Silver Bull Resources (SVBL) 10-Q 14 Jun 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Apr. 30, 2016	Jun. 13, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	SILVER BULL RESOURCES, INC.
Entity Central Index Key	1,031,093
Current Fiscal Year End Date	--10-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		166,764,967

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2016	Oct. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 407,877	$ 950,878
Value-added tax receivable, net of allowance for uncollectible taxes of $98,788 and $103,429 respectively (Note 6)	$ 110,987	132,207
Income tax receivable		2,596
Other receivables	$ 6,047	18,400
Prepaid expenses and deposits	81,625	$ 135,421
Assets held for sale (Note 7)	28,795
Total Current Assets	635,331	$ 1,239,502
Office and mining equipment, net (Note 8)	240,215	305,614
Property concessions (Note 9)	5,563,093	5,593,263
Goodwill (Note 10)	2,058,031	2,058,031
TOTAL ASSETS	8,496,670	9,196,410
CURRENT LIABILITIES
Accounts payable	175,172	119,371
Accrued liabilities and expenses (Note 11)	258,569	282,933
Income tax payable	2,003	5,436
Total Current Liabilities	$ 435,744	$ 407,740
COMMITMENTS AND CONTINGENCIES (Notes 1, 12 and 16)
STOCKHOLDERS' EQUITY (Notes 12, 13 and 14)
Common stock, $0.01 par value; 300,000,000 shares authorized, 159,072,657 and 159,072,657 shares issued and outstanding, respectively	$ 1,590,726	$ 1,590,726
Additional paid-in capital	125,081,556	125,025,319
Deficit accumulated during exploration stage	(118,826,021)	(118,046,936)
Other comprehensive income	214,665	219,561
Total Stockholders' Equity	8,060,926	8,788,670
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 8,496,670	$ 9,196,410

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
Statement of Financial Position [Abstract]
Allowance for uncollectible taxes, current	$ 98,788	$ 103,429
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	159,072,657	159,072,657
Common stock, shares outstanding	159,072,657	159,072,657

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Income Statement [Abstract]
REVENUES
EXPLORATION AND PROPERTY HOLDING COSTS
Exploration and property holding costs	$ 97,990	$ 138,570	$ 204,583	$ 410,667
Depreciation, asset and property concessions' impairment	7,627	14,949	58,130	32,581
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS	105,617	153,519	262,713	443,248
GENERAL AND ADMINISTRATIVE EXPENSES
Personnel	110,837	131,114	215,922	285,164
Office and administrative	103,821	124,204	183,742	284,463
Professional services	75,447	65,063	167,111	165,445
Directors' fees	40,621	50,517	68,751	106,560
(Recovery of) provision for uncollectible value-added taxes	$ (232)	6,485	$ 61	6,235
Depreciation		444		889
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES	$ 330,494	377,827	$ 635,587	848,756
LOSS FROM OPERATIONS	(436,111)	(531,346)	(898,300)	(1,292,004)
OTHER INCOME (EXPENSES)
Interest and investment income	290	$ 382	581	$ 640
Interest and finance costs (Note 11)	(714)		(1,428)
Foreign currency transaction (loss) gain	(3,751)	$ 12,763	(9,060)	$ (85,999)
Miscellaneous income (Note 7)	127,850		129,438
TOTAL OTHER INCOME (EXPENSES)	123,675	$ 13,145	119,531	$ (85,359)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(312,436)	(518,201)	(778,769)	(1,377,363)
INCOME TAX EXPENSE	1,516	3,070	316	4,641
LOSS FROM CONTINUING OPERATIONS	$ (313,952)	$ (521,271)	$ (779,085)	(1,382,004)
Loss from discontinued operations, net of income taxes (Note 4)				(159,277)
(Loss) gain on sale of assets of discontinued operations, net of income taxes (Note 4)		$ (10,963)		285,406
NET LOSS	$ (313,952)	(532,234)	$ (779,085)	(1,255,875)
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustments	$ (6,097)	$ 2,977	$ (4,896)	53,324
Realized foreign currency translation gain on sale of assets of discontinued operations (Note 4)				7,163
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	$ (6,097)	$ 2,977	$ (4,896)	60,487
COMPREHENSIVE LOSS	$ (320,049)	$ (529,257)	$ (783,981)	$ (1,195,388)
BASIC AND DILUTED NET LOSS PER COMMON SHARE
Loss from continuing operations				$ (0.01)
Loss from discontinued operations
Net loss				$ (0.01)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (Note 5)	159,072,657	159,072,657	159,072,657	159,072,657

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Apr. 30, 2016 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Other Comprehensive Income [Member]	Total
Balance at Oct. 31, 2015	$ 1,590,726	$ 125,025,319	$ (118,046,936)	$ 219,561	$ 8,788,670
Balance, shares at Oct. 31, 2015	159,072,657				159,072,657
Stock option activity as follows:
Stock based compensation for options issued to directors, officers and employees		$ 56,237			$ 56,237
Other comprehensive loss				$ (4,896)	(4,896)
Net loss			$ (779,085)		(779,085)
Balance at Apr. 30, 2016	$ 1,590,726	$ 125,081,556	$ (118,826,021)	$ 214,665	$ 8,060,926
Balance, shares at Apr. 30, 2016	159,072,657				159,072,657

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (779,085)	$ (1,255,875)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and asset impairment	58,130	36,775
Provision for uncollectible value-added taxes	$ 61	6,235
Gain on sale of assets of discontinued operations (Note 4)		$ (285,406)
Gain on sale of office and mining equipment (Note 7)	$ (127,612)
Other income	(913)
Foreign currency transaction (loss) gain	(8,338)	$ 176,430
Stock options issued for compensation	56,237	61,014
Changes in operating assets and liabilities:
Value-added tax receivable	15,591	46
Income taxes receivable	2,441	77
Other receivables	11,886	(9,769)
Prepaid expenses and deposits	52,895	71,224
Accounts payable	55,801	(64,405)
Accrued liabilities and expenses	(25,402)	(70,042)
Income tax payable	(3,433)	4,000
Net cash used in operating activities	$ (691,741)	(1,329,696)
CASH FLOWS FROM INVESTING ACTIVITIES:
Other assets		$ 80,238
Proceeds from sale of equipment	$ 139,766
Net proceeds from sale of discontinued operations (Note 4)		$ 1,362,883
Net cash provided by investing activities	$ 139,766	$ 1,443,121
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash provided by financing activities
Effect of exchange rates on cash and cash equivalents	$ 8,974	$ (24,315)
Net (decrease) increase in cash and cash equivalents	(543,001)	89,110
Cash and cash equivalents beginning of period	950,878	1,886,169
Cash and cash equivalents end of period	407,877	1,975,279
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid	4,785	$ 2,846
Interest paid	$ 1,428

ORGANIZATION, DESCRIPTION OF BU

ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN	6 Months Ended
	Apr. 30, 2016
ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN	NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN Silver Bull Resources, Inc. (the “Company”) was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company’s name was changed to Metalline Mining Company. On April 21, 2011, the Company’s name was changed to Silver Bull Resources, Inc. The Company’s fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and may never enter into the development stage with respect to any of its projects. The Company engages in the business of mineral exploration. The Company currently owns or has the option to acquire a number of property concessions in Mexico (collectively known as the “Sierra Mojada Property”). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. (“Minera”) and Contratistas de Sierra Mojada S.A. de C.V. (“Contratistas”) and through Minera’s wholly-owned subsidiary Minas de Coahuila SBR S.A. de C.V. (“Minas”). On April 16, 2010, Metalline Mining Delaware, Inc., a wholly-owned subsidiary of the Company, was merged with and into Dome Ventures Corporation (“Dome”). As a result, Dome became a wholly-owned subsidiary of the Company. Dome has a wholly-owned subsidiary Dome Asia Inc. (“Dome Asia”), which is incorporated in the British Virgin Islands. Dome Asia has a wholly-owned subsidiary incorporated in Gabon, African Resources SARL Gabon (“African Resources”), as well as a 99.99%-owned subsidiary, Dome Minerals Nigeria Limited, incorporated in Nigeria. In January 2015, the Company completed the sale of its subsidiary Dome International Global Inc. (“Dome International”), including Dome International’s wholly-owned subsidiary Dome Ventures SARL Gabon (“Dome Gabon”), which held the Ndjole Prospect in Gabon. The Company’s efforts and expenditures have been concentrated on the exploration of properties, principally in the Sierra Mojada Property located in Coahuila, Mexico. The Company has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company’s investment in exploration properties is dependent upon the success of future property sales, the existence of economically recoverable reserves, and the ability of the Company to obtain financing or make other arrangements for exploration, development, and future profitable production activities. The ultimate realization of the Company’s investment in exploration properties cannot be determined at this time. Going Concern Since its inception in November 1993, the Company has not generated revenue and has incurred a deficit of $118,826,021. Accordingly, the Company has not generated cash flow from operations, and since inception the Company has relied primarily upon proceeds from private placements and registered direct offerings of the Company’s equity securities and warrant exercises as the primary sources of financing to fund the Company’s operations. As of April 30, 2016 and prior to the private placement described below, the Company had working capital of $199,587 and cash and cash equivalents of $407,877. The Company's continuation as a going concern is dependent upon several possible financing and strategic options not limited to the following: obtaining adequate equity financing, joint venture opportunities on the Sierra Mojada Property, and asset divestitures. However, there is no assurance that the Company will be successful in pursuing these financing and strategic options and accordingly, there is substantial doubt as to whether the Company's existing cash resources and working capital are sufficient to enable the Company to continue its operations for the next 12 months as a going concern. On May 19 and June 3, 2016, the Company completed the first and second tranches, respectively, of a private placement (the “Private Placement”) of an aggregate of 7,692,310 units (the “Units”) at a purchase price of Canadian dollar (“$CDN”) $0.13 per Unit for aggregate gross proceeds of $CDN 1,000,000. Each Unit consists of one share of the Company’s common stock and one warrant (the “Warrant”). Each Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of the common stock of the Company on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days then the Warrant will expire 30 trading days from such fifth consecutive day. These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Apr. 30, 2016
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules of the U.S. Securities and Exchange Commission (“SEC”) regarding interim reporting. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet at October 31, 2015 was derived from the audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as disclosed in Note 3. In the opinion of management, the unaudited interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company’s condensed consolidated financial statements; accordingly, operating results for the six months ended April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2016.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Apr. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies are defined in the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015 filed on January 19, 2016, except as follows. Recent Accounting Pronouncements Adopted in the Six-Month Period Ended April 30, 2016 Effective November 1, 2015 the Company adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ Recent Accounting Pronouncements Not Yet Adopted In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for the Company’s fiscal year beginning November 1, 2017. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, and disclosures at this time. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date,” which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” to become effective for the Company’s fiscal year beginning November 1, 2018. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in Accounting Standards Codification 810. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability To Continue as a Going Concern.” ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The update provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for the Company’s fiscal year and interim periods within those years beginning after November 1, 2017. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed to have a material impact on the Company’s present or future consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Apr. 30, 2016
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	NOTE 4 – DISCONTINUED OPERATIONS On January 23, 2015, the Company closed the sale to BHK Mining Corp. (formerly BHK Resources, Inc.) of 100% of the issued and outstanding securities of the Company’s former subsidiary, Dome International, which holds, indirectly, a 100% interest in the Ndjole concession. Under the terms of the share purchase agreement, the Company received cash consideration of $1,500,000 and reimbursement of certain expenses of $75,000 in cash. In addition, the Company incurred transaction costs of $212,117. As a result of this transaction, the Company realized a gain on the sale of assets of discontinued operations of $285,406, net of income taxes. The following table details selected financial information included in the income from discontinued operations for the three months and six months ended April 30, 2016 and 2015. For the Three Months Ended April 30, For the Six Months Ended April 30, 2016 2015 2016 2015 Exploration and property holding costs $ — $ — $ — $ 85,542 Depreciation and asset impairment — — — 3,305 Foreign currency transaction loss — — — 70,430 Loss (gain) on sale of assets of discontinued operations, net of income taxes — 10,963 — (285,406 ) Loss (income) from discontinued operations, net of income taxes $ — $ 10,963 $ — $ (126,129 )

LOSS PER SHARE

LOSS PER SHARE	6 Months Ended
	Apr. 30, 2016
LOSS PER SHARE [Abstract]
LOSS PER SHARE	NOTE 5 – LOSS PER SHARE The Company had stock options outstanding at April 30, 2016 and 2015 that upon exercise were issuable into 12,132,858 and 10,330,358 shares of the Company’s common stock, respectively. They were not included in the calculation of loss per share because they would have been anti-dilutive.

VALUE-ADDED TAX RECEIVABLE

VALUE-ADDED TAX RECEIVABLE	6 Months Ended
	Apr. 30, 2016
VALUE-ADDED TAX RECEIVABLE [Abstract]
VALUE-ADDED TAX RECEIVABLE	NOTE 6 – VALUE-ADDED TAX RECEIVABLE Value-added tax (“VAT”) receivable relates to VAT paid in Mexico and Gabon. The Company estimates net VAT of $110,987 will be received within 12 months of the balance sheet date. The allowance for uncollectible VAT taxes was estimated by management based upon a number of factors including the length of time the tax returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and Gabon and estimated net recovery after commissions. During the six months ended April 30, 2016, an additional provision for uncollectible VAT of $61 has been recorded. A summary of the changes in the allowance for uncollectible VAT taxes for the six months ended April 30, 2016 is as follows: Allowance for uncollectible VAT taxes – October 31, 2015 $ 103,429 Provision for uncollectible VAT taxes 61 Foreign currency translation adjustment (4,100 ) Write-off VAT receivable (602 ) Allowance for uncollectible VAT taxes – April 30, 2016 $ 98,788

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Apr. 30, 2016
ASSETS HELD FOR SALE [Abstract]
ASSETS HELD FOR SALE	NOTE 7 – ASSETS HELD FOR SALE The Company has classified certain fixed assets as assets held for sale as at April 30, 2016 as these assets were approved for immediate sale in their present condition, the assets were expected to be sold within one year and management has an active program to locate buyers for these assets. As at April 30, 2016, the assets held for sale had a net book value of $28,795. An impairment of $7,554 was recorded on assets held for sale during the six months ended April 30, 2016. During the six months ended April 30, 2016, the Company recorded a gain on sale of office and mining equipment of $127,612 which is included in miscellaneous income in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

OFFICE AND MINING EQUIPMENT

OFFICE AND MINING EQUIPMENT	6 Months Ended
	Apr. 30, 2016
OFFICE AND MINING EQUIPMENT [Abstract]
OFFICE AND MINING EQUIPMENT	NOTE 8 – OFFICE AND MINING EQUIPMENT The following is a summary of the Company’s office and mining equipment at April 30, 2016 and October 31, 2015, respectively: April 30, October 31, 2016 2015 Mining equipment $ 251,697 $ 504,451 Vehicles 53,451 81,261 Buildings and structures 182,436 191,966 Computer equipment and software 83,701 83,701 Well equipment 39,637 39,637 Office equipment 52,931 52,931 663,853 953,947 Less: Accumulated depreciation (423,638 ) (648,333 ) Office and mining equipment, net $ 240,215 $ 305,614

PROPERTY CONCESSIONS

PROPERTY CONCESSIONS	6 Months Ended
	Apr. 30, 2016
PROPERTY CONCESSIONS [Abstract]
PROPERTY CONCESSIONS	NOTE 9 – PROPERTY CONCESSIONS The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at April 30, 2016 and October 31, 2015, respectively: Property concessions – October 31, 2015 $ 5,593,263 Impairment (30,170 ) Property concessions – April 30, 2016 $ 5,563,093 During the six months ended April 30, 2016, the Company decided to reduce the Company’s concession holdings in Sierra Mojada, Mexico. As a result, the Company has written off the capitalized property concession balance related to these concessions of $30,170.

GOODWILL

GOODWILL	6 Months Ended
	Apr. 30, 2016
GOODWILL [Abstract]
GOODWILL	NOTE 10 – GOODWILL Goodwill represents the excess, at the date of acquisition, of the purchase price of the business acquired over the fair value of the net tangible and intangible assets acquired. On April 30, 2016, the Company did not elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount and therefore performed the two-step goodwill impairment test. Based on this test the Company determined that the fair value of the reporting unit exceeded the carrying amount and no impairment was necessary. The following is a summary of the Company’s goodwill balance as at April 30, 2016 and October 31, 2015, respectively: Goodwill – October 31, 2015 $ 2,058,031 Goodwill – April 30, 2016 $ 2,058,031

ACCRUED LIABILITIES AND EXPENSE

ACCRUED LIABILITIES AND EXPENSES	6 Months Ended
	Apr. 30, 2016
ACCRUED LIABILITIES AND EXPENSES [Abstract]
ACCRUED LIABILITIES AND EXPENSES	NOTE 11 – ACCRUED LIABILITIES AND EXPENSES The Company financed an insurance premium at an interest rate of 7.99%. The insurance premium finance agreement has a maturity of less than one year and has a balance of $21,750 which is included in accrued liabilities and expenses at April 30, 2016.

SHAREHOLDER RIGHTS PLAN

SHAREHOLDER RIGHTS PLAN	6 Months Ended
	Apr. 30, 2016
SHAREHOLDER RIGHTS PLAN [Abstract]
SHAREHOLDER RIGHTS PLAN	NOTE 12 – SHAREHOLDER RIGHTS PLAN On June 11, 2007, the board of directors adopted a shareholders’ right plan through the adoption of a Rights Agreement, which became effective immediately. In connection with the adoption of the Rights Agreement, the board of directors declared a distribution of one common stock purchase right (a “Right”) In certain circumstances, in the event that any person acquires beneficial ownership of 20% or more of the outstanding stock of the Company’s common stock, each holder of a Right, other than the acquirer, would be entitled to receive, upon payment of the purchase price, which is initially set at $20 per Right, a number of shares of the Company’s common stock having a value equal to two times such purchase price. The Rights will expire on June 11, 2017.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Apr. 30, 2016
COMMON STOCK [Abstract]
COMMON STOCK	NOTE 13 – No common stock was issued during the six months ended April 30, 2016 and April 30, 2015.

STOCK OPTIONS

STOCK OPTIONS	6 Months Ended
	Apr. 30, 2016
STOCK OPTIONS [Abstract]
STOCK OPTIONS	NOTE 14 – The Company has two active stock option plans. Under the 2006 Stock Option Plan (the “2006 Plan”), the Company may grant non-statutory and incentive options to employees, directors and consultants for up to a total of 5,000,000 shares of common stock. Under the 2010 Stock Option and Stock Bonus Plan (the “2010 Plan”), the lesser of (i) 30,000,000 shares or (ii) 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses. Options are typically granted with an exercise price equal to the closing market price of the Company’s stock at the date of grant, have a graded vesting schedule over approximately one to two years and have a contractual term of two to 10 years. A summary of the range of assumptions used to value stock options granted for the six months ended April 30, 2016 and 2015 are as follows: Six Months Ended April 30, Options 2016 2015 Expected volatility 65% - 70% — Risk-free interest rate 0.83% - 0.98% — Dividend yield — — Expected term (in years) 2.50 – 3.50 — During the six months ended April 30, 2016, the Company granted options to acquire 4,075,000 shares of common stock with a weighted-average grant-date fair value of $0.02 per share and an exercise price of $CDN 0.075 per share. No options were exercised during the six months ended April 30, 2016. No options were granted or exercised during the six months ended April 30, 2015. The following is a summary of stock option activity for the six months ended April 30, 2016: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at October 31, 2015 8,657,858 $ 0.46 2.36 $ — Granted 4,075,000 $ 0.06 Forfeited or Cancelled (600,000) $ 1.09 Outstanding at April 30, 2016 12,132,858 $ 0.30 2.89 $ 204,687 Exercisable at April 30, 2016 8,941,193 $ 0.37 2.28 $ 68,229 The Company recognized stock-based compensation costs for stock options of $56,237 and $61,014 for the six months ended April 30, 2016 and 2015, respectively. As of April 30, 2016, there was $61,887 of total unrecognized compensation expense which is expected to be recognized over a weighted average period of 0.62 years. Summarized information about stock options outstanding and exercisable at April 30, 2016 is as follows: Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.06 4,075,000 4.82 $ 0.06 1,358,334 $ 0.06 0.26 2,650,000 2.97 0.26 2,175,001 0.26 0.37 1,785,000 2.07 0.37 1,785,000 0.37 0.44 – 0.70 3,580,000 1.06 0.53 3,580,000 0.53 2.18 42,858 1.72 2.18 42,858 2.18 $ 0.06 - 2.18 12,132,858 2.89 $ 0.30 8,941,193 $ 0.37

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Apr. 30, 2016
FINANCIAL INSTRUMENTS [Abstract]
FINANCIAL INSTRUMENTS	NOTE 15 – FINANCIAL INSTRUMENTS Fair Value Measurements All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when they are incurred, unless they are directly attributable to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs adjust the carrying amount. The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, other receivables, accounts payable and accrued liabilities and expenses approximate fair value at April 30, 2016 and October 31, 2015 due to the short maturities of these financial instruments. Credit Risk Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets the Company has established policies to ensure liquidity of funds and ensure that counterparties demonstrate minimum acceptable creditworthiness. The Company maintains its U.S. dollar and $CDN cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings. Cash deposits held in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to $250,000 and $CDN cash deposits held in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) for up to $CDN 100,000. Certain United States and Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they related to U.S. dollar deposits held in Canadian financial institutions. As of April 30, 2016 and October 31, 2015, the Company’s cash and cash equivalent balances held in United States and Canadian financial institutions included $217,726 and $854,979 respectively, which was not insured by the FDIC or CDIC. The Company has not experienced any losses on such accounts and management believes that using major financial institutions with high credit ratings mitigates the credit risk in cash and cash equivalents. The Company also maintains cash in bank accounts in Mexico and Gabon. These accounts are denominated in the local currency and are considered uninsured. As of April 30, 2016 and October 31, 2015, the U.S. dollar equivalent balance for these accounts was $110,258 and $19,393, respectively. Interest Rate Risk The Company holds substantially all of the Company’s cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the six months ended April 30, 2016, a 1% decrease in interest rates would have resulted in a reduction of approximately $169 in interest income for the period. Foreign Currency Exchange Risk Certain purchases of labor, operating supplies and capital assets are denominated in $CDN, Mexican Pesos (“$MXN”), Central African Francs (“$CFA”) or other currencies. As a result, currency exchange fluctuations may impact the costs of the Company’s operations. Specifically, the appreciation of the $MXN, $CDN or $CFA against the U.S. dollar may result in an increase in operating expenses and capital costs in U.S. dollar terms. As of April 30, 2016, the Company maintained the majority of its cash balance in U.S. dollars. The Company currently does not engage in any currency hedging activities.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Apr. 30, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 – Compliance with Environmental Regulations The Company’s 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. Property Concessions in Mexico To properly maintain property concessions in Mexico, the Company is required to pay a semi-annual fee to the Mexican government and complete annual assessment work. In addition two of the concessions in the Sierra Mojada project are subject to options to purchase from existing third party concession owners. Pursuant to the option purchase agreements, the Company is required to make certain payments over the terms of these contracts to obtain full ownership of these concessions as set forth in the table below: Nuevo Dulces Nombres (Centenario) and Yolanda III (two concessions) Payment Date Payment Amount (1) Monthly payment beginning August 2016 and ending July 2018 $20,000 per month (1) Until July 2018, the Company has the option of acquiring Nuevo Dulces Nombres (100% interest) for $4 million and Yolanda III (100% interest) for $2 million plus a lump sum payment equal to any remaining monthly payments. Royalty The Company has agreed to pay a 2% net smelter return royalty on certain property concessions within the Sierra Mojada Property based on revenues generated from production. Total payments under this royalty are limited to $6.875 million (the “Royalty”). Litigation and Claims On May 20, 2014 a local cooperative named Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. (“Mineros Norteños”) filed an action (the “Action”) in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company’s subsidiary, Minera, claiming that Minera breached an agreement regarding the development of the Sierra Mojada project. On January 19, 2015, the case was moved to the Second District Court (of federal jurisdiction). Mineros Norteños is seeking payment of the Royalty, including interest at a rate of 6% per annum since August 30, 2004, notwithstanding that no revenue has been produced from the applicable mining concessions, and it is also seeking payment of wages to the cooperative’s members since August 30, 2004, notwithstanding that none of the individuals were ever hired or performed work for Minera under this agreement and Minera never committed to hiring them. The Company and the Company’s Mexican legal counsel believe that this claim is without merit and have asserted all applicable defenses. All necessary testimony and evidence has been produced before the court and the Company expects to receive the final judgment of the court prior to the end of the third quarter. The Company has not accrued any amounts in its unaudited interim condensed consolidated financial statements with respect to this claim. On February 15, 2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, “Valdez”) filed an action before the Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company’s subsidiary, Minera, claiming that Minera had breached an agreement regarding the development of the Sierra Mojada project. Valdez seeks payment in the amount of $5.9 million for the alleged breach of the agreement. On April 28, 2016, Minera filed its response to the complaint, asserting various defenses, including that Minera terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez. The lawsuit is currently in the phase of evidence submission by the parties. The Company has not accrued any amounts in its unaudited interim condensed consolidated financial statements with respect to this claim. From time to time, the Company is involved in other disputes, claims, proceedings and legal actions arising in the ordinary course of business. The Company intends to vigorously defend all claims against the Company, and pursue its full legal rights in cases where the Company has been harmed. Although the ultimate outcome of these proceedings cannot be accurately predicted due to the inherent uncertainty of litigation, in the opinion of management, based upon current information, no other currently pending or overtly threatened proceeding is expected to have a material adverse effect on the Company’s business, financial condition or results of operations.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Apr. 30, 2016
SEGMENT INFORMATION [Abstract]
SEGMENT INFORMATION	NOTE 17 – SEGMENT INFORMATION The Company operates in a single reportable segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico. Geographic information is approximately For the Three Months Ended For the Six Months Ended April 30, April 30, 2016 2015 2016 2015 Mexico $ 37,000 $ (168,000 ) $ (125,000 ) $ (455,000 ) Canada (342,000 ) (359,000 ) (645,000 ) (833,000 ) Gabon (9,000 ) 6,000 (9,000 ) (94,000 ) Loss from Continuing Operations (314,000 ) (521,000 ) (779,000 ) (1,382,000 ) (Loss) income from discontinued operations — (11,000 ) — 126,000 Net Loss $ (314,000 ) $ (532,000 ) $ (779,000 ) $ (1,256,000 ) The following table details allocation of assets included in the accompanying balance sheet at April 30, 2016: Canada Mexico Gabon Total Cash and cash equivalents $ 298,000 $ 110,000 $ - $ 408,000 Value-added tax receivable, net - 111,000 - 111,000 Other receivables 4,000 2,000 - 6,000 Prepaid expenses and deposits 54,000 27,000 1,000 82,000 Assets held for sale - 29,000 - 29,000 Office and mining equipment, net - 240,000 - 240,000 Property concessions - 5,563,000 - 5,563,000 Goodwill - 2,058,000 - 2,058,000 $ 356,000 $ 8,140,000 $ 1,000 $ 8,497,000 The following table details allocation of assets included in the accompanying balance sheet at October 31, 2015: Canada Mexico Gabon Total Cash and cash equivalents $ 932,000 $ 18,000 $ 1,000 $ 951,000 Value-added tax receivable, net - 132,000 - 132,000 Other receivables 10,000 11,000 - 21,000 Prepaid expenses and deposits 104,000 30,000 1,000 135,000 Office and mining equipment, net - 306,000 - 306,000 Property concessions - 5,593,000 - 5,593,000 Goodwill - 2,058,000 - 2,058,000 $ 1,046,000 $ 8,148,000 $ 2,000 $ 9,196,000 The Company has significant assets in Coahuila, Mexico. Although Mexico is generally considered economically stable, it is always possible that unanticipated events in Mexico could disrupt the Company’s operations. Neither the Mexican government nor the Gabonese government requires foreign entities to maintain cash reserves in its respective country. The following table details allocation of exploration and property holding costs for the exploration properties: For the Three Months Ended For the Six Months Ended April 30, April 30, 2016 2015 2016 2015 Exploration and property holding (costs) recovery for the period Mexico Sierra Mojada $ (96,000 ) $ (158,000 ) $ (253,000 ) $ (431,000 ) Gabon Mitzic (10,000 ) 4,000 (10,000 ) (12,000 ) $ (106,000 ) $ (154,000 ) $ (263,000 ) $ (443,000 )

SIGNIFICANT ACCOUNTING POLICI24

SIGNIFICANT ACCOUNTING POLICIES (Policy)	6 Months Ended
	Apr. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in the Six-Month Period Ended April 30, 2016 Effective November 1, 2015 the Company adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ Recent Accounting Pronouncements Not Yet Adopted In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for the Company’s fiscal year beginning November 1, 2017. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, and disclosures at this time. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date,” which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” to become effective for the Company’s fiscal year beginning November 1, 2018. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in Accounting Standards Codification 810. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability To Continue as a Going Concern.” ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The update provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for the Company’s fiscal year and interim periods within those years beginning after November 1, 2017. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed to have a material impact on the Company’s present or future consolidated financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Apr. 30, 2016
DISCONTINUED OPERATIONS [Abstract]
Schedule of Financial Information Included in Income and Balance Sheet from Discontinued Operations	The following table details selected financial information included in the income from discontinued operations for the three months and six months ended April 30, 2016 and 2015. For the Three Months Ended April 30, For the Six Months Ended April 30, 2016 2015 2016 2015 Exploration and property holding costs $ — $ — $ — $ 85,542 Depreciation and asset impairment — — — 3,305 Foreign currency transaction loss — — — 70,430 Loss (gain) on sale of assets of discontinued operations, net of income taxes — 10,963 — (285,406 ) Loss (income) from discontinued operations, net of income taxes $ — $ 10,963 $ — $ (126,129 )

VALUE-ADDED TAX RECEIVABLE (Tab

VALUE-ADDED TAX RECEIVABLE (Tables)	6 Months Ended
	Apr. 30, 2016
VALUE-ADDED TAX RECEIVABLE [Abstract]
Summary of the Changes in the Allowance for Uncollectible Taxes	A summary of the changes in the allowance for uncollectible VAT taxes for the six months ended April 30, 2016 is as follows: Allowance for uncollectible VAT taxes – October 31, 2015 $ 103,429 Provision for uncollectible VAT taxes 61 Foreign currency translation adjustment (4,100 ) Write-off VAT receivable (602 ) Allowance for uncollectible VAT taxes – April 30, 2016 $ 98,788

OFFICE AND MINING EQUIPMENT (Ta

OFFICE AND MINING EQUIPMENT (Tables)	6 Months Ended
	Apr. 30, 2016
OFFICE AND MINING EQUIPMENT [Abstract]
Summary of Office and Mining Equipment	The following is a summary of the Company’s office and mining equipment at April 30, 2016 and October 31, 2015, respectively: April 30, October 31, 2016 2015 Mining equipment $ 251,697 $ 504,451 Vehicles 53,451 81,261 Buildings and structures 182,436 191,966 Computer equipment and software 83,701 83,701 Well equipment 39,637 39,637 Office equipment 52,931 52,931 663,853 953,947 Less: Accumulated depreciation (423,638 ) (648,333 ) Office and mining equipment, net $ 240,215 $ 305,614

PROPERTY CONCESSIONS (Tables)

PROPERTY CONCESSIONS (Tables)	6 Months Ended
	Apr. 30, 2016
PROPERTY CONCESSIONS [Abstract]
Summary of Property Concessions	The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at April 30, 2016 and October 31, 2015, respectively: Property concessions – October 31, 2015 $ 5,593,263 Impairment (30,170 ) Property concessions – April 30, 2016 $ 5,563,093

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Apr. 30, 2016
GOODWILL [Abstract]
Summary of the Goodwill Balance	The following is a summary of the Company’s goodwill balance as at April 30, 2016 and October 31, 2015, respectively: Goodwill – October 31, 2015 $ 2,058,031 Goodwill – April 30, 2016 $ 2,058,031

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	6 Months Ended
	Apr. 30, 2016
STOCK OPTIONS [Abstract]
Schedule of Assumptions Used to Value Stock Options Granted	A summary of the range of assumptions used to value stock options granted for the six months ended April 30, 2016 and 2015 are as follows: Six Months Ended April 30, Options 2016 2015 Expected volatility 65% - 70% — Risk-free interest rate 0.83% - 0.98% — Dividend yield — — Expected term (in years) 2.50 – 3.50 —
Schedule of Stock Option Activity	The following is a summary of stock option activity for the six months ended April 30, 2016: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at October 31, 2015 8,657,858 $ 0.46 2.36 $ — Granted 4,075,000 $ 0.06 Forfeited or Cancelled (600,000) $ 1.09 Outstanding at April 30, 2016 12,132,858 $ 0.30 2.89 $ 204,687 Exercisable at April 30, 2016 8,941,193 $ 0.37 2.28 $ 68,229
Schedule of Stock Options Outstanding and Exercisable by Exercise Price Range	Summarized information about stock options outstanding and exercisable at April 30, 2016 is as follows: Options Outstanding Options Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.06 4,075,000 4.82 $ 0.06 1,358,334 $ 0.06 0.26 2,650,000 2.97 0.26 2,175,001 0.26 0.37 1,785,000 2.07 0.37 1,785,000 0.37 0.44 – 0.70 3,580,000 1.06 0.53 3,580,000 0.53 2.18 42,858 1.72 2.18 42,858 2.18 $ 0.06 - 2.18 12,132,858 2.89 $ 0.30 8,941,193 $ 0.37

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Apr. 30, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
Schedule of Payments Required to Obtain Full Ownership of Property Concessions	Pursuant to the option purchase agreements, the Company is required to make certain payments over the terms of these contracts to obtain full ownership of these concessions as set forth in the table below: Nuevo Dulces Nombres (Centenario) and Yolanda III (two concessions) Payment Date Payment Amount (1) Monthly payment beginning August 2016 and ending July 2018 $20,000 per month (1) Until July 2018, the Company has the option of acquiring Nuevo Dulces Nombres (100% interest) for $4 million and Yolanda III (100% interest) for $2 million plus a lump sum payment equal to any remaining monthly payments.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Apr. 30, 2016
SEGMENT INFORMATION [Abstract]
Schedule of Net Income (Loss) by Segment	Geographic information is approximately For the Three Months Ended For the Six Months Ended April 30, April 30, 2016 2015 2016 2015 Mexico $ 37,000 $ (168,000 ) $ (125,000 ) $ (455,000 ) Canada (342,000 ) (359,000 ) (645,000 ) (833,000 ) Gabon (9,000 ) 6,000 (9,000 ) (94,000 ) Loss from Continuing Operations (314,000 ) (521,000 ) (779,000 ) (1,382,000 ) (Loss) income from discontinued operations — (11,000 ) — 126,000 Net Loss $ (314,000 ) $ (532,000 ) $ (779,000 ) $ (1,256,000 )
Schedule of the Allocation of Assets by Segment	The following table details allocation of assets included in the accompanying balance sheet at April 30, 2016: Canada Mexico Gabon Total Cash and cash equivalents $ 298,000 $ 110,000 $ - $ 408,000 Value-added tax receivable, net - 111,000 - 111,000 Other receivables 4,000 2,000 - 6,000 Prepaid expenses and deposits 54,000 27,000 1,000 82,000 Assets held for sale - 29,000 - 29,000 Office and mining equipment, net - 240,000 - 240,000 Property concessions - 5,563,000 - 5,563,000 Goodwill - 2,058,000 - 2,058,000 $ 356,000 $ 8,140,000 $ 1,000 $ 8,497,000
Schedule of Exploration and Property Holding Costs by Segment	The following table details allocation of assets included in the accompanying balance sheet at October 31, 2015: Canada Mexico Gabon Total Cash and cash equivalents $ 932,000 $ 18,000 $ 1,000 $ 951,000 Value-added tax receivable, net - 132,000 - 132,000 Other receivables 10,000 11,000 - 21,000 Prepaid expenses and deposits 104,000 30,000 1,000 135,000 Office and mining equipment, net - 306,000 - 306,000 Property concessions - 5,593,000 - 5,593,000 Goodwill - 2,058,000 - 2,058,000 $ 1,046,000 $ 8,148,000 $ 2,000 $ 9,196,000

ORGANIZATION, DESCRIPTION OF 33

ORGANIZATION, DESCRIPTION OF BUSINESS AND LIQUIDITY (Details)	1 Months Ended
	Jun. 03, 2016CADCAD / sharesshares	Apr. 30, 2016USD ($)	Oct. 31, 2015USD ($)
Accumulated Deficit		$ 118,826,021	$ 118,046,936
Working capital		199,587
Cash and cash equivalents		$ 407,877	$ 950,878
Subsequent Event [Member]
Number of units issued through private placement | shares	7,692,310
Price per unit sold through private placement | CAD / shares	CAD 0.13
Proceeds from private placement | CAD	CAD 1,000,000

DISCONTINUED OPERATIONS (Narrat

DISCONTINUED OPERATIONS (Narrative) (Details)	Jan. 23, 2015USD ($)
DISCONTINUED OPERATIONS [Abstract]
Ownership percentage held by entity	100.00%
Cash consideration	$ 1,500,000
Reimbursement expenses	75,000
Transaction costs	$ 212,117

DISCONTINUED OPERATIONS (Schedu

DISCONTINUED OPERATIONS (Schedule of Financial Information Included in Income from Discontinued Operations) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
DISCONTINUED OPERATIONS [Abstract]
Exploration and property holding costs				$ 85,542
Depreciation and asset impairment				3,305
Foreign currency transaction loss				70,430
Loss (gain) on sale of assets of discontinued operations, net of income taxes		$ 10,963		(285,406)
Loss (income) from discontinued operations, net of income taxes		$ 10,963		$ (126,129)

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - shares	6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
LOSS PER SHARE [Abstract]
Anti-dilutive shares, stock options and warrants	12,132,858	10,330,358

VALUE-ADDED TAX RECEIVABLE (Nar

VALUE-ADDED TAX RECEIVABLE (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015	Oct. 31, 2015
VALUE-ADDED TAX RECEIVABLE [Abstract]
Value-added tax receivable, current	$ 110,987		$ 110,987		$ 132,207
(Recovery of) provision for uncollectible value-added taxes	$ (232)	$ 6,485	$ 61	$ 6,235

VALUE-ADDED TAX RECEIVABLE (Sum

VALUE-ADDED TAX RECEIVABLE (Summary of the Changes in the Allowance for Uncollectible Taxes) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
VALUE-ADDED TAX RECEIVABLE [Abstract]
Allowance for uncollectible VAT taxes, beginning balance			$ 103,429
Provision for uncollectible VAT Taxes	$ (232)	$ 6,485	61	$ 6,235
Foreign currency translation adjustment			(4,100)
Write-off VAT receivable			(602)
Allowance for uncollectible VAT taxes, ending balance	$ 98,788		$ 98,788

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($)	6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Oct. 31, 2015
ASSETS HELD FOR SALE [Abstract]
Assets held for sale	$ 28,795
Impairment of assets held for sale	7,554
Gain on sale of office and mining equipment	$ 127,612

OFFICE AND MINING EQUIPMENT (De

OFFICE AND MINING EQUIPMENT (Details) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	$ 663,853	$ 953,947
Less: Accumulated depreciation	(423,638)	(648,333)
Office and mining equipment, net	240,215	305,614
Mining equipment [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	251,697	504,451
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	53,451	81,261
Building and structures [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	182,436	191,966
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	83,701	83,701
Well equipment [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	39,637	39,637
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	$ 52,931	$ 52,931

PROPERTY CONCESSIONS (Details)

PROPERTY CONCESSIONS (Details)	6 Months Ended
	Apr. 30, 2016USD ($)
PROPERTY CONCESSIONS [Abstract]
Property Concessions, beginning balance	$ 5,593,263
Impairment	(30,170)
Property Concessions, ending balance	$ 5,563,093

GOODWILL (Narrative) (Details)

GOODWILL (Narrative) (Details)	6 Months Ended
	Apr. 30, 2016USD ($)
GOODWILL [Abstract]
Goodwill impairment loss

GOODWILL (Summary of the Goodwi

GOODWILL (Summary of the Goodwill Balance) (Details) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
GOODWILL [Abstract]
Goodwill	$ 2,058,031	$ 2,058,031

ACCRUED LIABILITIES AND EXPEN44

ACCRUED LIABILITIES AND EXPENSES (Details)	6 Months Ended
	Apr. 30, 2016USD ($)
ACCRUED LIABILITIES AND EXPENSES [Abstract]
Insurance premium interest rate	7.99%
Insurance premium maturity period	1 year
Accrued liabilities and expenses	$ 21,750

SHAREHOLDER RIGHTS PLAN (Detail

SHAREHOLDER RIGHTS PLAN (Details) - $ / shares	6 Months Ended
	Apr. 30, 2016	Oct. 31, 2015
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	159,072,657	159,072,657
Stock Appreciation Rights (SARs) [Member]
Class of Warrant or Right [Line Items]
Shareholder Rights, record date	Jun. 22, 2007
Common stock, shares outstanding	159,072,657
Expiration date of Shareholders Rights	Jun. 11, 2017
Minimum purchase of ownership percentage to activate Rights	20.00%
Purchase price per Right	$ 20

COMMON STOCK (Details)

COMMON STOCK (Details) - shares	6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
COMMON STOCK [Abstract]
Stock issued during period, shares	0	0

STOCK OPTIONS (Narrative) (Deta

STOCK OPTIONS (Narrative) (Details)	6 Months Ended
	Apr. 30, 2016USD ($)$ / sharesshares	Apr. 30, 2016USD ($)CAD / sharesshares	Apr. 30, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total options granted during the period	4,075,000		0
Weighted-average grant date fair value of options granted during period | $ / shares	$ 0.02
Granted | $ / shares	$ 0.06
Total options exercised during the period	0		0
Stock-based compensation costs recognized during the period | $	$ 56,237		$ 61,014
Total unrecognized compensation costs related to non-vested share based compensation arrangements granted under qualified stock option plans | $	$ 61,887	$ 61,887
2006 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The number of shares authorized under the plan	5,000,000	5,000,000
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The number of shares authorized under the plan	30,000,000	30,000,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for remaining compensation costs to be recognized	7 months 13 days
Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for plan	1 year
Contractual term for options	2 years
Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for plan	2 years
Contractual term for options	10 years
Canadian Dollars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | CAD / shares		$ 0.075

STOCK OPTIONS (Schedule of Assu

STOCK OPTIONS (Schedule of Assumptions Used to Value Stock Options Granted) (Details)	6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	65.00%
Expected volatility, maximum	70.00%
Risk-free interest rate, minimum	0.83%
Risk-free interest rate, maximum	0.98%
Dividend yield
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term	2 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term	3 years 6 months

STOCK OPTIONS (Summary of Stock

STOCK OPTIONS (Summary of Stock Option Activity) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Oct. 31, 2015
Shares
Outstanding, beginning	8,657,858
Granted	4,075,000	0
Forfeited or Cancelled	(600,000)
Outstanding, ending	12,132,858		8,657,858
Weighted Average Exercise Price
Outstanding, beginning	$ 0.46
Granted	0.06
Forfeited or Cancelled	1.09
Outstanding, ending	$ 0.30		$ 0.46
Weighted average remaining contractual life, Outstanding	2 years 10 months 21 days		2 years 4 months 10 days
Aggregate intrinsic value, Outstanding	$ 204,687
Exercisable
Shares	8,941,193
Weighted average exercise price	$ 0.37
Weighted average remaining contractual life, Exercisable	2 years 3 months 11 days
Aggregate intrinsic value, Exercisable	$ 68,229

STOCK OPTIONS (Summarized Infor

STOCK OPTIONS (Summarized Information of Stock Options Outstanding and Exercisable) (Details)	6 Months Ended
	Apr. 30, 2016$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum exercise price	$ 0.06
Maximum exercise price	$ 2.18
Number of options outstanding | shares	12,132,858
Weighted Average Remaining Contractual Life (Years)	2 years 10 months 21 days
Weighted Average Exercise Price	$ 0.30
Number Exercisable | shares	8,941,193
Options Exercisable - Weighted Average Exercise Price	$ 0.37
0.06 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding | shares	4,075,000
Weighted Average Remaining Contractual Life (Years)	4 years 9 months 26 days
Weighted Average Exercise Price	$ 0.06
Number Exercisable | shares	1,358,334
Options Exercisable - Weighted Average Exercise Price	$ 0.06
0.26 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding | shares	2,650,000
Weighted Average Remaining Contractual Life (Years)	2 years 11 months 19 days
Weighted Average Exercise Price	$ 0.26
Number Exercisable | shares	2,175,001
Options Exercisable - Weighted Average Exercise Price	$ 0.26
0.37 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding | shares	1,785,000
Weighted Average Remaining Contractual Life (Years)	2 years 26 days
Weighted Average Exercise Price	$ 0.37
Number Exercisable | shares	1,785,000
Options Exercisable - Weighted Average Exercise Price	$ 0.37
0.44 - 0.70 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum exercise price	0.44
Maximum exercise price	$ 0.7
Number of options outstanding | shares	3,580,000
Weighted Average Remaining Contractual Life (Years)	1 year 22 days
Weighted Average Exercise Price	$ 0.53
Number Exercisable | shares	3,580,000
Options Exercisable - Weighted Average Exercise Price	$ 0.53
2.18 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding | shares	42,858
Weighted Average Remaining Contractual Life (Years)	1 year 8 months 19 days
Weighted Average Exercise Price	$ 2.18
Number Exercisable | shares	42,858
Options Exercisable - Weighted Average Exercise Price	$ 2.18

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details)	6 Months Ended
	Apr. 30, 2016USD ($)	Apr. 30, 2016CAD	Oct. 31, 2015USD ($)
Cash balance insured by FDIC per financial institution	$ 250,000
Cash balance insured by CDIC per financial institution | CAD		CAD 100,000
Value of total cash accounts held in Mexico and Gabon	110,258		$ 19,393
Effect of a 1% decrease in interest rates on interest income	169
US Dollars [Member]
Cash balances not insured	217,726		854,979
Canadian Dollars [Member]
Cash balances not insured	$ 217,726		$ 854,979

COMMITMENTS AND CONTINGENCIES52

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions	6 Months Ended
	Apr. 30, 2016USD ($)
Litigation and Claims:
Interest rate sought on the Royalty	6.00%
Damages sought in litigation matter	$ 5.9

COMMITMENTS AND CONTINGENCIES53

COMMITMENTS AND CONTINGENCIES (Property Concessions) (Details)	6 Months Ended
	Apr. 30, 2016USD ($)
Nuevo Dulces Nombres (Centenario) and Yolanda III [Member]
Property Concessions By Location Of Concessions [Line Items]
Monthly payment through 48 months after the initial payment date to obtain full ownership of concession	$ 20,000
Payment date of first property concession payment	Aug. 1, 2016
Date the property acquisition option expires	Jul. 31, 2018
Nuevo Dulces Nombres [Member]
Property Concessions By Location Of Concessions [Line Items]
Purchase price for the acquisition of 100% of the concession	$ 4,000,000
Yolanda III [Member]
Property Concessions By Location Of Concessions [Line Items]
Purchase price for the acquisition of 100% of the concession	$ 2,000,000
Sierra Mojada Property Concession [Member]
Property Concessions By Location Of Concessions [Line Items]
Percentage rate of net smelter return royalties	2.00%
The maximum net smelter return royalties that can be paid	$ 6,875,000

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of Segment Net Loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Segment Reporting Information [Line Items]
Loss from Continuing Operations	$ (313,952)	$ (521,271)	$ (779,085)	$ (1,382,004)
Discontinued Operations		(10,963)		126,129
Net loss	$ (313,952)	(532,234)	$ (779,085)	(1,255,875)
Mexico [Member]
Segment Reporting Information [Line Items]
Loss from Continuing Operations	37,000	(168,000)	(125,000)	(455,000)
Canada [Member]
Segment Reporting Information [Line Items]
Loss from Continuing Operations	(342,000)	(359,000)	(645,000)	(833,000)
Gabon [Member]
Segment Reporting Information [Line Items]
Loss from Continuing Operations	$ (9,000)	$ 6,000	$ (9,000)	$ (94,000)

SEGMENT INFORMATION (Schedule55

SEGMENT INFORMATION (Schedule of Segment Assets) (Details) - USD ($)	Apr. 30, 2016	Oct. 31, 2015
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 407,877	$ 950,878
Value-added tax receivable, current	110,987	132,207
Other receivables	6,047	18,400
Prepaid expenses and deposits	81,625	$ 135,421
Assets held for sale	28,795
Office and mining equipment, net	240,215	$ 305,614
Property concessions	5,563,093	5,593,263
Goodwill	2,058,031	2,058,031
TOTAL ASSETS	8,496,670	9,196,410
Canada [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 298,000	$ 932,000
Value-added tax receivable, current
Other receivables	$ 4,000	$ 10,000
Prepaid expenses and deposits	$ 54,000	$ 104,000
Assets held for sale
Office and mining equipment, net
Property concessions
Goodwill
TOTAL ASSETS	$ 356,000	$ 1,046,000
Mexico [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	110,000	18,000
Value-added tax receivable, current	111,000	132,000
Other receivables	2,000	11,000
Prepaid expenses and deposits	27,000	$ 30,000
Assets held for sale	29,000
Office and mining equipment, net	240,000	$ 306,000
Property concessions	5,563,000	5,593,000
Goodwill	2,058,000	2,058,000
TOTAL ASSETS	$ 8,140,000	8,148,000
Gabon [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 1,000
Value-added tax receivable, current
Other receivables
Prepaid expenses and deposits	$ 1,000	$ 1,000
Assets held for sale
Office and mining equipment, net
Property concessions
Goodwill
TOTAL ASSETS	$ 1,000	$ 2,000

SEGMENT INFORMATION (Schedule56

SEGMENT INFORMATION (Schedule of Segment Exploration and Property Holding Costs) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Segment Reporting Information [Line Items]
Exploration and property holding costs for the period	$ (105,617)	$ (153,519)	$ (262,713)	$ (443,248)
Mexico [Member]
Segment Reporting Information [Line Items]
Exploration and property holding costs for the period	(96,000)	(158,000)	(253,000)	(431,000)
Mitzic, Gabon [Member]
Segment Reporting Information [Line Items]
Exploration and property holding costs for the period	$ (10,000)	$ 4,000	$ (10,000)	$ (12,000)