.01 |