Silver Bull Resources (SVBL) 10-Q 16 Mar 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jan. 31, 2017	Mar. 16, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		177,894,967

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2017	Oct. 31, 2016
CURRENT ASSETS
Cash and cash equivalents (Note 15)	$ 766,855	$ 1,467,328
Value-added tax receivable, net of allowance for uncollectible taxes of $82,128 and $88,283 respectively (Note 5)	142,999	117,276
Other receivables	8,359	4,652
Prepaid expenses and deposits	95,674	116,271
Assets held for sale (Note 6)	21,283	21,283
Total Current Assets	1,035,170	1,726,810
Office and mining equipment, net (Note 7)	218,618	226,301
Property concessions (Note 8)	5,004,386	5,004,386
Goodwill (Note 9)	2,058,031	2,058,031
TOTAL ASSETS	8,316,205	9,015,528
CURRENT LIABILITIES
Accounts payable	87,399	133,274
Accrued liabilities and expenses (Note 10)	247,758	334,297
Income tax payable	7,999	10,623
Total Current Liabilities	343,156	478,194
COMMITMENTS AND CONTINGENCIES (Notes 1, 11 and 16)
STOCKHOLDERS' EQUITY (Notes 11, 12, 13 and 14)
Common stock, $0.01 par value; 300,000,000 shares authorized, 177,894,967 and 177,894,967 shares issued and outstanding, respectively	1,778,949	1,778,949
Additional paid-in capital	126,837,349	126,820,897
Accumulated deficit	(120,865,278)	(120,281,820)
Other comprehensive income	222,029	219,308
Total Stockholders' Equity	7,973,049	8,537,334
TOTAL LIABILITIES AND STOCKHOLDER' EQUITY	$ 8,316,205	$ 9,015,528

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jan. 31, 2017	Oct. 31, 2016
Statement of Financial Position [Abstract]
Allowance for uncollectible taxes, current	$ 82,128	$ 88,283
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	177,894,967	177,894,967
Common stock, shares outstanding	177,894,967	177,894,967

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Income Statement [Abstract]
REVENUES
EXPLORATION AND PROPERTY HOLDING COSTS
Exploration and property holding costs	360,197	106,593
Depreciation, asset and property concessions' impairment (Notes 6 and 8)	7,682	50,503
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS	367,879	157,096
GENERAL AND ADMINISTRATIVE EXPENSES
Personnel	116,188	105,085
Office and administrative	61,929	79,921
Professional services	41,751	91,664
Directors' fees	34,796	28,130
(Recovery of) provision for uncollectible value-added taxes (Note 5)	(51,170)	293
Depreciation
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES	203,494	305,093
LOSS FROM OPERATIONS	(571,373)	(462,189)
OTHER (EXPENSES) INCOME
Interest income	508	291
Interest and finance costs (Note 10)	(925)	(714)
Foreign currency transaction loss	(13,786)	(5,309)
Miscellaneous income		1,588
TOTAL OTHER EXPENSES	(14,203)	(4,144)
LOSS BEFORE INCOME TAXES	(585,576)	(466,333)
INCOME TAX RECOVERY	2,118	1,200
NET LOSS	(583,458)	(465,133)
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustments	2,721	1,201
COMPREHENSIVE LOSS	$ (580,737)	$ (463,932)
BASIC AND DILUTED NET LOSS PER COMMON SHARE
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	177,894,967	159,072,657

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Jan. 31, 2017 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Other Comprehensive Income [Member]	Total
Balance at Oct. 31, 2016	$ 1,778,949	$ 126,820,897	$ (120,281,820)	$ 219,308	$ 8,537,334
Balance, shares at Oct. 31, 2016	177,894,967				177,894,967
Stock option activity as follows:
Stock-based compensation for options issued to officers, employees and consultants		16,452			$ 16,452
Other comprehensive income				2,721	2,721
Net loss			(583,458)		(583,458)
Balance at Jan. 31, 2017	$ 1,778,949	$ 126,837,349	$ (120,865,278)	$ 222,029	$ 7,973,049
Balance, shares at Jan. 31, 2017	177,894,967				177,894,967

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (583,458)	$ (465,133)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation, asset and property concessions' impairment	7,682	50,503
(Recovery of) provision for uncollectible value-added taxes	(51,170)	293
Other income		675
Foreign currency transaction loss	3,362	16,793
Stock options issued for compensation	16,452	6,005
Changes in operating assets and liabilities:
Value-added tax receivable	(38,202)	1,439
Income taxes receivable		(569)
Other receivables	(3,844)	2,559
Prepaid expenses and deposits	19,743	27,166
Accounts payable	(45,882)	(3,553)
Accrued liabilities and expenses	(24,752)	5,810
Income tax payable	(2,096)	(434)
Net cash used by operating activities	(702,165)	(358,446)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment		869
Net cash provided by investing activities		869
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash provided by financing activities
Effect of exchange rates on cash and cash equivalents	1,692	(7,892)
Net decrease in cash and cash equivalents	(700,473)	(365,469)
Cash and cash equivalents beginning of period	1,467,328	950,878
Cash and cash equivalents end of period	766,855	585,409
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid		178
Interest paid	$ 925	$ 714

ORGANIZATION, DESCRIPTION OF BU

ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN	3 Months Ended
	Jan. 31, 2017
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 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 Metalin") and Contratistas de Sierra Mojada S.A. de C.V. ("Contratistas") and through Minera Metalin'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. The Company's efforts and expenditures have been concentrated on the exploration of properties, principally 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 $120,865,278. 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 January 31, 2017, the Company had working capital of $692,014 and cash and cash equivalents of $766,855. 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. Accordingly, These 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	3 Months Ended
	Jan. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION The Company's 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 interim condensed consolidated balance sheet at October 31, 2016 was derived from the audited consolidated financial statements. Accordingly, these 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, 2016. The 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 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 interim condensed consolidated financial statements. Accordingly, operating results for the three months ended January 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2017.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jan. 31, 2017
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies are defined in the Company's Annual Report on Form 10-K for the year ended October 31, 2016 filed on January 19, 2017, except as follows. Recent Accounting Pronouncements Adopted in the Three-Month Period Ended January 31, 2017 Effective November 1, 2016 the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update (" 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. Effective November 1, 2016 the Company adopted the FASB 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. Effective November 1, 2016 the Company adopted the FASB ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," which amends the consolidation requirements in Accounting Standards Codification 810. Recent Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment (Topic 350) - Intangibles—Goodwill and Other," which will simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. These changes become effective for the Company's fiscal year beginning November 1, 2020. Early adoption is permitted. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230) - Restricted Cash," which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments," which provides guidance on the presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not expected to have a material impact on the Company's present or future interim condensed consolidated financial statements.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
	Jan. 31, 2017
Earnings Per Share [Abstract]
LOSS PER SHARE	NOTE 4 – LOSS PER SHARE The Company had stock options and warrants outstanding at January 31, 2017 and January 31, 2016 that upon exercise were issuable into 15,209,686 and 8,657,858 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	3 Months Ended
	Jan. 31, 2017
VALUE-ADDED TAX RECEIVABLE [Abstract]
VALUE-ADDED TAX RECEIVABLE	NOTE 5 – VALUE-ADDED TAX RECEIVABLE Value-added tax ("VAT") receivable relates to VAT paid in Mexico. The Company estimates net VAT of $142,999 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 returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions. During the three months ended January 31, 2017, a recovery of VAT originating from Gabon of $51,170 has been recorded in the condensed consolidated statements of operations and comprehensive loss. A summary of the changes in the allowance for uncollectible VAT taxes for the three months ended January 31, 2017 is as follows: Allowance for uncollectible VAT taxes – October 31, 2016 $ 88,283 VAT receivable allowance 1,781 Foreign currency translation adjustment (7,859 ) Write-off VAT receivable (77 ) Allowance for uncollectible VAT taxes – January 31, 2017 $ 82,128

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Jan. 31, 2017
Asset Impairment Charges [Abstract]
ASSETS HELD FOR SALE	NOTE 6 – ASSETS HELD FOR SALE The Company has classified certain office and mining equipment as assets held for sale as at January 31, 2017 as these assets were ready 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 January 31, 2017, the assets held for sale had a net book value of $21,283. An impairment of $nil and $7,554 were recorded on assets held for sale during the three months ended January 31, 2017 and January 31, 2016, respectively.

OFFICE AND MINING EQUIPMENT

OFFICE AND MINING EQUIPMENT	3 Months Ended
	Jan. 31, 2017
Property, Plant and Equipment [Abstract]
OFFICE AND MINING EQUIPMENT	NOTE 7 – OFFICE AND MINING EQUIPMENT The following is a summary of the Company's office and mining equipment at January 31, 2017 and October 31, 2016, respectively: January 31, October 31, 2017 2016 Mining equipment $ 291,529 $ 291,529 Vehicles 53,451 53,451 Buildings and structures 182,436 182,436 Computer equipment and software 83,701 83,701 Well equipment 39,637 39,637 Office equipment 52,931 52,931 703,685 703,685 Less: Accumulated depreciation (485,067 ) (477,384 ) Office and mining equipment, net $ 218,618 $ 226,301

PROPERTY CONCESSIONS

PROPERTY CONCESSIONS	3 Months Ended
	Jan. 31, 2017
PROPERTY CONCESSIONS [Abstract]
PROPERTY CONCESSIONS	NOTE 8 – PROPERTY CONCESSIONS The following is a summary of the Company's property concessions in Sierra Mojada, Mexico as at January 31, 2017 and October 31, 2016: Property concessions – January 31, 2017 and October 31, 2016 $ 5,004,386 During the three months ended January 31, 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	3 Months Ended
	Jan. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	NOTE 9 – 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. fair value of the reporting unit is less than its carrying amount. The Company performs its annual goodwill impairment tests at April 30th of each fiscal year. The following Goodwill – January 31, 2017 and October 31, 2016 $ 2,058,031

ACCRUED LIABILITIES AND EXPENSE

ACCRUED LIABILITIES AND EXPENSES	3 Months Ended
	Jan. 31, 2017
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED LIABILITIES AND EXPENSES	NOTE 10 – ACCRUED LIABILITIES AND EXPENSES The Company financed an insurance premium at an interest rate of 7.49%. The insurance premium finance agreement has a maturity of less than one year and has a balance of $43,500 which is included in accrued liabilities and expenses at January 31, 2017.

SHAREHOLDER RIGHTS PLAN

SHAREHOLDER RIGHTS PLAN	3 Months Ended
	Jan. 31, 2017
SHAREHOLDER RIGHTS PLAN [Abstract]
SHAREHOLDER RIGHTS PLAN	NOTE 11 – 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 share of 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	3 Months Ended
	Jan. 31, 2017
Stockholders' Equity Note [Abstract]
COMMON STOCK	NOTE 12 – COMMON STOCK No shares of common stock were issued during the three months ended January 31, 2017 and January 31, 2016.

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Jan. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK OPTIONS	NOTE 13 – STOCK OPTIONS The Company has one active stock option plan, the 2010 Stock Option and Stock Bonus Plan, as amended (the "2010 Plan"). Under 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. 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. However, as of May 1, 2016, no additional options may be issued under the 2006 Plan. 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. No options were granted or exercised during the three months ended January 31, 2017 and January 31, 2016. The following is a summary of stock option activity for the three months ended January 31, 2017: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at October 31, 2016 11,517,858 $ 0.28 2.66 $ 227,891 Expired (820,000) 0.54 Cancelled (28,572) 2.18 Outstanding at January 31, 2017 10,669,286 $ 0.25 2.60 $ 281,855 Exercisable at January 31, 2017 7,752,620 $ 0.32 2.04 $ 93,952 The Company recognized stock-based compensation costs for stock options of $16,452 and $6,005 for the three months ended January 31, 2017 and January 31, 2016, respectively. As of January 31, 2017, there was $30,049 of total unrecognized compensation expense which is expected to be recognized over a weighted average period of 0.56 years. Summarized information about stock options outstanding and exercisable at January 31, 2017 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 4.06 $ 0.06 1,358,334 $ 0.06 0.20 – 0.26 2,625,000 2.81 0.25 2,425,000 0.26 0.37 1,705,000 1.40 0.37 1,705,000 0.37 0.44 – 0.60 2,250,000 0.63 0.50 2,250,000 0.50 2.18 14,286 0.96 2.18 14,286 2.18 $ 0.06 – 2.18 10,669,286 2.60 $ 0.25 7,752,620 $ 0.32

WARRANTS

WARRANTS	3 Months Ended
	Jan. 31, 2017
Warrants and Rights Note Disclosure [Abstract]
WARRANTS	NOTE 14 – WARRANTS A summary of warrant activity for the three months ended January 31, 2017 is as follows: Warrants Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at October 31, 2016 4,540,400 $ 0.12 2.67 — Outstanding and exercisable at January 31, 2017 4,540,400 $ 0.12 2.42 $ 16,677 No warrants were issued or exercised during the three months ended January 31, 2017 and January 31, 2016. Summarized information about warrants outstanding and exercisable at January 31, 2017 is as follows: Warrants Outstanding and Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $ 0.12 4,340,000 2.47 $ 0.12 0.16 200,400 1.47 0.16 $ 0.12 – 0.16 4,540,400 2.42 $ 0.12

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 31, 2017
Fair Value Disclosures [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, accounts payable and accrued liabilities and expenses approximate fair value at January 31, 2017 and October 31, 2016 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 acceptable levels of creditworthiness. The Company maintains its U.S. dollar and Canadian dollar ("$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 relate to U.S. dollar deposits held in Canadian financial institutions. As of January 31, 2017 and October 31, 2016, the Company's cash and cash equivalent balances held in United States and Canadian financial institutions included $664,396 and $1,375,673 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 to cash and cash equivalents. The Company also maintains cash in bank accounts in Mexico. These accounts are denominated in the local currency and are considered uninsured. As of January 31, 2017 and October 31, 2016, the U.S. dollar equivalent balance for these accounts was $27,608 and $17,010, respectively. Interest Rate Risk The Company holds substantially all of its 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 three months ended January 31, 2017, a 1% decrease in interest rates would have resulted in a reduction of approximately $508 in interest income for the period. Foreign Currency Exchange Risk The Company is not subject to any material market risk related to foreign currency exchange rate fluctuations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jan. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 – COMMITMENTS AND CONTINGENCIES 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. Royalty The Company has agreed to pay a 2% net smelter return royalty on certain property concessions within the Sierra Mojada Property based on the revenue 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 in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company's subsidiary, Minera Metalin, claiming that Minera Metalin breached an agreement regarding the development of the Sierra Mojada project. On January 19, 2015, the case was moved to the Third 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 Metalin under this agreement and Minera Metalin 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 a preliminary or final judgment of the Federal Third Circuit Court in Chihuahua prior to the end of the second calendar quarter of 2017. The Company has not accrued any amounts in its 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 Metalin, claiming that Minera Metalin 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 Metalin filed its response to the complaint, asserting various defenses, including that Minera Metalin terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez. All means of evidence have been submitted to the Court. A final judgment is expected prior to the end of the second calendar quarter of 2017. The Company has not accrued any amounts in its 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	3 Months Ended
	Jan. 31, 2017
Segment Reporting [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 January 31, 2017 2016 Mexico $ (409,000 ) $ (162,000 ) Canada (260,000 ) (303,000 ) Gabon 86,000 — Net Loss $ (583,000 ) $ (465,000 ) The following table details the allocation of assets included in the accompanying balance sheet at January 31, 2017: Canada Mexico Total Cash and cash equivalents $ 740,000 $ 27,000 $ 767,000 Value-added tax receivable, net - 143,000 143,000 Other receivables 7,000 1,000 8,000 Prepaid expenses and deposits 75,000 21,000 96,000 Assets held for sale - 21,000 21,000 Office and mining equipment, net - 219,000 219,000 Property concessions - 5,004,000 5,004,000 Goodwill - 2,058,000 2,058,000 $ 822,000 $ 7,494,000 $ 8,316,000 The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2016: Canada Mexico Total Cash and cash equivalents $ 1,450,000 $ 17,000 $ 1,467,000 Value-added tax receivable, net - 117,000 117,000 Other receivables 3,000 2,000 5,000 Prepaid expenses and deposits 93,000 23,000 116,000 Assets held for sale - 21,000 21,000 Office and mining equipment, net - 226,000 226,000 Property concessions - 5,005,000 5,005,000 Goodwill - 2,058,000 2,058,000 $ 1,546,000 $ 7,469,000 $ 9,015,000 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. The Mexican government does not require foreign entities to maintain cash reserves in Mexico. The following table details the allocation of exploration and property holding costs for the exploration properties: For the Three Months Ended January 31, 2017 2016 Exploration and property holding (costs) recovery for the period Mexico Sierra Mojada $ (402,000 ) $ (157,000 ) Gabon Mitzic 34,000 — $ (368,000 ) $ (157,000 )

SIGNIFICANT ACCOUNTING POLICI24

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jan. 31, 2017
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in the Three-Month Period Ended January 31, 2017 Effective November 1, 2016 the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update (" 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. Effective November 1, 2016 the Company adopted the FASB 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. Effective November 1, 2016 the Company adopted the FASB ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," which amends the consolidation requirements in Accounting Standards Codification 810. Recent Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment (Topic 350) - Intangibles—Goodwill and Other," which will simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. These changes become effective for the Company's fiscal year beginning November 1, 2020. Early adoption is permitted. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230) - Restricted Cash," which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments," which provides guidance on the presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2018. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. 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. At this time, the Company has not determined the effects of this update on the Company's financial position, results of operations or cash flows and disclosures. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not expected to have a material impact on the Company's present or future interim condensed consolidated financial statements.

VALUE-ADDED TAX RECEIVABLE (Tab

VALUE-ADDED TAX RECEIVABLE (Tables)	3 Months Ended
	Jan. 31, 2017
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 three months ended January 31, 2017 is as follows: Allowance for uncollectible VAT taxes – October 31, 2016 $ 88,283 VAT receivable allowance 1,781 Foreign currency translation adjustment (7,859 ) Write-off VAT receivable (77 ) Allowance for uncollectible VAT taxes – January 31, 2017 $ 82,128

OFFICE AND MINING EQUIPMENT (Ta

OFFICE AND MINING EQUIPMENT (Tables)	3 Months Ended
	Jan. 31, 2017
Property, Plant and Equipment [Abstract]
Summary of Office and Mining Equipment	The following is a summary of the Company's office and mining equipment at January 31, 2017 and October 31, 2016, respectively: January 31, October 31, 2017 2016 Mining equipment $ 291,529 $ 291,529 Vehicles 53,451 53,451 Buildings and structures 182,436 182,436 Computer equipment and software 83,701 83,701 Well equipment 39,637 39,637 Office equipment 52,931 52,931 703,685 703,685 Less: Accumulated depreciation (485,067 ) (477,384 ) Office and mining equipment, net $ 218,618 $ 226,301

PROPERTY CONCESSIONS (Tables)

PROPERTY CONCESSIONS (Tables)	3 Months Ended
	Jan. 31, 2017
PROPERTY CONCESSIONS [Abstract]
Summary of Property Concessions	The following is a summary of the Company's property concessions in Sierra Mojada, Mexico as at January 31, 2017 and October 31, 2016: Property concessions – January 31, 2017 and October 31, 2016 $ 5,004,386

GOODWILL (Tables)

GOODWILL (Tables)	3 Months Ended
	Jan. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of the Goodwill Balance	The following Goodwill – January 31, 2017 and October 31, 2016 $ 2,058,031

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Jan. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Activity	The following is a summary of stock option activity for the three months ended January 31, 2017: Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at October 31, 2016 11,517,858 $ 0.28 2.66 $ 227,891 Expired (820,000) 0.54 Cancelled (28,572) 2.18 Outstanding at January 31, 2017 10,669,286 $ 0.25 2.60 $ 281,855 Exercisable at January 31, 2017 7,752,620 $ 0.32 2.04 $ 93,952
Schedule of Stock Options Outstanding and Exercisable by Exercise Price Range	Summarized information about stock options outstanding and exercisable at January 31, 2017 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 4.06 $ 0.06 1,358,334 $ 0.06 0.20 – 0.26 2,625,000 2.81 0.25 2,425,000 0.26 0.37 1,705,000 1.40 0.37 1,705,000 0.37 0.44 – 0.60 2,250,000 0.63 0.50 2,250,000 0.50 2.18 14,286 0.96 2.18 14,286 2.18 $ 0.06 – 2.18 10,669,286 2.60 $ 0.25 7,752,620 $ 0.32

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Jan. 31, 2017
Warrants and Rights Note Disclosure [Abstract]
Summary of Warrants Activity	A summary of warrant activity for the three months ended January 31, 2017 is as follows: Warrants Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at October 31, 2016 4,540,400 $ 0.12 2.67 — Outstanding and exercisable at January 31, 2017 4,540,400 $ 0.12 2.42 $ 16,677
Summary of Warrants Outstanding and Exercisable by Price Range	Summarized information about warrants outstanding and exercisable at January 31, 2017 is as follows: Warrants Outstanding and Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $ 0.12 4,340,000 2.47 $ 0.12 0.16 200,400 1.47 0.16 $ 0.12 – 0.16 4,540,400 2.42 $ 0.12

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Jan. 31, 2017
Segment Reporting [Abstract]
Schedule of Net Income (Loss) by Segment	Geographic information is approximately For the Three Months Ended January 31, 2017 2016 Mexico $ (409,000 ) $ (162,000 ) Canada (260,000 ) (303,000 ) Gabon 86,000 — Net Loss $ (583,000 ) $ (465,000 )
Schedule of the Allocation of Assets by Segment	The following table details the allocation of assets included in the accompanying balance sheet at January 31, 2017: Canada Mexico Total Cash and cash equivalents $ 740,000 $ 27,000 $ 767,000 Value-added tax receivable, net - 143,000 143,000 Other receivables 7,000 1,000 8,000 Prepaid expenses and deposits 75,000 21,000 96,000 Assets held for sale - 21,000 21,000 Office and mining equipment, net - 219,000 219,000 Property concessions - 5,004,000 5,004,000 Goodwill - 2,058,000 2,058,000 $ 822,000 $ 7,494,000 $ 8,316,000 The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2016: Canada Mexico Total Cash and cash equivalents $ 1,450,000 $ 17,000 $ 1,467,000 Value-added tax receivable, net - 117,000 117,000 Other receivables 3,000 2,000 5,000 Prepaid expenses and deposits 93,000 23,000 116,000 Assets held for sale - 21,000 21,000 Office and mining equipment, net - 226,000 226,000 Property concessions - 5,005,000 5,005,000 Goodwill - 2,058,000 2,058,000 $ 1,546,000 $ 7,469,000 $ 9,015,000
Schedule of Exploration and Property Holding Costs by Segment	The following table details the allocation of exploration and property holding costs for the exploration properties: For the Three Months Ended January 31, 2017 2016 Exploration and property holding (costs) recovery for the period Mexico Sierra Mojada $ (402,000 ) $ (157,000 ) Gabon Mitzic 34,000 — $ (368,000 ) $ (157,000 )

ORGANIZATION, DESCRIPTION OF 32

ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN (Details) - USD ($)	Jan. 31, 2017	Oct. 31, 2016	Apr. 16, 2010
Organization Description Of Business And Liquidity Details
Accumulated Deficit	$ 120,865,278	$ 120,281,820
Working capital	692,014
Cash and cash equivalents	$ 766,855	$ 1,467,328
Ownership percentage			99.99%

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - shares	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Earnings Per Share [Abstract]
Anti-dilutive shares, stock options and warrants	15,209,686	8,657,858

VALUE-ADDED TAX RECEIVABLE (Nar

VALUE-ADDED TAX RECEIVABLE (Narrative) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Oct. 31, 2016
VALUE-ADDED TAX RECEIVABLE [Abstract]
Value-added tax receivable, current	$ 142,999		$ 117,276
(Recovery of) provision for uncollectible value-added taxes	$ (51,170)	$ 293

VALUE-ADDED TAX RECEIVABLE (Sum

VALUE-ADDED TAX RECEIVABLE (Summary of the Changes in the Allowance for Uncollectible Taxes) (Details)	3 Months Ended
	Jan. 31, 2017USD ($)
VALUE-ADDED TAX RECEIVABLE [Abstract]
Allowance for uncollectible VAT taxes - October 31, 2016	$ 88,283
VAT receivable allowance	1,781
Foreign currency translation adjustment	(7,859)
Write-off VAT receivable	(77)
Allowance for uncollectible VAT taxes - January 31, 2017	$ 82,128

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Oct. 31, 2016
Asset Impairment Charges [Abstract]
Assets held for sale	$ 21,283		$ 21,283
Impairment of assets held for sale		$ 7,554

OFFICE AND MINING EQUIPMENT (De

OFFICE AND MINING EQUIPMENT (Details) - USD ($)	Jan. 31, 2017	Oct. 31, 2016
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	$ 703,685	$ 703,685
Less: Accumulated depreciation	(485,067)	(477,384)
Office and mining equipment, net	218,618	226,301
Mining equipment [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	291,529	291,529
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	53,451	53,451
Building and structures [Member]
Property, Plant and Equipment [Line Items]
Office and mining equipment, gross	182,436	182,436
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) - USD ($)	3 Months Ended
	Jan. 31, 2017	Oct. 31, 2016
PROPERTY CONCESSIONS [Abstract]
Property concessions - January 31, 2017 and October 31, 2016	$ 5,004,386	$ 5,004,386
Property concession impairment	$ 30,170

GOODWILL (Summary of the Goodwi

GOODWILL (Summary of the Goodwill Balance) (Details) - USD ($)	Jan. 31, 2017	Oct. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill - January 31, 2017 and October 31, 2016	$ 2,058,031	$ 2,058,031

ACCRUED LIABILITIES AND EXPEN40

ACCRUED LIABILITIES AND EXPENSES (Narrative) (Details)	3 Months Ended
	Jan. 31, 2017USD ($)
Accrued Liabilities and Other Liabilities [Abstract]
Insurance premium interest rate	7.49%
Insurance premium maturity period	1 year
Accrued liabilities and expenses	$ 43,500

SHAREHOLDER RIGHTS PLAN (Detail

SHAREHOLDER RIGHTS PLAN (Details) - $ / shares	3 Months Ended
	Jan. 31, 2017	Oct. 31, 2016
Class of Warrant or Right [Line Items]
Common stock, shares outstanding	177,894,967	177,894,967
Stock Appreciation Rights (SARs) [Member]
Class of Warrant or Right [Line Items]
Shareholder Rights, record date	Jun. 22, 2007
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	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Stockholders' Equity Note [Abstract]
Stock issued during period, shares	0	0

STOCK OPTIONS (Narrative) (Deta

STOCK OPTIONS (Narrative) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total options granted during the period
Total options exercised during the period
Stock-based compensation costs recognized during the period	$ 16,452	$ 6,005
Total unrecognized compensation costs related to non-vested share based compensation arrangements granted under qualified stock option plans	$ 30,049
Weighted-average period for remaining compensation costs to be recognized	6 months 22 days
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
Shares outstanding reserved for issuance upon the exercise of options or the grant of stock bonuses percentage	10.00%
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
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

STOCK OPTIONS (Summary of Stock

STOCK OPTIONS (Summary of Stock Option Activity) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jan. 31, 2017	Oct. 31, 2015
Shares
Outstanding, beginning	11,517,858
Expired	(820,000)
Cancelled	(28,572)
Outstanding, ending	10,669,286
Weighted Average Exercise Price
Outstanding, beginning	$ 0.28
Expired	0.54
Cancelled	2.18
Outstanding, ending	$ 0.25
Weighted average remaining contractual life, Outstanding	2 years 7 months 6 days	2 years 7 months 28 days
Aggregate intrinsic value, Outstanding	$ 281,855	$ 227,891
Exercisable
Shares	7,752,620
Weighted average exercise price	$ 0.32
Weighted average remaining contractual life, Exercisable	2 years 15 days
Aggregate intrinsic value, Exercisable	$ 93,952

STOCK OPTIONS (Summarized Infor

STOCK OPTIONS (Summarized Information of Stock Options Outstanding and Exercisable) (Details)	3 Months Ended
	Jan. 31, 2017$ / 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	10,669,286
Weighted Average Remaining Contractual Life (Years)	2 years 7 months 6 days
Weighted Average Exercise Price	$ 0.25
Number Exercisable | shares	7,752,620
Options Exercisable - Weighted Average Exercise Price	$ 0.32
0.06 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price	$ 0.06
Number of options outstanding | shares	4,075,000
Weighted Average Remaining Contractual Life (Years)	4 years 22 days
Weighted Average Exercise Price	$ 0.06
Number Exercisable | shares	1,358,334
Options Exercisable - Weighted Average Exercise Price	$ 0.06
0.20 - 0.26 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum exercise price	0.20
Maximum exercise price	$ 0.26
Number of options outstanding | shares	2,625,000
Weighted Average Remaining Contractual Life (Years)	2 years 9 months 22 days
Weighted Average Exercise Price	$ 0.25
Number Exercisable | shares	2,425,000
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]
Exercise Price	$ 0.37
Number of options outstanding | shares	1,705,000
Weighted Average Remaining Contractual Life (Years)	1 year 4 months 24 days
Weighted Average Exercise Price	$ 0.37
Number Exercisable | shares	1,705,000
Options Exercisable - Weighted Average Exercise Price	$ 0.37
0.44 - 0.60 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum exercise price	0.44
Maximum exercise price	$ 0.60
Number of options outstanding | shares	2,250,000
Weighted Average Remaining Contractual Life (Years)	7 months 17 days
Weighted Average Exercise Price	$ 0.50
Number Exercisable | shares	2,250,000
Options Exercisable - Weighted Average Exercise Price	$ 0.50
2.18 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price	$ 2.18
Number of options outstanding | shares	14,286
Weighted Average Remaining Contractual Life (Years)	11 months 16 days
Weighted Average Exercise Price	$ 2.18
Number Exercisable | shares	14,286
Options Exercisable - Weighted Average Exercise Price	$ 2.18

WARRANTS (Summary of Warrants A

WARRANTS (Summary of Warrants Activity) (Details) - Warrant [Member] - USD ($)	3 Months Ended	12 Months Ended
	Jan. 31, 2017	Oct. 31, 2016
Warrant activity, number of shares:
Warrants outstanding at October 31, 2016	4,540,400
Warrants outstanding and exercisable at January 31, 2017	4,540,400	4,540,400
Warrant activity, weighted average exercise price:
Warrants outstanding at October 31, 2016	$ 0.12
Warrants outstanding and exercisable at January 31, 2017	$ 0.12	$ 0.12
Weighted average remaining contractual life	2 years 5 months 1 day	2 years 8 months 1 day
Aggregate intrinsic value	$ 16,677

WARRANTS (Summary of Warrants O

WARRANTS (Summary of Warrants Outstanding and Exercisable by Price Range) (Details)	3 Months Ended
	Jan. 31, 2017$ / sharesshares
Class of Warrant or Right [Line Items]
Range of exercise price, lower limit	$ 0.12
Range of exercise price, upper limit	$ 0.16
Warrants and Exercisable outstanding | shares	4,540,400
Weighted Remaining Average Contractual Life (Years)	2 years 5 months 1 day
Weighted average exercise price, outstanding	$ 0.12
Warrant Exercise Price Range One [Member]
Class of Warrant or Right [Line Items]
Range of exercise price, lower limit	0.12
Range of exercise price, upper limit	$ 0.12
Warrants and Exercisable outstanding | shares	4,340,000
Weighted Remaining Average Contractual Life (Years)	2 years 5 months 19 days
Weighted average exercise price, outstanding	$ 0.12
Warrant Exercise Price Range Two [Member]
Class of Warrant or Right [Line Items]
Range of exercise price, lower limit	0.16
Range of exercise price, upper limit	$ 0.16
Warrants and Exercisable outstanding | shares	200,400
Weighted Remaining Average Contractual Life (Years)	2 years 5 months 1 day
Weighted average exercise price, outstanding	$ 0.16

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details)	3 Months Ended
	Jan. 31, 2017USD ($)	Jan. 31, 2017CAD	Oct. 31, 2016USD ($)
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	27,608		$ 17,010
Effect of a 1% decrease in interest rates on interest income	508
United States and Canadian financial institutions [Member]
Cash balances not insured	$ 664,396		$ 1,375,673

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Royalty) (Details) - Sierra Mojada Property Concession [Member]	Jan. 31, 2017USD ($)
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

COMMITMENTS AND CONTINGENCIES50

COMMITMENTS AND CONTINGENCIES (Litigation and Claims) (Details) $ in Millions	3 Months Ended
	Jan. 31, 2017USD ($)
Litigation and Claims:
Interest rate sought on the Royalty	6.00%
Damages sought in litigation matter	$ 5.9

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of Segment Net Loss) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Segment Reporting Information [Line Items]
Net Loss	$ (583,458)	$ (465,133)
Mexico [Member]
Segment Reporting Information [Line Items]
Loss from Continuing Operations	(409,000)	(162,000)
Canada [Member]
Segment Reporting Information [Line Items]
Loss from Continuing Operations	(260,000)	(303,000)
Gabon [Member]
Segment Reporting Information [Line Items]
Loss from Continuing Operations	$ 86,000

SEGMENT INFORMATION (Schedule52

SEGMENT INFORMATION (Schedule of Segment Assets) (Details) - USD ($)	Jan. 31, 2017	Oct. 31, 2016
Segment Reporting Information [Line Items]
Cash and cash equivalents	$ 766,855	$ 1,467,328
Value-added tax receivable, net	142,999	117,276
Other receivables	8,359	4,652
Prepaid expenses and deposits	95,674	116,271
Assets held for sale	21,283	21,283
Office and mining equipment, net	218,618	226,301
Property concessions	5,004,386	5,004,386
Goodwill	2,058,031	2,058,031
TOTAL ASSETS	8,316,205	9,015,528
Canada [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	740,000	1,450,000
Value-added tax receivable, net
Other receivables	7,000	3,000
Prepaid expenses and deposits	75,000	93,000
Assets held for sale
Office and mining equipment, net
Property concessions
Goodwill
TOTAL ASSETS	822,000	1,546,000
Mexico [Member]
Segment Reporting Information [Line Items]
Cash and cash equivalents	27,000	17,000
Value-added tax receivable, net	143,000	117,000
Other receivables	1,000	2,000
Prepaid expenses and deposits	21,000	23,000
Assets held for sale	21,000	21,000
Office and mining equipment, net	219,000	226,000
Property concessions	5,004,000	5,005,000
Goodwill	2,058,000	2,058,000
TOTAL ASSETS	$ 7,494,000	$ 7,469,000

SEGMENT INFORMATION (Schedule53

SEGMENT INFORMATION (Schedule of Segment Exploration and Property Holding Costs) (Details) - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Segment Reporting Information [Line Items]
Exploration and property holding (costs) recovery for the period	$ (367,879)	$ (157,096)
Mexico [Member]
Segment Reporting Information [Line Items]
Exploration and property holding (costs) recovery for the period	(402,000)	(157,000)
Mitzic, Gabon [Member]
Segment Reporting Information [Line Items]
Exploration and property holding (costs) recovery for the period	$ 34,000