Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'INTERNATIONAL TOWER HILL MINES LTD | ' |
Entity Central Index Key | '0001134115 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 98,068,638 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current | ' | ' |
Cash and cash equivalents | $16,611,039 | $30,170,905 |
Marketable securities | 75,839 | 180,415 |
Accounts receivable | 5,141 | 262,516 |
Advance to contractors | 482,034 | 582,009 |
Prepaid expenses | 193,960 | 228,221 |
Total current assets | 17,368,013 | 31,424,066 |
Property and equipment | 73,352 | 89,714 |
Capitalized acquisition costs | 55,173,564 | 55,173,564 |
Total assets | 72,614,929 | 86,687,344 |
Current liabilities | ' | ' |
Accounts payable | 503,431 | 1,198,771 |
Accrued liabilities | 636,834 | 2,548,498 |
Total current liabilities | 1,140,265 | 3,747,269 |
Non-current liabilities | ' | ' |
Derivative liability | 16,700,000 | 22,400,000 |
Total liabilities | 17,840,265 | 26,147,269 |
Shareholders' equity | ' | ' |
Share capital, no par value; authorized 500,000,000 shares; 98,068,638 shares issued and outstanding at September 30, 2013 and December 31, 2012 | 236,401,096 | 236,401,096 |
Contributed surplus | 32,243,815 | 28,589,591 |
Accumulated other comprehensive income | 3,512,426 | 4,101,968 |
Deficit accumulated during the exploration stage | -217,382,673 | -208,552,580 |
Total shareholders' equity | 54,774,664 | 60,540,075 |
Total liabilities and shareholders' equity | $72,614,929 | $86,687,344 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Share capital, authorized shares | 500,000,000 | 500,000,000 |
Share capital, shares issued | 98,068,638 | 98,068,638 |
Share capital, shares outstanding | 98,068,638 | 98,068,638 |
CONDENSED_CONSOLIDATED_INTERIM
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | 424 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Operating expenses | ' | ' | ' | ' | ' |
Consulting fees | $441,993 | $2,091,336 | $1,560,440 | $2,580,386 | $15,184,497 |
Depreciation | 5,445 | 7,911 | 16,361 | 23,732 | 260,192 |
Insurance | 73,123 | 82,420 | 215,962 | 229,425 | 1,132,139 |
Investor relations | 61,685 | 224,918 | 256,720 | 405,969 | 4,657,424 |
Mineral property exploration | 1,621,127 | 13,447,132 | 6,868,226 | 30,402,145 | 150,897,275 |
Office | 21,953 | 45,407 | 77,144 | 122,596 | 974,401 |
Other | 11,246 | 18,217 | 44,238 | 57,234 | 1,778,753 |
Professional fees | 89,384 | 194,736 | 363,116 | 447,009 | 3,465,501 |
Regulatory | 5,295 | 14,677 | 117,651 | 143,124 | 1,072,349 |
Rent | 53,924 | 58,068 | 171,093 | 180,987 | 1,022,081 |
Travel | 48,367 | 38,106 | 176,409 | 185,686 | 1,370,665 |
Wages and benefits | 1,426,493 | 4,189,034 | 5,066,580 | 10,368,246 | 43,477,138 |
Write-down of mineral properties | ' | ' | ' | ' | 1,605,522 |
Total operating expenses | -3,860,035 | -20,411,962 | -14,933,940 | -45,146,539 | -226,897,937 |
Other income (expenses) | ' | ' | ' | ' | ' |
Gain (loss) on foreign exchange | -287,591 | -660,392 | 622,232 | -232,648 | 944,857 |
Interest income | 22,865 | 38,574 | 80,384 | 152,174 | 2,583,681 |
Income from mineral property earn-in | ' | ' | ' | 141,948 | 660,744 |
Impairment of available-for-sale securities | ' | ' | -298,769 | ' | -298,769 |
Spin-out cost | ' | ' | ' | ' | -775,249 |
Unrealized gain/(loss) on derivative | ' | -4,000,000 | 5,700,000 | -4,300,000 | 6,400,000 |
Total other income (expense) | -264,726 | -4,621,818 | 6,103,847 | -4,238,526 | 9,515,264 |
Loss from continuing operations | -4,124,761 | -25,033,780 | -8,830,093 | -49,385,065 | -217,382,673 |
Loss from discontinued operations | ' | ' | ' | ' | -19,630,113 |
Net loss for the period | -4,124,761 | -25,033,780 | -8,830,093 | -49,385,065 | -237,012,786 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | 18,777 | 83,828 | -100,335 | -75,862 | -469,034 |
Reclassification of impairment of available-for-sale securities | ' | ' | 298,769 | ' | 298,769 |
Exchange difference on translating foreign operations | 408,736 | 862,914 | -787,976 | 1,112,160 | 3,682,691 |
Total other comprehensive income (loss) for the period | 427,513 | 946,742 | -589,542 | 1,036,298 | 3,512,426 |
Comprehensive loss for the period | ($3,697,248) | ($24,087,038) | ($9,419,635) | ($48,348,767) | ($233,500,360) |
Basic and fully diluted loss per share (in dollars per share) | ($0.04) | ($0.27) | ($0.09) | ($0.55) | ' |
Weighted average number of shares outstanding (in shares) | 98,068,638 | 92,918,976 | 98,068,638 | 88,777,442 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Share capital | Contributed surplus | Accumulated other comprehensive income/(loss) | Deficit |
Balance at Dec. 31, 2011 | $78,184,470 | $207,186,847 | $19,382,616 | $3,524,125 | ($151,909,118) |
Balance (in shares) at Dec. 31, 2011 | ' | 86,683,919 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Private placement | 29,768,529 | 29,768,529 | ' | ' | ' |
Private placement (in shares) | ' | 11,384,719 | ' | ' | ' |
Share issuance costs | -554,280 | -554,280 | ' | ' | ' |
Stock based compensation | 7,184,159 | ' | 7,184,159 | ' | ' |
Unrealized loss on available-for-sale securities | -75,862 | ' | ' | -75,862 | ' |
Exchange difference on translating foreign operations | 1,112,160 | ' | ' | 1,112,160 | ' |
Net loss | -49,385,065 | ' | ' | ' | -49,385,065 |
Balance at Sep. 30, 2012 | 66,234,111 | 236,401,096 | 26,566,775 | 4,560,423 | -201,294,183 |
Balance (in shares) at Sep. 30, 2012 | ' | 98,068,638 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Stock based compensation | 2,022,816 | ' | 2,022,816 | ' | ' |
Unrealized loss on available-for-sale securities | -87,314 | ' | ' | -87,314 | ' |
Exchange difference on translating foreign operations | -371,141 | ' | ' | -371,141 | ' |
Net loss | -7,258,397 | ' | ' | ' | -7,258,397 |
Balance at Dec. 31, 2012 | 60,540,075 | 236,401,096 | 28,589,591 | 4,101,968 | -208,552,580 |
Balance (in shares) at Dec. 31, 2012 | 98,068,638 | 98,068,638 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Stock based compensation | 3,654,224 | ' | 3,654,224 | ' | ' |
Unrealized loss on available-for-sale securities | -100,335 | ' | ' | -100,335 | ' |
Reclassification of impairment of available-for-sale securities | 298,769 | ' | ' | 298,769 | ' |
Exchange difference on translating foreign operations | -787,976 | ' | ' | -787,976 | ' |
Net loss | -8,830,093 | ' | ' | ' | -8,830,093 |
Balance at Sep. 30, 2013 | $54,774,664 | $236,401,096 | $32,243,815 | $3,512,426 | ($217,382,673) |
Balance (in shares) at Sep. 30, 2013 | 98,068,638 | 98,068,638 | ' | ' | ' |
CONDENSED_CONSOLIDATED_INTERIM1
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 424 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Operating Activities | ' | ' | ' |
Loss for the period from continuing operations | ($8,830,093) | ($49,385,065) | ($217,382,673) |
Add items not affecting cash: | ' | ' | ' |
Depreciation | 16,361 | 23,732 | 260,192 |
Stock based compensation | 3,654,224 | 7,184,159 | 36,968,934 |
Unrealized (gain) loss on derivative liability | -5,700,000 | 4,300,000 | -6,400,000 |
Spin-out recovery | ' | ' | -254,339 |
Gain on foreign exchange | ' | ' | -254,512 |
Impairment of available-for-sale securities | 298,769 | ' | 298,769 |
Write-down of mineral properties | ' | ' | 1,605,522 |
Other | ' | -41,948 | -285,323 |
Changes in non-cash items: | ' | ' | ' |
Accounts receivable | 345,426 | 218,039 | 73,213 |
Prepaid expenses | 28,921 | -39,791 | -335,567 |
Advance to contractors | 99,975 | -175,000 | 413,057 |
Accounts payable and accrued liabilities | -2,603,659 | -2,051,982 | 1,135,424 |
Cash used in operating activities of continuing operations | -12,690,076 | -39,967,856 | -184,157,303 |
Cash used in operating activities of discontinued operations | ' | ' | -12,786,324 |
Financing Activities | ' | ' | ' |
Issuance of share capital | ' | 29,768,529 | 251,751,411 |
Share issuance costs | ' | -554,280 | -7,643,229 |
Cash provided by financing activities of continuing operations | ' | 29,214,249 | 244,108,182 |
Cash used in financing activities of discontinued operations | ' | ' | -3,902,947 |
Investing Activities | ' | ' | ' |
Proceeds from sale of available-for-sale-securities | ' | ' | 172,734 |
Capitalized acquisition costs | ' | -2,127,694 | -27,781,245 |
Expenditures on property and equipment, net | ' | ' | -332,415 |
Cash used in investing activities of continuing operations | ' | -2,127,694 | -27,940,926 |
Cash used in investing activities of discontinued operations | ' | ' | -312,593 |
Effect of foreign exchange on cash of continuing operations | -869,790 | 1,211,203 | 2,137,826 |
Effect of foreign exchange on cash of discontinued operations | ' | ' | -534,876 |
(Decrease) increase in cash and cash equivalents | -13,559,866 | -11,670,098 | 16,611,039 |
Cash and cash equivalents, beginning of the period | 30,170,905 | 54,712,073 | ' |
Cash and cash equivalents, end of the period | $16,611,039 | $43,041,975 | $16,611,039 |
GENERAL_INFORMATION_NATURE_AND
GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2013 | |
GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS | ' |
GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS | ' |
1. GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS | |
International Tower Hill Mines Ltd. (“ITH” or the “Company”) is incorporated under the laws of British Columbia, Canada. The Company’s head office address is 2300-1177 West Hastings Street, Vancouver, British Columbia, Canada. In these financial statements references to ITH include its wholly owned subsidiaries Tower Hill Mines, Inc. (formerly Talon Gold Alaska, Inc.) (“TH Alaska”) (an Alaska corporation), Tower Hill Mines (US) LLC (formerly Talon Gold (US) LLC) (“TH US”) (a Colorado limited liability company), Livengood Placers, Inc. (“LPI”) (a Nevada corporation), and 813034 Alberta Ltd. (an Alberta corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At September 30, 2013, the Company was in the exploration stage and controls a 100% interest in its Livengood Gold Project in Alaska, U.S.A (the “Livengood Gold Project”). | |
The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue, and has significant cash requirements to meet its administrative overhead and maintain its mineral property interests. The recoverability of amounts shown for capitalized acquisition costs is dependent on several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of capitalized acquisition costs. The success of the above initiatives cannot be assured. In the event that the Company is unable to obtain the necessary financing in the short-term, it may be necessary to defer certain discretionary expenditures and other planned activities. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | ' |
2. BASIS OF PRESENTATION | |
These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at September 30, 2013 and the results of its operations for the nine months then ended. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The 2012 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. | |
Basis of consolidation | |
These consolidated financial statements include the accounts of ITH and its wholly owned subsidiaries TH Alaska, TH US, LPI and 813034 Alberta Ltd. All intercompany transactions and balances have been eliminated. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||
3. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||
The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of these financial instruments. | ||||||||
Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: | ||||||||
· Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; | ||||||||
· Level 2 — Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and, | ||||||||
· Level 3 — Inputs that are not based on observable market data. | ||||||||
Fair value as at September 30, 2013 | ||||||||
Level 1 | Level 2 | |||||||
Financial assets: | ||||||||
Marketable securities | $ | 75,839 | $ | — | ||||
Total | $ | 75,839 | $ | — | ||||
Financial liabilities: | ||||||||
Derivative liability (note 5) | $ | — | $ | 16,700,000 | ||||
Total | $ | — | $ | 16,700,000 | ||||
Fair value as at December 31, 2012 | ||||||||
Level 1 | Level 2 | |||||||
Financial assets: | ||||||||
Marketable securities | $ | 180,415 | $ | — | ||||
Total | $ | 180,415 | $ | — | ||||
Financial liabilities: | ||||||||
Derivative liability (note 5) | $ | — | $ | 22,400,000 | ||||
Total | $ | — | $ | 22,400,000 |
CAPITALIZED_ACQUISITION_COSTS
CAPITALIZED ACQUISITION COSTS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
CAPITALIZED ACQUISITION COSTS | ' | |||||||
CAPITALIZED ACQUISITION COSTS | ' | |||||||
4. CAPITALIZED ACQUISITION COSTS | ||||||||
The Company had the following activity related to capitalized acquisition costs: | ||||||||
Capitalized acquisition costs | Amount | |||||||
Balance, December 31, 2012 | $ | 55,173,564 | ||||||
Additions | — | |||||||
Balance, September 30, 2013 | $ | 55,173,564 | ||||||
The following table presents costs incurred for exploration and evaluation activities for the nine month periods ended September 30, 2013 and 2012: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Exploration costs: | ||||||||
Aircraft services | $ | 62,915 | $ | 1,844,776 | ||||
Assay | 10,924 | 777,004 | ||||||
Drilling | (28,714 | ) | 8,378,230 | |||||
Environmental | 1,776,134 | 2,874,513 | ||||||
Equipment rental | 332,193 | 1,309,746 | ||||||
Field costs | 752,928 | 6,017,737 | ||||||
Geological/geophysical | 3,253,822 | 8,362,518 | ||||||
Land maintenance & tenure | 414,351 | 354,708 | ||||||
Legal | 170,756 | 286,396 | ||||||
Surveying and mapping | 74,084 | 145,967 | ||||||
Transportation and travel | 48,833 | 50,550 | ||||||
Total expenditures for the period | $ | 6,868,226 | $ | 30,402,145 | ||||
Livengood Gold Project Property | ||||||||
The Livengood Gold Project property is located in the Tintina gold belt approximately 110 kilometers (70 miles) northwest of Fairbanks, Alaska. The property consists of land leased from the Alaska Mental Health Trust, a number of smaller private mineral leases, Alaska state mining claims purchased or located by the Company and patented ground held by the Company. | ||||||||
Details of the leases are as follows: | ||||||||
a) a lease of the Alaska Mental Health Trust mineral rights having a term beginning July 1, 2004 and extending 19 years until June 30, 2023, subject to further extensions beyond June 30, 2023 by either commercial production or payment of an advance minimum royalty equal to 125% of the amount paid in year 19 and diligent pursuit of development. The lease requires minimum work expenditures and advance minimum royalties which escalate annually with inflation. A net smelter return (“NSR”) production royalty of between 2.5% and 5.0% (depending upon the price of gold) is payable to the lessor with respect to the lands subject to this lease. In addition, an NSR production royalty of l% is payable to the lessor with respect to the unpatented federal mining claims subject to the lease described in b) below and an NSR production royalty of between 0.5% and 1.0% (depending upon the price of gold) is payable to the lessor with respect to the lands acquired by the Company in December 2011. As of September 30, 2013 the Company has paid $1,326,363 from the inception of this lease. | ||||||||
b) a lease of federal unpatented lode mining claims having an initial term of ten years commencing on April 21, 2003 and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $50,000 on or before each anniversary date (all of which minimum royalties are recoverable from production royalties). An NSR production royalty of between 2% and 3% (depending on the price of gold) is payable to the lessors. The Company may purchase 1% of the royalty for $1,000,000. As of September 30, 2013, the Company has paid $480,000 from the inception of this lease. | ||||||||
c) a lease of patented lode claims having an initial term of ten years commencing January 18, 2007, and continuing for so long thereafter as advance minimum royalties are paid. The lease requires an advance minimum royalty of $20,000 on or before each anniversary date through January 18, 2017 and $25,000 on or before each subsequent anniversary (all of which minimum royalties are recoverable from production royalties). An NSR production royalty of 3% is payable to the lessors. The Company may purchase all interests of the lessors in the leased property (including the production royalty) for $1,000,000 (less all minimum and production royalties paid to the date of purchase), of which $500,000 is payable in cash over four years following the closing of the purchase and the balance of $500,000 is payable by way of the 3% NSR production royalty. As of September 30, 2013, the Company has paid $95,000 from the inception of this lease. | ||||||||
d) a lease of unpatented federal lode mining and federal unpatented placer claims having an initial term of ten years commencing on March 28, 2007, and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $15,000 on or before each anniversary date (all of which minimum royalties are recoverable from production royalties). The Company is required to pay the lessor the sum of $250,000 upon making a positive production decision, payable $125,000 within 120 days of the decision and $125,000 within a year of the decision (all of which are recoverable from production royalties). An NSR production royalty of 2% is payable to the lessor. The Company may purchase all of the interest of the lessor in the leased property (including the production royalty) for $1,000,000. As of September 30, 2013, the Company has paid $68,000 from the inception of this lease. | ||||||||
Title to mineral properties | ||||||||
The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company, there can be no assurance that such title will ultimately be secured. |
DERIVATIVE_LIABILITY
DERIVATIVE LIABILITY | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
DERIVATIVE LIABILITY | ' | |||||||
DERIVATIVE LIABILITY | ' | |||||||
5. DERIVATIVE LIABILITY | ||||||||
During 2011, the Company acquired certain mining claims and related rights in the vicinity of the Livengood Gold Project located near Fairbanks, Alaska. The aggregate consideration for the claims and rights was $13,500,000 in cash plus an additional contingent payment based on the five-year average daily gold price (“Average Gold Price”) from the date of the acquisition. The contingent payment will equal $23,148 for every dollar that the Average Gold Price exceeds $720 per troy ounce. If the Average Gold Price is less than $720, there will be no additional contingent payment. | ||||||||
At initial recognition on December 13, 2011 the derivative liability was valued at $23,100,000. The key assumption used in the valuation of the derivative is the estimate of the future Average Gold Price. The estimate of the future Average Gold Price was determined using a forward curve on future gold prices as published by the CME Group. The CME Group represents the merger of the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX) and its commodity exchange division, Commodity Exchange, Inc. (COMEX). Using this forward curve, the Company estimated an Average Gold Price based on actual gold prices to September 30, 2013 and projected gold prices from September 30, 2013 to the end of the five year period in December 2016 of $1,441 per ounce of gold. | ||||||||
The fair value of the derivative liability and the estimated Average Gold Price are as follows: | ||||||||
Fair Value | Average Gold | |||||||
Price ($/oz.) | ||||||||
Derivative value at December 31, 2012 | $ | 22,400,000 | $ | 1,688 | ||||
Unrealized (gain) loss for the period | (5,700,000 | ) | ||||||
Derivative value at September 30, 2013 | $ | 16,700,000 | $ | 1,441 | ||||
SHARE_CAPITAL
SHARE CAPITAL | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SHARE CAPITAL | ' | |||||||||||||||
SHARE CAPITAL | ' | |||||||||||||||
6. SHARE CAPITAL | ||||||||||||||||
Authorized | ||||||||||||||||
500,000,000 common shares without par value. At September 30, 2013 and December 31, 2012 there were 98,068,638 shares issued and outstanding. | ||||||||||||||||
Stock options | ||||||||||||||||
The Company has adopted an incentive stock option plan (the “2006 Plan”). The essential elements of the 2006 Plan provide that the aggregate number of common shares of the Company’s capital stock that may be made issuable pursuant to options granted under the 2006 Plan may not exceed 10% of the number of issued shares of the Company at the time of the granting of the options. Options granted under the 2006 Plan will have a maximum term of ten years. The exercise price of options granted under the 2006 Plan will not be less than the discounted market price of the common shares (defined as the last closing market price of the Company’s common shares immediately preceding the issuance of a news release announcing the granting of the options, less the maximum discount permitted under applicable stock exchange policies), or such other price as may be agreed to by the Company and accepted by the Toronto Stock Exchange. Options granted under the 2006 Plan vest immediately, unless otherwise determined by the directors of the Company at the date of grant. | ||||||||||||||||
On March 14, 2013, the Company granted incentive stock options to certain officers, employees and consultants of the Company to purchase an aggregate of 613,000 common shares in the capital stock of the Company. The options are exercisable on or before March 14, 2018 at a price of C$2.18 per share and will vest as to 204,328 shares on March 14, 2013; 204,328 shares on March 14, 2014; and the balance on March 14, 2015. | ||||||||||||||||
A summary of the status of the stock option plan as of September 30, 2013, and December 31, 2012 and changes is presented below: | ||||||||||||||||
Nine Months Ended | Year Ended | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Options | Average | Options | Average | |||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
(C$) | (C$) | |||||||||||||||
Balance, beginning of the period | 8,570,000 | $ | 4.73 | 7,215,000 | $ | 7.48 | ||||||||||
Granted | 613,000 | $ | 2.18 | 6,380,000 | $ | 3.26 | ||||||||||
Exercised | — | $ | — | — | $ | — | ||||||||||
Expired | (1,040,000 | ) | $ | 7.78 | (4,050,000 | ) | $ | 7.16 | ||||||||
Cancelled | (1,100,000 | ) | $ | 8.27 | (975,000 | ) | $ | 5.42 | ||||||||
Forfeited | (300,000 | ) | $ | 3.17 | — | $ | — | |||||||||
Balance, end of the period | 6,743,000 | $ | 3.52 | 8,570,000 | $ | 4.73 | ||||||||||
The weighted average remaining life of options outstanding at September 30, 2013 was 3.86 years. Stock options outstanding are as follows: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Expiry Date | Exercise | Number of | Exercisable | Exercise | Number of | Exercisable | ||||||||||
Price (C$) | Options | Price (C$) | Options | |||||||||||||
January 10, 2013 | — | — | — | $ | 9.15 | 190,000 | 190,000 | |||||||||
July 28, 2013 | — | — | — | $ | 7.47 | 950,000 | 950,000 | |||||||||
May 9, 2016 | — | — | — | $ | 8.35 | 1,000,000 | 666,666 | |||||||||
August 23, 2016 | $ | 8.07 | 600,000 | 600,000 | $ | 8.07 | 600,000 | 400,000 | ||||||||
November 15, 2016 | $ | 5.64 | 100,000 | 66,666 | $ | 5.64 | 100,000 | 66,666 | ||||||||
January 9, 2017 | $ | 4.6 | 30,000 | 20,000 | $ | 4.6 | 30,000 | 10,000 | ||||||||
August 24, 2017 | $ | 3.17 | 4,400,000 | 2,933,321 | $ | 3.17 | 4,700,000 | 1,566,655 | ||||||||
September 19, 2017 | $ | 2.91 | 1,000,000 | 666,666 | $ | 2.91 | 1,000,000 | 333,333 | ||||||||
March 14, 2018 | $ | 2.18 | 613,000 | 204,328 | — | — | — | |||||||||
6,743,000 | 4,490,981 | 8,570,000 | 4,183,320 | |||||||||||||
A summary of the non-vested options as of September 30, 2013 and changes during the nine months ended September 30, 2013 is as follows: | ||||||||||||||||
Non-vested options: | Number of | Weighted | ||||||||||||||
options | average grant- | |||||||||||||||
date fair value | ||||||||||||||||
(C$) | ||||||||||||||||
Outstanding at December 31, 2012 | 4,386,680 | $ | 2.05 | |||||||||||||
Granted | 613,000 | 0.5 | ||||||||||||||
Vested | (2,547,660 | ) | 2.27 | |||||||||||||
Forfeited | (200,001 | ) | 1.61 | |||||||||||||
Outstanding at September 30, 2013 | 2,252,019 | $ | 1.41 | |||||||||||||
At September 30, 2013 there was unrecognized compensation expense of C$1,424,476 related to non-vested options outstanding. The cost is expected to be recognized over a weighted-average remaining period of approximately 0.92 years. | ||||||||||||||||
Share-based payments | ||||||||||||||||
During the nine month period ended September 30, 2013, the Company granted an aggregate of 613,000 stock options with a fair value of C$304,585 calculated using the Black-Scholes option pricing model. Share-based payment charges for the nine months ended September 30, 2013 totaled $3,654,224. | ||||||||||||||||
During the nine month period ended September 30, 2012, the Company granted an aggregate of 6,380,000 stock options with a fair value of C$10,688,119 calculated using the Black-Scholes option pricing model. Share-based payment charges for the nine months ended September 30, 2012 totaled $7,184,159. | ||||||||||||||||
The following weighted average assumptions were used for the Black-Scholes option pricing model calculations: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Expected life of options | 4 years | 4 years | ||||||||||||||
Risk-free interest rate | 1.29% | 1.32% | ||||||||||||||
Annualized volatility | 59.48% | 67.68% | ||||||||||||||
Dividend rate | 0.00% | 0.00% | ||||||||||||||
Exercise price (C$) | $ 2.18 | $ 3.26 | ||||||||||||||
The expected volatility used in the Black-Scholes option pricing model is based on the historical volatility of the Company’s shares. | ||||||||||||||||
SEGMENT_AND_GEOGRAPHIC_INFORMA
SEGMENT AND GEOGRAPHIC INFORMATION | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||
7. SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||
The Company operates in a single reportable segment, being the exploration and development of mineral properties. The following tables present selected financial information by geographic location: | |||||||||||
Canada | United States | Total | |||||||||
September 30, 2013 | |||||||||||
Capitalized acquisition costs | $ | — | $ | 55,173,564 | $ | 55,173,564 | |||||
Property and equipment | 12,564 | 60,788 | 73,352 | ||||||||
Current assets | 15,661,511 | 1,706,502 | 17,368,013 | ||||||||
Total assets | 15,674,075 | 56,940,854 | 72,614,929 | ||||||||
December 31, 2012 | |||||||||||
Capitalized acquisition costs | $ | — | $ | 55,173,564 | $ | 55,173,564 | |||||
Property and equipment | 14,317 | 75,397 | 89,714 | ||||||||
Current assets | 29,046,485 | 2,377,581 | 31,424,066 | ||||||||
Total assets | $ | 29,060,802 | $ | 57,626,542 | $ | 86,687,344 | |||||
Three months ended | September 30, 2013 | September 30, 2012 | |||||||||
Net loss for the period — Canada | $ | (1,430,485 | ) | $ | (5,346,486 | ) | |||||
Net loss for the period - United States | (2,694,276 | ) | (19,687,294 | ) | |||||||
Net loss for the period | $ | (4,124,761 | ) | $ | (25,033,780 | ) | |||||
Nine months ended | September 30, 2013 | September 30, 2012 | |||||||||
Net loss for the period — Canada | $ | (4,369,867 | ) | $ | (8,690,609 | ) | |||||
Net loss for the period - United States | (4,460,226 | ) | (40,694,456 | ) | |||||||
Net loss for the period | $ | (8,830,093 | ) | $ | (49,385,065 | ) | |||||
COMMITMENTS
COMMITMENTS | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
COMMITMENTS | ' | |||||||||||||||||||||||||
COMMITMENTS | ' | |||||||||||||||||||||||||
8. COMMITMENTS | ||||||||||||||||||||||||||
The following table discloses, as of September 30, 2013, the Company’s contractual obligations including optional mineral property payments and work commitments and committed office and equipment lease obligations. Under the terms of the Company’s mineral property purchase agreements, mineral leases and the terms of the unpatented mineral claims held by it, the Company is required to make certain scheduled acquisition payments, incur certain levels of expenditures, make lease or advance royalty payments, make payments to government authorities and incur assessment work expenditures as summarized in the table below in order to maintain and preserve the Company’s interests in the related mineral properties. If the Company is unable or unwilling to make any such payments or incur any such expenditures, it is likely that the Company would lose or forfeit its rights to acquire or hold the related mineral properties. The following table assumes that the Company retains the rights to all of its current mineral properties, but no other lease purchase or royalty buyout options: | ||||||||||||||||||||||||||
Payments Due by Year | ||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 and | Total | |||||||||||||||||||
beyond | ||||||||||||||||||||||||||
Livengood Property Purchase(1) | $ | — | $ | — | $ | — | $ | 16,700,000 | $ | — | $ | — | $ | — | $ | 16,700,000 | ||||||||||
Mineral Property Leases(2) | — | 401,236 | 405,979 | 410,794 | 415,681 | 425,641 | 430,676 | 2,490,007 | ||||||||||||||||||
Mining Claim Government Fees | 54,810 | 89,110 | 89,110 | 89,110 | 89,110 | 89,110 | 89,110 | 589,470 | ||||||||||||||||||
Office and Equipment Lease Obligations | 55,554 | 206,263 | 78,960 | 362 | 362 | 362 | 362 | 342,225 | ||||||||||||||||||
Total | $ | 110,364 | $ | 696,609 | $ | 574,049 | $ | 17,200,266 | $ | 505,153 | $ | 515,113 | $ | 520,148 | $ | 20,121,702 | ||||||||||
1. The amount payable in December 2016 of $16,700,000 represents the fair value of the Company’s derivative liability as at September 30, 2013 and will be revalued at each subsequent reporting period. See note 5. | ||||||||||||||||||||||||||
2. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the work for which will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See note 4. | ||||||||||||||||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||
9. SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
Nine months | Nine months | |||||||
ended | ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Income taxes paid | $ | — | $ | 150,282 | ||||
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
BASIS OF PRESENTATION | ' |
Basis of consolidation | ' |
Basis of consolidation | |
These consolidated financial statements include the accounts of ITH and its wholly owned subsidiaries TH Alaska, TH US, LPI and 813034 Alberta Ltd. All intercompany transactions and balances have been eliminated. |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||
Schedule of fair value of financial instruments | ' | |||||||
Fair value as at September 30, 2013 | ||||||||
Level 1 | Level 2 | |||||||
Financial assets: | ||||||||
Marketable securities | $ | 75,839 | $ | — | ||||
Total | $ | 75,839 | $ | — | ||||
Financial liabilities: | ||||||||
Derivative liability (note 5) | $ | — | $ | 16,700,000 | ||||
Total | $ | — | $ | 16,700,000 | ||||
Fair value as at December 31, 2012 | ||||||||
Level 1 | Level 2 | |||||||
Financial assets: | ||||||||
Marketable securities | $ | 180,415 | $ | — | ||||
Total | $ | 180,415 | $ | — | ||||
Financial liabilities: | ||||||||
Derivative liability (note 5) | $ | — | $ | 22,400,000 | ||||
Total | $ | — | $ | 22,400,000 |
CAPITALIZED_ACQUISITION_COSTS_
CAPITALIZED ACQUISITION COSTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
CAPITALIZED ACQUISITION COSTS | ' | |||||||
Schedule of activity related to capitalized acquisition costs | ' | |||||||
Capitalized acquisition costs | Amount | |||||||
Balance, December 31, 2012 | $ | 55,173,564 | ||||||
Additions | — | |||||||
Balance, September 30, 2013 | $ | 55,173,564 | ||||||
Schedule presenting costs incurred for exploration and evaluation activities | ' | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Exploration costs: | ||||||||
Aircraft services | $ | 62,915 | $ | 1,844,776 | ||||
Assay | 10,924 | 777,004 | ||||||
Drilling | (28,714 | ) | 8,378,230 | |||||
Environmental | 1,776,134 | 2,874,513 | ||||||
Equipment rental | 332,193 | 1,309,746 | ||||||
Field costs | 752,928 | 6,017,737 | ||||||
Geological/geophysical | 3,253,822 | 8,362,518 | ||||||
Land maintenance & tenure | 414,351 | 354,708 | ||||||
Legal | 170,756 | 286,396 | ||||||
Surveying and mapping | 74,084 | 145,967 | ||||||
Transportation and travel | 48,833 | 50,550 | ||||||
Total expenditures for the period | $ | 6,868,226 | $ | 30,402,145 |
DERIVATIVE_LIABILITY_Tables
DERIVATIVE LIABILITY (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
DERIVATIVE LIABILITY | ' | |||||||
Schedule of fair value of the derivative liability and the estimated Average Gold Price | ' | |||||||
Fair Value | Average Gold | |||||||
Price ($/oz.) | ||||||||
Derivative value at December 31, 2012 | $ | 22,400,000 | $ | 1,688 | ||||
Unrealized (gain) loss for the period | (5,700,000 | ) | ||||||
Derivative value at September 30, 2013 | $ | 16,700,000 | $ | 1,441 |
SHARE_CAPITAL_Tables
SHARE CAPITAL (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SHARE CAPITAL | ' | |||||||||||||||
Summary of the status of the stock option plan and changes therein | ' | |||||||||||||||
Nine Months Ended | Year Ended | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||
Options | Average | Options | Average | |||||||||||||
Exercise Price | Exercise Price | |||||||||||||||
(C$) | (C$) | |||||||||||||||
Balance, beginning of the period | 8,570,000 | $ | 4.73 | 7,215,000 | $ | 7.48 | ||||||||||
Granted | 613,000 | $ | 2.18 | 6,380,000 | $ | 3.26 | ||||||||||
Exercised | — | $ | — | — | $ | — | ||||||||||
Expired | (1,040,000 | ) | $ | 7.78 | (4,050,000 | ) | $ | 7.16 | ||||||||
Cancelled | (1,100,000 | ) | $ | 8.27 | (975,000 | ) | $ | 5.42 | ||||||||
Forfeited | (300,000 | ) | $ | 3.17 | — | $ | — | |||||||||
Balance, end of the period | 6,743,000 | $ | 3.52 | 8,570,000 | $ | 4.73 | ||||||||||
Schedule of stock options outstanding by exercise price | ' | |||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Expiry Date | Exercise | Number of | Exercisable | Exercise | Number of | Exercisable | ||||||||||
Price (C$) | Options | Price (C$) | Options | |||||||||||||
January 10, 2013 | — | — | — | $ | 9.15 | 190,000 | 190,000 | |||||||||
July 28, 2013 | — | — | — | $ | 7.47 | 950,000 | 950,000 | |||||||||
May 9, 2016 | — | — | — | $ | 8.35 | 1,000,000 | 666,666 | |||||||||
August 23, 2016 | $ | 8.07 | 600,000 | 600,000 | $ | 8.07 | 600,000 | 400,000 | ||||||||
November 15, 2016 | $ | 5.64 | 100,000 | 66,666 | $ | 5.64 | 100,000 | 66,666 | ||||||||
January 9, 2017 | $ | 4.6 | 30,000 | 20,000 | $ | 4.6 | 30,000 | 10,000 | ||||||||
August 24, 2017 | $ | 3.17 | 4,400,000 | 2,933,321 | $ | 3.17 | 4,700,000 | 1,566,655 | ||||||||
September 19, 2017 | $ | 2.91 | 1,000,000 | 666,666 | $ | 2.91 | 1,000,000 | 333,333 | ||||||||
March 14, 2018 | $ | 2.18 | 613,000 | 204,328 | — | — | — | |||||||||
6,743,000 | 4,490,981 | 8,570,000 | 4,183,320 | |||||||||||||
Summary of the non-vested options and changes | ' | |||||||||||||||
Non-vested options: | Number of | Weighted | ||||||||||||||
options | average grant- | |||||||||||||||
date fair value | ||||||||||||||||
(C$) | ||||||||||||||||
Outstanding at December 31, 2012 | 4,386,680 | $ | 2.05 | |||||||||||||
Granted | 613,000 | 0.5 | ||||||||||||||
Vested | (2,547,660 | ) | 2.27 | |||||||||||||
Forfeited | (200,001 | ) | 1.61 | |||||||||||||
Outstanding at September 30, 2013 | 2,252,019 | $ | 1.41 | |||||||||||||
Schedule of weighted average assumptions as used for Black-Scholes option pricing model calculations | ' | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Expected life of options | 4 years | 4 years | ||||||||||||||
Risk-free interest rate | 1.29% | 1.32% | ||||||||||||||
Annualized volatility | 59.48% | 67.68% | ||||||||||||||
Dividend rate | 0.00% | 0.00% | ||||||||||||||
Exercise price (C$) | $ 2.18 | $ 3.26 |
SEGMENT_AND_GEOGRAPHIC_INFORMA1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||
Schedule of selected financial information by geographic location | ' | ||||||||||
Canada | United States | Total | |||||||||
September 30, 2013 | |||||||||||
Capitalized acquisition costs | $ | — | $ | 55,173,564 | $ | 55,173,564 | |||||
Property and equipment | 12,564 | 60,788 | 73,352 | ||||||||
Current assets | 15,661,511 | 1,706,502 | 17,368,013 | ||||||||
Total assets | 15,674,075 | 56,940,854 | 72,614,929 | ||||||||
December 31, 2012 | |||||||||||
Capitalized acquisition costs | $ | — | $ | 55,173,564 | $ | 55,173,564 | |||||
Property and equipment | 14,317 | 75,397 | 89,714 | ||||||||
Current assets | 29,046,485 | 2,377,581 | 31,424,066 | ||||||||
Total assets | $ | 29,060,802 | $ | 57,626,542 | $ | 86,687,344 | |||||
Three months ended | September 30, 2013 | September 30, 2012 | |||||||||
Net loss for the period — Canada | $ | (1,430,485 | ) | $ | (5,346,486 | ) | |||||
Net loss for the period - United States | (2,694,276 | ) | (19,687,294 | ) | |||||||
Net loss for the period | $ | (4,124,761 | ) | $ | (25,033,780 | ) | |||||
Nine months ended | September 30, 2013 | September 30, 2012 | |||||||||
Net loss for the period — Canada | $ | (4,369,867 | ) | $ | (8,690,609 | ) | |||||
Net loss for the period - United States | (4,460,226 | ) | (40,694,456 | ) | |||||||
Net loss for the period | $ | (8,830,093 | ) | $ | (49,385,065 | ) |
COMMITMENTS_Tables
COMMITMENTS (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
COMMITMENTS | ' | |||||||||||||||||||||||||
Schedule of contractual obligations | ' | |||||||||||||||||||||||||
Payments Due by Year | ||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 and | Total | |||||||||||||||||||
beyond | ||||||||||||||||||||||||||
Livengood Property Purchase(1) | $ | — | $ | — | $ | — | $ | 16,700,000 | $ | — | $ | — | $ | — | $ | 16,700,000 | ||||||||||
Mineral Property Leases(2) | — | 401,236 | 405,979 | 410,794 | 415,681 | 425,641 | 430,676 | 2,490,007 | ||||||||||||||||||
Mining Claim Government Fees | 54,810 | 89,110 | 89,110 | 89,110 | 89,110 | 89,110 | 89,110 | 589,470 | ||||||||||||||||||
Office and Equipment Lease Obligations | 55,554 | 206,263 | 78,960 | 362 | 362 | 362 | 362 | 342,225 | ||||||||||||||||||
Total | $ | 110,364 | $ | 696,609 | $ | 574,049 | $ | 17,200,266 | $ | 505,153 | $ | 515,113 | $ | 520,148 | $ | 20,121,702 | ||||||||||
1. The amount payable in December 2016 of $16,700,000 represents the fair value of the Company’s derivative liability as at September 30, 2013 and will be revalued at each subsequent reporting period. See note 5. | ||||||||||||||||||||||||||
2. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the work for which will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See note 4. |
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||||
Schedule of supplemental cash flow information | ' | |||||||
Nine months | Nine months | |||||||
ended | ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Income taxes paid | $ | — | $ | 150,282 |
GENERAL_INFORMATION_NATURE_AND1
GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS (Details) (Livengood Gold Project) | Sep. 30, 2013 |
Livengood Gold Project | ' |
GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS | ' |
Controlling interest in Livengood Gold Project in Alaska, U.S.A. (as a percent) | 100.00% |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (Recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Marketable securities | $75,839 | $180,415 |
Total | 75,839 | 180,415 |
Level 2 | ' | ' |
Financial liabilities: | ' | ' |
Derivative liability | 16,700,000 | 22,400,000 |
Total | $16,700,000 | $22,400,000 |
CAPITALIZED_ACQUISITION_COSTS_1
CAPITALIZED ACQUISITION COSTS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 424 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | |
Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | Livengood Gold Project | ||||||
Alaska Mental Health Trust mineral rights | Alaska Mental Health Trust mineral rights | Alaska Mental Health Trust mineral rights | Federal unpatented lode mining | Federal unpatented lode mining | Federal unpatented lode mining | Federal unpatented lode mining | Federal unpatented lode mining | Patented lode claims | Patented lode claims | Patented lode claims | Unpatented federal lode mining and federal unpatented placer claims | Unpatented federal lode mining and federal unpatented placer claims | Unpatented federal lode mining and federal unpatented placer claims | Unpatented federal lode mining and federal unpatented placer claims | Unpatented federal lode mining and federal unpatented placer claims | Unpatented federal lode mining and federal unpatented placer claims | ||||||
Production royalty | Production royalty | Advance royalties | Production royalty | Production royalty | Production royalty | Advance royalties | Production royalty | Maximum | Advance royalties | Production royalty | Production royalty | Production royalty | ||||||||||
Minimum | Maximum | Minimum | Minimum | Maximum | Minimum | Minimum | Minimum | Maximum | ||||||||||||||
Capitalized acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, at the beginning of the period | ' | ' | $55,173,564 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, at the end of the period | 55,173,564 | ' | 55,173,564 | ' | 55,173,564 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exploration costs: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aircraft services | ' | ' | 62,915 | 1,844,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assay | ' | ' | 10,924 | 777,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Drilling | ' | ' | -28,714 | 8,378,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental | ' | ' | 1,776,134 | 2,874,513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment rental | ' | ' | 332,193 | 1,309,746 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Field costs | ' | ' | 752,928 | 6,017,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geological/geophysical | ' | ' | 3,253,822 | 8,362,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land maintenance & tenure | ' | ' | 414,351 | 354,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal | ' | ' | 170,756 | 286,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surveying and mapping | ' | ' | 74,084 | 145,967 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transportation and travel | ' | ' | 48,833 | 50,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total expenditures for the period | 1,621,127 | 13,447,132 | 6,868,226 | 30,402,145 | 150,897,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exploration And Evaluation Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease | ' | ' | ' | ' | ' | '19 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Flat annual fee (as a percent) | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expenditures, additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial lease term | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | '10 years | ' | ' | '10 years | ' | ' | ' | ' | ' |
NSR, based on price of gold, payable (as a percent) | ' | ' | ' | ' | ' | ' | 2.50% | 5.00% | ' | ' | ' | 2.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% |
NSR payable (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | 2.00% | ' | ' |
Expenditure since inception of lease | ' | ' | ' | ' | ' | 1,326,363 | ' | ' | 480,000 | ' | ' | ' | ' | 95,000 | ' | ' | 68,000 | ' | ' | ' | ' | ' |
Lease expenditure due on or before each anniversary date of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | 20,000 | ' | ' | ' | 15,000 | ' | ' | ' |
Royalty to be purchased by the entity (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price payable for a portion of royalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Lease expenditure due on or before each subsequent anniversary date of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase price payable for purchase of all interests of the lessors in the leased property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of purchase price for purchase of all interests of the lessors in the leased property, payable in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which the cash purchase price for purchase of all interests of the lessors in the leased property is payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of purchase price for purchase of all interests of the lessors in the leased property, payable by way of NSR production royalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
NSR production royalty base for payments for acquisition of mining interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' |
Amount payable to lessor on positive production decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' |
Portion of amount payable to lessor on positive production decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' |
Balance amount payable to lessor on positive production decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $125,000 | ' | ' |
Prescribed period for payment of the first half portion to lessor on positive production decision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' |
DERIVATIVE_LIABILITY_Details
DERIVATIVE LIABILITY (Details) (USD $) | 3 Months Ended | 9 Months Ended | 424 Months Ended | 12 Months Ended | ||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 13, 2011 | Dec. 31, 2011 | Sep. 30, 2013 | |
Livengood Gold Project, Alaska | Livengood Gold Project, Alaska | |||||||
DERIVATIVE LIABILITY - Livengood Gold Project | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate consideration in cash | ' | ' | ' | ' | ' | ' | $13,500,000 | ' |
Basis period of average gold price per ounce of gold is considered for calculating additional contingent payment | ' | ' | ' | ' | ' | ' | '5 years | ' |
Contingent payment equivalent for every dollar in excess of specified average gold price per troy ounce | ' | ' | ' | ' | ' | ' | ' | 23,148 |
Average Gold Price (in dollars per troy ounce) | ' | ' | ' | ' | ' | ' | ' | 720 |
Additional contingent payment, if the average Gold Price is less than specified price per troy ounce | ' | 0 | ' | ' | ' | ' | ' | ' |
DERIVATIVE LIABILITY | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liability, value on initial recognition | ' | ' | ' | ' | ' | 23,100,000 | ' | ' |
Period for projecting gold prices | ' | '5 years | ' | ' | ' | ' | ' | ' |
Average Gold Price five years from the date of acquisition (in dollars per ounce of gold) | ' | 1,441 | ' | 1,441 | ' | ' | ' | ' |
Fair value of the derivative liability | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative value at beginning of the period | ' | 22,400,000 | ' | ' | ' | ' | ' | ' |
Unrealized (gain) loss on derivative liability | 4,000,000 | -5,700,000 | 4,300,000 | -6,400,000 | ' | ' | ' | ' |
Derivative value at end of the period | ' | $16,700,000 | ' | $16,700,000 | ' | ' | ' | ' |
Average Gold Price | ' | ' | ' | ' | ' | ' | ' | ' |
Average Gold Price ($/oz.) | ' | 1,441 | ' | 1,441 | 1,688 | ' | ' | ' |
SHARE_CAPITAL_Details
SHARE CAPITAL (Details) (CAD) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 14, 2013 | |
SHARE CAPITAL | ' | ' | ' | ' |
Authorized common shares without par value | 500,000,000 | ' | 500,000,000 | ' |
Share capital, shares issued | 98,068,638 | ' | 98,068,638 | ' |
Share capital, shares outstanding | 98,068,638 | ' | 98,068,638 | ' |
Number of Options | ' | ' | ' | ' |
Balance, beginning of the period (in shares) | 8,570,000 | 7,215,000 | 7,215,000 | ' |
Granted (in shares) | 613,000 | 6,380,000 | 6,380,000 | ' |
Expired (in shares) | -1,040,000 | ' | -4,050,000 | ' |
Cancelled (in shares) | -1,100,000 | ' | -975,000 | ' |
Forfeited (in shares) | -300,000 | ' | ' | ' |
Balance, end of the period (in shares) | 6,743,000 | ' | 8,570,000 | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Balance, beginning of the period (in Canadian dollars per share) | 4.73 | 7.48 | 7.48 | ' |
Granted (in Canadian dollars per share) | 2.18 | ' | 3.26 | ' |
Expired (in Canadian dollars per share) | 7.78 | ' | 7.16 | ' |
Cancelled (in Canadian dollars per share) | 8.27 | ' | 5.42 | ' |
Forfeited (in Canadian dollars per share) | 3.17 | ' | ' | ' |
Balance, end of the period (in Canadian dollars per share) | 3.52 | ' | 4.73 | ' |
Additional disclosure | ' | ' | ' | ' |
Shares vested on grant date | ' | ' | ' | 204,328 |
Shares vested after grant date on March 14, 2014 | 204,328 | ' | ' | ' |
Weighted average remaining life of options | '3 years 10 months 10 days | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Share Capital | ' | ' | ' | ' |
Aggregate common shares of capital stock made issuable pursuant to options granted under the 2006 Plan (as a percent) | 10.00% | ' | ' | ' |
Option term | '10 years | ' | ' | ' |
SHARE_CAPITAL_Details_2
SHARE CAPITAL (Details 2) (CAD) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Stock options outstanding | ' | ' |
Number of Options (in shares) | 6,743,000 | 8,570,000 |
Exercisable (in shares) | 4,490,981 | 4,183,320 |
Exercise Price $ 9.15 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | ' | 9.15 |
Number of Options (in shares) | ' | 190,000 |
Exercisable (in shares) | ' | 190,000 |
Exercise Price $ 7.47 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | ' | 7.47 |
Number of Options (in shares) | ' | 950,000 |
Exercisable (in shares) | ' | 950,000 |
Exercise Price $ 8.35 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | ' | 8.35 |
Number of Options (in shares) | ' | 1,000,000 |
Exercisable (in shares) | ' | 666,666 |
Exercise Price $ 8.07 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | 8.07 | 8.07 |
Number of Options (in shares) | 600,000 | 600,000 |
Exercisable (in shares) | 600,000 | 400,000 |
Exercise Price $ 5.64 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | 5.64 | 5.64 |
Number of Options (in shares) | 100,000 | 100,000 |
Exercisable (in shares) | 66,666 | 66,666 |
Exercise Price $ 4.60 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | 4.6 | 4.6 |
Number of Options (in shares) | 30,000 | 30,000 |
Exercisable (in shares) | 20,000 | 10,000 |
Exercise Price $ 3.17 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | 3.17 | 3.17 |
Number of Options (in shares) | 4,400,000 | 4,700,000 |
Exercisable (in shares) | 2,933,321 | 1,566,655 |
Exercise Price $ 2.91 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | 2.91 | 2.91 |
Number of Options (in shares) | 1,000,000 | 1,000,000 |
Exercisable (in shares) | 666,666 | 333,333 |
Exercise Price $ 2.18 | ' | ' |
Stock options outstanding | ' | ' |
Exercise Price (in Canadian dollars per share) | 2.18 | ' |
Number of Options (in shares) | 613,000 | ' |
Exercisable (in shares) | 204,328 | ' |
SHARE_CAPITAL_Details_3
SHARE CAPITAL (Details 3) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | |
USD ($) | CAD | USD ($) | CAD | CAD | |
Number of options | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 4,386,680 | 4,386,680 | ' | ' | ' |
Granted (in shares) | 613,000 | 613,000 | ' | ' | ' |
Vested (in shares) | -2,547,660 | -2,547,660 | ' | ' | ' |
Forfeited (in shares) | -200,001 | -200,001 | ' | ' | ' |
Outstanding at the end of the period (in shares) | 2,252,019 | 2,252,019 | ' | ' | 4,386,680 |
Weighted average grant-date fair value | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in Canadian dollars per share) | ' | 2.05 | ' | ' | ' |
Granted (in Canadian dollars per share) | ' | 0.5 | ' | ' | ' |
Vested (in Canadian dollars per share) | ' | 2.27 | ' | ' | ' |
Forfeited (in Canadian dollars per share) | ' | 1.61 | ' | ' | ' |
Outstanding at the end of the period (in Canadian dollars per share) | ' | 1.41 | ' | ' | 2.05 |
Non-vested options: Additional disclosure | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | 1,424,476 | ' | ' | ' |
Weighted-average remaining period over which unrecognized compensation expense cost is expected to be recognized | '11 months 1 day | '11 months 1 day | ' | ' | ' |
Share-based payments | ' | ' | ' | ' | ' |
Options granted during the period (in shares) | 613,000 | 613,000 | 6,380,000 | 6,380,000 | 6,380,000 |
Fair value of the option granted (in Canadian dollars) | ' | 304,585 | ' | 10,688,119 | ' |
Share-based payment charges | $3,654,224 | ' | $7,184,159 | ' | ' |
Weighted average assumptions as used for Black-Scholes option pricing model calculations | ' | ' | ' | ' | ' |
Expected life of options | '4 years | '4 years | ' | ' | '4 years |
Risk-free interest rate (as a percent) | 1.29% | 1.29% | ' | ' | 1.32% |
Annualized volatility (as a percent) | 59.48% | 59.48% | ' | ' | 67.68% |
Dividend rate (as a percent) | 0.00% | 0.00% | ' | ' | 0.00% |
Exercise price (in Canadian dollars per share) | ' | 2.18 | ' | ' | 3.26 |
SEGMENT_AND_GEOGRAPHIC_INFORMA2
SEGMENT AND GEOGRAPHIC INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | 424 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
SEGMENTED INFORMATION | ' | ' | ' | ' | ' | ' |
Capitalized acquisition costs | $55,173,564 | $55,173,564 | ' | $55,173,564 | ' | $55,173,564 |
Property and equipment | 73,352 | 89,714 | ' | 73,352 | ' | 73,352 |
Current assets | 17,368,013 | 31,424,066 | ' | 17,368,013 | ' | 17,368,013 |
Total assets | 72,614,929 | 86,687,344 | ' | 72,614,929 | ' | 72,614,929 |
Net loss | -4,124,761 | -7,258,397 | -25,033,780 | -8,830,093 | -49,385,065 | -237,012,786 |
Canada | ' | ' | ' | ' | ' | ' |
SEGMENTED INFORMATION | ' | ' | ' | ' | ' | ' |
Property and equipment | 12,564 | 14,317 | ' | 12,564 | ' | 12,564 |
Current assets | 15,661,511 | 29,046,485 | ' | 15,661,511 | ' | 15,661,511 |
Total assets | 15,674,075 | 29,060,802 | ' | 15,674,075 | ' | 15,674,075 |
Net loss | -1,430,485 | ' | -5,346,486 | -4,369,867 | -8,690,609 | ' |
United States | ' | ' | ' | ' | ' | ' |
SEGMENTED INFORMATION | ' | ' | ' | ' | ' | ' |
Capitalized acquisition costs | 55,173,564 | 55,173,564 | ' | 55,173,564 | ' | 55,173,564 |
Property and equipment | 60,788 | 75,397 | ' | 60,788 | ' | 60,788 |
Current assets | 1,706,502 | 2,377,581 | ' | 1,706,502 | ' | 1,706,502 |
Total assets | 56,940,854 | 57,626,542 | ' | 56,940,854 | ' | 56,940,854 |
Net loss | ($2,694,276) | ' | ($19,687,294) | ($4,460,226) | ($40,694,456) | ' |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | Sep. 30, 2013 |
Payments Due by Year | ' |
2013 | $110,364 |
2014 | 696,609 |
2015 | 574,049 |
2016 | 17,200,266 |
2017 | 505,153 |
2018 | 515,113 |
2019 and beyond | 520,148 |
Total | 20,121,702 |
Livengood Property Purchase | ' |
Payments Due by Year | ' |
2016 | 16,700,000 |
Total | 16,700,000 |
Mineral Property Leases | ' |
Payments Due by Year | ' |
2014 | 401,236 |
2015 | 405,979 |
2016 | 410,794 |
2017 | 415,681 |
2018 | 425,641 |
2019 and beyond | 430,676 |
Total | 2,490,007 |
Mining Claim Government Fees | ' |
Payments Due by Year | ' |
2013 | 54,810 |
2014 | 89,110 |
2015 | 89,110 |
2016 | 89,110 |
2017 | 89,110 |
2018 | 89,110 |
2019 and beyond | 89,110 |
Total | 589,470 |
Office and Equipment Lease Obligations | ' |
Payments Due by Year | ' |
2013 | 55,554 |
2014 | 206,263 |
2015 | 78,960 |
2016 | 362 |
2017 | 362 |
2018 | 362 |
2019 and beyond | 362 |
Total | $342,225 |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
SUPPLEMENTAL CASH FLOW INFORMATION | ' |
Income taxes paid | $150,282 |