Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Nov. 30, 2014 | Jan. 13, 2015 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Nov-14 | |
Trading Symbol | sggv | |
Entity Registrant Name | STERLING GROUP VENTURES INC | |
Entity Central Index Key | 1175416 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 75,730,341 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
CONDENSED_INTERIM_CONSOLIDATED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (USD $) | Nov. 30, 2014 | 31-May-14 |
Current Assets | ||
Cash and cash equivalents | $1,534,773 | $1,673,448 |
GST receivable | 17,131 | 20,116 |
Prepaid expenses and other receivable | 19,813 | 9,163 |
Total current assets | 1,571,717 | 1,702,727 |
Equipment | 131,668 | 151,397 |
Environmental deposit | 128,530 | 126,366 |
Mineral Properties | 3,148,740 | 3,148,740 |
Total Assets | 4,980,655 | 5,129,230 |
Current Liabilities | ||
Accounts payable and other accrued liabilities | 447,091 | 456,564 |
Deferred income tax liability | 732,687 | 732,687 |
Total Liabilities | 1,179,778 | 1,189,251 |
Stockholders' Equity | ||
Common Stock : $0.001 Par Value Authorized : 500,000,000 Issued and Outstanding : 75,730,341 (May 31, 2014: 75,730,341) | 75,730 | 75,730 |
Additional Paid In Capital | 10,724,416 | 10,724,416 |
Accumulated Other Comprehensive Loss | -582 | -582 |
Accumulated deficit | -6,998,687 | -6,859,585 |
Total Stockholders' Equity | 3,800,877 | 3,939,979 |
Total Liabilities and Stockholders' Equity | $4,980,655 | $5,129,230 |
CONDENSED_INTERIM_CONSOLIDATED1
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Nov. 30, 2014 | 31-May-14 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 75,730,341 | 75,730,341 |
Common Stock, Shares, Outstanding | 75,730,341 | 75,730,341 |
CONDENSED_INTERIM_CONSOLIDATED2
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | |
Expenses | ||||
Accounting, audit, legal and professional fees | $14,627 | $23,927 | $52,018 | $46,027 |
Bank charges | 143 | 125 | 368 | 241 |
Consulting fees | 5,862 | 6,263 | 11,911 | 12,518 |
Depreciation | 11,368 | 11,597 | 22,650 | 23,041 |
Filing fees and transfer agent | 2,382 | 3,874 | 7,068 | 7,499 |
General and administrative | 33 | 192 | 542 | 667 |
Mineral property costs | 41,042 | 45,643 | 75,627 | 140,734 |
Shareholder information and investor relations | 2,160 | 2,074 | 4,309 | 3,774 |
Total Operating Expenses | -77,617 | -93,695 | -174,493 | -234,501 |
Other items | ||||
Interest income | 5,698 | 571 | 10,741 | 2,210 |
Foreign exchange gain | 11,411 | 5,556 | 24,650 | 12,152 |
Other income | 0 | 0 | 0 | 6,026 |
Nonoperating Income (Expense), Total | 17,109 | 6,127 | 35,391 | 20,388 |
Net loss and Comprehensive loss for the period | ($60,508) | ($87,568) | ($139,102) | ($214,113) |
Basic and diluted loss per share | $0 | $0 | $0 | $0 |
Weighted average number of shares outstanding | 75,730,341 | 75,730,341 | 75,730,341 | 75,730,341 |
CONDENSED_INTERIM_CONSOLIDATED3
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Cash flows from operating activities | ||
Net loss for the period | ($139,102) | ($214,113) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 22,650 | 23,041 |
Foreign exchange | -4,847 | -2,254 |
Changes in non-cash working capital items | ||
GST receivable | 2,985 | -2,943 |
Prepaid expenses and other receivable | -10,489 | 10,439 |
Accounts payable and accrued liabilities | -472 | 959 |
Net cash used in operating activities | -129,275 | -184,871 |
Cash flows from investing activities | ||
Additions to equipment | -397 | -3,903 |
Net cash used in investing activities | -397 | -3,903 |
Cash flows from financing activities | ||
Amounts repaid to a director | -9,003 | -7,034 |
Net cash used in financing activities | -9,003 | -7,034 |
Net decrease in cash and cash equivalents | -138,675 | -195,808 |
Cash and cash equivalents - beginning of period | 1,673,448 | 2,036,805 |
Cash and cash equivalents - end of period | 1,534,773 | 1,840,997 |
Supplemental Information : | ||
Interest | 0 | 0 |
Income taxes | $0 | $0 |
CONDENSED_INTERIM_CONSOLIDATED4
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deficit Accumulated During the Exploration Stage [Member] | Total |
Beginning Balance at May. 31, 2013 | $75,730 | $10,724,416 | ($582) | ($6,462,279) | $4,337,285 |
Beginning Balance (Shares) at May. 31, 2013 | 75,730,341 | ||||
Net loss for the period | -397,306 | -397,306 | |||
Ending Balance at May. 31, 2014 | 75,730 | 10,724,416 | -582 | -6,859,585 | 3,939,979 |
Ending Balance (Shares) at May. 31, 2014 | 75,730,341 | ||||
Net loss for the period | -139,102 | -139,102 | |||
Ending Balance at Nov. 30, 2014 | $75,730 | $10,724,416 | ($582) | ($6,998,687) | $3,800,877 |
Ending Balance (Shares) at Nov. 30, 2014 | 75,730,341 |
Nature_of_Operations_and_Abili
Nature of Operations and Ability to Continue as a Going Concern | 6 Months Ended | |
Nov. 30, 2014 | ||
Nature of Operations and Ability to Continue as a Going Concern [Text Block] | Note 1 | Nature of Operations and Ability to Continue as a Going Concern |
Sterling Group Ventures, Inc. was incorporated in the State of Nevada on September 13, 2001 and its fiscal year-end is May 31. On January 20, 2004, the Company acquired all of the issued and outstanding shares of Micro Express Ltd. (“Micro”), which was incorporated on July 27, 1994. The business combination was accounted for as a reverse acquisition whereby the purchase method of accounting was used with Micro being the accounting acquirer and the Company being the accounting subsidiary. | ||
Sterling Group Ventures, Inc. (the “Company”) is in the exploration stage. The Company has entered into joint venture agreements to explore and develop mineral properties located in China and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of amounts from these properties will be dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to satisfy the expenditure requirements under the joint venture agreements and to complete the development of the properties and upon future profitable production or proceeds from the sale thereof. | ||
These unaudited condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown as these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company incurred a net loss of $139,102 during the period ended November 30, 2014 and, as at that date, had a cumulative loss of $6,998,687 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances; however there is no assurance of additional funding being available. | ||
These condensed interim financial statements should be read in conjunction with the annual audited financial statements of the Company for the fiscal year ended May 31, 2014, included in the Company’s 10-K Annual Report as filed with the United States Securities and Exchange Commission. | ||
These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Micro Express Holdings Inc., Micro Express Ltd., Huyana Ventures Limited, Makaelo Holdings Inc., Makaelo Limited, Silver Castle Investments Limited (“Silver Castle”) and its 100% controlled subsidiary, Chenxi County Hongyu Mining Co. Ltd. ("Hongyu"). All inter-company transactions and account balances have been eliminated. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended | ||
Nov. 30, 2014 | |||
Recent Accounting Pronouncements [Text Block] | Note 2 | Recent Accounting Pronouncements | |
The Company has evaluated all the recent accounting pronouncements and the effect on the Company’s consolidated financial statements. | |||
On June 1, 2014, the Company adopted ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU 2013-04”) . The ASU 2013-04 amendments add to the guidance in FASB Accounting Standards Codification [FASB ASC] Topic 405, entitled Liabilities and require reporting entities to measure obligations resulting from certain joint and several liability arrangements where the total amount of the obligation is fixed as of the reporting date, as the sum of the following: | |||
º | The amount the reporting entity agreed to pay on the basis of its arrangement among co-obligors. | ||
º | Any additional amounts the reporting entity expects to pay on behalf of its co-obligors. | ||
Adoption of ASU 2013-04 did not have a material impact on the Company’s consolidated financial statements or disclosures. | |||
On June 1, 2014, the Company adopted ASU 2013-05, “ Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ” (“ASU 2013-05”). ASU 2013-05 updates accounting guidance related to the application of consolidation guidance and foreign currency matters. This guidance resolves the diversity in practice about what guidance applies to the release of the cumulative translation adjustment into net income. Adoption of these changes did not have a material impact on the Company’s consolidated financial statements or disclosures. | |||
On June 1, 2014, the Company adopted ASU 2013-07, Liquidation Basis of Accounting (“ASU 2013-07”) . With ASU 2013-07, the FASB amends the guidance in the FASB Accounting Standards Codification Topic 205, entitled Presentation of Financial Statements. The amendments serve to clarify when and how reporting entities should apply the liquidation basis of accounting. The guidance is applicable to all reporting entities, whether they are public or private companies or not-for-profit entities. The guidance also provides principles for the recognition of assets and liabilities and disclosures, as well as related financial statement presentation requirements. Reporting entities are required to apply the requirements in ASU 2013-07 prospectively from the day that liquidation becomes imminent. The adoption of ASU 2013-07 did not have a material effect on the Company’s operating results or financial position. | |||
On June 1, 2014, the Company adopted ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"), which sets forth explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The adoption of ASU 2013-11 did not have a material impact on the Company's financial position or results of operations. | |||
On June 1, 2014, the Company adopted ASU 2014-10, Development Stage Entities (“ASU 2014-10”), which intends to remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. Generally Accepted Accounting Principles. In addition, the update eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The adoption of this update had a material impact on the presentation of the Company's financial statements in that the Company will no longer be required to present inception-to-date information on the statements of operations, cash flows and changes in capital deficit. |
Mineral_Properties
Mineral Properties | 6 Months Ended | |||
Nov. 30, 2014 | ||||
Mineral Properties [Text Block] | Note 3 | Mineral Properties | ||
A summary of mineral properties costs for the cumulative period from the year ended May 31, 2014 to November 30, 2014 were incurred and accounted for in the consolidated statement of operations as follows: | ||||
Gaoping | ||||
Phosphate | ||||
Summary of mineral property expenditures | Property | |||
Balance, May 31, 2013 | $ | 683,622 | ||
Administrative | 11,583 | |||
Consulting fees | 34,597 | |||
Engineering | 50,035 | |||
Field supplies | 4,513 | |||
Recording fees | 3,263 | |||
Technical reports | 36,808 | |||
Travel & promotion | 27,734 | |||
Wages and benefits | 69,008 | |||
Balance, May 31, 2014 | $ | 921,163 | ||
Administrative | 12,359 | |||
Consulting fees | 14,292 | |||
Engineering | 2,191 | |||
Travel & promotion | 18,053 | |||
Wages and benefits | 28,732 | |||
Balance, November 30, 2014 | $ | 996,790 | ||
a) | Gaoping Phosphate Property | |||
On October 18, 2010, the Company signed two agreements (the "Agreements") with Chenxi County Hongyu Mining Co. Ltd. ("Hongyu") and its shareholders ("Hongyu Shareholders") regarding the Gaoping phosphate mine (the "GP Property") located in Tanjiachang village, Chenxi County, Hunan Province, China and other phosphate resources in Hunan Province. Hongyu holds a business license and a mining permit in the GP Property which is in effect until November 10, 2014. The mining permit has been extended to February 10, 2015. Hongyu is currently working on renewal of its mining permit and the Company does not expect any problem on the renewal. | ||||
The Agreements required an investment company to be incorporated in Hong Kong (the “Investment Company”) which was to be owned 20% by the Hongyu Shareholders and 80% by the Company. On October 13, 2010, the Investment Company was incorporated in Hong Kong under the name Silver Castle Investments Ltd. (“Silver Castle”). Silver Castle acquired 90% of Hongyu and the other 10% of Hongyu was transferred to the nominees of the Company. During the acquisition phase, the Company ensured that Hongyu’s net assets retained a minimum value of RMB5,000,000 ($771,545). Upon completion of this acquisition, Hongyu became a Hong Kong / China joint venture company. The Company received all required approvals from Chinese authorities for the completion of its acquisition of Hongyu pursuant to the Agreements dated October 18, 2010. The Company paid RMB200,000 ($30,934) to the Hongyu shareholders as a down payment on December 14, 2010, the Company also deferred $25,083 of legal fees related to the acquisition of Hongyu. The remaining RMB1,800,000 ($279,504) was paid on July 8, 2011, to complete the transaction, for a total of RMB2,000,000 ($310,438). | ||||
Pursuant to the Agreements, Hongyu agreed to surrender its future exclusive cooperative rights to the Company, and the Hongyu Shareholders agreed that the Company shall have all Hongyu's title and interest in any phosphate properties, including but not limited to the GP Property, and the Company arranged for the financing of building a mining and processing plant on the GP Property together with other facilities required for a mining operation thereon. | ||||
When requested by the Company, the Hongyu Shareholders agreed to sell their 20% interest in the Investment Company to the Company for the issuance of 10,000,000 common shares of the Company’s capital stock. On July 5, 2011, the Company issued 10,000,000 shares to the Hongyu Shareholders with the closing market price of the shares at $0.22 for acquiring the remaining 20% equity interest in Silver Castle from the Hongyu Shareholders. As a result of this transaction, the Company effectively controls 100% of Hongyu through its wholly owned subsidiary, Silver Castle Investments Ltd. which holds 90% of Hongyu with the other 10% held by the nominees of the Company. | ||||
The acquisition was treated as an acquisition of assets rather than a business combination because Hongyu does not constitute a business according to the definition of business under FASB ASC Topic 805 “ Business Combinations ”. The acquisition was accounted for based on the cash paid and quoted market price of the Company’s common shares issued as part of the transaction. | ||||
There were no liabilities assumed during the acquisition. Details of the purchase consideration and net assets acquired are as follows: | ||||
Purchase price: | ||||
Cash consideration (1) | $ | 310,438 | ||
Common shares (1) | 2,200,000 | |||
Transaction costs (2) | 27,749 | |||
$ | 2,538,187 | |||
Allocated to: | ||||
Environmental deposit | $ | 122,134 | ||
Mineral property | 3,148,740 | |||
Deferred tax liability | (732,687 | ) | ||
$ | 2,538,187 | |||
-1 | Consideration paid consisted of an aggregate cash payment of RMB2,000,000 ($310,438) and issuance of 10,000,000 shares of common stock at $0.22 per share which was the closing price of the Company’s shares on the date of acquisition. | |||
-2 | Incurred in connection with the acquisition were transaction costs of $27,749 which were included as part of the purchase consideration. | |||
During the three-month and six-month periods ended November 30, 2014, the Company recorded income of $nil (2013: $nil) and $nil (2013: $6,026) through the sale of minerals extracted during the work done for the preparation of production, respectively. The amount was reported as other income in the consolidated statement of operations. | ||||
During the three-month and six-month periods ended November 30, 2014, the Company incurred mineral property expenditures of $41,042 (2013: $45,643) and $75,627 (2013: $140,734), respectively. As of November 30, 2014, the Company has incurred total mineral property costs of $996,790 on this property which have been expensed to the statement of operations as disclosed in the table above. |
Equipment
Equipment | 6 Months Ended | |||||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||||
Equipment [Text Block] | Note 4 | Equipment | ||||||||||||||||||
30-Nov-14 | 31-May-14 | |||||||||||||||||||
Accumulated | Net Book | Accumulated | Net Book | |||||||||||||||||
Cost | Depreciation | Value | Cost | Depreciation | Value | |||||||||||||||
Computer equipment | $ | 14,142 | $ | 13,516 | $ | 626 | $ | 13,716 | $ | 13,129 | $ | 587 | ||||||||
Automobile | 60,794 | 33,026 | 27,768 | 59,770 | 26,452 | 33,318 | ||||||||||||||
Office equipment | 3,622 | 3,282 | 340 | 3,562 | 2,633 | 929 | ||||||||||||||
Machinery | 166,094 | 63,160 | 102,934 | 163,298 | 46,735 | 116,563 | ||||||||||||||
$ | 244,652 | $ | 112,984 | $ | 131,668 | $ | 240,346 | $ | 88,949 | $ | 151,397 | |||||||||
The depreciation for the period ended November 30, 2014 was $22,650 (2013: $23,041). |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |
Nov. 30, 2014 | ||
Related Party Transactions [Text Block] | Note 5 | Related Party Transactions |
The Company was charged consulting fees for administrative, corporate, financial, engineering, and management services during the three-month and six-month periods ended November 30, 2014 totalling $5,342 (2013: $5,755) and $10,890 (2013: $11,502) by companies controlled by a director of the Company respectively. | ||
Included in accounts payable and accrued liabilities is $441,122 (May 31, 2014: $450,126) which was due to companies controlled by the directors for their services provided in previous years. | ||
These transactions were measured at the amount of consideration established and agreed to by the related parties. |
Capital_Stock
Capital Stock | 6 Months Ended | |||
Nov. 30, 2014 | ||||
Capital Stock [Text Block] | Note 6 | Capital Stock | ||
a) Capital Stock | ||||
There was no share issuance during the six-month period ended November 30, 2014 or the year ended May 31, 2014. | ||||
b) Stock Options | ||||
There were no stock options granted during the six-month period ended November 30, 2014 or the year ended May 31, 2014. | ||||
At November 30, 2014, there were 5,200,000 stock options (May 31, 2014: 5,200,000) outstanding and exercisable with an exercise price at $0.25 each expiring on February 3, 2019, with an aggregate intrinsic value of $nil (May 31, 2014: $nil) and a weighted average remaining contractual term of 4.18 years (May 31, 2014: 4.68 years). | ||||
c) Share Purchase Warrants | ||||
There were no changes in share purchase warrants for the six-month period ended November 30, 2014 and year ended May 31, 2014. At November 30, 2014, there were 24,570,000 share purchase warrants (May 31, 2014: 24,570,000) outstanding and exercisable with weighted average exercise price at $0.204. | ||||
Share purchase warrants outstanding at November 30, 2014: | ||||
Series | Number | Price | Expiry Date | |
"A" | 3,817,500 | $0.50 | 17-Feb-15 | |
"D" | 20,752,500 | $0.15 | 17-Feb-15 | |
24,570,000 |
Foreign_Currency_Risk
Foreign Currency Risk | 6 Months Ended | |
Nov. 30, 2014 | ||
Foreign Currency Risk [Text Block] | Note 7 | Foreign Currency Risk |
The Company is exposed to fluctuations in foreign currencies through amounts held in China in RMB: Cash and cash equivalents $560,302 (May 31, 2014 - $552,742). | ||
The Company is exposed to fluctuations in foreign currencies through amounts held in Canada in CAD: Cash $23,429 (May 31, 2014 - $44,503). | ||
The Company is exposed to fluctuations in foreign currencies through amounts held in Hong Kong in HKD: Cash $158 (May 31, 2014 - $268). |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||||
Segment Information [Text Block] | Note 8 | Segment Information | ||||||||||||||||||
The Company operates in Canada and China, with operations in the mineral resources sector. The Company’s assets are allocated to each country as follows: | ||||||||||||||||||||
30-Nov-14 | 31-May-14 | |||||||||||||||||||
Canada | China | Total | Canada | China | Total | |||||||||||||||
Cash and cash equivalents | $ | 90,651 | $ | 1,444,122 | $ | 1,534,773 | $ | 182,102 | $ | 1,491,346 | $ | 1,673,448 | ||||||||
Prepaid expense and receivable | 21,937 | 15,007 | 36,944 | 20,994 | 8,285 | 29,279 | ||||||||||||||
Equipment | 401 | 131,267 | 131,668 | 119 | 151,278 | 151,397 | ||||||||||||||
Environmental deposit | - | 128,530 | 128,530 | - | 126,366 | 126,366 | ||||||||||||||
Mineral properties | - | 3,148,740 | 3,148,740 | - | 3,148,740 | 3,148,740 | ||||||||||||||
$ | 112,989 | $ | 4,867,666 | $ | 4,980,655 | $ | 203,215 | $ | 4,926,015 | $ | 5,129,230 |
Mineral_Properties_Tables
Mineral Properties (Tables) | 6 Months Ended | |||
Nov. 30, 2014 | ||||
Summary of Mineral Property Expenditures [Table Text Block] | Gaoping | |||
Phosphate | ||||
Summary of mineral property expenditures | Property | |||
Balance, May 31, 2013 | $ | 683,622 | ||
Administrative | 11,583 | |||
Consulting fees | 34,597 | |||
Engineering | 50,035 | |||
Field supplies | 4,513 | |||
Recording fees | 3,263 | |||
Technical reports | 36,808 | |||
Travel & promotion | 27,734 | |||
Wages and benefits | 69,008 | |||
Balance, May 31, 2014 | $ | 921,163 | ||
Administrative | 12,359 | |||
Consulting fees | 14,292 | |||
Engineering | 2,191 | |||
Travel & promotion | 18,053 | |||
Wages and benefits | 28,732 | |||
Balance, November 30, 2014 | $ | 996,790 | ||
Schedule of Purchase Net Assets [Table Text Block] | Purchase price: | |||
Cash consideration (1) | $ | 310,438 | ||
Common shares (1) | 2,200,000 | |||
Transaction costs (2) | 27,749 | |||
$ | 2,538,187 | |||
Allocated to: | ||||
Environmental deposit | $ | 122,134 | ||
Mineral property | 3,148,740 | |||
Deferred tax liability | (732,687 | ) | ||
$ | 2,538,187 |
Equipment_Tables
Equipment (Tables) | 6 Months Ended | |||||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | 30-Nov-14 | 31-May-14 | ||||||||||||||||||
Accumulated | Net Book | Accumulated | Net Book | |||||||||||||||||
Cost | Depreciation | Value | Cost | Depreciation | Value | |||||||||||||||
Computer equipment | $ | 14,142 | $ | 13,516 | $ | 626 | $ | 13,716 | $ | 13,129 | $ | 587 | ||||||||
Automobile | 60,794 | 33,026 | 27,768 | 59,770 | 26,452 | 33,318 | ||||||||||||||
Office equipment | 3,622 | 3,282 | 340 | 3,562 | 2,633 | 929 | ||||||||||||||
Machinery | 166,094 | 63,160 | 102,934 | 163,298 | 46,735 | 116,563 | ||||||||||||||
$ | 244,652 | $ | 112,984 | $ | 131,668 | $ | 240,346 | $ | 88,949 | $ | 151,397 |
Capital_Stock_Tables
Capital Stock (Tables) | 6 Months Ended | |||
Nov. 30, 2014 | ||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Series | Number | Price | Expiry Date |
"A" | 3,817,500 | $0.50 | 17-Feb-15 | |
"D" | 20,752,500 | $0.15 | 17-Feb-15 | |
24,570,000 |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||
Nov. 30, 2014 | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 30-Nov-14 | 31-May-14 | ||||||||||||||||||
Canada | China | Total | Canada | China | Total | |||||||||||||||
Cash and cash equivalents | $ | 90,651 | $ | 1,444,122 | $ | 1,534,773 | $ | 182,102 | $ | 1,491,346 | $ | 1,673,448 | ||||||||
Prepaid expense and receivable | 21,937 | 15,007 | 36,944 | 20,994 | 8,285 | 29,279 | ||||||||||||||
Equipment | 401 | 131,267 | 131,668 | 119 | 151,278 | 151,397 | ||||||||||||||
Environmental deposit | - | 128,530 | 128,530 | - | 126,366 | 126,366 | ||||||||||||||
Mineral properties | - | 3,148,740 | 3,148,740 | - | 3,148,740 | 3,148,740 | ||||||||||||||
$ | 112,989 | $ | 4,867,666 | $ | 4,980,655 | $ | 203,215 | $ | 4,926,015 | $ | 5,129,230 |
Nature_of_Operations_and_Abili1
Nature of Operations and Ability to Continue as a Going Concern (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Nature Of Operations And Ability To Continue As A Going Concern 1 | $139,102 |
Nature Of Operations And Ability To Continue As A Going Concern 2 | $6,998,687 |
Nature Of Operations And Ability To Continue As A Going Concern 3 | 100.00% |
Mineral_Properties_Narrative_D
Mineral Properties (Narrative) (Details) | 6 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2014 | |
USD ($) | CNY | |
Mineral Properties 1 | 20.00% | 20.00% |
Mineral Properties 2 | 80.00% | 80.00% |
Mineral Properties 3 | 90.00% | 90.00% |
Mineral Properties 4 | 10.00% | 10.00% |
Mineral Properties 5 | 5,000,000 | |
Mineral Properties 6 | 771,545 | |
Mineral Properties 7 | 200,000 | |
Mineral Properties 8 | 30,934 | |
Mineral Properties 9 | 25,083 | |
Mineral Properties 10 | 1,800,000 | |
Mineral Properties 11 | 279,504 | |
Mineral Properties 12 | 2,000,000 | |
Mineral Properties 13 | 310,438 | |
Mineral Properties 14 | 20.00% | 20.00% |
Mineral Properties 15 | 10,000,000 | 10,000,000 |
Mineral Properties 16 | 10,000,000 | 10,000,000 |
Mineral Properties 17 | 0.22 | |
Mineral Properties 18 | 20.00% | 20.00% |
Mineral Properties 19 | 100.00% | 100.00% |
Mineral Properties 20 | 90.00% | 90.00% |
Mineral Properties 21 | 10.00% | 10.00% |
Mineral Properties 22 | 2,000,000 | |
Mineral Properties 23 | 310,438 | |
Mineral Properties 24 | 10,000,000 | 10,000,000 |
Mineral Properties 25 | $0.22 | |
Mineral Properties 26 | 27,749 | |
Mineral Properties 27 | 0 | |
Mineral Properties 28 | 0 | |
Mineral Properties 29 | 0 | |
Mineral Properties 30 | 6,026 | |
Mineral Properties 31 | 41,042 | |
Mineral Properties 32 | 45,643 | |
Mineral Properties 33 | 75,627 | |
Mineral Properties 34 | 140,734 | |
Mineral Properties 35 | $996,790 |
Equipment_Narrative_Details
Equipment (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Equipment 1 | $22,650 |
Equipment 2 | $23,041 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Related Party Transactions 1 | $5,342 |
Related Party Transactions 2 | 5,755 |
Related Party Transactions 3 | 10,890 |
Related Party Transactions 4 | 11,502 |
Related Party Transactions 5 | 441,122 |
Related Party Transactions 6 | $450,126 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Y | |
Capital Stock 1 | 5,200,000 |
Capital Stock 2 | 5,200,000 |
Capital Stock 3 | $0.25 |
Capital Stock 4 | 0 |
Capital Stock 5 | 0 |
Capital Stock 6 | 4.18 |
Capital Stock 7 | 4.68 |
Capital Stock 8 | 24,570,000 |
Capital Stock 9 | 24,570,000 |
Capital Stock 10 | $0.20 |
Foreign_Currency_Risk_Narrativ
Foreign Currency Risk (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Foreign Currency Risk 1 | $560,302 |
Foreign Currency Risk 2 | 552,742 |
Foreign Currency Risk 3 | 23,429 |
Foreign Currency Risk 4 | 44,503 |
Foreign Currency Risk 5 | 158 |
Foreign Currency Risk 6 | $268 |
Summary_of_Mineral_Property_Ex
Summary of Mineral Property Expenditures (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Mineral Properties Summary Of Mineral Property Expenditures 1 | $683,622 |
Mineral Properties Summary Of Mineral Property Expenditures 2 | 11,583 |
Mineral Properties Summary Of Mineral Property Expenditures 3 | 34,597 |
Mineral Properties Summary Of Mineral Property Expenditures 4 | 50,035 |
Mineral Properties Summary Of Mineral Property Expenditures 5 | 4,513 |
Mineral Properties Summary Of Mineral Property Expenditures 6 | 3,263 |
Mineral Properties Summary Of Mineral Property Expenditures 7 | 36,808 |
Mineral Properties Summary Of Mineral Property Expenditures 8 | 27,734 |
Mineral Properties Summary Of Mineral Property Expenditures 9 | 69,008 |
Mineral Properties Summary Of Mineral Property Expenditures 10 | 921,163 |
Mineral Properties Summary Of Mineral Property Expenditures 11 | 12,359 |
Mineral Properties Summary Of Mineral Property Expenditures 12 | 14,292 |
Mineral Properties Summary Of Mineral Property Expenditures 13 | 2,191 |
Mineral Properties Summary Of Mineral Property Expenditures 14 | 18,053 |
Mineral Properties Summary Of Mineral Property Expenditures 15 | 28,732 |
Mineral Properties Summary Of Mineral Property Expenditures 16 | $996,790 |
Schedule_of_Purchase_Net_Asset
Schedule of Purchase Net Assets (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Mineral Properties Schedule Of Purchase Net Assets 1 | $310,438 |
Mineral Properties Schedule Of Purchase Net Assets 2 | 2,200,000 |
Mineral Properties Schedule Of Purchase Net Assets 3 | 27,749 |
Mineral Properties Schedule Of Purchase Net Assets 4 | 2,538,187 |
Mineral Properties Schedule Of Purchase Net Assets 5 | 122,134 |
Mineral Properties Schedule Of Purchase Net Assets 6 | 3,148,740 |
Mineral Properties Schedule Of Purchase Net Assets 7 | -732,687 |
Mineral Properties Schedule Of Purchase Net Assets 8 | $2,538,187 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Equipment Property, Plant And Equipment 1 | $14,142 |
Equipment Property, Plant And Equipment 2 | 13,516 |
Equipment Property, Plant And Equipment 3 | 626 |
Equipment Property, Plant And Equipment 4 | 13,716 |
Equipment Property, Plant And Equipment 5 | 13,129 |
Equipment Property, Plant And Equipment 6 | 587 |
Equipment Property, Plant And Equipment 7 | 60,794 |
Equipment Property, Plant And Equipment 8 | 33,026 |
Equipment Property, Plant And Equipment 9 | 27,768 |
Equipment Property, Plant And Equipment 10 | 59,770 |
Equipment Property, Plant And Equipment 11 | 26,452 |
Equipment Property, Plant And Equipment 12 | 33,318 |
Equipment Property, Plant And Equipment 13 | 3,622 |
Equipment Property, Plant And Equipment 14 | 3,282 |
Equipment Property, Plant And Equipment 15 | 340 |
Equipment Property, Plant And Equipment 16 | 3,562 |
Equipment Property, Plant And Equipment 17 | 2,633 |
Equipment Property, Plant And Equipment 18 | 929 |
Equipment Property, Plant And Equipment 19 | 166,094 |
Equipment Property, Plant And Equipment 20 | 63,160 |
Equipment Property, Plant And Equipment 21 | 102,934 |
Equipment Property, Plant And Equipment 22 | 163,298 |
Equipment Property, Plant And Equipment 23 | 46,735 |
Equipment Property, Plant And Equipment 24 | 116,563 |
Equipment Property, Plant And Equipment 25 | 244,652 |
Equipment Property, Plant And Equipment 26 | 112,984 |
Equipment Property, Plant And Equipment 27 | 131,668 |
Equipment Property, Plant And Equipment 28 | 240,346 |
Equipment Property, Plant And Equipment 29 | 88,949 |
Equipment Property, Plant And Equipment 30 | $151,397 |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $3,817,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.5 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | 20,752,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | 0.15 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | $24,570,000 |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 6 Months Ended |
Nov. 30, 2014 | |
Segment Information Schedule Of Segment Reporting Information, By Segment 1 | $90,651 |
Segment Information Schedule Of Segment Reporting Information, By Segment 2 | 1,444,122 |
Segment Information Schedule Of Segment Reporting Information, By Segment 3 | 1,534,773 |
Segment Information Schedule Of Segment Reporting Information, By Segment 4 | 182,102 |
Segment Information Schedule Of Segment Reporting Information, By Segment 5 | 1,491,346 |
Segment Information Schedule Of Segment Reporting Information, By Segment 6 | 1,673,448 |
Segment Information Schedule Of Segment Reporting Information, By Segment 7 | 21,937 |
Segment Information Schedule Of Segment Reporting Information, By Segment 8 | 15,007 |
Segment Information Schedule Of Segment Reporting Information, By Segment 9 | 36,944 |
Segment Information Schedule Of Segment Reporting Information, By Segment 10 | 20,994 |
Segment Information Schedule Of Segment Reporting Information, By Segment 11 | 8,285 |
Segment Information Schedule Of Segment Reporting Information, By Segment 12 | 29,279 |
Segment Information Schedule Of Segment Reporting Information, By Segment 13 | 401 |
Segment Information Schedule Of Segment Reporting Information, By Segment 14 | 131,267 |
Segment Information Schedule Of Segment Reporting Information, By Segment 15 | 131,668 |
Segment Information Schedule Of Segment Reporting Information, By Segment 16 | 119 |
Segment Information Schedule Of Segment Reporting Information, By Segment 17 | 151,278 |
Segment Information Schedule Of Segment Reporting Information, By Segment 18 | 151,397 |
Segment Information Schedule Of Segment Reporting Information, By Segment 19 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 20 | 128,530 |
Segment Information Schedule Of Segment Reporting Information, By Segment 21 | 128,530 |
Segment Information Schedule Of Segment Reporting Information, By Segment 22 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 23 | 126,366 |
Segment Information Schedule Of Segment Reporting Information, By Segment 24 | 126,366 |
Segment Information Schedule Of Segment Reporting Information, By Segment 25 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 26 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 27 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 28 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 29 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 30 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 31 | 112,989 |
Segment Information Schedule Of Segment Reporting Information, By Segment 32 | 4,867,666 |
Segment Information Schedule Of Segment Reporting Information, By Segment 33 | 4,980,655 |
Segment Information Schedule Of Segment Reporting Information, By Segment 34 | 203,215 |
Segment Information Schedule Of Segment Reporting Information, By Segment 35 | 4,926,015 |
Segment Information Schedule Of Segment Reporting Information, By Segment 36 | $5,129,230 |