International Tower Hill Mines (THM) 10-Q 7 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	5-May-14
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	31-Mar-14	'
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	'2014	'
Document Fiscal Period Focus	'Q1	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current	'	'
Cash and cash equivalents	$11,379,547	$13,925,601
Marketable securities	52,925	55,002
Accounts receivable	32,562	11,589
Prepaid expenses	179,200	200,731
Total current assets	11,644,234	14,192,923
Restricted cash	'	30,477
Property and equipment	63,968	67,913
Capitalized acquisition costs	55,204,041	55,173,564
Total assets	66,912,243	69,464,877
Current liabilities	'	'
Accounts payable	309,669	42,469
Accrued liabilities	473,659	1,451,227
Total current liabilities	783,328	1,493,696
Non-current liabilities	'	'
Derivative liability	16,300,000	14,800,000
Total liabilities	17,083,328	16,293,696
Shareholders' equity	'	'
Share capital, no par value; authorized 500,000,000 shares; 98,068,638 shares issued and outstanding at March 31, 2014 and December 31, 2013	236,401,096	236,401,096
Contributed surplus	32,772,446	32,153,864
Accumulated other comprehensive income	2,570,752	3,021,281
Deficit accumulated during the exploration stage	-221,915,379	-218,405,060
Total shareholders' equity	49,828,915	53,171,181
Total liabilities and shareholders' equity	$66,912,243	$69,464,877

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
CONDENSED CONSOLIDATED BALANCE SHEETS	'	'
Share capital, par value	'	'
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		430 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Operating expenses	'	'	'
Consulting fees	($10,391)	$639,003	$14,958,244
Depreciation	3,945	5,463	269,576
Insurance	62,632	69,422	1,263,802
Investor relations	90,690	129,381	4,796,191
Mineral property exploration	615,162	2,794,435	152,833,206
Office	21,781	27,097	1,016,598
Other	9,117	16,354	1,796,150
Professional fees	146,396	184,027	3,716,291
Regulatory	34,255	100,122	1,113,972
Rent	49,456	60,010	1,126,921
Travel	39,551	93,062	1,430,618
Wages and benefits	1,248,655	1,876,964	46,522,926
Write-down of mineral properties	'	'	1,605,522
Total operating expenses	-2,311,249	-5,995,340	-232,450,017
Other income (expenses)	'	'	'
Gain (loss) on foreign exchange	284,129	397,829	1,524,055
Interest income	16,801	34,229	2,623,857
Income from mineral property earn-in	'	'	660,744
Impairment of available-for-sale securities	'	'	-298,769
Spin-out cost	'	'	-775,249
Unrealized gain/(loss) on derivative	-1,500,000	1,500,000	6,800,000
Total other income (expense)	-1,199,070	1,932,058	10,534,638
Loss from continuing operations	-3,510,319	-4,063,282	-221,915,379
Loss from discontinued operations	'	'	-19,630,113
Net loss for the period	-3,510,319	-4,063,282	-241,545,492
Other comprehensive income (loss)	'	'	'
Unrealized loss on marketable securities	'	-50,577	-487,616
Impairment of available-for-sale securities	'	'	298,769
Exchange difference on translating foreign operations	-450,529	-504,149	2,759,599
Total other comprehensive income (loss) for the period	-450,529	-554,726	2,570,752
Comprehensive loss for the period	($3,960,848)	($4,618,008)	($238,974,740)
Basic and fully diluted loss per share (in dollars per share)	($0.04)	($0.04)	'
Weighted average number of shares outstanding (in shares)	98,068,638	98,068,638	'

CONDENSED_CONSOLIDATED_INTERIM1

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)	Total	Share capital	Contributed surplus	Accumulated other comprehensive income/(loss)	Deficit
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	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Stock based compensation	1,578,028	'	1,578,028	'	'
Unrealized loss on available-for-sale securities	-50,577	'	'	-50,577	'
Exchange difference on translating foreign operations	-504,149	'	'	-504,149	'
Net loss	-4,063,282	'	'	'	-4,063,282
Balance at Mar. 31, 2013	57,500,095	236,401,096	30,167,619	3,547,242	-212,615,862
Balance (in shares) at Mar. 31, 2013	'	98,068,638	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Stock based compensation	1,986,245	'	1,986,245	'	'
Unrealized loss on available-for-sale securities	-68,340	'	'	-68,340	'
Impairment of available-for-sale-securities	298,769	'	'	298,769	'
Exchange difference on translating foreign operations	-756,390	'	'	-756,390	'
Net loss	-5,789,198	'	'	'	-5,789,198
Balance at Dec. 31, 2013	53,171,181	236,401,096	32,153,864	3,021,281	-218,405,060
Balance (in shares) at Dec. 31, 2013	98,068,638	98,068,638	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Stock based compensation	618,582	'	618,582	'	'
Exchange difference on translating foreign operations	-450,529	'	'	-450,529	'
Net loss	-3,510,319	'	'	'	-3,510,319
Balance at Mar. 31, 2014	$49,828,915	$236,401,096	$32,772,446	$2,570,752	($221,915,379)
Balance (in shares) at Mar. 31, 2014	98,068,638	98,068,638	'	'	'

CONDENSED_CONSOLIDATED_INTERIM2

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		430 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Operating Activities	'	'	'
Loss for the period from continuing operations	($3,510,319)	($4,063,282)	($221,915,379)
Add items not affecting cash:	'	'	'
Depreciation	3,945	5,463	269,576
Stock based compensation	618,582	1,578,028	37,497,565
Unrealized (gain) loss on derivative liability	1,500,000	-1,500,000	-6,800,000
Spin-out recovery	'	'	-254,339
Gain on foreign exchange	'	'	-254,512
Impairment of available-for-sale securities	'	'	298,769
Write-down of advance to contractors	'	'	482,009
Write-down of mineral properties	'	'	1,605,522
Other	'	'	-285,323
Changes in non-cash items:	'	'	'
Accounts receivable	21,775	226,082	142,999
Prepaid expenses	17,436	110,346	-328,859
Advance to contractors	'	68,000	413,082
Accounts payable and accrued liabilities	-706,105	-1,369,439	786,630
Cash used in operating activities of continuing operations	-2,054,686	-4,944,802	-188,342,260
Cash used in operating activities of discontinued operations	'	'	-12,786,324
Financing Activities	'	'	'
Issuance of share capital	'	'	251,751,411
Share issuance costs	'	'	-7,643,229
Cash provided by financing activities of continuing operations	'	'	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
Change in restricted cash	30,477	'	'
Capitalized acquisition costs	-30,477	'	-27,811,722
Expenditures on property and equipment, net	'	'	-332,415
Cash used in investing activities of continuing operations	'	'	-27,971,403
Cash used in investing activities of discontinued operations	'	'	-312,593
Effect of foreign exchange on cash of continuing operations	-491,368	-550,323	1,121,768
Effect of foreign exchange on cash of discontinued operations	'	'	-534,876
(Decrease) increase in cash and cash equivalents	-2,546,054	-5,495,125	11,379,547
Cash and cash equivalents, beginning of the period	13,925,601	30,170,905	'
Cash and cash equivalents, end of the period	$11,379,547	$24,675,780	$11,379,547

GENERAL_INFORMATION_NATURE_AND

GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS	3 Months Ended
	Mar. 31, 2014
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.  International Tower Hill Mines Ltd. consists of ITH and its wholly owned subsidiaries Tower Hill Mines, Inc. (“TH Alaska”) (an Alaska corporation), Tower Hill Mines (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 March 31, 2014, the Company was in the exploration stage and controls a 100% interest in its Livengood Gold Project in Alaska, U.S.A.
	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	3 Months Ended
	Mar. 31, 2014
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, 2013 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 March 31, 2014 and the results of its operations for the three months then ended.  Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.  The 2013 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	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014
		Level 1		Level 2
	Financial assets:
	Marketable securities	$	52,925	$	—
	Total	$	52,925	$	—
	Financial liabilities:
	Derivative liability (note 6)	$	—	$	16,300,000
	Total	$	—	$	16,300,000
		Fair value as at December 31, 2013
		Level 1		Level 2
	Financial assets:
	Marketable securities	$	55,002	$	—
	Total	$	55,002	$	—
	Financial liabilities:
	Derivative liability (note 6)	$	—	$	14,800,000
	Total	$	—	$	14,800,000

CAPITALIZED_ACQUISITION_COSTS

CAPITALIZED ACQUISITION COSTS	3 Months Ended
	Mar. 31, 2014
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, 2013	$	55,173,564
	Acquisition costs	30,477
	Balance, March 31, 2014	$	55,204,041
	The following table presents costs incurred for exploration and evaluation activities for the three months ended March 31, 2014 and March 31, 2013:
		March 31, 2014		March 31, 2013
	Exploration costs:
	Aircraft services	$	—	$	4,760
	Assay	600		9,724
	Drilling	20,990		(28,714		)
	Environmental	363,474		830,584
	Equipment rental	16,836		68,780
	Field costs	69,103		283,500
	Geological/geophysical	1,500		1,510,737
	Land maintenance & tenure	36,330		15,050
	Legal	86,716		78,869
	Surveying and mapping	10,321		—
	Transportation and travel	9,292		21,145
	Total expenditures for the period	$	615,162	$	2,794,435
	Livengood Gold Project Property
	The Livengood Gold Project property is located in the Tintina gold belt approximately 113 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 as a result of the purchase of Livengood Placers, Inc.in December 2011.  As of March 31, 2014 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 March 31, 2014, 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 March 31, 2014, the Company has paid $115,000 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 March 31, 2014, the Company has paid $83,000 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.

ACCRUED_LIABILITIES

ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2014
ACCRUED LIABILITIES	'
ACCRUED LIABILITIES	'
	5.                                      ACCRUED LIABILITIES
	The following table presents the accrued liabilities balances at March 31, 2014 and December 31, 2013.
		March 31,		December 31,
		2014		2013
	Accrued liabilities	$	226,367	$	540,486
	Accrued severance	110,671		719,375
	Accrued salaries and benefits	136,621		191,366
	Total accrued liabilities	$	473,659	$	1,451,227
	Accrued liabilities at March 31, 2014 include accruals for general corporate costs and project costs of $84,885 and $141,482, respectively.  Accrued liabilities at December 31, 2013 include accruals for general corporate costs and project costs of $115,020 and $425,466, respectively.

DERIVATIVE_LIABILITY

DERIVATIVE LIABILITY	3 Months Ended
	Mar. 31, 2014
DERIVATIVE LIABILITY	'
DERIVATIVE LIABILITY	'
	6.                                      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 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 March 31, 2014 and projected gold prices from March 31, 2014 to the end of the five year period in December 2016 of $1,423 per ounce of gold.
	The fair value of the derivative liability and the estimated Average Gold Price are as follows:
		Total		Average Gold
				Price ($/oz.)
	Derivative value at December 31, 2013	$	14,800,000	$	1,360
	Unrealized loss for the period	1,500,000
	Derivative value at March 31, 2014	$	16,300,000	$	1,423

SHARE_CAPITAL

SHARE CAPITAL	3 Months Ended
	Mar. 31, 2014
SHARE CAPITAL	'
SHARE CAPITAL	'
	7.                                      SHARE CAPITAL
	Authorized
	500,000,000 common shares without par value.  At March 31, 2014 and December 31, 2013 there were 98,068,638 shares issued and outstanding.
	Share issuances
	There were no share issuances during the three months ended March 31, 2014.
	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 at the date of grant.
	During the three months ended March 31, 2014, the Company granted incentive stock options to certain officers, employees and consultants of the Company to purchase a total of 2,480,000 common shares in the capital stock of the Company.  The options will vest as to one-third on the grant date, one-third on the first anniversary and one-third on the second anniversary.  The following table presents the options granted by the Company during the three months ended March 31, 2014:
	Options Granted During the Three Months Ended March 31, 2014
	Grant Date	Expiry Date		Number of		Exercise
				Options		Price (C$)
	February 25, 2014	February 25, 2022		1,360,000		$	1.11
	February 25, 2014	February 25, 2022		690,000		$	0.73
	March 10, 2014	March 10, 2022		430,000		$	1.11
	A summary of the status of the stock option plan as of March 31, 2014, and December 31, 2013 and changes is presented below:
		Three Months Ended					Year Ended
		March 31, 2014					December 31, 2013
		Number of		Weighted			Number of		Weighted
		Options		Average			Options		Average
				Exercise Price					Exercise Price
				(C$)					(C$)
	Balance, beginning of the period	5,493,000		$	3.57		8,570,000		$	4.73
	Granted	2,480,000		$	1		613,000		$	2.18
	Expired	—		$	—		(1,040,000	)	$	7.78
	Forfeited	(600,000	)	$	3.17		(1,550,000	)	$	3.27
	Cancelled	(1,519,000	)	$	2.97		(1,100,000	)	$	8.27
	Balance, end of the period	5,854,000		$	2.68		5,493,000		$	3.57
	The weighted average remaining life of options outstanding at March 31, 2014 was 5.25 years.
	Stock options outstanding are as follows:
		March 31, 2014							December 31, 2013
	Expiry Date	Exercise			Number of		Exercisable		Exercise		Number of	Exercisable
		Price (C$)			Options				Price (C$)		Options
	August 23, 2016	$	8.07		600,000		600,000		$	8.07	600,000	600,000
	January 9, 2017	$	4.6		30,000		30,000		$	4.6	30,000	20,000
	August 24, 2017	$	3.17		2,275,000		1,516,658		$	3.17	3,350,000	2,233,322
	September 19, 2017	—			—		—		$	2.91	1,000,000	666,666
	March 14, 2018	$	2.18		469,000		312,660		$	2.18	513,000	170,995
	February 25, 2022	$	1.11		1,360,000		453,333		—		—	—
	February 25, 2022	$	0.73		690,000		230,000		—		—	—
	March 10, 2022	$	1.11		430,000		143,333		—		—	—
					5,854,000		3,285,984				5,493,000	3,690,983
	A summary of the non-vested options as of March 31, 2014 and changes during the three months ended March 31, 2014 is as follows:
	Non-vested options:	Number of		Weighted
		options		average grant-
				date fair value
				(C$)
	Outstanding at December 31, 2013	1,802,017		$	1.38
	Granted	2,480,000		$	0.49
	Forfeited	(200,001	)	$	1.61
	Vested	(1,514,000	)	$	0.84
	Outstanding at March 31, 2014	2,568,016		$	0.82
	At March 31, 2014 there was unrecognized compensation expense of C$1,042,160 related to non-vested options outstanding.  The cost is expected to be recognized over a weighted-average remaining period of approximately 1.2 years.
	Share-based payments
	During the three month period ended March 31, 2014, the Company granted 2,480,000 stock options with a fair value of C$1,224,537, calculated using the Black-Scholes option pricing model.  Share-based payment charges for the three months ended March 31, 2014 totaled $618,582.
	During the three month period ended March 31, 2013, the Company granted 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 three months ended March 31, 2013 totaled $1,578,028.
	The following weighted average assumptions were used for the Black-Scholes option pricing model calculations:
		March 31,			December 31,
		2014			2013
	Expected life of options	6 years			4 years
	Risk-free interest rate	1.83		%	1.29		%
	Annualized volatility	81.02		%	59.48		%
	Dividend rate	0		%	0		%
	Exercise price (C$)	$	1		$	2.18
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	3 Months Ended
	Mar. 31, 2014
SEGMENT AND GEOGRAPHIC INFORMATION	'
SEGMENT AND GEOGRAPHIC INFORMATION	'
	8.                                      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
	31-Mar-14
	Capitalized acquisition costs	$	—		$	55,204,041		$	55,204,041
	Property and equipment	11,615			52,353			63,968
	Current assets	10,768,470			875,764			11,644,234
	Total assets	$	10,780,085		$	56,132,158		$	66,912,243
	31-Dec-13
	Capitalized acquisition costs	$	—		$	55,173,564		$	55,173,564
	Restricted cash	—			30,477			30,477
	Property and equipment	11,994			55,919			67,913
	Current assets	13,289,752			903,171			14,192,923
	Total assets	$	13,301,746		$	56,163,131		$	69,464,877
	Three months ended	March 31, 2014			March 31, 2013
	Net loss for the period — Canada	$	(669,051	)	$	(1,656,129	)
	Net loss for the period - United States	(2,841,268		)	(2,407,153		)
	Net loss for the period	$	(3,510,319	)	$	(4,063,282	)

COMMITMENTS

COMMITMENTS	3 Months Ended
	Mar. 31, 2014
COMMITMENTS	'
COMMITMENTS	'
	9.                                      COMMITMENTS
	The following table discloses, as of March 31, 2014, the Company’s contractual obligations including anticipated 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
		2014		2015		2016		2017		2018		2019 and		Total
												beyond
	Livengood Property Purchase(1)	$	—	$	—	$	16,300,000	$	—	$	—	$	—	$	16,300,000
	Mineral Property Leases(2)	366,236		405,979		410,794		415,681		425,641		430,676		2,455,007
	Mining Claim Government Fees	89,110		89,110		89,110		89,110		89,110		89,110		534,660
	Office and Equipment Lease Obligations	168,806		78,960		362		362		362		362		249,214
	Total	$	624,152	$	574,049	$	16,800,266	$	505,153	$	515,113	$	520,148	$	19,538,881
	(1)          The amount payable in December 2016 of $16,300,000 represents the fair value of the Company’s derivative liability as at March 31, 2014 and will be revalued at each subsequent reporting period.  See note 6.
	(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.

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
Schedule of fair value of financial instruments	'
		Fair value as at March 31, 2014
		Level 1		Level 2
	Financial assets:
	Marketable securities	$	52,925	$	—
	Total	$	52,925	$	—
	Financial liabilities:
	Derivative liability (note 6)	$	—	$	16,300,000
	Total	$	—	$	16,300,000
		Fair value as at December 31, 2013
		Level 1		Level 2
	Financial assets:
	Marketable securities	$	55,002	$	—
	Total	$	55,002	$	—
	Financial liabilities:
	Derivative liability (note 6)	$	—	$	14,800,000
	Total	$	—	$	14,800,000

CAPITALIZED_ACQUISITION_COSTS_

CAPITALIZED ACQUISITION COSTS (Tables)	3 Months Ended
	Mar. 31, 2014
CAPITALIZED ACQUISITION COSTS	'
Schedule of activity related to capitalized acquisition costs	'
	Capitalized acquisition costs	Amount
	Balance, December 31, 2013	$	55,173,564
	Acquisition costs	30,477
	Balance, March 31, 2014	$	55,204,041
Schedule presenting costs incurred for exploration and evaluation activities	'
		March 31, 2014		March 31, 2013
	Exploration costs:
	Aircraft services	$	—	$	4,760
	Assay	600		9,724
	Drilling	20,990		(28,714		)
	Environmental	363,474		830,584
	Equipment rental	16,836		68,780
	Field costs	69,103		283,500
	Geological/geophysical	1,500		1,510,737
	Land maintenance & tenure	36,330		15,050
	Legal	86,716		78,869
	Surveying and mapping	10,321		—
	Transportation and travel	9,292		21,145
	Total expenditures for the period	$	615,162	$	2,794,435

ACCRUED_LIABILITIES_Tables

ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2014
ACCRUED LIABILITIES	'
Schedule of accrued liabilities	'
		March 31,		December 31,
		2014		2013
	Accrued liabilities	$	226,367	$	540,486
	Accrued severance	110,671		719,375
	Accrued salaries and benefits	136,621		191,366
	Total accrued liabilities	$	473,659	$	1,451,227

DERIVATIVE_LIABILITY_Tables

DERIVATIVE LIABILITY (Tables)	3 Months Ended
	Mar. 31, 2014
DERIVATIVE LIABILITY	'
Schedule of fair value of the derivative liability and the estimated Average Gold Price	'
		Total		Average Gold
				Price ($/oz.)
	Derivative value at December 31, 2013	$	14,800,000	$	1,360
	Unrealized loss for the period	1,500,000
	Derivative value at March 31, 2014	$	16,300,000	$	1,423

SHARE_CAPITAL_Tables

SHARE CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2014
SHARE CAPITAL	'
Schedule of option granted	'
	Options Granted During the Three Months Ended March 31, 2014
	Grant Date	Expiry Date		Number of		Exercise
				Options		Price (C$)
	February 25, 2014	February 25, 2022		1,360,000		$	1.11
	February 25, 2014	February 25, 2022		690,000		$	0.73
	March 10, 2014	March 10, 2022		430,000		$	1.11
Summary of the status of the stock option plan and changes therein	'
		Three Months Ended					Year Ended
		March 31, 2014					December 31, 2013
		Number of		Weighted			Number of		Weighted
		Options		Average			Options		Average
				Exercise Price					Exercise Price
				(C$)					(C$)
	Balance, beginning of the period	5,493,000		$	3.57		8,570,000		$	4.73
	Granted	2,480,000		$	1		613,000		$	2.18
	Expired	—		$	—		(1,040,000	)	$	7.78
	Forfeited	(600,000	)	$	3.17		(1,550,000	)	$	3.27
	Cancelled	(1,519,000	)	$	2.97		(1,100,000	)	$	8.27
	Balance, end of the period	5,854,000		$	2.68		5,493,000		$	3.57
Schedule of stock options outstanding by exercise price	'
		March 31, 2014							December 31, 2013
	Expiry Date	Exercise			Number of		Exercisable		Exercise		Number of	Exercisable
		Price (C$)			Options				Price (C$)		Options
	August 23, 2016	$	8.07		600,000		600,000		$	8.07	600,000	600,000
	January 9, 2017	$	4.6		30,000		30,000		$	4.6	30,000	20,000
	August 24, 2017	$	3.17		2,275,000		1,516,658		$	3.17	3,350,000	2,233,322
	September 19, 2017	—			—		—		$	2.91	1,000,000	666,666
	March 14, 2018	$	2.18		469,000		312,660		$	2.18	513,000	170,995
	February 25, 2022	$	1.11		1,360,000		453,333		—		—	—
	February 25, 2022	$	0.73		690,000		230,000		—		—	—
	March 10, 2022	$	1.11		430,000		143,333		—		—	—
					5,854,000		3,285,984				5,493,000	3,690,983
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, 2013	1,802,017		$	1.38
	Granted	2,480,000		$	0.49
	Forfeited	(200,001	)	$	1.61
	Vested	(1,514,000	)	$	0.84
	Outstanding at March 31, 2014	2,568,016		$	0.82
Schedule of weighted average assumptions as used for Black-Scholes option pricing model calculations	'
		March 31,			December 31,
		2014			2013
	Expected life of options	6 years			4 years
	Risk-free interest rate	1.83		%	1.29		%
	Annualized volatility	81.02		%	59.48		%
	Dividend rate	0		%	0		%
	Exercise price (C$)	$	1		$	2.18

SEGMENT_AND_GEOGRAPHIC_INFORMA1

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
SEGMENT AND GEOGRAPHIC INFORMATION	'
Schedule of selected financial information by geographic location	'
		Canada			United States			Total
	31-Mar-14
	Capitalized acquisition costs	$	—		$	55,204,041		$	55,204,041
	Property and equipment	11,615			52,353			63,968
	Current assets	10,768,470			875,764			11,644,234
	Total assets	$	10,780,085		$	56,132,158		$	66,912,243
	31-Dec-13
	Capitalized acquisition costs	$	—		$	55,173,564		$	55,173,564
	Restricted cash	—			30,477			30,477
	Property and equipment	11,994			55,919			67,913
	Current assets	13,289,752			903,171			14,192,923
	Total assets	$	13,301,746		$	56,163,131		$	69,464,877
	Three months ended	March 31, 2014			March 31, 2013
	Net loss for the period — Canada	$	(669,051	)	$	(1,656,129	)
	Net loss for the period - United States	(2,841,268		)	(2,407,153		)
	Net loss for the period	$	(3,510,319	)	$	(4,063,282	)

COMMITMENTS_Tables

COMMITMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
COMMITMENTS	'
Schedule of contractual obligations	'
		Payments Due by Year
		2014		2015		2016		2017		2018		2019 and		Total
												beyond
	Livengood Property Purchase(1)	$	—	$	—	$	16,300,000	$	—	$	—	$	—	$	16,300,000
	Mineral Property Leases(2)	366,236		405,979		410,794		415,681		425,641		430,676		2,455,007
	Mining Claim Government Fees	89,110		89,110		89,110		89,110		89,110		89,110		534,660
	Office and Equipment Lease Obligations	168,806		78,960		362		362		362		362		249,214
	Total	$	624,152	$	574,049	$	16,800,266	$	505,153	$	515,113	$	520,148	$	19,538,881
	(1)          The amount payable in December 2016 of $16,300,000 represents the fair value of the Company’s derivative liability as at March 31, 2014 and will be revalued at each subsequent reporting period.  See note 6.
	(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.

GENERAL_INFORMATION_NATURE_AND1

GENERAL INFORMATION, NATURE AND CONTINUANCE OF OPERATIONS (Details) (Livengood Gold Project)	Mar. 31, 2014
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 $)	Mar. 31, 2014	Dec. 31, 2013
Level 1	'	'
Financial assets:	'	'
Marketable securities	$52,925	$55,002
Total	52,925	55,002
Level 2	'	'
Financial liabilities:	'	'
Derivative liability	16,300,000	14,800,000
Total	$16,300,000	$14,800,000

CAPITALIZED_ACQUISITION_COSTS_1

CAPITALIZED ACQUISITION COSTS (Details) (USD $)	3 Months Ended		430 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Capitalized acquisition costs	'	'	'
Balance, at the beginning of the period	$55,173,564	'	'
Acquisition costs	30,477	'	'
Balance, at the end of the period	55,204,041	'	55,204,041
Exploration costs:	'	'	'
Aircraft services	'	4,760	'
Assay	600	9,724	'
Drilling	20,990	-28,714	'
Environmental	363,474	830,584	'
Equipment rental	16,836	68,780	'
Field costs	69,103	283,500	'
Geological/geophysical	1,500	1,510,737	'
Land maintenance & tenure	36,330	15,050	'
Legal	86,716	78,869	'
Surveying and mapping	10,321	'	'
Transportation and travel	9,292	21,145	'
Total expenditures for the period	615,162	2,794,435	152,833,206
Livengood Gold Project | Alaska Mental Health Trust mineral rights	'	'	'
Exploration and evaluation expenditures	'	'	'
Extended period of lease term	'19 years	'	'
Flat annual fee (as a percent)	125.00%	'	125.00%
Lease expenditures, additional disclosures	'	'	'
Expenditure since inception of lease	1,326,363	'	'
Livengood Gold Project | Alaska Mental Health Trust mineral rights | Production royalty | Minimum	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR, based on price of gold, payable (as a percent)	2.50%	'	2.50%
Livengood Gold Project | Alaska Mental Health Trust mineral rights | Production royalty | Maximum	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR, based on price of gold, payable (as a percent)	5.00%	'	5.00%
Livengood Gold Project | Federal unpatented lode mining	'	'	'
Lease expenditures, additional disclosures	'	'	'
Expenditure since inception of lease	480,000	'	'
Initial lease term	'10 years	'	'
Livengood Gold Project | Federal unpatented lode mining | Advance royalties | Minimum	'	'	'
Lease expenditures, additional disclosures	'	'	'
Lease expenditure due on or before each anniversary date of lease	50,000	'	50,000
Livengood Gold Project | Federal unpatented lode mining | Production royalty	'	'	'
Lease expenditures, additional disclosures	'	'	'
Royalty to be purchased by the entity (as a percent)	1.00%	'	1.00%
Purchase price payable for a portion of royalty	1,000,000	'	1,000,000
Livengood Gold Project | Federal unpatented lode mining | Production royalty | Minimum	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR, based on price of gold, payable (as a percent)	2.00%	'	2.00%
Livengood Gold Project | Federal unpatented lode mining | Production royalty | Maximum	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR, based on price of gold, payable (as a percent)	3.00%	'	3.00%
Livengood Gold Project | Patented lode claims	'	'	'
Lease expenditures, additional disclosures	'	'	'
Expenditure since inception of lease	115,000	'	'
Initial lease term	'10 years	'	'
Purchase price payable for purchase of all interests of the lessors in the leased property	1,000,000	'	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	'	500,000
Livengood Gold Project | Patented lode claims | Advance royalties | Minimum	'	'	'
Lease expenditures, additional disclosures	'	'	'
Lease expenditure due on or before each anniversary date of lease	20,000	'	20,000
Lease expenditure due on or before each subsequent anniversary date of lease	25,000	'	25,000
Livengood Gold Project | Patented lode claims | Production royalty	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR payable (as a percent)	3.00%	'	3.00%
NSR production royalty base for payments for acquisition of mining interest (as a percent)	3.00%	'	3.00%
Livengood Gold Project | Unpatented federal lode mining and federal unpatented placer claims	'	'	'
Lease expenditures, additional disclosures	'	'	'
Expenditure since inception of lease	83,000	'	'
Initial lease term	'10 years	'	'
Purchase price payable for a portion of royalty	1,000,000	'	1,000,000
Livengood Gold Project | Unpatented federal lode mining and federal unpatented placer claims | Maximum	'	'	'
Lease expenditures, additional disclosures	'	'	'
Prescribed period for payment of the first half portion to lessor on positive production decision	'120 days	'	'
Livengood Gold Project | Unpatented federal lode mining and federal unpatented placer claims | Advance royalties | Minimum	'	'	'
Lease expenditures, additional disclosures	'	'	'
Lease expenditure due on or before each anniversary date of lease	15,000	'	15,000
Livengood Gold Project | Unpatented federal lode mining and federal unpatented placer claims | Production royalty	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR payable (as a percent)	2.00%	'	2.00%
Amount payable to lessor on positive production decision	250,000	'	250,000
Portion of amount payable to lessor on positive production decision	125,000	'	125,000
Balance amount payable to lessor on positive production decision	$125,000	'	$125,000
Livengood Gold Project | Unpatented federal lode mining and federal unpatented placer claims | Production royalty | Minimum	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR, based on price of gold, payable (as a percent)	0.50%	'	0.50%
Livengood Gold Project | Unpatented federal lode mining and federal unpatented placer claims | Production royalty | Maximum	'	'	'
Lease expenditures, additional disclosures	'	'	'
NSR, based on price of gold, payable (as a percent)	1.00%	'	1.00%

ACCRUED_LIABILITIES_Details

ACCRUED LIABILITIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accrued liabilities	'	'
Accrued liabilities	$226,367	$540,486
Accrued severance	110,671	719,375
Accrued salaries and benefits	136,621	191,366
Total accrued liabilities	473,659	1,451,227
General corporate costs	84,885	115,020
Project costs	$141,482	$425,466

DERIVATIVE_LIABILITY_Details

DERIVATIVE LIABILITY (Details) (USD $)	3 Months Ended		430 Months Ended			3 Months Ended	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2011	Mar. 31, 2014	Dec. 31, 2011
						Livengood Gold Project, Alaska	Livengood Gold Project, Alaska
DERIVATIVE LIABILITY - Livengood Gold Project	'	'	'	'	'	'	'
Aggregate consideration for the claims and rights 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 (in dollars per ounce of gold)	1,423	'	1,423	1,360	'	'	'
Fair value of the derivative liability	'	'	'	'	'	'	'
Derivative value at beginning of the period	14,800,000	'	'	'	'	'	'
Unrealized loss for the period	1,500,000	-1,500,000	-6,800,000	'	'	'	'
Derivative value at end of the period	$16,300,000	'	$16,300,000	'	'	'	'

SHARE_CAPITAL_Details

SHARE CAPITAL (Details) (CAD)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Authorized	'	'	'
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
Share issuances	'	'	'
Issuance of common shares	0	'	'
Share Capital	'	'	'
Number of options granted (in shares)	2,480,000	613,000	613,000
Exercise Price granted (in Canadian dollars per share)	0.49	'	'
Number of Options	'	'	'
Balance, beginning of the period (in shares)	5,493,000	8,570,000	8,570,000
Granted (in shares)	2,480,000	613,000	613,000
Expired (in shares)	'	'	-1,040,000
Forfeited (in shares)	-600,000	'	-1,550,000
Cancelled (in shares)	-1,519,000	'	-1,100,000
Balance, end of the period (in shares)	5,854,000	'	5,493,000
Weighted Average Exercise Price	'	'	'
Balance, beginning of the period (in Canadian dollars per share)	3.57	4.73	4.73
Granted (in Canadian dollars per share)	1	'	2.18
Expired (in Canadian dollars per share)	'	'	7.78
Forfeited (in Canadian dollars per share)	3.17	'	3.27
Cancelled (in Canadian dollars per share)	2.97	'	8.27
Balance, end of the period (in Canadian dollars per share)	2.68	'	3.57
Additional disclosure	'	'	'
Weighted average remaining life of options	'5 years 3 months	'	'
On the date of grant	'	'	'
Share Capital	'	'	'
Vesting percentage	33.00%	'	'
First anniversary	'	'	'
Share Capital	'	'	'
Vesting percentage	33.00%	'	'
Second anniversary	'	'	'
Share Capital	'	'	'
Vesting percentage	33.00%	'	'
25-Feb-14	'	'	'
Share Capital	'	'	'
Number of options granted (in shares)	1,360,000	'	'
Exercise Price granted (in Canadian dollars per share)	1.11	'	'
Number of Options	'	'	'
Granted (in shares)	1,360,000	'	'
25-Feb-14	'	'	'
Share Capital	'	'	'
Number of options granted (in shares)	690,000	'	'
Exercise Price granted (in Canadian dollars per share)	0.73	'	'
Number of Options	'	'	'
Granted (in shares)	690,000	'	'
10-Mar-14	'	'	'
Share Capital	'	'	'
Number of options granted (in shares)	430,000	'	'
Exercise Price granted (in Canadian dollars per share)	1.11	'	'
Number of Options	'	'	'
Granted (in shares)	430,000	'	'
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)	Mar. 31, 2014	Dec. 31, 2013
Stock options outstanding	'	'
Number of Options (in shares)	5,854,000	5,493,000
Exercisable (in shares)	3,285,984	3,690,983
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	600,000
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)	30,000	20,000
Exercise Price $ 3.17	'	'
Stock options outstanding	'	'
Exercise Price (in Canadian dollars per share)	3.17	3.17
Number of Options (in shares)	2,275,000	3,350,000
Exercisable (in shares)	1,516,658	2,233,322
Exercise Price $ 2.91	'	'
Stock options outstanding	'	'
Exercise Price (in Canadian dollars per share)	'	2.91
Number of Options (in shares)	'	1,000,000
Exercisable (in shares)	'	666,666
Exercise Price $ 2.18	'	'
Stock options outstanding	'	'
Exercise Price (in Canadian dollars per share)	2.18	2.18
Number of Options (in shares)	469,000	513,000
Exercisable (in shares)	312,660	170,995
Exercise Price $ 1.11	'	'
Stock options outstanding	'	'
Exercise Price (in Canadian dollars per share)	1.11	'
Number of Options (in shares)	1,360,000	'
Exercisable (in shares)	453,333	'
Exercise Price $ 0.73	'	'
Stock options outstanding	'	'
Exercise Price (in Canadian dollars per share)	0.73	'
Number of Options (in shares)	690,000	'
Exercisable (in shares)	230,000	'
Exercise Price $ 1.11	'	'
Stock options outstanding	'	'
Exercise Price (in Canadian dollars per share)	1.11	'
Number of Options (in shares)	430,000	'
Exercisable (in shares)	143,333	'

SHARE_CAPITAL_Details_3

SHARE CAPITAL (Details 3)	3 Months Ended				12 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2013	Dec. 31, 2013
	USD ($)	CAD	USD ($)	CAD	CAD
Number of options	'	'	'	'	'
Outstanding at the beginning of the period (in shares)	1,802,017	1,802,017	'	'	'
Granted (in shares)	2,480,000	2,480,000	613,000	613,000	613,000
Vested (in shares)	-200,001	-200,001	'	'	'
Forfeited (in shares)	-1,514,000	-1,514,000	'	'	'
Outstanding at the end of the period (in shares)	2,568,016	2,568,016	'	'	1,802,017
Weighted average grant-date fair value	'	'	'	'	'
Outstanding at the beginning of the period (in Canadian dollars per share)	'	1.38	'	'	'
Granted (in Canadian dollars per share)	'	0.49	'	'	'
Vested (in Canadian dollars per share)	'	1.61	'	'	'
Forfeited (in Canadian dollars per share)	'	0.84	'	'	'
Outstanding at the end of the period (in Canadian dollars per share)	'	0.82	'	'	1.38
Non-vested options: Additional disclosure	'	'	'	'	'
Unrecognized compensation expense	'	1,042,160	'	'	'
Weighted-average remaining period over which unrecognized compensation expense cost is expected to be recognized	'1 year 2 months 12 days	'1 year 2 months 12 days	'	'	'
Share-based payments	'	'	'	'	'
Options granted during the period (in shares)	2,480,000	2,480,000	613,000	613,000	613,000
Fair value of the option granted (in Canadian dollars)	'	1,224,537	'	304,585	'
Share-based payment charges	$618,582	'	$1,578,028	'	'
Weighted average assumptions as used for Black-Scholes option pricing model calculations	'	'	'	'	'
Expected life of options	'6 years	'6 years	'	'	'4 years
Risk-free interest rate (as a percent)	1.83%	1.83%	'	'	1.29%
Annualized volatility (as a percent)	81.02%	81.02%	'	'	59.48%
Dividend rate (as a percent)	0.00%	0.00%	'	'	0.00%
Exercise price (in Canadian dollars per share)	'	1	'	'	2.18

SEGMENT_AND_GEOGRAPHIC_INFORMA2

SEGMENT AND GEOGRAPHIC INFORMATION (Details) (USD $)	3 Months Ended		9 Months Ended	430 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014
SEGMENTED INFORMATION	'	'	'	'
Capitalized acquisition costs	$55,204,041	'	$55,173,564	$55,204,041
Restricted cash	'	'	30,477	'
Property and equipment	63,968	'	67,913	63,968
Current assets	11,644,234	'	14,192,923	11,644,234
Total assets	66,912,243	'	69,464,877	66,912,243
Net loss for the period	-3,510,319	-4,063,282	-5,789,198	-241,545,492
Canada	'	'	'	'
SEGMENTED INFORMATION	'	'	'	'
Property and equipment	11,615	'	11,994	11,615
Current assets	10,768,470	'	13,289,752	10,768,470
Total assets	10,780,085	'	13,301,746	10,780,085
Net loss for the period	-669,051	-1,656,129	'	'
United States	'	'	'	'
SEGMENTED INFORMATION	'	'	'	'
Capitalized acquisition costs	55,204,041	'	55,173,564	55,204,041
Restricted cash	'	'	30,477	'
Property and equipment	52,353	'	55,919	52,353
Current assets	875,764	'	903,171	875,764
Total assets	56,132,158	'	56,163,131	56,132,158
Net loss for the period	($2,841,268)	($2,407,153)	'	'

COMMITMENTS_Details

COMMITMENTS (Details) (USD $)	Mar. 31, 2014
Payments Due by Year	'
2014	$624,152
2015	574,049
2016	16,800,266
2017	505,153
2018	515,113
2019 and beyond	520,148
Total	19,538,881
Livengood Property Purchase	'
Payments Due by Year	'
2016	16,300,000
Total	16,300,000
Mineral Property Leases	'
Payments Due by Year	'
2014	366,236
2015	405,979
2016	410,794
2017	415,681
2018	425,641
2019 and beyond	430,676
Total	2,455,007
Mining Claim Government Fees	'
Payments Due by Year	'
2014	89,110
2015	89,110
2016	89,110
2017	89,110
2018	89,110
2019 and beyond	89,110
Total	534,660
Office and Equipment Lease Obligations	'
Payments Due by Year	'
2014	168,806
2015	78,960
2016	362
2017	362
2018	362
2019 and beyond	362
Total	$249,214