Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 30, 2013 | Jan. 17, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Trading Symbol | 'mxom | ' |
Entity Registrant Name | 'PAN AMERICAN GOLDFIELDS LTD | ' |
Entity Central Index Key | '0001046672 | ' |
Current Fiscal Year End Date | '--02-28 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 100,340,026 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
Current | ' | ' |
Cash and cash equivalents | $62,471 | $176,538 |
Accounts receivable | 646,520 | 189,149 |
Prepaid expenses | 4,800 | 25,663 |
Real estate held for sale | 640,000 | 640,000 |
Current Assets | 1,353,791 | 1,031,350 |
Equipment | 19,046 | 25,033 |
Total assets | 1,372,837 | 1,056,383 |
Current | ' | ' |
Accounts payable and accrued liabilities | 1,824,933 | 976,934 |
Loans payable | 0 | 10,867 |
Total liabilities | 1,824,933 | 987,801 |
Stockholders' equity (deficiency) Capital stock | ' | ' |
Preferred stock Authorized: 20,000,000 shares, $0.01 par value Issued: nil | 0 | 0 |
Common stock Authorized: 200,000,000 shares, $0.01 par value Issued: 100,340,026 (February 28, 2013 - 94,507,801) | 1,003,400 | 945,078 |
Additional paid-in capital | 52,953,180 | 52,567,111 |
Stock subscriptions | 299,904 | 299,904 |
Accumulated deficit from prior operations | -2,003,427 | -2,003,427 |
Accumulated deficit during the exploration stage | -52,918,471 | -51,962,796 |
Accumulated other comprehensive income | 213,318 | 222,712 |
Total stockholders' equity (deficiency) | -452,096 | 68,582 |
Total liabilities and stockholders' equity (deficiency) | $1,372,837 | $1,056,383 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares, Issued | 100,340,026 | 94,507,801 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 117 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | |
Net sales | $1,029,706 | $878,023 | $4,258,152 | $3,889,753 | $12,902,447 |
Cost of goods sold | 499,884 | 334,178 | 2,202,889 | 1,259,416 | 5,769,479 |
Gross margin | 529,822 | 543,845 | 2,055,263 | 2,630,337 | 7,132,968 |
Expenses | ' | ' | ' | ' | ' |
General and administrative | 1,029,312 | 696,795 | 2,584,278 | 2,377,089 | 29,313,915 |
Mineral exploration | 62,431 | 316,528 | 567,307 | 1,326,403 | 12,317,558 |
Impairment of mineral property costs | 90,000 | 90,000 | 270,000 | 400,000 | 19,020,059 |
Operating loss | -651,921 | -559,478 | -1,366,322 | -1,473,155 | -53,518,564 |
Other income (expenses) | ' | ' | ' | ' | ' |
Deposit on equipment written off | 0 | 0 | 0 | 0 | -25,300 |
Real estate impairment | 0 | 0 | 0 | 0 | -60,000 |
Foreign exchange (loss) | -2,553 | 7,661 | -13,804 | 3,713 | -605,774 |
Interest | -360 | -1,732 | -7,789 | -9,046 | -5,375,735 |
Other income | 108,528 | 150,123 | 428,436 | 419,095 | 1,369,433 |
Gain on disposal of assets | 0 | 0 | 0 | 0 | 15,130 |
Gain on sale of assets | 0 | 0 | 0 | 31,691 | 4,400,065 |
Gain (loss) on settlement of debt | 43,872 | 166,656 | 3,804 | -42,080 | 882,274 |
Net loss | -502,434 | -236,770 | -955,675 | -1,069,782 | -52,918,471 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' |
Foreign exchange translation adjustment | 5,492 | 17,550 | -9,394 | -6,966 | 213,318 |
Total comprehensive loss | ($496,942) | ($219,220) | ($965,069) | ($1,076,748) | ($52,705,153) |
Total loss per share - basic and diluted | ($0.01) | $0 | ($0.01) | ($0.01) | ' |
Weighted average number of shares of common stock - basic and diluted | 100,340,026 | 93,555,420 | 98,322,676 | 82,017,733 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 117 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | |
Operating activities | ' | ' | ' |
Net loss | ($955,675) | ($1,069,782) | ($52,918,471) |
Adjustments to reconcile net (loss) to net cash flows: | ' | ' | ' |
Write off of note receivable | 0 | 0 | 57,500 |
Impairment of mineral property costs | 0 | 0 | 14,421,668 |
Real estate impairment | 0 | 0 | 60,000 |
Issuance of shares for consulting services | 0 | 0 | 510,590 |
Issuance of shares for interest costs | 0 | 0 | 82,500 |
Discount on convertible debenture | 0 | 0 | 569,549 |
Deposit on equipment written off | 0 | 0 | 25,300 |
Gain on disposal of assets | 0 | 0 | -15,130 |
Gain (loss) on sale of assets | 0 | 31,952 | -4,357,748 |
Non-cash component of loss (gain) on settlement of debt | -3,804 | 42,080 | -924,089 |
Beneficial conversion feature | 0 | 0 | 4,081,091 |
Stock-based compensation | 143,860 | 540,000 | 13,080,446 |
Amortization | 5,660 | 10,803 | 364,698 |
Net change in operating assets and liabilities: | ' | ' | ' |
Prepaid expense | 20,862 | 13,343 | -6,192 |
Accounts receivable | -473,389 | -587,939 | -458,048 |
Inventory | 0 | 64,202 | 64,202 |
Customer deposits | 0 | 0 | -194,809 |
Notes payable | 0 | 0 | 109,337 |
Accounts payable and accrued liabilities | 913,613 | 49,872 | 8,083,421 |
Cash used in operating activities | -348,873 | -905,469 | -17,364,185 |
Investing activities | ' | ' | ' |
Sale of equipment | 0 | 49,650 | 82,966 |
Purchase of property and equipment | 0 | -584 | -604,201 |
Cash provided by (used in) investing activities | 0 | 49,066 | -521,235 |
Financing activities | ' | ' | ' |
Proceeds from loans payable | 0 | 32,250 | 348,867 |
Proceeds from notes payable | 0 | 0 | 3,162,196 |
Proceeds from convertible debentures | 0 | 0 | 7,462,500 |
Proceeds from exercise of options | 0 | 0 | 78,000 |
Proceeds from exercise of warrants | 0 | 0 | 3,144,377 |
Repayment of loans payable | -10,867 | -19,890 | -341,986 |
Repayment of notes payable | 0 | 0 | -586,620 |
Repayment of convertible debentures | 0 | 0 | -2,051,047 |
Stock subscriptions (net) | 240,000 | 1,008,600 | 3,896,862 |
Issuance of common stock (net) | 0 | 0 | 2,756,994 |
Cash provided by financing activities | 229,133 | 1,020,960 | 17,870,143 |
Net change in cash | -119,740 | 164,557 | -15,277 |
Effect of foreign currency translation on cash | 5,673 | -18,471 | 55,671 |
Cash and cash equivalents, beginning | 176,538 | 117,892 | 22,077 |
Cash and cash equivalents, ending | $62,471 | $263,978 | $62,471 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | |
Nov. 30, 2013 | ||
BASIS OF PRESENTATION [Text Block] | ' | |
1 | BASIS OF PRESENTATION | |
Pan American Goldfields Ltd. (formerly Mexoro Minerals, Ltd and Sunburst Acquisitions IV, Inc.) ("Panam" or the “Company”) was incorporated in the state of Delaware on March 23, 2010 and on July 2, 2010 changed its name to Pan American Goldfields Ltd. pursuant to an agreement and plan of merger between the Company and Mexoro Minerals Ltd. The Company was formed to seek out and acquire business opportunities. Between 1997 and 2003, the Company was engaged in two business acquisitions and one business opportunity, none of which generated a significant profit or created sustainable business. All were sold or discontinued. The Company had previously been pursuing various business opportunities and, effective March 1, 2004, the Company changed its operations to mineral exploration. Currently, the main focus of the Company’s operations is in Mexico. | ||
On May 25, 2004, the Company completed a “Share Exchange Agreement” with Sierra Minerals and Mining, Inc. (“Sierra Minerals”), a Nevada corporation, which caused Sierra Minerals to become a wholly-owned subsidiary of the Company. Sierra Minerals held certain rights to properties in Mexico that the Company now owns or has an option to acquire. Through Sierra Minerals, the Company entered into a joint venture agreement with Minera Rio Tinto, S.A. de C.V. (“MRT”), a private company duly incorporated pursuant to the laws of Mexico. In August 2005, the Company cancelled the joint venture agreement in order to directly pursue mineral exploration opportunities through a wholly- owned Mexican subsidiary, Sunburst Mining de Mexico S.A. de C.V. (“Sunburst de Mexico”). On August 25, 2005, the Company, Sunburst de Mexico and MRT entered into agreements providing Sunburst de Mexico the right to explore and exploit certain properties in Mexico. In December 2005, the Company and Sunburst de Mexico entered into a new agreement with MRT (the “New Agreement”) (note 6). On January 20, 2006, Sierra Minerals was dissolved. | ||
On February 12, 2009, the Company entered into a joint venture through a definitive agreement for development of its Cieneguita project with MRT. The purpose of the joint venture is to put the Cieneguita property into production. Pursuant to the agreement, MRT was to provide the necessary working capital to begin and maintain mining operations at Cieneguita, which are estimated to be $3,000,000. MRT planned to spend 100% of the money to earn 74% of the net cash flow from production (notes 5 and 6). The Company was expected to receive 20% of the net cash flows from production. | ||
In September 2011, the Company executed an amended and restated development agreement for the restructure of its Cieneguita joint venture related to the Cieneguita project. Under the restructured joint venture agreement the Company was to receive 20% of the net operating profits after royalties for material processed through a small-scale pilot operation and mined from the first 15 meters depth of the Cieneguita deposit until December 31, 2012. For all other material processed from the property, the Company's interest is 80% and MRT is reduced to a 20% working interest, subject to certain dilution provisions (note 6). | ||
In September, 2012, the Company entered into a second amended and restated development agreement (“Second Amended and Restated Development Agreement”) with MRT related to the mineral exploration, production and development of the Company’s Cieneguita project. Under the Second Amended and Restated Development Agreement, the Company’s share of net cash flow from the pilot project operated by MRT on the Cieneguita project increases from 20% to 29% beginning retroactive to March 1, 2012 through December 31, 2012. Beginning January 1, 2013 through December 31, 2013, the Company’s share of net cash flow from the pilot project increases to 35%. At all times, the Company retains its 80% ownership interest in the entire Cieneguita project. This agreement eliminates the additional fees previously payable by MRT for minerals mined below the first 15 meters. | ||
The Second Amended and Restated Development Agreement extended the date of the pilot project from December 31, 2012 to December 31, 2013. MRT may terminate the pilot project by providing the Company with 90 days advanced written notice, and the Company may terminate the pilot project upon, inter alia, an uncured breach of the Second Amended and Restated Development Agreement by MRT. Effective December 23, 2013, the Company and MRT signed an extension to this agreement extending it under the same terms to December 31, 2014. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | |||
Nov. 30, 2013 | ||||
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' | |||
2 | SIGNIFICANT ACCOUNTING POLICIES | |||
(a) | Recent accounting pronouncements | |||
(i) | On June 16, 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-05, which revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220 and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company does not expect the provisions of ASU 2011-05 to have a material effect on the financial position, results of operations or cash flows of the Company, as the Company currently presents a continuous statement of operations and comprehensive income (loss). | |||
(ii) | On May 12, 2011, the FASB issued ASU 2011-04. The ASU is the result of joint efforts by the FASB and IASB to develop a single, converged fair value framework. Thus, there are few differences between the ASU and its international counterpart, IFRS 13. This ASU is largely consistent with existing fair value measurement principles in U.S. GAAP; however it expands ASC 820’s existing disclosure requirements for fair value measurements and makes other amendments. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company does not expect the provisions of ASU 2011-05 to have a material effect on the financial position, results of operations or cash flows of the Company. | |||
(iii) | In May 2010, the FASB issued ASU 2010 - 19, Foreign Currency (Topic 830): Foreign Currency Issues: Multiple Foreign Currency Exchange Rates. The amendments in this update are effective as of the announcement date of March 18, 2010. Implementation of ASU 2010-19 did not have a material effect on the financial position, results of operations or cash flows of the Company. | |||
(iv) | In April 2010, the FASB issued ASU 2010-17, Revenue Recognition-Milestone Method (Topic 605): Milestone Method of Revenue Recognition. The amendments in this update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. If a vendor elects early adoption and the period of adoption is not the beginning of the entity’s fiscal year, the entity should apply the amendments retrospectively from the beginning of the year of adoption. Implementation of ASU 2010-17 did not have a material effect on the financial position, results of operations or cash flows of the Company. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended | |
Nov. 30, 2013 | ||
GOING CONCERN [Text Block] | ' | |
3 | GOING CONCERN | |
The accompanying financial statements have been prepared on a going concern basis. The Company has a history of operating losses and will need to raise additional capital to fund its planned operations. As at November 30, 2013, the Company had a cumulative loss, during its exploration period, of $52,918,471 (February 28, 2013 - $51,962,796). These conditions raise substantial doubt about the Company’s ability to continue as a going concern. | ||
The Company intends to reduce its cumulative loss through the attainment of profitable operations from its investment in Mexican mining venture (note 6). In addition, the Company has conducted private placements of common stock and convertible debt (note 9), which have generated a portion of the initial cash requirements for its planned mining ventures (note 6). | ||
In April 2013, the Company’s Canadian bank accounts were frozen due to a garnishing order for a judgement against the Company by a vendor in the amount of $120,000 plus interest. The Company has accrued the amounts due to this vendor at November 30, 2013. | ||
In March 2013, the Company completed a private placement of 2,400,000 shares at $0.12 per share for total gross proceeds of $240,000 in cash (note 6). | ||
In July 2012, the Company completed a private placement of 17,500,000 shares at $0.12 per share for total gross proceeds of $1,050,000 in cash and an additional $1,050,000 of real property in Argentina. | ||
In May 2012, the Company converted subscription proceeds of $45,000 and issued 300,000 shares of common stock in a private placement. The subscribers to the subscription proceeds have agreed to purchase one unit for each $0.20 of subscription proceeds. Each unit consists of one share of the Company’s common stock and one warrant each exercisable at $0.30, which expires in two years. | ||
In February 2012, the Company completed a private placement of 4,500,000 units at $0.20 per unit for total gross proceeds of $900,000. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock, each exercisable at $0.30, expiring in two years from the closing date. | ||
In June 2011, the Company completed a private placement of 1,500,000 units at $0.20 per unit, for total proceeds of $300,000. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock, each exercisable at $0.30, expiring in two years from the closing date. | ||
In March 2011, the Company completed a private placement of 6,560,000 units at $0.20 per unit, for total proceeds of $1,312,000. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock. Each warrant is exercisable for one share of common stock at an exercise price of $0.30 per share for a period of two years from the closing date. | ||
In July 2009, the Company signed a definitive agreement to sell its Guazapares project located in southwest Chihuahua, Mexico to Paramount Gold de Mexico, SA de C.V., the Mexican subsidiary of Paramount Gold and Silver Corp. (“Paramount”) for a total consideration of up to $5,300,000. The purchase price was to be paid in two stages. The first payment of $3,700,000 was released from escrow in February 2010, as the transfer of the 12 claims to Paramount was completed. An additional payment of $1,600,000 would have been due if, within 36 months following execution of the letter of agreement (July 10, 2009), either (i) Paramount Gold de Mexico SA de C.V. had been sold by Paramount, either through a stock sale or a sale of substantially all of its assets, or (ii) Paramount’s San Miguel project would have been put into commercial production. As of July 10, 2012, none of these two events occurred. |
EQUIPMENT
EQUIPMENT | 9 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
EQUIPMENT [Text Block] | ' | |||||||||||||
4 | EQUIPMENT | |||||||||||||
30-Nov-13 | 28-Feb | |||||||||||||
2013 | ||||||||||||||
Cost | Accumulated | Net Book | Net Book | |||||||||||
Depreciation | Value | Value | ||||||||||||
$ | $ | $ | $ | |||||||||||
Software | 7,782 | 2,622 | 5,160 | 5,557 | ||||||||||
Machinery | 14,371 | 8,259 | 6,112 | 7,329 | ||||||||||
Vehicles | 75,971 | 73,964 | 2,007 | 4,676 | ||||||||||
Computers | 13,722 | 12,780 | 942 | 1,318 | ||||||||||
Office equipment | 16,149 | 11,324 | 4,825 | 6,153 | ||||||||||
127,995 | 108,949 | 19,046 | 25,033 |
JOINT_VENTURE_WITH_MRT
JOINT VENTURE WITH MRT | 9 Months Ended | |
Nov. 30, 2013 | ||
JOINT VENTURE WITH MRT [Text Block] | ' | |
5 | JOINT VENTURE WITH MRT | |
On February 12, 2009, the Company entered into a joint venture through a definitive agreement for development of its Cieneguita project with MRT. The purpose of the joint venture was to put Cieneguita property into production. As per the agreement, MRT was to provide the necessary working capital to begin and maintain mining operations estimated to be $3,000,000. MRT was to spend 100% of the funds in exchange for a 75% interest in the net cash flow from production. The agreement was amended in December 2009 for MRT to earn a 74% interest in the net cash flow from production (note 6). | ||
In September 2011, the Company executed an amended and restated development agreement for the restructure of its Cieneguita joint venture related to the Cieneguita project. Under the restructured joint venture agreement the Company was to receive 20% of the net operating profits after royalties for material processed through a small-scale pilot operation and mined from the first 15 meters depth of the Cieneguita deposit until December 31, 2012. For all other material processed from the property, the Company's interest was 80% and MRT was reduced to a 20% working interest, subject to certain dilution provisions (note 6). | ||
The agreement limited the mining of the mineralized material that is available from the surface to a depth of 15 meters or approximately 10% of the mineralized material found as of the date of the definitive agreement. The Company incurs no obligations to the joint venture’s creditors as the operations and working capital requirements are controlled by MRT and as such, the Company has concluded that it is not the primary beneficiary of the joint venture. Accordingly, the Company’s share of income and expenses are reflected in these financial statements under the proportionate consolidation method. | ||
In September, 2012, the Company entered into a Second Amended and Restated Development Agreement with MRT related to the mineral exploration, production and development of the Company’s Cieneguita Project. Under the Second Amended and Restated Development Agreement, the Company’s share of net cash flow from the pilot project operated by MRT on the Cieneguita project increases from 20% to 29% beginning retroactive to March 1, 2012 through December 31, 2012. Beginning January 1, 2013 through December 31, 2013, the Company’s share of net cash flow from the pilot project increases to 35%. At all times, the Company retains its 80% ownership interest in the entire Cieneguita project. This agreement eliminates the additional fees previously payable by MRT for minerals mined below the first 15 meters. | ||
The Second Amended and Restated Development Agreement extended the date of the pilot project from December 31, 2012 to December 31, 2013. MRT may terminate the pilot project by providing the Company with 90 days advanced written notice, and the Company may terminate the pilot project upon, inter alia, an uncured breach of the Second Amended and Restated Development Agreement by MRT. Effective December 23, 2013, the Company and MRT signed an extension to this agreement extending it under the same terms to December 31, 2014. | ||
The Company’s proportionate share of revenues was $4,258,152 and proportionate share of the net profit was $1,505,802 for the nine months ended November 30, 2013. The Company’s proportionate share of accounts receivable of the joint venture was $540,368, at November 30, 2013. The joint venture did not have any other assets or liabilities at November 30, 2013. |
MINERAL_PROPERTIES
MINERAL PROPERTIES | 9 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
MINERAL PROPERTIES [Text Block] | ' | |||||||||||||
6 | MINERAL PROPERTIES | |||||||||||||
The Company incurred exploration expenses as follows in the nine months ended November 30, 2013: | ||||||||||||||
Cieneguita | Total | |||||||||||||
$ | $ | |||||||||||||
Geological, geochemical, geophysics | 2,006 | 2,006 | ||||||||||||
Land use permits | 6,241 | 6,241 | ||||||||||||
Travel | 18,014 | 18,014 | ||||||||||||
Consulting | 376,145 | 376,145 | ||||||||||||
Equipment | 159,420 | 159,420 | ||||||||||||
General | 5,481 | 5,481 | ||||||||||||
567,307 | 567,307 | |||||||||||||
The Company incurred exploration expenses as follows in the nine months ended November 30, 2012: | ||||||||||||||
Cieneguita | Cerro Delta | New Projects | Total | |||||||||||
$ | $ | $ | $ | |||||||||||
Drilling and sampling | 3,592 | 13,910 | 3,854 | 21,356 | ||||||||||
Field work preparations | - | 369,204 | - | 369,204 | ||||||||||
Salaries | 86,340 | - | - | 86,340 | ||||||||||
Land use permits | 8,675 | - | - | 8,675 | ||||||||||
Travel | 18,441 | - | - | 18,441 | ||||||||||
Consulting | 594,147 | 7,265 | - | 601,412 | ||||||||||
Equipment | 159,539 | - | - | 159,539 | ||||||||||
General | 9,885 | 892 | 50,659 | 61,436 | ||||||||||
880,619 | 391,271 | 54,513 | 1,326,403 | |||||||||||
Since May 2004, the Company has held interests in gold exploration properties in Mexico. | ||||||||||||||
In August 2005, the Company formed its wholly owned subsidiary, Sunburst de Mexico, which allowed the Company to take title to the properties in the name of Sunburst de Mexico. On August 25, 2005, the Company entered into property agreements with MRT, which provided Sunburst de Mexico options to purchase the mineral concessions of the Cieneguita and Guazapares properties and the right of refusal on three Encino Gordo properties. The Company also entered into a development and sale agreement, in October 2006, with Minera Emilio S.A. de C.V. for the mineral concessions of the Sahuayacan property. | ||||||||||||||
In August 2005, the parties also entered into an operator’s agreement, that gave MRT the sole and exclusive right and authority to manage the Cieneguita property, and a share option agreement which granted MRT the exclusive option to acquire up to 100% of all outstanding shares of Sunburst de Mexico if the Company did not comply with the terms of the property agreements. The operator’s agreement and share option agreement were subsequently cancelled when the Company and Sunburst de Mexico entered into a new contract with MRT as described below under “Encino Gordo”. | ||||||||||||||
In February 2009, the Company entered into an exploration agreement with MRT, which was amended in December 2009, then in September 2011 and finally in September 2012. | ||||||||||||||
The material provisions of the property agreements are as follows: | ||||||||||||||
Cieneguita | ||||||||||||||
MRT assigned to Sunburst de Mexico, with the permission of the Cieneguita property’s owner, Corporativo Minero, S.A. de C.V. (“Corporativo Minero”), all of MRT’s rights and obligations acquired under a previous agreement (the Cieneguita option agreement), including the exclusive option to acquire the Cieneguita property for a price of $2,000,000. Prior to assigning the Cieneguita property to the Company, MRT had paid $350,000 to Corporativo Minero. As the Cieneguita property was not in production by May 6, 2006, Sunburst de Mexico was required to pay $120,000 to Corporativo Minero to extend the contract. Corporativo Minero agreed to reduce the obligation to $60,000, of which $10,000 was paid in April 2006 and the balance paid on May 6, 2006. The Company made this payment to Corporativo Minero and the contract was extended. | ||||||||||||||
The Company had the obligation to pay a further $120,000 per year for the next 13 years and the balance of the payments in the 14th year, until the total amount of $2,000,000 was paid. The Company renegotiated the payment due May 6, 2007, to $60,000 payable on November 6, 2007, which was paid, and the balance of $60,000 was paid on December 20, 2007. The Company paid $60,000 on May 12, 2008, of the $120,000 due on May 6, 2008, and the balance was paid in June 2008. The Company paid $30,000 each for a total of $120,000 on May 22, 2009, June 26, 2009, September 4, 2009 and November 20, 2009. In 2010, the Cieneguita project was put into production under the development agreement as described above and the payment terms were changed based on the following formula: The Company must pay the Cieneguita owners $20 per ounce of gold produced from the Cieneguita property to the total of $2,000,000 due. In the event that the price of gold is above $400 per ounce, the property payments payable to the Cieneguita owners from production will be increased by $0.10 for each dollar increment over $400 per ounce. The total payment of $2,000,000 does not change with fluctuations in the price of gold. Non-payment of any portion of the $2,000,000 total payment will constitute a default. In such case, the Cieneguita owners will retain ownership of the concessions, but the Company will not incur any additional default penalty. | ||||||||||||||
In September 2011, the Company, MRT and Corporativo Minero entered into a new agreement, where Corporativo Minero was entitled to a monthly payment of $30,000, to be paid from the net cash flows from production at Cieneguita until the completion of the first 15 meters of production or December 31, 2012, whichever occurs first. | ||||||||||||||
In September 2012, the Company entered into a Second Amended and Restated Development Agreement with MRT whereby the Company’s share of net cash flow from the pilot project operated by MRT increases from 20% to 29% beginning retroactively from March 1, 2012 to December 31, 2012. From January 1, 2013 to December 31, 2013, this amount increases to 35%. Effective December 23, 2013, the Company and MRT signed an extension to this agreement extending it under the same terms to December 31, 2014. | ||||||||||||||
Based on production at Cieneguita, the joint venture paid $270,000 during the nine months ended November 30, 2013 (February 28, 2013 - $330,000) to the Cieneguita owners. As of November 30, 2013, Corporativo Minero has been paid a total of $1,777,241 for the Cieneguita property. The Company is not in default on its payments for the Cieneguita property. | ||||||||||||||
On February 12, 2009, the Company entered into a definitive agreement for development of the Cieneguita project with MRT. The definitive agreement covered project financing of up to $9,000,000. The major points of the agreement were as follows: | ||||||||||||||
(i) | MRT and/or its investors will subscribe for $1,000,000 of a secured convertible debenture at 8% interest (payable in stock or cash). The debenture was convertible into units at $0.60 per unit. Each unit comprised two common shares and one warrant. Each warrant is exercisable at $0.50 per share for a period of three years. The placement will be used for continued development of the Company’s properties and general working capital. | |||||||||||||
(ii) | MRT is to provide the necessary working capital to begin and maintain mining operations estimated to be $3,000,000 used for the purpose of putting the Cieneguita property into production. MRT will spend 100% of the money to earn 75% of the net cash flow from production. The agreement will limit the mining to the mineralized material that is available from surface to a depth of 15 meters or approximately 10% of the mineralized material found to date. | |||||||||||||
(iii) | MRT will spend up to $5,000,000 to take the Cieneguita property through the feasibility stage. In doing so, MRT will earn a 60% interest in the Company’s rights to the property. After the expenditure of the $5,000,000 all costs will be shared on a ratio of 60% to MRT and 40% to the Company. If the Company elects not to pay its portion of costs after the $5,000,000 has been spent, the Company’s position shall revert to a 25% carried interest on the property. | |||||||||||||
To generate funding for the Company’s continued operations, the Company issued $1,500,000 of convertible debentures in March 2009, of which an aggregate of $880,000 was issued to Mario Ayub, a former director of the Company, and his affiliated entity, MRT. Pursuant to the terms of the convertible debentures, the holders irrevocably converted the debentures into a 10% ownership interest in the Cieneguita project and a 10% interest in the net cash flow from First Phase Production. | ||||||||||||||
In December 2009, Mario Ayub and MRT agreed to resell an aggregate 4% ownership interest in the Cieneguita project back to the Company, along with 4% of the net cash flow from First Phase Production, in return for $550,000. In a private transaction not involving the Company, the other holders contributed their remaining 6% ownership interest in the Cieneguita project to a newly formed entity, Marje Minerals SA (“Marje Minerals”). | ||||||||||||||
In December 2009, the Company amended the development agreement and its agreements with the debenture holders. According to the amended development agreement, the ownership interest in the Cieneguita project and the net cash flows from the First Phase Production were held by the Company, MRT and Marje Minerals as follows: | ||||||||||||||
Holder | Ownership | Net Cash Flow | Net Cash Flow | |||||||||||
Percentage | Interest From | Interest Following | ||||||||||||
First Phase | First Phase | |||||||||||||
Production | Production | |||||||||||||
MRT | 54% (1) | 74% | 54% (1) | |||||||||||
Marje Minerals | 6% | 6% | 6% | |||||||||||
Panam | 40% | 20% | 40% | |||||||||||
(1) Was to be earned by MRT by spending $4,000,000 to take the Cieneguita project through the feasibility stage. | ||||||||||||||
Any additional costs for the First Phase Production and the feasibility study for the Cieneguita project, after MRT invested $8,000,000, would have been shared by the Company, MRT and Marje Minerals on a pro-rata basis based on their respective ownership percentages in the Cieneguita project. | ||||||||||||||
The major terms of the amended development agreement with MRT and Marje Minerals were as follows: | ||||||||||||||
(i) | MRT purchased $1,000,000 of secured convertible debentures at 8% interest (payable in stock or cash). The proceeds from this investment were used for continued development and exploration of the Cieneguita project and general working capital. On November 5, 2009, MRT exercised its conversion rights on the debenture and MRT was issued 3,333,333 common shares and a warrant to purchase 1,666,667 shares of common stock at an exercise price of $0.50 per share. | |||||||||||||
(ii) | MRT agreed to provide the necessary working capital to begin and maintain mining operations, estimated to be $3,000,000, to put the first phase of the Cieneguita project into production. In exchange for these funds, the Company assigned MRT an interest to 74% of the net cash flow from First Phase Production. The agreement limits the mining during First Phase Production to the mineralized material that is available from the surface to a depth of 15 meters. | |||||||||||||
(iii) | MRT committed to spend up to $4,000,000 to take the Cieneguita project through the feasibility stage. In doing so, the Company assigned MRT a 54% interest in its rights to the Cieneguita project. After the expenditure of the $4,000,000, all costs will be shared on a pro rata ownership basis (i.e. 54% to MRT, 40% to the Company and 6% to Marje Minerals). If any party cannot pay its portion of the costs after the $4,000,000 has been spent, then their ownership position in the Cieneguita project will be reduced by 1% for every $100,000 invested by the other owners. The Company’s ownership interest in the Cieneguita project, however, cannot be reduced below 25%. In addition, the Company has the right to cover Marje Minerals’ pro rata portion of costs if they cannot pay their portion of the costs. In return, the Company will receive 1% of Marje Minerals’ ownership position in the Cieneguita project for every $100,000 the Company invests on their behalf. | |||||||||||||
(iv) | The MRT agreement was contingent on the Company repaying its debenture to Paramount. In March 2009, the Company repaid $1,000,000, or approximately two-thirds of the debt, and Paramount released a security interest it had on the Cieneguita project. In October 2009, the Company repaid the remaining amount of the debt and Paramount released its security interests on the Sahuayacan, Guazapares and Encino Gordo properties. | |||||||||||||
In September 2011, the Company executed a new amended and restated development agreement with MRT and Marje Minerals, for the restructure of its Cieneguita joint venture. Under the restructured joint venture agreement the Company receives 20% of the net operating profits after royalties for material processed through a small-scale pilot operation and mined from the first 15 meters depth of the Cieneguita deposit until December 31, 2012. For all other material processed from the property, the Company's interest is 80% and MRT is reduced to a 20% working interest, subject to certain dilution provisions. The Company also bought back 6% interest in Cieneguita from Marje Minerals in exchange for 3,333,333 common shares of the Company. | ||||||||||||||
Under the agreement, the parties agreed to restructure their respective ownership interests in the Cieneguita project as follows: | ||||||||||||||
Holder | Ownership | Net Cash Flow | Net Cash Flow | |||||||||||
Percentage | Interest From | Interest Following | ||||||||||||
First Phase | First Phase | |||||||||||||
Production | Production | |||||||||||||
MRT | 20% | 74% | 20% | |||||||||||
Marje Minerals | 0% | 6% | 0% | |||||||||||
Panam | 80% | 20% | 80% | |||||||||||
The Company and MRT shall be responsible for the cost of a feasibility study on a pro rata basis based on their respective amended ownership percentages of the Cieneguita project. | ||||||||||||||
Marje Minerals will also assume approximately $490,000 in debt of the Company in consideration for receiving half of all monthly net cash flows that the Company is entitled from operations on the first 15 meters, if any, until the sooner of December 31, 2012 or until Marje Minerals receives $490,000 from these cash flows. | ||||||||||||||
In September, 2012, the Company entered into a Second Amended and Restated Development Agreement with MRT related to the mineral exploration, production and development of the Company’s Cieneguita Project. Under the Second Amended and Restated Development Agreement, the Company’s share of net cash flow from the pilot project operated by MRT on the Cieneguita project increases from 20% to 29% beginning retroactive to March 1, 2012 through December 31, 2012. Beginning January 1, 2013 through December 31, 2013, the Company’s share of net cash flow from the pilot project increases to 35%. At all times, the Company retains its 80% ownership interest in the entire Cieneguita project. This agreement eliminates the additional fees previously payable by MRT for minerals mined below the first 15 meters. | ||||||||||||||
The Second Amended and Restated Development Agreement extended the date of the pilot project from December 31, 2012 to December 31, 2013. MRT may terminate the pilot project by providing the Company with 90 days advanced written notice, and the Company may terminate the pilot project upon, inter alia, an uncured breach of the Second Amended and Restated Development Agreement by MRT. Effective December 23, 2013, the Company and MRT signed an extension to this agreement extending it under the same terms to December 31, 2014. | ||||||||||||||
In connection with the revised development agreement, MRT also purchased 2,000,000 shares of the Company’s common stock at a price of $0.12 per share for net proceeds of $240,000 pursuant to the Company’s private placement subscription agreement. The Company will issue the shares to MRT in reliance on exemptions from registration pursuant to Section 4(2) under the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder. | ||||||||||||||
Encino Gordo | ||||||||||||||
On December 8, 2005, the Company and Sunburst de Mexico entered into a “New Agreement” with MRT to exercise their option under the sale and purchase of the mining concessions agreement, dated August 18, 2005, to obtain two mining concessions in the Encino Gordo region. The New Agreement also provided the Company the option to obtain three additional concessions in the Encino Gordo region. | ||||||||||||||
The following were additional material terms of the New Agreement: | ||||||||||||||
(a) | The share option agreement with MRT was cancelled; | |||||||||||||
(b) | The Company granted MRT the option to buy all of the outstanding shares of Sunburst de Mexico for $100 if the Company failed to transfer $1,500,000 to Sunburst de Mexico by April 30, 2006. On April 6, 2006, MRT agreed to waive its option to purchase the shares of Sunburst de Mexico and also waived the Company’s obligation to transfer $1,500,000 to Sunburst de Mexico. The property agreements were modified to change the NSR to a maximum of 2.5% for all properties covered by the agreements. The property agreements contained NSRs ranging from 0.5% to 7%; | |||||||||||||
(c) | The Company agreed to issue 2,000,000 shares of the Company’s common stock to MRT within four months of the date of signing of the New Agreement. These shares were issued to MRT and its assignee at the market value of $1.05 per share on February 23, 2006, and $2,100,000 was charged to operations for the year ended February 28, 2006. This issuance fulfilled the Company’s payment obligations under the previous property agreements; | |||||||||||||
(d) | The Company agreed to issue 1,000,000 additional shares of the Company’s common stock to MRT if and when the Cieneguita property is put into production and reaches 85% of production capacity over a 90 -day period, as defined in the New Agreement; and | |||||||||||||
(e) | The operator’s agreement with MRT was cancelled. | |||||||||||||
Sunburst de Mexico purchased two of the Encino Gordo concessions from MRT for a price of 1,000 pesos (approximately US$100), and MRT assigned to Sunburst de Mexico a first right of refusal to acquire three additional Encino Gordo concessions. The total payments to acquire 100% of these three additional concessions were as follows: $10,000 on June 30, 2006 (paid); $25,000 on December 31, 2006 (paid), $50,000 on December 31, 2007 ($20,000 of this payment was made on January 3, 2008 and the balance was paid on February 29, 2008) and $75,000 on December 31, 2008 (the payment was not made and the Company was in default). In August 2009, the Company decided to surrender the Encino Gordo 2 mining concession eliminating any future concession payments on these properties. | ||||||||||||||
In May 2012, the Company transferred its interest in concessions at the Encino Gordo project located in the Barranca region of Chihuahua State in Mexico, which included two concessions owned by the Company and two additional concessions the Company had the option to acquire, to MRT. In connection with the transfer, MRT paid $100,000 cash, waived $200,000 in payments the Company owed to MRT in connection with the Encino Gordo Project and agreed to assume all of the Company’s obligations related to the transferred concessions. | ||||||||||||||
Cerro Delta | ||||||||||||||
In February 2011, the Company management entered into an agreement with Compania Minera Alto Rio Salado S.A., a private Argentine entity, for the acquisition of the 15,000 -hectare Cerro Delta project in northwest La Rioja Province, Argentina. Under the terms of the agreement, the Company must pay $150,000 upon signing (paid), and $200,000 on the first anniversary (paid), $500,000 on the second anniversary, $750,000 on the third anniversary, $1.2 million on the fourth anniversary, and $2.2 million on the fifth anniversary of the signing, with a final option payment of $5 million to purchase a 100% interest in the project payable on the sixth anniversary of the signing. The vendor was to retain a 1% NSR. | ||||||||||||||
In December 2012, due to the significantly deteriorating political and working environment in Argentina and the difficulty to fund Maricunga belt projects, the Company froze all spending in Argentina. In January 2013, the Company cancelled the contract with Compania Minera Alto Rio Salado S.A. to acquire the Cerro Delta project. |
LOANS_PAYABLE
LOANS PAYABLE | 9 Months Ended | |
Nov. 30, 2013 | ||
LOANS PAYABLE [Text Block] | ' | |
7 | LOANS PAYABLE | |
As at November 30, 2013, there were loans payable in the amount of $nil (February 28, 2013 - $10,867), which are all current. The loans were repayable in monthly instalments of $nil (February 28, 2013 – $3,702), including interest of 7.50% per annum. | ||
PREFERRED_STOCK
PREFERRED STOCK | 9 Months Ended | |
Nov. 30, 2013 | ||
PREFERRED STOCK [Text Block] | ' | |
8 | PREFERRED STOCK | |
The Company is authorized to issue 20,000,000 shares of preferred stock. The Company’s board of directors is authorized to divide the preferred stock into series, and with respect to each series, to determine the preferences and rights and qualifications, limitations or restrictions thereof, including the dividend rights, conversion rights, voting rights, redemption rights and terms, liquidation preferences, sinking fund provisions, and the number of shares constituting the series and the designations of such series. The board of directors could, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting rights of the holders of common stock, which issuance could have certain anti-takeover effects. There were no shares of preferred stock issued or outstanding at November 30, 2013 or November 30, 2012. |
COMMON_STOCK
COMMON STOCK | 9 Months Ended | |
Nov. 30, 2013 | ||
COMMON STOCK [Text Block] | ' | |
9 | COMMON STOCK | |
In June 2013, the Company converted $60,533 of debt owed to certain directors for directors’ fee into 289,775 common shares. | ||
In June 2013, the Company issued 3,500,000 common shares in exchange for 10,000,000 warrants to certain directors and an officer under a settlement agreement. | ||
In June 2013, the Company issued 42,450 common shares to a consultant pursuant to a consulting agreement. | ||
In March 2013, the Company completed a $240,000 private placement offering, whereby the Company issued 2,000,000 shares of its common stock at a subscription price of $0.12 per share. | ||
In January 2013, the Company issued 500,000 common shares to a consultant pursuant to a consulting agreement. The shares were valued at the time of issuance at $0.13 per share. | ||
In November 2012, the Company issued 250,000 common shares to a consultant pursuant to a consulting agreement. The shares were valued at the time of issuance at $0.12 per share. | ||
In September 2012, the Company issued 500,000 common shares to a consultant pursuant to a consulting agreement. The shares were valued at the time of issuance at $0.13 per share. | ||
In September 2012, the Company issued the remaining 2,166,666 common shares relating to the acquisition of 6% of ownership interest in the Cieneguita project. | ||
In November 2012, the Company issued 250,000 common shares to a consultant pursuant to a consulting agreement. The shares were valued at the time of issuance at $0.12 per share. | ||
In July 2012, the Company converted outstanding fees in the amount of $71,900 owed to the Company’s directors into shares of the Company’s common stock, at a conversion price of $0.10 per share. | ||
In July 2012, the Company completed a $2.1 million private placement offering, whereby the Company issued 17,500,000 shares of its common stock at a subscription price of $0.12 per share. Of the aggregate purchase price, $1,050,000 was paid in cash and $1,050,000 was paid through the transfer of real property in Argentina. The Company intends to liquidate this property as soon as practical. In conjunction with the offering, the Company paid a finder’s fee of $84,000 and 700,000 shares of common stock. | ||
In June 2012, the Company issued 194,444 common shares pursuant to a debt settlement agreement to settle $20,000 of debt. The shares were valued at the time of issuance at $0.10 per share. | ||
In May 2012, the Company converted subscription proceeds of $45,000 and issued 300,000 shares of common stock in a private placement. The subscribers to the subscription proceeds have agreed to purchase one unit for each $0.20 of subscription proceeds. Each unit consists of one share of the Company’s common stock and two warrants each exercisable at $0.20 and $0.30, which expire in two years. In July 2012, the Company paid a finder’s fee of $2,400 related to the private placement. | ||
In April 2012, the Company issued 235,294 common shares pursuant to a debt settlement agreement to settle $40,000 of debt. The shares were valued at the time of issuance at $0.17 per share. | ||
In April 2012, the Company issued 250,000 common shares to a consultant pursuant to a consulting agreement. The shares were valued at the time of issuance at $0.18 per share. | ||
STOCK_COMPENSATION_PROGRAM
STOCK COMPENSATION PROGRAM | 9 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
STOCK COMPENSATION PROGRAM [Text Block] | ' | |||||||||||||
10 | STOCK COMPENSATION PROGRAM | |||||||||||||
On March 18, 2009, the board of directors approved the granting of stock options according to the 2009 Nonqualified Stock Option Plan (“2009 Option Plan”) whereby the board is authorized to grant to employees and other related persons stock options to purchase an aggregate of up to 6,000,000 shares of the Company's common stock. Subject to the adoption of the 2009 Option Plan, the options were granted and vest, pursuant to the terms of the 2009 Option Plan, in six equal instalments, with the first instalment vesting at the date of grant, and the balance vesting over 2.5 years, every six months. | ||||||||||||||
In the nine months ended November 30, 2013, the Company awarded nil options to purchase common shares (November 30, 2012 – nil) and recorded stock-based compensation expense for the vesting options of $143,860 (November 30, 2012 - $153,300). The following weighted average assumptions were used for the Black-Scholes option-pricing model to value stock options granted in 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Expected volatility | - | - | ||||||||||||
Weighted-average volatility | - | - | ||||||||||||
Expected dividend rate | - | - | ||||||||||||
Expected life of options in years | - | - | ||||||||||||
Risk-free rate | - | - | ||||||||||||
There were no capitalized stock-based compensation costs at November 30, 2013 or November 30, 2012. | ||||||||||||||
The summary of option activity under the 2009 Option Plan as of November 30, 2013, and changes during the period then ended, is presented below: | ||||||||||||||
Weighted | Number of | Weighted- | Aggregate | |||||||||||
Average | Shares | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Options | $ | Term | ||||||||||||
Balance at March 1, 2013 | 0.29 | 4,961,669 | ||||||||||||
Options granted | - | - | ||||||||||||
Options exercised | - | - | ||||||||||||
Options cancelled/forfeited | 0.26 | (2,166,669 | ) | |||||||||||
Balance at November 30, 2013 | 0.31 | 2,795,000 | 5.94 | - | ||||||||||
Exercisable at November 30, 2013 | 0.31 | 2,795,000 | 5.94 | - | ||||||||||
The weighted-average grant-date fair value of options granted during the nine months ended November 30, 2013 and November 30, 2012 is $nil and $nil, respectively. | ||||||||||||||
A summary of the status of the Company’s non-vested options as of November 30, 2013, and changes during the nine months ended November 30, 2013, is presented below: | ||||||||||||||
Weighted-average | ||||||||||||||
Grant-Date | ||||||||||||||
Non-vested options | Shares | Fair Value | ||||||||||||
$ | ||||||||||||||
Non-vested at February 28, 2013 | 533,332 | 0.25 | ||||||||||||
Granted | - | - | ||||||||||||
Vested | (366,664 | ) | 0.27 | |||||||||||
Cancelled/forfeited | (166,668 | ) | 0.26 | |||||||||||
Non-vested at November 30, 2013 | - | - | ||||||||||||
As of November 30, 2013, there was $nil of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the 2009 nonqualified stock option plan. |
WARRANTS
WARRANTS | 9 Months Ended | ||||||
Nov. 30, 2013 | |||||||
WARRANTS [Text Block] | ' | ||||||
11 | WARRANTS | ||||||
As at November 30, 2013, the Company had a total of 7,900,000 warrants (February 28, 2013 – 29,160,000) outstanding to purchase common stock. Each warrant entitles the holder to purchase one share of the Company’s common stock. The Company has reserved 7,900,000 shares of common stock in the event that these warrants are exercised. | |||||||
During the nine months ended November 30, 2013, the Company received $nil from warrants exercised. | |||||||
The following table summarizes the continuity of the Company’s share purchase warrants: | |||||||
Number of | Weighted Average | ||||||
Warrants | Exercise Price | ||||||
Balance, February 29, 2012 | 32,011,733 | $ | 0.35 | ||||
Issued | 2,100,000 | 0.26 | |||||
Cancelled/expired | (4,951,733 | ) | 0.68 | ||||
Exercised | - | - | |||||
Balance, February 28, 2013 | 29,160,000 | $ | 0.29 | ||||
Issued | 300,000 | 0.3 | |||||
Cancelled/expired | (21,560,000 | ) | 0.29 | ||||
Exercised | - | - | |||||
30-Nov-13 | 7,900,000 | $ | 0.3 | ||||
As at November 30, 2013, the following share purchase warrants were outstanding: | |||||||
Number of | |||||||
Warrants | Exercise Price | Expiry Date | |||||
$ | |||||||
600,000 | 0.2 | 15-May-14 | |||||
300,000 | 0.3 | 13-Mar-15 | |||||
4,400,000 | 0.3 | 30-Dec-13 | |||||
1,000,000 | 0.3 | 29-Dec-16 | |||||
500,000 | 0.3 | 20-Feb-14 | |||||
100,000 | 0.3 | 28-Feb-14 | |||||
500,000 | 0.3 | 28-Aug-14 | |||||
500,000 | 0.3 | 31-Dec-15 | |||||
7,900,000 |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |
Nov. 30, 2013 | ||
RELATED PARTY TRANSACTIONS [Text Block] | ' | |
12 | RELATED PARTY TRANSACTIONS | |
For the nine months ended November 30, 2013, the Company paid or accrued management and directors’ fee of $147,966 (November 30, 2012 - $371,600) to certain officers and directors. | ||
The Company also paid or accrued consulting fees of $35,989 (November 30, 2012 - $29,250) to a director of the Company and legal fees of $136,000 (November 30, 2012 - $nil) to a firm where a director is a Partner. | ||
As at November 30, 2013, accounts payable of $125,000 (November 30, 2012 - $129,414) was owing to directors and officers of the Company, $nil (November 30, 2012 - $13,545) was owing to a company controlled by a director, $125,000 was owing to a firm where a director is a Partner (November 30, 2012 - $nil) and and $9,088 (November 30, 2012 - $nil) was owing to companies associated with an officer. | ||
All related party transactions are in the normal course of business at the exchange amount agreed to by each party. |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended | ||||||||||
Nov. 30, 2013 | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | ' | ||||||||||
13 | SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||
Nine months | Nine months | Period From | |||||||||
ended | ended | Inception of | |||||||||
November 30, | November 30, | Exploration | |||||||||
2013 | 2012 | Stage (March 1, | |||||||||
2004) to | |||||||||||
30-Nov-13 | |||||||||||
$ | $ | $ | |||||||||
Interest paid | - | - | 310,053 | ||||||||
Common stock issued on conversion of debt | 60,533 | 131,900 | 4,514,084 | ||||||||
Common stock issued on settlement of notes payable | - | - | 3,908,812 | ||||||||
Common stock issued for interest costs | - | - | 82,500 | ||||||||
Common stock issued for financing costs | - | 84,000 | 229,000 | ||||||||
Common stock issued for mineral property costs | - | 407,334 | 1,206,667 | ||||||||
Common stock issued for bonuses | - | - | 512,750 | ||||||||
Shares issued for services | 7,726 | 138,250 | 1,087,816 | ||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||
Nov. 30, 2013 | ||||
Recent accounting pronouncements [Policy Text Block] | ' | |||
(a) | Recent accounting pronouncements | |||
(i) | On June 16, 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-05, which revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220 and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company does not expect the provisions of ASU 2011-05 to have a material effect on the financial position, results of operations or cash flows of the Company, as the Company currently presents a continuous statement of operations and comprehensive income (loss). | |||
(ii) | On May 12, 2011, the FASB issued ASU 2011-04. The ASU is the result of joint efforts by the FASB and IASB to develop a single, converged fair value framework. Thus, there are few differences between the ASU and its international counterpart, IFRS 13. This ASU is largely consistent with existing fair value measurement principles in U.S. GAAP; however it expands ASC 820’s existing disclosure requirements for fair value measurements and makes other amendments. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company does not expect the provisions of ASU 2011-05 to have a material effect on the financial position, results of operations or cash flows of the Company. | |||
(iii) | In May 2010, the FASB issued ASU 2010 - 19, Foreign Currency (Topic 830): Foreign Currency Issues: Multiple Foreign Currency Exchange Rates. The amendments in this update are effective as of the announcement date of March 18, 2010. Implementation of ASU 2010-19 did not have a material effect on the financial position, results of operations or cash flows of the Company. | |||
(iv) | In April 2010, the FASB issued ASU 2010-17, Revenue Recognition-Milestone Method (Topic 605): Milestone Method of Revenue Recognition. The amendments in this update are effective on a prospective basis for milestones achieved in fiscal years, and interim periods within those years, beginning on or after June 15, 2010. Early adoption is permitted. If a vendor elects early adoption and the period of adoption is not the beginning of the entity’s fiscal year, the entity should apply the amendments retrospectively from the beginning of the year of adoption. Implementation of ASU 2010-17 did not have a material effect on the financial position, results of operations or cash flows of the Company. |
EQUIPMENT_Tables
EQUIPMENT (Tables) | 9 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
Schedule of Equipment [Table Text Block] | ' | |||||||||||||
30-Nov-13 | 28-Feb | |||||||||||||
2013 | ||||||||||||||
Cost | Accumulated | Net Book | Net Book | |||||||||||
Depreciation | Value | Value | ||||||||||||
$ | $ | $ | $ | |||||||||||
Software | 7,782 | 2,622 | 5,160 | 5,557 | ||||||||||
Machinery | 14,371 | 8,259 | 6,112 | 7,329 | ||||||||||
Vehicles | 75,971 | 73,964 | 2,007 | 4,676 | ||||||||||
Computers | 13,722 | 12,780 | 942 | 1,318 | ||||||||||
Office equipment | 16,149 | 11,324 | 4,825 | 6,153 | ||||||||||
127,995 | 108,949 | 19,046 | 25,033 |
MINERAL_PROPERTIES_Tables
MINERAL PROPERTIES (Tables) | 9 Months Ended | ||||||||||||||||||||
Nov. 30, 2013 | Nov. 30, 2012 | ||||||||||||||||||||
Schedule of Exploration Expenses [Table Text Block] | ' | ' | |||||||||||||||||||
Cieneguita | Total | Cieneguita | Cerro Delta | New Projects | Total | ||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||
Geological, geochemical, geophysics | 2,006 | 2,006 | Drilling and sampling | 3,592 | 13,910 | 3,854 | 21,356 | ||||||||||||||
Land use permits | 6,241 | 6,241 | Field work preparations | - | 369,204 | - | 369,204 | ||||||||||||||
Travel | 18,014 | 18,014 | Salaries | 86,340 | - | - | 86,340 | ||||||||||||||
Consulting | 376,145 | 376,145 | Land use permits | 8,675 | - | - | 8,675 | ||||||||||||||
Equipment | 159,420 | 159,420 | Travel | 18,441 | - | - | 18,441 | ||||||||||||||
General | 5,481 | 5,481 | Consulting | 594,147 | 7,265 | - | 601,412 | ||||||||||||||
567,307 | 567,307 | Equipment | 159,539 | - | - | 159,539 | |||||||||||||||
General | 9,885 | 892 | 50,659 | 61,436 | |||||||||||||||||
880,619 | 391,271 | 54,513 | 1,326,403 | ||||||||||||||||||
Schedule of Development Agreement [Table Text Block] | ' | ' | |||||||||||||||||||
Holder | Ownership | Net Cash Flow | Net Cash Flow | ||||||||||||||||||
Percentage | Interest From | Interest Following | |||||||||||||||||||
First Phase | First Phase | ||||||||||||||||||||
Production | Production | ||||||||||||||||||||
MRT | 54% (1) | 74% | 54% (1) | ||||||||||||||||||
Marje Minerals | 6% | 6% | 6% | ||||||||||||||||||
Panam | 40% | 20% | 40% | ||||||||||||||||||
Schedule of Ownership Interests in the Cieneguita Project [Table Text Block] | ' | ' | |||||||||||||||||||
Holder | Ownership | Net Cash Flow | Net Cash Flow | ||||||||||||||||||
Percentage | Interest From | Interest Following | |||||||||||||||||||
First Phase | First Phase | ||||||||||||||||||||
Production | Production | ||||||||||||||||||||
MRT | 20% | 74% | 20% | ||||||||||||||||||
Marje Minerals | 0% | 6% | 0% | ||||||||||||||||||
Panam | 80% | 20% | 80% | ||||||||||||||||||
STOCK_COMPENSATION_PROGRAM_Tab
STOCK COMPENSATION PROGRAM (Tables) | 9 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
Schedule of Stock Option Valuation Assumptions [Table Text Block] | ' | |||||||||||||
2013 | 2012 | |||||||||||||
Expected volatility | - | - | ||||||||||||
Weighted-average volatility | - | - | ||||||||||||
Expected dividend rate | - | - | ||||||||||||
Expected life of options in years | - | - | ||||||||||||
Risk-free rate | - | - | ||||||||||||
Summary of Option Activity Under the 2009 Option Plan [Table Text Block] | ' | |||||||||||||
Weighted | Number of | Weighted- | Aggregate | |||||||||||
Average | Shares | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Options | $ | Term | ||||||||||||
Balance at March 1, 2013 | 0.29 | 4,961,669 | ||||||||||||
Options granted | - | - | ||||||||||||
Options exercised | - | - | ||||||||||||
Options cancelled/forfeited | 0.26 | (2,166,669 | ) | |||||||||||
Balance at November 30, 2013 | 0.31 | 2,795,000 | 5.94 | - | ||||||||||
Exercisable at November 30, 2013 | 0.31 | 2,795,000 | 5.94 | - | ||||||||||
Schedule of Non-Vested Options, Activity [Table Text Block] | ' | |||||||||||||
Weighted-average | ||||||||||||||
Grant-Date | ||||||||||||||
Non-vested options | Shares | Fair Value | ||||||||||||
$ | ||||||||||||||
Non-vested at February 28, 2013 | 533,332 | 0.25 | ||||||||||||
Granted | - | - | ||||||||||||
Vested | (366,664 | ) | 0.27 | |||||||||||
Cancelled/forfeited | (166,668 | ) | 0.26 | |||||||||||
Non-vested at November 30, 2013 | - | - |
WARRANTS_Tables
WARRANTS (Tables) | 9 Months Ended | ||||||
Nov. 30, 2013 | |||||||
Schedule of Share Purchase Warrants [Table Text Block] | ' | ||||||
Number of | Weighted Average | ||||||
Warrants | Exercise Price | ||||||
Balance, February 29, 2012 | 32,011,733 | $ | 0.35 | ||||
Issued | 2,100,000 | 0.26 | |||||
Cancelled/expired | (4,951,733 | ) | 0.68 | ||||
Exercised | - | - | |||||
Balance, February 28, 2013 | 29,160,000 | $ | 0.29 | ||||
Issued | 300,000 | 0.3 | |||||
Cancelled/expired | (21,560,000 | ) | 0.29 | ||||
Exercised | - | - | |||||
30-Nov-13 | 7,900,000 | $ | 0.3 | ||||
Schedule of Share Purchase Warrants Outstanding [Table Text Block] | ' | ||||||
Number of | |||||||
Warrants | Exercise Price | Expiry Date | |||||
$ | |||||||
600,000 | 0.2 | 15-May-14 | |||||
300,000 | 0.3 | 13-Mar-15 | |||||
4,400,000 | 0.3 | 30-Dec-13 | |||||
1,000,000 | 0.3 | 29-Dec-16 | |||||
500,000 | 0.3 | 20-Feb-14 | |||||
100,000 | 0.3 | 28-Feb-14 | |||||
500,000 | 0.3 | 28-Aug-14 | |||||
500,000 | 0.3 | 31-Dec-15 | |||||
7,900,000 |
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended | ||||||||||
Nov. 30, 2013 | |||||||||||
Schedule of Supplemental Cash Flow [Table Text Block] | ' | ||||||||||
Nine months | Nine months | Period From | |||||||||
ended | ended | Inception of | |||||||||
November 30, | November 30, | Exploration | |||||||||
2013 | 2012 | Stage (March 1, | |||||||||
2004) to | |||||||||||
30-Nov-13 | |||||||||||
$ | $ | $ | |||||||||
Interest paid | - | - | 310,053 | ||||||||
Common stock issued on conversion of debt | 60,533 | 131,900 | 4,514,084 | ||||||||
Common stock issued on settlement of notes payable | - | - | 3,908,812 | ||||||||
Common stock issued for interest costs | - | - | 82,500 | ||||||||
Common stock issued for financing costs | - | 84,000 | 229,000 | ||||||||
Common stock issued for mineral property costs | - | 407,334 | 1,206,667 | ||||||||
Common stock issued for bonuses | - | - | 512,750 | ||||||||
Shares issued for services | 7,726 | 138,250 | 1,087,816 |
BASIS_OF_PRESENTATION_Narrativ
BASIS OF PRESENTATION (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
D | |
Basis Of Presentation 1 | $3,000,000 |
Basis Of Presentation 2 | 100.00% |
Basis Of Presentation 3 | 74.00% |
Basis Of Presentation 4 | 6 |
Basis Of Presentation 5 | 20.00% |
Basis Of Presentation 6 | 20.00% |
Basis Of Presentation 7 | 15 |
Basis Of Presentation 8 | 80.00% |
Basis Of Presentation 9 | 20.00% |
Basis Of Presentation 10 | 20.00% |
Basis Of Presentation 11 | 29.00% |
Basis Of Presentation 12 | 35.00% |
Basis Of Presentation 13 | 80.00% |
Basis Of Presentation 14 | 15 |
Basis Of Presentation 15 | 90 |
GOING_CONCERN_Narrative_Detail
GOING CONCERN (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
M | |
Going Concern 1 | $52,918,471 |
Going Concern 2 | 51,962,796 |
Going Concern 3 | 120,000 |
Going Concern 4 | 2,400,000 |
Going Concern 5 | $0.12 |
Going Concern 6 | 240,000 |
Going Concern 7 | 17,500,000 |
Going Concern 8 | $0.12 |
Going Concern 9 | 1,050,000 |
Going Concern 10 | 1,050,000 |
Going Concern 11 | 45,000 |
Going Concern 12 | 300,000 |
Going Concern 13 | 0.2 |
Going Concern 14 | 0.3 |
Going Concern 15 | 4,500,000 |
Going Concern 16 | $0.20 |
Going Concern 17 | 900,000 |
Going Concern 18 | 0.3 |
Going Concern 19 | 1,500,000 |
Going Concern 20 | $0.20 |
Going Concern 21 | 300,000 |
Going Concern 22 | 0.3 |
Going Concern 23 | 6,560,000 |
Going Concern 24 | $0.20 |
Going Concern 25 | 1,312,000 |
Going Concern 26 | $0.30 |
Going Concern 27 | 5,300,000 |
Going Concern 28 | 3,700,000 |
Going Concern 29 | 12 |
Going Concern 30 | $1,600,000 |
Going Concern 31 | 36 |
JOINT_VENTURE_WITH_MRT_Narrati
JOINT VENTURE WITH MRT (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
D | |
Joint Venture With Mrt 1 | $3,000,000 |
Joint Venture With Mrt 2 | 100.00% |
Joint Venture With Mrt 3 | 75.00% |
Joint Venture With Mrt 4 | 74.00% |
Joint Venture With Mrt 5 | 20.00% |
Joint Venture With Mrt 6 | 15 |
Joint Venture With Mrt 7 | 80.00% |
Joint Venture With Mrt 8 | 20.00% |
Joint Venture With Mrt 9 | 15 |
Joint Venture With Mrt 10 | 10.00% |
Joint Venture With Mrt 11 | 20.00% |
Joint Venture With Mrt 12 | 29.00% |
Joint Venture With Mrt 13 | 35.00% |
Joint Venture With Mrt 14 | 80.00% |
Joint Venture With Mrt 15 | 15 |
Joint Venture With Mrt 16 | 90 |
Joint Venture With Mrt 17 | 4,258,152 |
Joint Venture With Mrt 18 | 1,505,802 |
Joint Venture With Mrt 19 | $540,368 |
MINERAL_PROPERTIES_Narrative_D
MINERAL PROPERTIES (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Y | |
D | |
Mineral Properties 1 | 100.00% |
Mineral Properties 2 | $2,000,000 |
Mineral Properties 3 | 350,000 |
Mineral Properties 4 | 120,000 |
Mineral Properties 5 | 60,000 |
Mineral Properties 6 | 10,000 |
Mineral Properties 7 | 120,000 |
Mineral Properties 8 | 13 |
Mineral Properties 9 | 2,000,000 |
Mineral Properties 10 | 60,000 |
Mineral Properties 11 | 60,000 |
Mineral Properties 12 | 60,000 |
Mineral Properties 13 | 120,000 |
Mineral Properties 14 | 30,000 |
Mineral Properties 15 | 120,000 |
Mineral Properties 16 | 20 |
Mineral Properties 17 | 2,000,000 |
Mineral Properties 18 | 400 |
Mineral Properties 19 | 0.1 |
Mineral Properties 20 | 400 |
Mineral Properties 21 | 2,000,000 |
Mineral Properties 22 | 2,000,000 |
Mineral Properties 23 | 30,000 |
Mineral Properties 24 | 15 |
Mineral Properties 25 | 20.00% |
Mineral Properties 26 | 29.00% |
Mineral Properties 27 | 35.00% |
Mineral Properties 28 | 270,000 |
Mineral Properties 29 | 330,000 |
Mineral Properties 30 | 1,777,241 |
Mineral Properties 31 | 9,000,000 |
Mineral Properties 32 | 1,000,000 |
Mineral Properties 33 | 8.00% |
Mineral Properties 34 | $0.60 |
Mineral Properties 35 | $0.50 |
Mineral Properties 36 | 3,000,000 |
Mineral Properties 37 | 100.00% |
Mineral Properties 38 | 75.00% |
Mineral Properties 39 | 15 |
Mineral Properties 40 | 10.00% |
Mineral Properties 41 | 5,000,000 |
Mineral Properties 42 | 60.00% |
Mineral Properties 43 | 5,000,000 |
Mineral Properties 44 | 60.00% |
Mineral Properties 45 | 40.00% |
Mineral Properties 46 | 5,000,000 |
Mineral Properties 47 | 25.00% |
Mineral Properties 48 | 1,500,000 |
Mineral Properties 49 | 880,000 |
Mineral Properties 50 | 10.00% |
Mineral Properties 51 | 10.00% |
Mineral Properties 52 | 4.00% |
Mineral Properties 53 | 4.00% |
Mineral Properties 54 | 550,000 |
Mineral Properties 55 | 6.00% |
Mineral Properties 56 | 4,000,000 |
Mineral Properties 57 | 8,000,000 |
Mineral Properties 58 | 1,000,000 |
Mineral Properties 59 | 8.00% |
Mineral Properties 60 | 3,333,333 |
Mineral Properties 61 | 1,666,667 |
Mineral Properties 62 | $0.50 |
Mineral Properties 63 | 3,000,000 |
Mineral Properties 64 | 74.00% |
Mineral Properties 65 | 15 |
Mineral Properties 66 | 4,000,000 |
Mineral Properties 67 | 54.00% |
Mineral Properties 68 | 4,000,000 |
Mineral Properties 69 | 54.00% |
Mineral Properties 70 | 40.00% |
Mineral Properties 71 | 6.00% |
Mineral Properties 72 | 4,000,000 |
Mineral Properties 73 | 1.00% |
Mineral Properties 74 | 100,000 |
Mineral Properties 75 | 25.00% |
Mineral Properties 76 | 1.00% |
Mineral Properties 77 | 100,000 |
Mineral Properties 78 | 1,000,000 |
Mineral Properties 79 | 20.00% |
Mineral Properties 80 | 15 |
Mineral Properties 81 | 80.00% |
Mineral Properties 82 | 20.00% |
Mineral Properties 83 | 6.00% |
Mineral Properties 84 | 3,333,333 |
Mineral Properties 85 | 490,000 |
Mineral Properties 86 | 15 |
Mineral Properties 87 | 490,000 |
Mineral Properties 88 | 20.00% |
Mineral Properties 89 | 29.00% |
Mineral Properties 90 | 35.00% |
Mineral Properties 91 | 80.00% |
Mineral Properties 92 | 15 |
Mineral Properties 93 | 90 |
Mineral Properties 94 | 2,000,000 |
Mineral Properties 95 | $0.12 |
Mineral Properties 96 | 240,000 |
Mineral Properties 97 | 100 |
Mineral Properties 98 | 1,500,000 |
Mineral Properties 99 | 1,500,000 |
Mineral Properties 100 | 2.50% |
Mineral Properties 101 | 0.50% |
Mineral Properties 102 | 7.00% |
Mineral Properties 103 | 2,000,000 |
Mineral Properties 104 | $1.05 |
Mineral Properties 105 | 2,100,000 |
Mineral Properties 106 | 1,000,000 |
Mineral Properties 107 | 85.00% |
Mineral Properties 108 | 90 |
Mineral Properties 109 | 1,000 |
Mineral Properties 110 | 100 |
Mineral Properties 111 | 100.00% |
Mineral Properties 112 | 10,000 |
Mineral Properties 113 | 25,000 |
Mineral Properties 114 | 50,000 |
Mineral Properties 115 | 20,000 |
Mineral Properties 116 | 75,000 |
Mineral Properties 117 | 2 |
Mineral Properties 118 | 100,000 |
Mineral Properties 119 | 200,000 |
Mineral Properties 120 | 15,000 |
Mineral Properties 121 | 150,000 |
Mineral Properties 122 | 200,000 |
Mineral Properties 123 | 500,000 |
Mineral Properties 124 | 750,000 |
Mineral Properties 125 | 1,200,000 |
Mineral Properties 126 | 2,200,000 |
Mineral Properties 127 | $5,000,000 |
Mineral Properties 128 | 100.00% |
Mineral Properties 129 | 1.00% |
LOANS_PAYABLE_Narrative_Detail
LOANS PAYABLE (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Loans Payable 1 | $0 |
Loans Payable 2 | 10,867 |
Loans Payable 3 | 0 |
Loans Payable 4 | $3,702 |
Loans Payable 5 | 7.50% |
PREFERRED_STOCK_Narrative_Deta
PREFERRED STOCK (Narrative) (Details) | 9 Months Ended |
Nov. 30, 2013 | |
Preferred Stock 1 | 20,000,000 |
COMMON_STOCK_Narrative_Details
COMMON STOCK (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Common Stock 1 | $60,533 |
Common Stock 2 | 289,775 |
Common Stock 3 | 3,500,000 |
Common Stock 4 | 10,000,000 |
Common Stock 5 | 42,450 |
Common Stock 6 | 240,000 |
Common Stock 7 | 2,000,000 |
Common Stock 8 | $0.12 |
Common Stock 9 | 500,000 |
Common Stock 10 | $0.13 |
Common Stock 11 | 250,000 |
Common Stock 12 | $0.12 |
Common Stock 13 | 500,000 |
Common Stock 14 | $0.13 |
Common Stock 15 | 2,166,666 |
Common Stock 16 | 6.00% |
Common Stock 17 | 250,000 |
Common Stock 18 | $0.12 |
Common Stock 19 | 71,900 |
Common Stock 20 | $0.10 |
Common Stock 21 | 2,100,000 |
Common Stock 22 | 17,500,000 |
Common Stock 23 | $0.12 |
Common Stock 24 | 1,050,000 |
Common Stock 25 | 1,050,000 |
Common Stock 26 | 84,000 |
Common Stock 27 | 700,000 |
Common Stock 28 | 194,444 |
Common Stock 29 | 20,000 |
Common Stock 30 | $0.10 |
Common Stock 31 | 45,000 |
Common Stock 32 | 300,000 |
Common Stock 33 | 0.2 |
Common Stock 34 | 0.2 |
Common Stock 35 | 0.3 |
Common Stock 36 | 2,400 |
Common Stock 37 | 235,294 |
Common Stock 38 | $40,000 |
Common Stock 39 | $0.17 |
Common Stock 40 | 250,000 |
Common Stock 41 | $0.18 |
STOCK_COMPENSATION_PROGRAM_Nar
STOCK COMPENSATION PROGRAM (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Y | |
Stock Compensation Program 1 | 6,000,000 |
Stock Compensation Program 2 | 2.5 |
Stock Compensation Program 3 | 0 |
Stock Compensation Program 4 | 0 |
Stock Compensation Program 5 | $143,860 |
Stock Compensation Program 6 | 2,012 |
Stock Compensation Program 7 | 153,300 |
Stock Compensation Program 8 | 0 |
Stock Compensation Program 9 | 0 |
Stock Compensation Program 10 | $0 |
WARRANTS_Narrative_Details
WARRANTS (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Warrants 1 | 7,900,000 |
Warrants 2 | 29,160,000 |
Warrants 3 | 7,900,000 |
Warrants 4 | $0 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Related Party Transactions 1 | $147,966 |
Related Party Transactions 2 | 371,600 |
Related Party Transactions 3 | 35,989 |
Related Party Transactions 4 | 29,250 |
Related Party Transactions 5 | 136,000 |
Related Party Transactions 6 | 0 |
Related Party Transactions 7 | 125,000 |
Related Party Transactions 8 | 129,414 |
Related Party Transactions 9 | 0 |
Related Party Transactions 10 | 13,545 |
Related Party Transactions 11 | 125,000 |
Related Party Transactions 12 | 0 |
Related Party Transactions 11 | 9,088 |
Related Party Transactions 14 | $0 |
Schedule_of_Equipment_Details
Schedule of Equipment (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Equipment Schedule Of Equipment 1 | $7,782 |
Equipment Schedule Of Equipment 2 | 2,622 |
Equipment Schedule Of Equipment 3 | 5,160 |
Equipment Schedule Of Equipment 4 | 5,557 |
Equipment Schedule Of Equipment 5 | 14,371 |
Equipment Schedule Of Equipment 6 | 8,259 |
Equipment Schedule Of Equipment 7 | 6,112 |
Equipment Schedule Of Equipment 8 | 7,329 |
Equipment Schedule Of Equipment 9 | 75,971 |
Equipment Schedule Of Equipment 10 | 73,964 |
Equipment Schedule Of Equipment 11 | 2,007 |
Equipment Schedule Of Equipment 12 | 4,676 |
Equipment Schedule Of Equipment 13 | 13,722 |
Equipment Schedule Of Equipment 14 | 12,780 |
Equipment Schedule Of Equipment 15 | 942 |
Equipment Schedule Of Equipment 16 | 1,318 |
Equipment Schedule Of Equipment 17 | 16,149 |
Equipment Schedule Of Equipment 18 | 11,324 |
Equipment Schedule Of Equipment 19 | 4,825 |
Equipment Schedule Of Equipment 20 | 6,153 |
Equipment Schedule Of Equipment 21 | 127,995 |
Equipment Schedule Of Equipment 22 | 108,949 |
Equipment Schedule Of Equipment 23 | 19,046 |
Equipment Schedule Of Equipment 24 | $25,033 |
Schedule_of_Exploration_Expens
Schedule of Exploration Expenses (Details) (USD $) | 9 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Mineral Properties Schedule Of Exploration Expenses 1 | $2,006 | ' |
Mineral Properties Schedule Of Exploration Expenses 2 | 2,006 | ' |
Mineral Properties Schedule Of Exploration Expenses 3 | 6,241 | ' |
Mineral Properties Schedule Of Exploration Expenses 4 | 6,241 | ' |
Mineral Properties Schedule Of Exploration Expenses 5 | 18,014 | ' |
Mineral Properties Schedule Of Exploration Expenses 6 | 18,014 | ' |
Mineral Properties Schedule Of Exploration Expenses 7 | 376,145 | ' |
Mineral Properties Schedule Of Exploration Expenses 8 | 376,145 | ' |
Mineral Properties Schedule Of Exploration Expenses 9 | 159,420 | ' |
Mineral Properties Schedule Of Exploration Expenses 10 | 159,420 | ' |
Mineral Properties Schedule Of Exploration Expenses 11 | 5,481 | ' |
Mineral Properties Schedule Of Exploration Expenses 12 | 5,481 | ' |
Mineral Properties Schedule Of Exploration Expenses 13 | 567,307 | ' |
Mineral Properties Schedule Of Exploration Expenses 14 | 567,307 | ' |
Mineral Properties Schedule Of Exploration Expenses 1 | ' | 3,592 |
Mineral Properties Schedule Of Exploration Expenses 2 | ' | 13,910 |
Mineral Properties Schedule Of Exploration Expenses 3 | ' | 3,854 |
Mineral Properties Schedule Of Exploration Expenses 4 | ' | 21,356 |
Mineral Properties Schedule Of Exploration Expenses 5 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 6 | ' | 369,204 |
Mineral Properties Schedule Of Exploration Expenses 7 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 8 | ' | 369,204 |
Mineral Properties Schedule Of Exploration Expenses 9 | ' | 86,340 |
Mineral Properties Schedule Of Exploration Expenses 10 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 11 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 12 | ' | 86,340 |
Mineral Properties Schedule Of Exploration Expenses 13 | ' | 8,675 |
Mineral Properties Schedule Of Exploration Expenses 14 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 15 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 16 | ' | 8,675 |
Mineral Properties Schedule Of Exploration Expenses 17 | ' | 18,441 |
Mineral Properties Schedule Of Exploration Expenses 18 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 19 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 20 | ' | 18,441 |
Mineral Properties Schedule Of Exploration Expenses 21 | ' | 594,147 |
Mineral Properties Schedule Of Exploration Expenses 22 | ' | 7,265 |
Mineral Properties Schedule Of Exploration Expenses 23 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 24 | ' | 601,412 |
Mineral Properties Schedule Of Exploration Expenses 25 | ' | 159,539 |
Mineral Properties Schedule Of Exploration Expenses 26 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 27 | ' | 0 |
Mineral Properties Schedule Of Exploration Expenses 28 | ' | 159,539 |
Mineral Properties Schedule Of Exploration Expenses 29 | ' | 9,885 |
Mineral Properties Schedule Of Exploration Expenses 30 | ' | 892 |
Mineral Properties Schedule Of Exploration Expenses 31 | ' | 50,659 |
Mineral Properties Schedule Of Exploration Expenses 32 | ' | 61,436 |
Mineral Properties Schedule Of Exploration Expenses 33 | ' | 880,619 |
Mineral Properties Schedule Of Exploration Expenses 34 | ' | 391,271 |
Mineral Properties Schedule Of Exploration Expenses 35 | ' | 54,513 |
Mineral Properties Schedule Of Exploration Expenses 36 | ' | $1,326,403 |
Schedule_of_Development_Agreem
Schedule of Development Agreement (Details) | 9 Months Ended |
Nov. 30, 2013 | |
Mineral Properties Schedule Of Development Agreement 1 | 54.00% |
Mineral Properties Schedule Of Development Agreement 2 | 74.00% |
Mineral Properties Schedule Of Development Agreement 3 | 54.00% |
Mineral Properties Schedule Of Development Agreement 4 | 6.00% |
Mineral Properties Schedule Of Development Agreement 5 | 6.00% |
Mineral Properties Schedule Of Development Agreement 6 | 6.00% |
Mineral Properties Schedule Of Development Agreement 7 | 40.00% |
Mineral Properties Schedule Of Development Agreement 8 | 20.00% |
Mineral Properties Schedule Of Development Agreement 9 | 40.00% |
Schedule_of_Ownership_Interest
Schedule of Ownership Interests in the Cieneguita Project (Details) | 9 Months Ended |
Nov. 30, 2013 | |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 1 | 20.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 2 | 74.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 3 | 20.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 4 | 0.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 5 | 6.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 6 | 0.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 7 | 80.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 8 | 20.00% |
Mineral Properties Schedule Of Ownership Interests In The Cieneguita Project 9 | 80.00% |
Schedule_of_Stock_Option_Valua
Schedule of Stock Option Valuation Assumptions (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 1 | $0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 2 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 3 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 4 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 5 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 6 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 7 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 8 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 9 | 0 |
Stock Compensation Program Schedule Of Stock Option Valuation Assumptions 10 | $0 |
Summary_of_Option_Activity_Und
Summary of Option Activity Under the 2009 Option Plan (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 1 | 0.29 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 2 | $4,961,669 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 3 | 0 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 4 | 0 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 5 | 0 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 6 | 0 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 7 | 0.26 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 8 | -2,166,669 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 9 | 0.31 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 10 | 2,795,000 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 11 | 5.94 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 12 | 0 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 13 | 0.31 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 14 | 2,795,000 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 15 | 5.94 |
Stock Compensation Program Summary Of Option Activity Under The 2009 Option Plan 16 | $0 |
Schedule_of_NonVested_Options_
Schedule of Non-Vested Options, Activity (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Stock Compensation Program Schedule Of Non-vested Options, Activity 1 | $533,332 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 2 | 0.25 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 3 | 0 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 4 | 0 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 5 | -366,664 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 6 | 0.27 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 7 | -166,668 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 8 | 0.26 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 9 | 0 |
Stock Compensation Program Schedule Of Non-vested Options, Activity 10 | $0 |
Schedule_of_Share_Purchase_War
Schedule of Share Purchase Warrants (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Warrants Schedule Of Share Purchase Warrants 1 | $32,011,733 |
Warrants Schedule Of Share Purchase Warrants 2 | 0.35 |
Warrants Schedule Of Share Purchase Warrants 3 | 2,100,000 |
Warrants Schedule Of Share Purchase Warrants 4 | 0.26 |
Warrants Schedule Of Share Purchase Warrants 5 | -4,951,733 |
Warrants Schedule Of Share Purchase Warrants 6 | 0.68 |
Warrants Schedule Of Share Purchase Warrants 7 | 0 |
Warrants Schedule Of Share Purchase Warrants 8 | 0 |
Warrants Schedule Of Share Purchase Warrants 9 | 29,160,000 |
Warrants Schedule Of Share Purchase Warrants 10 | 0.29 |
Warrants Schedule Of Share Purchase Warrants 11 | 300,000 |
Warrants Schedule Of Share Purchase Warrants 12 | 0.3 |
Warrants Schedule Of Share Purchase Warrants 13 | -21,560,000 |
Warrants Schedule Of Share Purchase Warrants 14 | 0.29 |
Warrants Schedule Of Share Purchase Warrants 15 | 0 |
Warrants Schedule Of Share Purchase Warrants 16 | 0 |
Warrants Schedule Of Share Purchase Warrants 17 | $7,900,000 |
Warrants Schedule Of Share Purchase Warrants 18 | 0.3 |
Schedule_of_Share_Purchase_War1
Schedule of Share Purchase Warrants Outstanding (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Warrants Schedule Of Share Purchase Warrants Outstanding 1 | $600,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 2 | 0.2 |
Warrants Schedule Of Share Purchase Warrants Outstanding 3 | 300,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 4 | 0.3 |
Warrants Schedule Of Share Purchase Warrants Outstanding 5 | 4,400,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 6 | 0.3 |
Warrants Schedule Of Share Purchase Warrants Outstanding 7 | 1,000,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 8 | 0.3 |
Warrants Schedule Of Share Purchase Warrants Outstanding 9 | 500,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 10 | 0.3 |
Warrants Schedule Of Share Purchase Warrants Outstanding 11 | 100,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 12 | 0.3 |
Warrants Schedule Of Share Purchase Warrants Outstanding 13 | 500,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 14 | 0.3 |
Warrants Schedule Of Share Purchase Warrants Outstanding 15 | 500,000 |
Warrants Schedule Of Share Purchase Warrants Outstanding 16 | 0.3 |
Warrants Schedule Of Share Purchase Warrants Outstanding 17 | $7,900,000 |
Schedule_of_Supplemental_Cash_
Schedule of Supplemental Cash Flow (Details) (USD $) | 9 Months Ended |
Nov. 30, 2013 | |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 1 | $0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 2 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 3 | 310,053 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 4 | 60,533 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 5 | 131,900 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 6 | 4,514,084 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 7 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 8 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 9 | 3,908,812 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 10 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 11 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 12 | 82,500 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 13 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 14 | 84,000 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 15 | 229,000 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 16 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 17 | 407,334 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 18 | 1,206,667 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 19 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 20 | 0 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 21 | 512,750 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 22 | 7,726 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 23 | 138,250 |
Supplemental Cash Flow Information Schedule Of Supplemental Cash Flow 24 | $1,087,816 |