CTT Pharmaceutical (CTTH) 10-Q 15 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 13, 2013
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Trading Symbol	'idsm	'
Entity Registrant Name	'Mindesta Inc.	'
Entity Central Index Key	'0001035422	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	9,413,581
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Condensed_Interim_Balance_Shee

Condensed Interim Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current	'	'
Cash	$1,426	$12,091
Marketable securities	0	164,333
Receivables	5,500	8,716
Prepaid expenses and deposits	0	17,939
Total assets	6,926	203,079
Current	'	'
Accounts payable and accrued liabilities	286,588	316,534
Due to related parties	210,470	272,879
Total liabilities	497,058	589,413
Stockholders' deficiency	'	'
Common stock 200,000,000 shares authorized, $0.0001 par value; 9,413,581 shares issued and outstanding	18,817	18,817
Additional paid-in capital	12,657,686	12,626,129
Accumulated other comprehensive income	0	4,984
Deficit accumulated during exploration stage	-13,166,635	-13,036,264
Total stockholders' deficiency	-490,132	-386,334
Total liabilities and stockholders' deficiency	$6,926	$203,079

Condensed_Interim_Balance_Shee1

Condensed Interim Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Common Stock, Par Value Per Share	$0.00	$0.00
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	9,413,581	9,413,581
Common Stock, Shares, Outstanding	9,413,581	9,413,581

Condensed_Interim_Statements_o

Condensed Interim Statements of Operations and Deficit (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Operating expenses	'	'	'	'
Professional fees	$5,112	$17,703	$43,980	$133,586
Management fees and salaries	6,250	0	12,500	32,514
Exploration expense	1,500	87,324	14,954	706,304
General and administration	12,876	13,499	77,158	120,463
Total operating expenses	25,738	118,526	148,592	992,867
Loss from operations	-25,738	-118,526	-148,592	-992,867
Foreign exchange gain (loss)	-474	-5,434	-7,742	-5,978
Interest income	0	0	1,645	53
Income taxes	0	-4,577	0	-4,577
Gain on sale of marketable securities	0	19,544	24,318	176,414
Net income (loss)	-26,212	-108,993	-130,371	-826,955
Deficit, beginning of period	-13,140,423	-12,751,038	-13,036,264	-11,993,473
Dividends	0	0	0	-39,603
Deficit, end of period	-13,166,635	-12,860,031	-13,166,635	-12,860,031
Other comprehensive income	'	'	'	'
Unrealized gain (loss) on available-for-sale securities	0	-178,702	-4,984	103,356
Comprehensive income (loss)	($26,212)	($287,695)	($135,355)	($723,599)
Weighted average number of common shares outstanding - basic	9,413,581	9,301,081	9,413,581	9,412,349
Net income (loss) per share - basic	$0	($0.01)	($0.01)	($0.09)
Weighted average number of common shares outstanding - fully diluted	9,413,581	9,301,081	9,413,581	9,412,349
Net income (loss) per share - diluted	$0	($0.01)	($0.01)	($0.09)

Condensed_Interim_Statements_o1

Condensed Interim Statements of Cash Flows (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Cash provided by (used in) Operating activities	'	'	'	'
Net income (loss) attributable to the company	($26,212)	($108,993)	($130,371)	($826,955)
Stock-based compensation	0	0	0	42,268
Gain on sale of marketable securities	0	-19,544	-24,318	-176,414
Imputed interest on amounts due to related party	5,937	0	19,057	0
Value of services contributed by officer of the Company	6,250	0	12,500	0
Nubian option agreement	0	0	0	127,994
Changes in non-cash operating working capital:	'	'	'	'
Receivables	0	698	3,218	-11,539
Due from affiliate	0	0	0	17,119
Prepaid expenses and deposits	1,000	-9,205	17,939	11,682
Accounts payable and accrued liabilities	-11,358	-19,540	-29,948	-121,748
Net Cash Provided by (Used in) Operating Activities	-24,383	-156,584	-131,923	-937,593
Financing activities	'	'	'	'
Proceeds from the exercise of stock options	0	0	0	33,750
Investing activities	'	'	'	'
Proceeds from (payment to) related party	17,893	22,977	-62,409	146,359
Proceeds from the sale of marketable securities	0	26,794	183,667	223,849
Net Cash Provided by (used in) Investing Activities	17,893	49,771	121,258	370,208
Net increase (decrease) in cash	-6,490	-106,813	-10,665	-533,635
Cash, beginning of period	7,916	142,556	12,091	569,378
Cash, end of period	1,426	35,743	1,426	35,743
Supplementary information	'	'	'	'
Interest paid	0	0	0	0
Income taxes paid	$0	$0	$0	$0

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2013
BASIS OF PRESENTATION [Text Block]	'
	NOTE 1 - BASIS OF PRESENTATION
	The unaudited interim condensed financial statements of Mindesta Inc. (the “Company” and formerly “Industrial Minerals, Inc.”), for the three and nine month periods ended September 30, 2013 and the notes thereto (the “Financial Statements”) have been prepared in accordance with generally accepted accounting principles for interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, the Financial Statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company's management, all adjustments (consisting of only normal accruals) considered necessary for a fair presentation have been included.
	The Company is an Exploration Stage Company that incurred a net loss of $130,371 for the nine months ended September 30, and has an accumulated deficit of $13,166,635 since the inception of the Company. The Company’s ability to continue as a going concern is dependent upon its ability to raise additional capital to pay expenses and fund further exploration activities.
	There is continued uncertainty over the Company’s ability to generate sufficient funds from public or private debt or equity financing for the Company to continue to operate. The Financial Statements do not include any adjustments that might result from negative outcomes with respect to these uncertainties
	For further information, refer to the financial statements and notes thereto included in the Company's Annual Report on Form 10K for the year ended December 31, 2012.
	The Company's fiscal year-end is December 31.

ORGANIZATION_AND_ACCOUNTING_PO

ORGANIZATION AND ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
ORGANIZATION AND ACCOUNTING POLICIES [Text Block]	'
	NOTE 2 – ORGANIZATION AND ACCOUNTING POLICIES
	(a) Organization
	Mindesta, Inc. was incorporated on November 6, 1996, as Winchester Mining Corporation in the State of Delaware. On May 13, 2000, in connection with its merger with Hi-Plains Energy Corp., the Company changed its name from Winchester Mining Corporation to PNW Capital, Inc. On January 31, 2002, the Company acquired 91% of the outstanding shares of Industrial Minerals, Inc. On May 2, 2002, the Company merged the remaining 9% of Industrial Minerals, Inc. into PNW Capital, Inc. and changed its name to Industrial Minerals, Inc. Operations have been historically carried out through the Company’s former subsidiary, Northern Graphite Corporation (“Northern”), formerly Industrial Minerals Canada Inc. Northern owns a 100% interest in the Bissett Creek graphite property located in Renfrew County in the Province of Ontario, Canada (the “Bissett Creek Property”). As a result of a number of financings and other transactions, including an initial public offering by Northern, the Company’s interest in Northern was reduced from 100% to 26.1% as at December 31, 2011. On December 12, 2011, the Board of Directors declared a pro rata dividend-in-kind, payable January 25, 2012 to shareholders whereby most of the shares of Northern owned by the Company would be distributed to Mindesta shareholders. At the close of trading on January 25, 2012, Mindesta completed the distribution to Company shareholders of 9,413,581 shares of Northern owned by the Company on the basis of one share of Northern for each share of Company common stock held. As at September 30, 2013, the Company no longer held any shares in Northern. Effective July 26, 2011, the Company changed its name to “Mindesta Inc.” and consolidated its stock on a 20:1 basis. The Company trades on the OTCBB under the symbol MDST.
	(b) Recently Adopted Pronouncements
	Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS
	In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 did not have a material impact on our financial position or results of operations.
	In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 did not have a material impact on our financial position or results of operations.
	In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on our financial position or results of operations.
	In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. The guidance in ASU 2013-02 is intended to provide guidance in the reclassification of Accumulated Other Comprehensive Income to net income. The amendments in this ASU are effective for fiscal years beginning after December 15, 2012. Early adoption is permitted if an entity’s financial statements for the most recent annual or interim period have yet been issued. The adoption of ASU 2013-02 did not have a material impact on our financial position or results of operations.

MARKETABLE_SECURITIES_AND_INVE

MARKETABLE SECURITIES AND INVESTMENT IN NON-CONSOLIDATED AFFILIATE	9 Months Ended
	Sep. 30, 2013
MARKETABLE SECURITIES AND INVESTMENT IN NON-CONSOLIDATED AFFILIATE [Text Block]	'
	NOTE 3 – MARKETABLE SECURITIES AND INVESTMENT IN NON-CONSOLIDATED AFFILIATE
	As at September 30, 2013, the Company no longer held any shares of Northern. As at December 31, 2012, the Company recorded its investment in Northern, a non-consolidated affiliate, at cost.
	Investment	$
	Balance at carrying value as at December 31, 2012	53,363
	Sale of marketable securities	(53,363	)
	Balance at carrying value as at September 30, 2013	-
	Following the payment of the stock dividend on January 25, 2012, the Company’s investment in Northern was reclassified as an available-for-sale security and was reflected as marketable securities in the current asset section of the Balance Sheet. The following table summarizes the Company’s available-for sale securities as of December 31, 2012:
	Equity securities	Cost		Gross unrealized gains	Fair value
	Outstanding	53,363		110,969	164,332
	During the nine month period ended September 30, 2013, the Company recorded a gain on sale of marketable securities of $24,318 (September 30, 2012 - $176,414).

PRESENTATION_OF_INTERIM_INFORM

PRESENTATION OF INTERIM INFORMATION	9 Months Ended
	Sep. 30, 2013
PRESENTATION OF INTERIM INFORMATION [Text Block]	'
	NOTE 4 - PRESENTATION OF INTERIM INFORMATION
	The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, in the opinion of management, include all normal adjustments considered necessary to present fairly the financial position as of September 30, 2013 and the results of operations and cash flows for the three and nine month periods ended September 30, 2013 and 2012. Interim results are not necessarily indicative of results for a full year.
	The Financial Statements are presented as permitted by Form 10-Q, and do not include information included in the Company's audited financial statements and notes for the year ended December 31, 2012.

STOCKHOLDERS_EQUITY

STOCKHOLDERS EQUITY	9 Months Ended
	Sep. 30, 2013
STOCKHOLDERS EQUITY [Text Block]	'
	NOTE 5 – STOCKHOLDER’S EQUITY
	A. COMMON STOCK
	The number of common shares outstanding at September 30, 2013 and December 31, 2012 were as follows:
		Number		$
	Outstanding at September 30, 2013 and December 31, 2012	9,413,581		18,817
	B. DIVIDENDS
	On December 12, 2011, the Board of Directors declared a pro rata dividend-in-kind on the basis of one share of Northern for each share of Company held, payable January 25, 2012 to shareholders of record as at January 5, 2012. The Company recorded $3,274,072 of dividends and dividends payable in the year ending December 31, 2011 related to the declared dividend-in-kind.
	C. COMMON STOCK OPTIONS
	The Company adopted ASC 718 (formerly SFAS 123) “Stock-Based Compensation”, effective April 1, 2007. Compensation cost for the Company’s stock options have been determined in accordance with the fair value based method prescribed as ASC 718. The fair value of option grants is estimated on the date of grant utilizing the Black-Scholes option pricing model. The fair value of each option is estimated on the date of the grant using the Black-Scholes option-pricing model.
	On July 26, 2011, the Company consolidated its common stock on a 20:1 basis. All common stock numbers and stock option numbers have been restated to reflect the consolidation.
	On April 19, 2011, the Company granted stock options to purchase 112,500 common shares at a price of $1.40 per share until April 19, 2016. All options vested immediately. The fair value of the option grant was estimated using the Black-Scholes option-pricing model with the following assumptions: expected volatility of 220%; risk-free interest rate of 2.09%; and an expected term of 5 years.
	On March 15, 2012, the Company granted stock options to purchase 650,000 common shares at a price of $0.10 per share until March 15, 2017. All options vested immediately. The fair value of the option grant was estimated using the Black-Scholes option-pricing model with the following assumptions: expected volatility of 122%; risk-free interest rate of 1.11%; and an expected term of 5 years.
	The following table summarizes stock option activity for the nine months ended September 30, 2013:
		Number of securities to be
		issued upon exercise of		Weighted-average exercise
	Equity compensation plans not approved by security holders	outstanding options		price of outstanding options
	Outstanding at September 30, 2013 and December 31, 2012	762,500	$	0.29
	Exercisable at September 30, 2013 – 762,500.
	The Company had no stock compensation expense for the nine months ending September 30, 2013 (September 30, 2012 - $42,268).
	D. EARNINGS PER SHARE
	The basic weighted average number of common shares outstanding was as follows:
	For the three months ended:
	30-Sep-13	9,413,581
	30-Sep-12	9,301,081
	For the nine months ended:
	30-Sep-13	9,413,581
	30-Sep-12	9,412,349
	The fully-diluted weighted average number of common shares outstanding was as follows:
	For the three months ended:
	30-Sep-13	9,413,581
	30-Sep-12	9,301,081
	For the nine months ended:
	30-Sep-13	9,413,581
	30-Sep-12	9,412,349
	For the three and nine months ended September 30, 2013, the inclusion of common stock equivalents in the calculation of the weighted average number of shares is anti-dilutive.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
RELATED PARTY TRANSACTIONS [Text Block]	'
	NOTE 6 – RELATED PARTY TRANSACTIONS
	a)	During the nine months ended September 30, 2013, the Company did not grant any options to officers and directors. During the nine months ending September 30, 2012, the Company granted 500,000 options to directors and officers of the Company. Each option entitles the holder to purchase one common share at an exercise price of $0.10 until March 15, 2017. Stock-compensation expense of $32,514 was recognized during the period ending September 30, 2012 in connection with this option grant.
	b)	On October 6, 2011, the Board of Directors approved a revolving loan agreement between Mindesta Inc., as the lender, and Nubian Gold Corporation (“Nubian”), as the borrower, to fund the ongoing exploration activities of Nubian in anticipation of the companies negotiating and entering into a property option agreement with respect to Nubian’s two initial exploration licenses, Arapsyo and Qabri Bahar, located in the Republic of Somaliland. Nubian is a corporation incorporated under the laws of Ontario, Canada and Gregory Bowes, CEO, is its major shareholder. Mr. Bowes is also an officer and director of Mindesta. Mr. Bowes declared his conflict of interest to the Board of Directors and abstained from voting on the consent resolution approving the revolving loan agreement. On December 2, 2011, this facility was amended to increase the maximum of the revolving loan agreement credit facility. Under the revolving loan agreement, all amounts due from Nubian to the Company were provided under a $150,000 credit facility which was repayable upon the earlier of one year from the date of the agreement or the signing of a property option agreement. The terms stated that the revolving loan agreement becomes repayable upon the signing of a property option agreement and that all obligations of Nubian would be applied against the expenditure requirements of the Company under the property option agreement. Upon the inception of property option agreement, the obligations were considered paid in full, and the revolving loan agreement was terminated and had no further force or effect. Advances under the facility bore interest from October 6, 2011 at an annual rate of 7.5 per cent, payable annually, or earlier at anytime that the advances are repaid in full.
		Mindesta entered into the option agreement with Nubian, effective January 2, 2012. As at January 2, 2012, Nubian had received advances of $127,994 under the revolving loan agreement and the Company had accrued $1,025 of interest receivable. As per the terms of the revolving loan agreement, Nubian applied these advances as expenditures under the option agreement and Mindesta recorded $127,944 of exploration expenses related to these expenses during 2012. In addition, Mindesta incurred $630,750 of exploration expenses during 2012 and accrued a payable of $100,000 for mineral properties under the option agreement, to Nubian. Mindesta can earn a 50% interest in the initial two permits and any other permits obtained in Somaliland during the option agreement by incurring total exploration expenditures of $2 million within two years and can increase its interest to 80 percent by completing a bankable feasibility study. The mineral property was written off during the year ended December 31, 2012 (Note 8).
	c)	On February 10, 2012, Mindesta approved the reimbursement of $47,686 in exploration expenses incurred by Nubian but paid by Bowes & Company, Management Ltd. (“Bowes & Company”) to keep exploration activities advancing in the Republic of Somaliland during the period that the revolving loan agreement was being finalized. Bowes & Company is a corporation incorporated under the laws of Ontario, Canada and Gregory Bowes, CEO, is its major shareholder. Mr. Bowes declared his conflict of interest with respect to authorizing these expenses and they were approved by the Audit Committee chairman.
	d)	In 2012 Mindesta was no longer able to meet its obligations under the option agreement to continue funding exploration in Somaliland. Effective August 1, 2012, the Board of Directors approved a loan agreement between Nubian and Bowes & Company, as the lenders, and Mindesta Inc., as the borrower, to fund the ongoing exploration activities of Mindesta Inc. Nubian and Bowes & Company are corporations incorporated under the laws of Ontario, Canada and Gregory Bowes is the CEO and major shareholder of both companies. Mr. Bowes is also an officer and director of Mindesta. Mr. Bowes declared his conflict of interest to the Board of Directors and abstained from voting on the consent resolution approving the revolving loan agreement. Under this loan agreement, all amounts due from Mindesta to Nubian and Bowes & Company are provided under a $250,000 credit facility which is repayable upon the termination date of December 31, 2012. Any obligation outstanding after the Termination Date shall accrue interest at a rate of 7.5% per annum. Under the terms of the loan agreement, Mindesta is required to sell its remaining shares of Northern as they are released from escrow and remit all proceeds to Bowes & Company, until all obligations to Bowes & Company are satisfied, and then shall remit any further proceeds to Nubian until all obligations to Nubian are satisfied. All advances under this facility bear interest from August 1, 2012 at an annual rate of 7.5 percent, payable annually, or earlier at anytime that the advances are repaid in full. At any time, before or after the termination date, Bowes & Company and Nubian shall have the right to convert any part of, or all of, the obligations into common shares of Mindesta Inc. at a price of $0.075 per share. During the nine month period ending September 30, 2013, payments of $106,694 (September 30, 2012 - $nil) were made on amounts owing under this credit facility. As at September 30, 2013, $210,470 (December 31, 2012 - $272,879) of principal and accrued interest was outstanding related to this credit facility, and is included in the amount listed as due to related parties in the table below. At September 30, 2013, $17,781 (December 31, 2012 - $7,428) of interest was accrued in respect of this obligation. Additional interest of $19,057 (December 31, 2012 - $13,020) was imputed on this loan to approximate a market interest rate. This interest has been recognized in general and administration expense and additional paid-in capital, as the imputed interest is not payable.
			As at	As at
	Due to related parties		30-Sep-13	31-Dec-12
	Due to Nubian		106,851	119,251
	Due to Bowes & Company		103,619	153,628
	Total due to related parties		210,470	272,879
	An amount of $12,500 was recorded as management fees and additional paid in capital to reflect the value of services contributed to the Company by an officer and shareholder of the Company. As at September 30, 2013 and December 31, 2012, accounts payable and accrued liabilities did not include any amounts due to directors and to companies controlled by directors for professional management fees related to the services of the directors and officers.

DIVIDEND_PAYABLE

DIVIDEND PAYABLE	9 Months Ended
	Sep. 30, 2013
DIVIDEND PAYABLE [Text Block]	'
	NOTE 7 – DIVIDEND PAYABLE
	On December 12, 2011, the Board of Directors declared a pro rata dividend-in-kind, payable January 25, 2012 to shareholders of record as at January 5, 2012, whereby most of the shares of Northern owned by the Company would be distributed to Mindesta shareholders. At the close of trading on January 25, 2012, Mindesta completed the distribution to Company shareholders of 9,413,581 shares of Northern owned by the Company (approximately 25% of the Northern common shares outstanding) on the basis of one share of Northern for each share of the Company held and the dividend payable of $3,313,675 was paid in full. The dividend payable had increased by $39,603 from $3,274,072 as at December 31, 2011 as a result of options exercised as at January 4, 2012. As at the close of trading January 25, 2012, the Company’s interest in Northern Graphite decreased to 0.8% . The Company no longer holds any shares of Northern Graphite.

MINERAL_PROPERTIES

MINERAL PROPERTIES	9 Months Ended
	Sep. 30, 2013
MINERAL PROPERTIES [Text Block]	'
	NOTE 8 – MINERAL PROPERTIES
	Although the Company has taken steps to verify title to mineral properties in which it has an interest in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the title of the mineral properties in which it has an interest. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.
	Mining Option Agreement – Nubian
	Effective January 2, 2012, Mindesta entered into an option agreement with Nubian, a privately owned Ontario company, which initially held title to two mineral exploration permits, in the Republic of Somaliland (note 6). During 2012, Nubian obtained a third exploration permit in Somaliland. Under the option agreement, Mindesta can earn a 50% interest in the permits by incurring total exploration expenditures of $2 million within two years and can increase its interest to 80 percent by completing a bankable feasibility study. Mindesta has incurred the first $750,000 of exploration expenditures on this project which represented a firm commitment. Mindesta also has the option to acquire all of Nubian’s remaining interest in the permits at fair market value as determined by an independent valuator at any time after incurring the first $750,000 of exploration expenditures.
	The Company recorded acquisition costs of $100,000 related to the option agreement with Nubian. During the year ended December 31, 2012 the Company recorded an impairment of acquisition costs of $100,000 due to uncertainty with respect to the Company’s ability to expend the required $2 million within two years to earn its interest. During the first nine months of 2013, the Company incurred an additional $14,954 of exploration expenses related to the option agreement (September 30, 2012 - $706,304).

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2013
COMMITMENTS AND CONTINGENCIES [Text Block]	'
	NOTE 9 - COMMITMENTS AND CONTINGENCIES
	The Company has been named in a lawsuit filed by Windale Properties in the amount of CDN$19,781. The claim is the result of termination of leased premises in Oakville, Ontario prior to expiry of the lease. No amount related to this contingency has been accrued as the outcome at this time is indeterminable.

MARKETABLE_SECURITIES_AND_INVE1

MARKETABLE SECURITIES AND INVESTMENT IN NON-CONSOLIDATED AFFILIATE (Tables)	9 Months Ended
	Sep. 30, 2013
Schedule of Investment [Table Text Block]	'
	Investment	$
	Balance at carrying value as at December 31, 2012	53,363
	Sale of marketable securities	(53,363	)
	Balance at carrying value as at September 30, 2013	-
Schedule of Equity Securities [Table Text Block]	'
	Equity securities	Cost		Gross unrealized gains	Fair value
	Outstanding	53,363		110,969	164,332

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS EQUITY (Tables)	3 Months Ended		9 Months Ended
	Sep. 30, 2013		Sep. 30, 2013
Schedule of Common Stock Outstanding [Table Text Block]	'		'
				Number		$
			Outstanding at September 30, 2013 and December 31, 2012	9,413,581		18,817
Schedule of Stock Options, Activity [Table Text Block]	'		'
				Number of securities to be
				issued upon exercise of		Weighted-average exercise
			Equity compensation plans not approved by security holders	outstanding options		price of outstanding options
			Outstanding at September 30, 2013 and December 31, 2012	762,500	$	0.29
Schedule Of Basic Weighted Average Number Of Shares Before and After Stock Consolidation [Table Text Block]	'		'
	For the three months ended:		For the nine months ended:
	30-Sep-13	9,413,581	30-Sep-13	9,413,581
	30-Sep-12	9,301,081	30-Sep-12	9,412,349
Schedule Of Fully-Diluted Weighted Average Number Of Shares Before and After Stock Consolidation [Table Text Block]	'		'
	For the three months ended:		For the nine months ended:
	30-Sep-13	9,413,581	30-Sep-13	9,413,581
	30-Sep-12	9,301,081	30-Sep-12	9,412,349

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2013
Schedule Of Due To Related Party Transactions [Table Text Block]	'
		As at	As at
	Due to related parties	30-Sep-13	31-Dec-12
	Due to Nubian	106,851	119,251
	Due to Bowes & Company	103,619	153,628
	Total due to related parties	210,470	272,879

BASIS_OF_PRESENTATION_Narrativ

BASIS OF PRESENTATION (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Basis Of Presentation 1	$130,371
Basis Of Presentation 2	$13,166,635

ORGANIZATION_AND_ACCOUNTING_PO1

ORGANIZATION AND ACCOUNTING POLICIES (Narrative) (Details)	9 Months Ended
	Sep. 30, 2013
Organization And Accounting Policies 1	91.00%
Organization And Accounting Policies 2	9.00%
Organization And Accounting Policies 3	100.00%
Organization And Accounting Policies 4	100.00%
Organization And Accounting Policies 5	26.10%
Organization And Accounting Policies 6	9,413,581

MARKETABLE_SECURITIES_AND_INVE2

MARKETABLE SECURITIES AND INVESTMENT IN NON-CONSOLIDATED AFFILIATE (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Marketable Securities And Investment In Non-consolidated Affiliate 1	$24,318
Marketable Securities And Investment In Non-consolidated Affiliate 2	$176,414

STOCKHOLDERS_EQUITY_Narrative_

STOCKHOLDERS EQUITY (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
	Y
Stockholders Equity 1	$3,274,072
Stockholders Equity 2	112,500
Stockholders Equity 3	$1.40
Stockholders Equity 4	220.00%
Stockholders Equity 5	2.09%
Stockholders Equity 6	5
Stockholders Equity 7	650,000
Stockholders Equity 8	$0.10
Stockholders Equity 9	122.00%
Stockholders Equity 10	1.11%
Stockholders Equity 11	5
Stockholders Equity 12	762,500
Stockholders Equity 13	$42,268

RELATED_PARTY_TRANSACTIONS_Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions 1	500,000
Related Party Transactions 2	$0.10
Related Party Transactions 3	32,514
Related Party Transactions 4	150,000
Related Party Transactions 5	7.50%
Related Party Transactions 6	127,994
Related Party Transactions 7	1,025
Related Party Transactions 8	127,944
Related Party Transactions 9	630,750
Related Party Transactions 10	100,000
Related Party Transactions 11	50.00%
Related Party Transactions 12	2,000,000
Related Party Transactions 13	80.00%
Related Party Transactions 14	47,686
Related Party Transactions 15	250,000
Related Party Transactions 16	7.50%
Related Party Transactions 17	7.50%
Related Party Transactions 18	$0.08
Related Party Transactions 19	106,694
Related Party Transactions 20	0
Related Party Transactions 21	210,470
Related Party Transactions 22	272,879
Related Party Transactions 23	17,781
Related Party Transactions 24	7,428
Related Party Transactions 25	19,057
Related Party Transactions 26	13,020
Related Party Transactions 27	$12,500

DIVIDEND_PAYABLE_Narrative_Det

DIVIDEND PAYABLE (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Dividend Payable 1	9,413,581
Dividend Payable 2	25.00%
Dividend Payable 3	$3,313,675
Dividend Payable 4	39,603
Dividend Payable 5	$3,274,072
Dividend Payable 6	0.80%

MINERAL_PROPERTIES_Narrative_D

MINERAL PROPERTIES (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Mineral Properties 1	50.00%
Mineral Properties 2	$2,000,000
Mineral Properties 3	80.00%
Mineral Properties 4	750,000
Mineral Properties 5	750,000
Mineral Properties 6	100,000
Mineral Properties 7	100,000
Mineral Properties 8	2,000,000
Mineral Properties 9	14,954
Mineral Properties 10	$706,304

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (CAD)	9 Months Ended
	Sep. 30, 2013
Commitments And Contingencies 1	19,781

Schedule_of_Investment_Details

Schedule of Investment (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Marketable Securities And Investment In Non-consolidated Affiliate Schedule Of Investment 1	$53,363
Marketable Securities And Investment In Non-consolidated Affiliate Schedule Of Investment 2	-53,363
Marketable Securities And Investment In Non-consolidated Affiliate Schedule Of Investment 3	$0

Schedule_of_Equity_Securities_

Schedule of Equity Securities (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Marketable Securities And Investment In Non-consolidated Affiliate Schedule Of Equity Securities 1	$53,363
Marketable Securities And Investment In Non-consolidated Affiliate Schedule Of Equity Securities 2	110,969
Marketable Securities And Investment In Non-consolidated Affiliate Schedule Of Equity Securities 3	$164,332

Schedule_of_Common_Stock_Outst

Schedule of Common Stock Outstanding (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Stockholders Equity Schedule Of Common Stock Outstanding 1	$9,413,581
Stockholders Equity Schedule Of Common Stock Outstanding 2	$18,817

Schedule_of_Stock_Options_Acti

Schedule of Stock Options, Activity (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Stockholders Equity Schedule Of Stock Options, Activity 1	$762,500
Stockholders Equity Schedule Of Stock Options, Activity 2	0.29

Schedule_Of_Basic_Weighted_Ave

Schedule Of Basic Weighted Average Number Of Shares Before and After Stock Consolidation (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Stockholders Equity Schedule Of Basic Weighted Average Number Of Shares Before And After Stock Consolidation 1	$9,413,581	'
Stockholders Equity Schedule Of Basic Weighted Average Number Of Shares Before And After Stock Consolidation 2	9,301,081	'
Stockholders Equity Schedule Of Basic Weighted Average Number Of Shares Before And After Stock Consolidation 1	'	9,413,581
Stockholders Equity Schedule Of Basic Weighted Average Number Of Shares Before And After Stock Consolidation 2	'	$9,412,349

Schedule_Of_FullyDiluted_Weigh

Schedule Of Fully-Diluted Weighted Average Number Of Shares Before and After Stock Consolidation (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Stockholders Equity Schedule Of Fully-diluted Weighted Average Number Of Shares Before And After Stock Consolidation 1	$9,413,581	'
Stockholders Equity Schedule Of Fully-diluted Weighted Average Number Of Shares Before And After Stock Consolidation 2	9,301,081	'
Stockholders Equity Schedule Of Fully-diluted Weighted Average Number Of Shares Before And After Stock Consolidation 1	'	9,413,581
Stockholders Equity Schedule Of Fully-diluted Weighted Average Number Of Shares Before And After Stock Consolidation 2	'	$9,412,349

Schedule_Of_Due_To_Related_Par

Schedule Of Due To Related Party Transactions (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions Schedule Of Due To Related Party Transactions 1	$106,851
Related Party Transactions Schedule Of Due To Related Party Transactions 2	119,251
Related Party Transactions Schedule Of Due To Related Party Transactions 3	103,619
Related Party Transactions Schedule Of Due To Related Party Transactions 4	153,628
Related Party Transactions Schedule Of Due To Related Party Transactions 5	210,470
Related Party Transactions Schedule Of Due To Related Party Transactions 6	$272,879