Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended | |
Dec. 31, 2013 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ENTOURAGE MINING LTD | ' |
Entity Central Index Key | '0001239672 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Common Stock, Shares Outstanding | ' | 13,742,223 |
Document Type | '20-F | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
BALANCE_SHEETS
BALANCE SHEETS (CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
Current | ' | ' |
Cash | 12,948 | 1,764 |
Prepaid expenses | 4,935 | 2,085 |
Other receivable | 361 | 1,295 |
Total Current | 18,244 | 5,144 |
Equipment, net of depreciation (Note 3) | ' | 671 |
Total Assets | 18,244 | 5,815 |
Current | ' | ' |
Accounts payable | 34,752 | 178,158 |
Accrued liabilities | 22,441 | 18,500 |
Loans payable (Note 5) | ' | 43,600 |
Due to related parties (Note 7) | 130,951 | 6,126 |
Total current | 188,144 | 246,384 |
STOCKHOLDERS' DEFICIT | ' | ' |
Capital Stock (Note 6) Authorized: Unlimited common voting shares without par value Issued: 13,742,223 common shares (2012 - 13,742,223) | 13,490,513 | 13,490,513 |
Additional paid in capital | 3,351,366 | 3,308,866 |
Deficit accumulated during the exploration stage | -17,011,779 | -17,039,948 |
Total stockholders' deficit | -169,900 | -240,569 |
Total liabilities and stockholders' equity | 18,244 | 5,815 |
BALANCE_SHEETS_Parentheticals
BALANCE SHEETS (Parentheticals) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, shares issued | 13,742,223 | 13,742,223 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (CAD) | 12 Months Ended | 222 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Expenses | ' | ' | ' |
Depreciation | 79 | 212 | 7,252 |
Consulting (Note 7) | 11,750 | ' | 284,700 |
Consulting - stock based compensation | ' | ' | 2,926,980 |
Financing fee - stock based compensation | ' | ' | 90,096 |
Interest and bank charges | 4,207 | 3,514 | 32,564 |
Management fees (Note 7) | 45,000 | 60,000 | 1,260,654 |
Mineral property costs (recovery) (Note 4) | ' | -70,169 | 11,324,777 |
Office and sundry | 40,302 | 33,474 | 666,156 |
Professional fees | 37,606 | 41,872 | 696,789 |
Travel and promotion | 712 | 3,251 | 310,763 |
Loss Before Other Items | -139,656 | -72,154 | -17,600,731 |
Fair value adjustment of derivative liabilities | ' | 1,115 | 333,965 |
Gain on debt settlement | 168,417 | 20,000 | 188,417 |
Loss on disposal of assets (Note 3) | -592 | ' | -592 |
Net Income (Loss) Before Income Taxes | 28,169 | -51,039 | -17,078,941 |
Deferred income tax recovery | ' | ' | 67,162 |
Net Income (Loss) and Comprehensive Income (Loss) | 28,169 | -51,039 | -17,011,779 |
Net Income (Loss) Per Share | ' | ' | ' |
Basic and Diluted (in dollars per share) | 0 | 0 | ' |
Weighted Average Common Shares Outstanding | ' | ' | ' |
Basic (in shares) | 13,742,223 | 12,791,921 | ' |
STATEMENT_OF_STOCKHOLDERS_DEFI
STATEMENT OF STOCKHOLDERS' DEFICIT (CAD) | COMMON STOCK | OBLIGATION TO ISSUE SHARES | ADDITIONAL PAID-IN CAPITAL | DEFICIT ACCUMULATED DURING EXPLORATION STAGE | Total |
Balance at Jun. 16, 1995 | ' | ' | ' | ' | ' |
Balance (in shares) at Jun. 16, 1995 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Share issued for cash (in shares) | 1 | ' | ' | ' | ' |
Share issued for cash | 1 | ' | ' | ' | 1 |
Income/Loss for the year | ' | ' | ' | -38,624 | -38,624 |
Balance at Dec. 31, 1995 | 1 | ' | ' | -38,624 | -38,624 |
Balance (in shares) at Dec. 31, 1995 | 1 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Share issued for cash (in shares) | 913,000 | ' | ' | ' | ' |
Share issued for cash | 276,500 | ' | ' | ' | 276,500 |
Income/Loss for the year | ' | ' | ' | -210,592 | -210,592 |
Balance at Dec. 31, 1996 | 276,501 | ' | ' | -249,216 | 27,285 |
Balance (in shares) at Dec. 31, 1996 | 913,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | -74,529 | -74,529 |
Balance at Dec. 31, 1997 | 276,501 | ' | ' | -323,745 | -47,244 |
Balance (in shares) at Dec. 31, 1997 | 913,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | -60,148 | -60,148 |
Balance at Dec. 31, 1998 | 276,501 | ' | ' | -383,893 | -107,392 |
Balance (in shares) at Dec. 31, 1998 | 913,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | -70,046 | -70,046 |
Balance at Dec. 31, 1999 | 276,501 | ' | ' | -453,939 | -177,438 |
Balance (in shares) at Dec. 31, 1999 | 913,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | -66,855 | -66,855 |
Balance at Dec. 31, 2000 | 276,501 | ' | ' | -520,794 | -244,293 |
Balance (in shares) at Dec. 31, 2000 | 913,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | -58,749 | -58,749 |
Balance at Dec. 31, 2001 | 276,501 | ' | ' | -579,543 | -303,042 |
Balance (in shares) at Dec. 31, 2001 | 913,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Forgiveness of amounts due to related party | ' | ' | 200,671 | ' | 200,671 |
Income/Loss for the year | ' | ' | ' | -59,428 | -59,428 |
Balance at Dec. 31, 2002 | 276,501 | ' | 200,671 | -638,971 | -161,799 |
Balance (in shares) at Dec. 31, 2002 | 913,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Shares issued for property acquisition (in shares) (April 25, 2003) | 600,000 | ' | ' | ' | ' |
Shares issued for property acquisition (April 25, 2003) | 60,000 | ' | ' | ' | 60,000 |
Income/Loss for the year | ' | ' | ' | -319,515 | -319,515 |
Balance at Dec. 31, 2003 | 336,501 | ' | 200,671 | -958,486 | -421,314 |
Balance (in shares) at Dec. 31, 2003 | 1,513,001 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Share issued for cash (in shares) (February 5, 2004) | 99,750 | ' | ' | ' | ' |
Share issued for cash (in shares) (June 8, 2004) | 69,800 | ' | ' | ' | ' |
Share issued for cash (in shares) (December 31, 2004) | 294,800 | ' | ' | ' | ' |
Share issued for cash (February 5, 2004) | 219,450 | ' | ' | ' | 219,450 |
Share issued for cash (June 8, 2004) | 282,331 | ' | ' | ' | 282,331 |
Share issued for cash (December 31, 2004) | 510,876 | ' | ' | ' | 510,876 |
Shares issued for property acquisition (in shares) (August 24, 2004) | 15,000 | ' | ' | ' | ' |
Shares issued for property acquisition (August 24, 2004) | 58,788 | ' | ' | ' | 58,788 |
Deferred tax recovery on flow-through shares (February 5, 2004) | -2,376 | ' | ' | ' | -2,376 |
Stock options exercised (in shares) (August 24, 2004) | 10,000 | ' | ' | ' | ' |
Stock options exercised (August 24, 2004) | 32,983 | ' | ' | ' | 32,983 |
Shares returned on cancellation of escrow (in shares) (September 24, 2004) | -375,000 | ' | ' | ' | ' |
Shares returned on cancellation of escrow (September 24, 2004) | -7,500 | ' | 7,500 | ' | ' |
Stock based compensation | ' | ' | 421,000 | ' | 421,000 |
Income/Loss for the year | ' | ' | ' | -956,446 | -956,466 |
Balance at Dec. 31, 2004 | 1,431,053 | ' | 629,171 | -1,914,932 | 145,292 |
Balance (in shares) at Dec. 31, 2004 | 1,627,351 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Forgiveness of amounts due to related party | ' | ' | 102,327 | ' | 102,327 |
Shares issued for property acquisition (in shares) (March 21, 2005) | 12,500 | ' | ' | ' | ' |
Shares issued for property acquisition (March 21, 2005) | 45,604 | ' | ' | ' | 45,604 |
Deferred tax recovery on flow-through shares (September 2005) | -20,119 | ' | ' | ' | -20,119 |
Stock options exercised (in shares) (October-December 2005) | 25,000 | ' | ' | ' | ' |
Stock options exercised (October-December 2005) | 44,147 | ' | ' | ' | 44,147 |
Refund for overpayment in 2004 private placement (January 6, 2005) | -3,000 | ' | ' | ' | -3,000 |
Flow-through private placement shares issued (in shares) (September 22, 2005) | 29,500 | ' | ' | ' | ' |
Flow-through private placement shares issued (September 22, 2005) | 59,000 | ' | ' | ' | 59,000 |
Units issued (in shares) (September 22, 2005) | 55,000 | ' | ' | ' | ' |
Units issued (in shares) (October 7, 2005) | 127,500 | ' | ' | ' | ' |
Units issued (in shares) (November 17, 2005) | 553,334 | ' | ' | ' | ' |
Units issued (September 22, 2005) | 97,152 | ' | ' | ' | 97,152 |
Units issued (October 7, 2005) | 165,154 | ' | ' | ' | 165,154 |
Units issued (November 17, 2005) | 944,800 | ' | ' | ' | 944,800 |
Shares issued on exercise of warrants (in shares) (October 2005) | 5,000 | ' | ' | ' | ' |
Shares issued on exercise of warrants (October 2005) | 15,000 | ' | ' | ' | 15,000 |
Obligation to issue shares | ' | 8,638,667 | ' | ' | 8,638,667 |
Stock based compensation | ' | ' | 163,400 | ' | 163,400 |
Income/Loss for the year | ' | ' | ' | -10,068,841 | -10,068,841 |
Balance at Dec. 31, 2005 | 2,778,791 | 8,638,667 | 894,898 | -11,983,773 | ' |
Balance (in shares) at Dec. 31, 2005 | 2,435,185 | ' | ' | ' | 328,583 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Shares issued for property acquisition (in shares) (January 3, 2006) | 4,888,889 | ' | ' | ' | ' |
Shares issued for property acquisition (in shares) (March 7, 2006) | 12,500 | ' | ' | ' | ' |
Shares issued for property acquisition (January 3, 2006) | 8,638,667 | -8,638,667 | ' | ' | ' |
Shares issued for property acquisition (March 7, 2006) | 51,772 | ' | ' | ' | 51,772 |
Deferred tax recovery on flow-through shares | -44,667 | ' | ' | ' | -44,667 |
Stock options exercised (in shares) (January - August 2006) | 41,000 | ' | ' | ' | ' |
Stock options exercised (January - August 2006) | 69,317 | ' | ' | ' | 69,317 |
Flow-through private placement shares issued (in shares) (May 24, 2006) | 34,000 | ' | ' | ' | ' |
Flow-through private placement shares issued (in shares) (December 2006) | 20,000 | ' | ' | ' | ' |
Flow-through private placement shares issued (May 24, 2006) | 93,585 | ' | ' | ' | 93,585 |
Flow-through private placement shares issued (December 2006) | 46,000 | ' | ' | ' | 46,000 |
Shares issued on exercise of warrants (in shares) (February 2006) | 74,450 | ' | ' | ' | ' |
Shares issued on exercise of warrants (in shares) (August - November 2006) | 95,500 | ' | ' | ' | ' |
Shares issued on exercise of warrants (February 2006) | 223,350 | ' | ' | ' | 223,350 |
Shares issued on exercise of warrants (August - November 2006) | 269,149 | ' | ' | ' | 269,149 |
Stock based compensation | ' | ' | 2,027,384 | ' | 2,027,384 |
Income/Loss for the year | ' | ' | ' | -2,973,161 | -2,973,161 |
Balance at Dec. 31, 2006 | 12,125,964 | ' | 2,922,282 | -14,956,934 | 91,312 |
Balance (in shares) at Dec. 31, 2006 | 7,601,524 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Shares issued for property acquisition (in shares) (March 12, 2007) | 50,000 | ' | ' | ' | ' |
Shares issued for property acquisition (March 12, 2007) | 175,530 | ' | ' | ' | 175,530 |
Stock options exercised (in shares) (March 27, 2007) | 5,000 | ' | ' | ' | ' |
Stock options exercised (in shares) (April 3, 2007) | 5,000 | ' | ' | ' | ' |
Stock options exercised (March 27, 2007) | 8,760 | ' | ' | ' | 8,760 |
Stock options exercised (April 3, 2007) | 8,507 | ' | ' | ' | 8,507 |
Flow-through private placement shares issued (in shares) (March 31, 2007) | 26,669 | ' | ' | ' | ' |
Flow-through private placement shares issued (March 31, 2007) | 41,647 | ' | ' | ' | 41,647 |
Shares issued for debt (in shares) (June 18, 2007) | 10,000 | ' | ' | ' | ' |
Shares issued for debt (June 18, 2007) | 23,306 | ' | ' | ' | 23,306 |
Stock based compensation | ' | ' | 113,074 | ' | 113,074 |
Income/Loss for the year | ' | ' | ' | -598,783 | -598,783 |
Balance at Dec. 31, 2007 | 12,383,714 | ' | 3,035,356 | -15,555,717 | -136,647 |
Balance (in shares) at Dec. 31, 2007 | 7,698,193 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | -414,840 | -414,840 |
Balance at Dec. 31, 2008 | 12,383,714 | ' | 3,035,356 | -15,970,557 | -551,487 |
Balance (in shares) at Dec. 31, 2008 | 7,698,193 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Flow-through private placement shares issued (in shares) (June 22, 2009) | 4,037,500 | ' | ' | ' | ' |
Flow-through private placement shares issued (June 22, 2009) | 683,057 | ' | ' | ' | 683,057 |
Subscriptions received | ' | 26,375 | ' | ' | 26,375 |
Transfer derivative liability for warrants granted in the year | -339,311 | ' | ' | ' | -339,311 |
Shares issued on exercise of warrants (in shares) | 353,000 | ' | ' | ' | ' |
Shares issued on exercise of warrants | 74,692 | ' | ' | ' | 74,692 |
Transfer derivative liability for warrants exercised in the year | 59,689 | ' | ' | ' | 59,689 |
shares returned to treasury in exchange for US$85,000 cash payment (in shares) (July 24, 2009) | -4,500,000 | ' | ' | ' | ' |
shares returned to treasury in exchange for US$85,000 cash payment (July 24, 2009) | -95,753 | ' | ' | ' | -95,753 |
shares issued for amendment to property option agreement at a market price of US$0.395 per share (in shares) (December 16, 2009) | 150,000 | ' | ' | ' | ' |
shares issued for amendment to property option agreement at a market price of US$0.395 per share (December 16, 2009) | 62,260 | 62,260 | ' | ' | 124,520 |
Stock based compensation | ' | ' | 228,510 | ' | 228,510 |
Income/Loss for the year | ' | ' | ' | -1,092,043 | -1,092,043 |
Balance at Dec. 31, 2009 | 12,828,348 | 88,635 | 3,263,866 | -17,062,600 | -881,751 |
Balance (in shares) at Dec. 31, 2009 | 7,738,693 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Flow-through private placement shares issued (in shares) (February 18, 2010) | 1,613,162 | ' | ' | ' | ' |
Flow-through private placement shares issued (February 18, 2010) | 247,214 | -26,375 | ' | ' | 220,839 |
Transfer derivative liability for warrants granted in the year | -125,435 | ' | ' | ' | -125,435 |
Shares issued on exercise of warrants (in shares) | 766,248 | ' | ' | ' | ' |
Shares issued on exercise of warrants | 159,620 | ' | ' | ' | 159,620 |
Transfer derivative liability for warrants exercised in the year | 134,800 | ' | ' | ' | 134,800 |
shares issued for amendment to property option agreement at a market price of US$0.395 per share (in shares) (February 3, 2010) | 150,000 | ' | ' | ' | ' |
shares issued for amendment to property option agreement at a market price of US$0.395 per share (February 3, 2010) | 62,260 | -62,260 | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | 263,194 | 263,194 |
Balance at Dec. 31, 2010 | 13,306,807 | ' | 3,263,866 | -16,799,406 | -228,733 |
Balance (in shares) at Dec. 31, 2010 | 10,268,103 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
shares issued for property option payment at US$0.15 per share market price (in shares) (February 22, 2011) | 100,000 | ' | ' | ' | ' |
shares issued for property option payment at US$0.15 per share market price (February 22, 2011) | 15,000 | ' | ' | ' | 15,000 |
Income/Loss for the year | ' | ' | ' | -189,503 | -189,503 |
Balance at Dec. 31, 2011 | 13,321,807 | ' | 3,263,866 | -16,988,909 | -403,236 |
Balance (in shares) at Dec. 31, 2011 | 10,368,103 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Shares issued for property acquisition (in shares) (April 20, 2012) | 300,000 | ' | ' | ' | ' |
Shares issued for property acquisition (April 20, 2012) | 15,000 | ' | ' | ' | 15,000 |
Flow-through private placement shares issued (in shares) (April 13, 2012) | 3,074,120 | ' | ' | ' | ' |
Flow-through private placement shares issued (April 13, 2012) | 153,706 | ' | ' | ' | 153,706 |
Income/Loss for the year | ' | ' | ' | -51,039 | -51,039 |
Recognition of 9 months management fees $5,000/month | ' | ' | 45,000 | ' | 45,000 |
Balance at Dec. 31, 2012 | 13,490,513 | ' | 3,308,866 | -17,039,948 | -240,569 |
Balance (in shares) at Dec. 31, 2012 | 13,742,223 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Income/Loss for the year | ' | ' | ' | 28,169 | 28,169 |
Recognition of 6 months management fees $5,000/month | ' | ' | 30,000 | ' | 30,000 |
Recognition of 5 months management fees $2,500/month | ' | ' | 12,500 | ' | 12,500 |
Balance at Dec. 31, 2013 | 13,490,513 | ' | 3,351,366 | -17,011,779 | -169,900 |
Balance (in shares) at Dec. 31, 2013 | 13,742,223 | ' | ' | ' | ' |
STATEMENTS_OF_STOCKHOLDERS_DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT (Parentheticals) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2006 | Dec. 31, 2004 | Dec. 31, 2004 | Dec. 31, 2004 | Dec. 31, 2004 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | |
CAD | CAD | USD ($) | USD ($) | 5-Feb-04 | 8-Jun-04 | 24-Aug-04 | 31-Dec-04 | 21-Mar-05 | Sep-05 | 22-Sep-05 | 22-Sep-05 | 7-Oct-05 | October-December 2005 | Oct-05 | 17-Nov-05 | 3-Jan-06 | January - August 2006 | Feb-06 | 7-Mar-06 | 24-May-06 | August - November 2006 | Dec-06 | 12-Mar-07 | 27-Mar-07 | 31-Mar-07 | 31-Mar-07 | 3-Apr-07 | 18-Jun-07 | 22-Jun-09 | 24-Jul-09 | 16-Dec-09 | 3-Feb-10 | 18-Feb-10 | 22-Feb-11 | 13-Apr-12 | 20-Apr-12 | ||
CAD | CAD | CAD | CAD | USD ($) | USD ($) | CAD | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | CAD | |||||||
Shares issued for cash (in dollars per share) | ' | ' | ' | ' | ' | 2.2 | 4.04 | ' | 1.8 | ' | ' | $1.50 | ' | $1.10 | ' | ' | $1.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Flow through shares, deferred tax recovery (in shares) | ' | ' | ' | ' | 54,000 | 10,800 | ' | ' | ' | ' | 29,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | 3.3 | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' | ' | $1.50 | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' | $1.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for finders fees (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 13,250 | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price issued for property acquisition (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' | $3.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05 |
Flow through per share price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | ' | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants per share price (in dollars per share) | ' | ' | $0.20 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | $3 | ' | ' | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of shares issued for property option payment (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | ' | ' | ' | ' | ' | ' | ' | $0.40 | $0.40 | ' | $0.15 | ' | ' |
Shares issued for private placement per share amount (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' | ' | $0.15 | ' | ' | ' | $0.15 | ' | 0.05 | ' |
Per share price of shares issued for debt (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' |
Finder's fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,537 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment in exchange for shares returned to treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000 | ' | ' | ' | ' | ' | ' |
Recognition of 9 months management fees per month | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition of 6 months management fees per month | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognition of 5 months management fees per month | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (CAD) | 12 Months Ended | 222 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net Income (Loss) | 28,169 | -51,039 | -17,011,779 |
Adjustments to reconcile net loss to net cash from operating activities: | ' | ' | ' |
Depreciation | 79 | 212 | 7,252 |
Stock based compensation | ' | ' | 3,017,076 |
Shares issued for mineral property acquisition | ' | 15,000 | 9,184,881 |
Shares issued for debt | ' | ' | 23,306 |
Non-cash management fees | 42,500 | 45,000 | 87,500 |
Deferred tax recovery | ' | ' | -67,162 |
Fair value adjustment of derivative liabilities | ' | -1,115 | -333,965 |
Gain on debt settlement | -168,417 | -20,000 | -188,417 |
Loss on disposal of assets | 592 | ' | 592 |
Changes in non-cash operating working capital items: | ' | ' | ' |
Prepaid expenses | -2,850 | -1,001 | -4,935 |
Other receivable | 934 | -630 | -361 |
Accounts payable and accrued liabilities | -14,649 | 21,463 | 203,188 |
Due to related parties | 177 | ' | 177 |
NET CASH FLOWS USED IN OPERATING ACTIVITIES | -113,465 | 7,890 | -5,083,826 |
CASH FLOWS USED IN INVESTING ACTIVITIES | ' | ' | ' |
Legal settlement | ' | ' | -95,753 |
Equipment | ' | ' | -7,845 |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | ' | ' | -103,598 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Loan payable | ' | -38,465 | 43,600 |
Due to related parties | 124,649 | -122,645 | 433,773 |
Net proceeds on sale of common stock | ' | 153,706 | 4,722,999 |
NET CASH FLOWS FROM FINANCING ACTIVITIES | 124,649 | -7,404 | 5,200,372 |
INCREASE IN CASH | 11,184 | 486 | 12,948 |
CASH, BEGINNING OF YEAR | 1,764 | 1,278 | ' |
CASH, END OF YEAR | 12,948 | 1,764 | 12,948 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
ORGANIZATION AND BASIS OF PRESENTATION | ' | |
1 | ORGANIZATION AND BASIS OF PRESENTATION | |
Organization | ||
The Company was incorporated in the Province of British Columbia, Canada on June 16, 1995. The Company is in the business of mineral exploration. The address of the Company's corporate office and principal place of business is Suite 614 – 475 Howe Street, Vancouver, British Columbia, V6C 2B3. The Company's shares are publicly traded on the Over-The-Counter Bulletin Board in the United States. The Company is a reporting issuer in both the United States and in British Columbia. | ||
Exploration Stage Activities | ||
The Company has not produced any revenues from its principal business or commenced significant commercial operations and is considered an exploration stage company as defined by SEC Guide 7 with reference to Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) topic 915. In the exploration stage, management devotes most of its activities to conducting exploratory programs and developing business plans. | ||
Going Concern Uncertainty | ||
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. This contemplates that assets will be realized and liabilities and commitments satisfied in the normal course of business. The Company has accumulated a net loss of $17,011,779 since its inception. There is a working capital deficiency of $169,900 and the Company has no sources of operating revenue. The continuance of the Company is dependent upon its ability to obtain additional financing as needed to pursue new business opportunities and ultimately upon generating profitable operations from its mineral property exploration and development activities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management has plans to seek additional capital through private placements of its common stock and loans from related parties to fund expenditures for the next year. Although there are no assurances that management's plans will be realized, management believes that the Company will be able to continue operations in the future. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue as a going concern. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company's functional and reporting currency is the Canadian dollar. The significant accounting policies are summarized below: | |||
a) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at December 31, 2013 and 2012 the Company has only cash on deposit. | |||
b) | Mineral Claim Payments and Exploration Expenditures | ||
The Company is engaged in the acquisition and exploration of mineral properties. Mineral property exploration costs are expensed as incurred. Acquisition costs are initially capitalized when incurred. The Company assesses the carrying amount of mineral property assets for impairment under the FASB ASC topic 360 at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs subsequently incurred to develop such properties are capitalized. Upon commercial production the carrying value will be amortized using the units-of-production method over the established life of the proven and probable reserves. If mineral properties are subsequently abandoned or impaired, any non-recoverable amount will be charged to operations. | |||
c) | Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions of future events that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the reporting period. Significant areas requiring the use of management estimates relate to allocations of expenditures to resource property interests, deferred tax disclosures, asset impairment tests, and determination of fair value transactions involving common stock, warrants, options, derivative liabilities, deferred tax balances and valuation allowances. Financial results as determined by actual events could differ from those estimates. | |||
d) | Equipment | ||
Equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the declining balance method as follows: | |||
Office furniture 20% on declining balance basis | |||
Computer equipment 30% on declining balance basis | |||
f) | Foreign Currency Translation | ||
The functional currency of the Company is the Canadian dollar and these financial statements are presented in Canadian dollars unless otherwise noted. Foreign denominated monetary assets and liabilities are translated to their Canadian dollar equivalents using foreign exchange rates in effect at the balance sheet date. Non-monetary items are translated at historical exchange rates, except for items carried at market value, which are translated at the rate of exchange in effect at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Exchange gains and losses arising on foreign currency translation are included in the determination of operating results for the year. | |||
g) | Risk Management | ||
Foreign Exchange Risk | |||
The Company is subject to foreign exchange risk for purchases denominated in foreign currencies. The Company operates primarily in Canada and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates and the United States Dollar. Foreign currency risk arises from the fluctuation of foreign exchange rates and the degree of volatility of these rates relative to the United States dollar. | |||
Credit risk | |||
The risk in cash accounts is managed through the use of a major financial institution which has high credit quality as determined by the rating agencies. As at December 31, 2013, the Company does not have significant concentrations of credit exposure. | |||
Interest rate risk | |||
The Company has no significant exposure to interest rate fluctuation risk. | |||
h) Income Taxes | |||
Income taxes are accounted for under the asset and liability method as stipulated by ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis together with information on operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be reversed or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when, in management's view, it is more likely than not that such deferred tax will not be utilized. | |||
In the event that an uncertain tax position exists in which the Company could incur income taxes, penalties or interest, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax positions would then be recorded if the Company determined it is probable that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. As of December 31, 2013, the Company does not believe it has any uncertain tax positions that would result in the Company incurring a liability to tax authorities. | |||
i) Stock Based Compensation | |||
The Company has a stock-based compensation plan which is described more fully in Note 6. The Company measures the compensation cost of stock options and other stock-based awards to officers, directors and consultants at fair value at the grant date and recognizes compensation expense over the requisite service period for awards expected to vest. | |||
Except for transactions with employees and directors, all transactions in which goods or services are the consideration received for the issuance of equity instruments, are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Additionally, the Company has determined that the dates used to value the transaction are either: | |||
(1) The date at which a commitment for performance by the counter party to earn the equity instruments is established; or | |||
(2) The date at which the counter party's performance is complete. | |||
j) Comprehensive Income (Loss) | |||
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive income or loss and its components in the financial statements. As at December 31, 2013 and 2012, the Company has no items that represent a comprehensive loss and has not included a schedule of comprehensive loss in these financial statements. | |||
k) Basic and Diluted Income (Loss) per Share | |||
Basic net income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted net income per common share includes the dilution that could occur upon the exercise of options and warrants to acquire common stock, computed using the treasury stock method which assumes that the increase in the number of shares is reduced by the number of shares that the Company could have repurchased with the proceeds from the exercise of options and warrants (which are assumed to have been made at the average market price of the common shares during the reporting period). | |||
Common stock equivalents from stock options and warrants were excluded from the calculation of net loss per share for December 31, 2012 as their effect is anti-dilutive. | |||
l) Recently Adopted Accounting Policies | |||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial statements. |
EQUIPMENT
EQUIPMENT | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||||||||
EQUIPMENT | ' | ||||||||||||||||||||||||
3 | EQUIPMENT | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Cost | Accumulated depreciation | Net Book Value | Accumulated | Net Book Value | |||||||||||||||||||||
Cost | depreciation | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Office furniture | - | - | - | 2,812 | 2,388 | 424 | |||||||||||||||||||
Computer equipment | - | - | - | 5,033 | 4,786 | 247 | |||||||||||||||||||
- | - | - | 7,845 | 7,174 | 671 | ||||||||||||||||||||
During the year ended December 31, 2013, the Company disposed of its office furniture and computer equipment for a loss of $592. |
MINERAL_EXPLORATION_PROPERTIES
MINERAL EXPLORATION PROPERTIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Extractive Industries [Abstract] | ' | ||
MINERAL EXPLORATION PROPERTIES | ' | ||
4 | MINERAL EXPLORATION PROPERTIES | ||
(a) | The Pires Gold Project, Brazil | ||
On June 17, 2009, and as amended on November 13, 2009, the Company signed a definitive Mineral Property Option agreement with Infogeo Servicos E Locacoes ("Infogeo"), a private arms length Brazilian company, whereby the Company received an option to acquire up to a 100% interest in the Pires Gold Project ("Pires" or the "Pires Property"), pursuant to the following terms: | |||
To earn a 40% interest in the property (First Milestone), in year one: | |||
(i) | pay to the optionor (or its nominee) US $50,000 as follows: | ||
(A) US $25,000 within seven days of the execution of this agreement (paid), and | |||
(B) US $25,000 within 45 days of the execution of this agreement (paid); and | |||
(ii) | expend not less than US $300,000 (the "First Target") in exploration expenditures onthe property on or before May 31, 2010 (incurred). | ||
(a) | The Pires Gold Project, Brazil (continued) | ||
To earn an additional 20% (60 % total) interest in the property (Second Milestone), in year two: | |||
(i) | paying US $100,000 to the optionor (or its nominee) on or before January 16, 2010 (paid), and | ||
(ii) | expend not less than US $300,000 (less the amount by whichany exploration expenditures pursuant to item (ii) of the First Milestoneexceeded the First Target) (the "Second Target") in exploration expenditures on the property before January 16, 2011. | ||
To earn an additional 15% (75% Total) interest in the property option (Third Milestone), in year three: | |||
(i) | issue to the Optionor 100,000 common shares of the Company on or before January 16, 2011(issued), and | ||
(ii) | expend up to US $1,000,000 to complete and submit a final report by January 16, 2012. | ||
Option to Purchase 25% (100% total) (Upon completion of the Third Milestone) | |||
Purchase up to 20% of the interest in the property, by paying the Optionor US $1,000,000 for each 5% incremental interest in the Property, and US $2,000,000 for the remaining 5% interest. | |||
Pursuant to an amendment on November 13, 2009, the Company agreed to issue a total of 300,000 common shares (150,000 issued prior to December 31, 2009 and 150,000 issued prior to December 31, 2010) common shares of the Company in return for extension of the Year 1 exploration expenditures requirement. The Company recorded $62,260 for 150,000 shares issued during the year ended December 31, 2009 in capital stock and $62,260 for the remaining 150,000 shares as an obligation to issue shares as at December 31, 2009, and the shares were issued during the year ended December 31, 2010. | |||
The Company incurred the expenditures required and as a result, as of December 31, 2010, had earned a 40% interest in the Pires Property. | |||
On February 18, 2010, the Company signed a Letter of Intent ("LOI") with Ansell Capital Corp., ("Ansell") a TSX Venture listed company, pursuant to which Ansell proposed to acquire all of the outstanding and issued shares of the Company through a plan of arrangement (the "Plan of Arrangement") under the British Columbia Corporations Act. The terms of the Arrangement will provide for a one to one common share, option and warrant swap between Ansell and the Company's shareholders. | |||
Pursuant to the terms of the LOI, Ansell agreed to: (a) incur no less than US $200,000 (incurred) to be jointly administered by Ansell and the Company, which funds to be spent on qualifying expenditures to satisfy the Company's work commitments in respect of the Pires Property work commitment; and (b) advance the Company $75,000 (received) to pay certain agreed payables prior to the execution of the definitive agreement for a 25% interest in Entourage's First Milestone of the Pires Gold project. The Company recorded the $75,000 payment received in 2010 as a reduction of mineral property costs. The Company has the right to re-purchase the 25% interest by paying back all advances by Ansell for a period of 12 months after termination of the LOI. On July 14, 2010 the Company was notified by Ansell that it would not be proceeding with the Plan of Arrangement. | |||
On March 14, 2012, the Company agreed to sell the Company's interest in the Pires Gold Project to a third party for $100,480 (US $100,000) payable in two tranches, the first on signing (received) and the second no later than June 30, 2012 (received). On March 30, 2012, the Company agreed to purchase the 10% interest earned by Ansell Capital in the Pires Gold Project for $10,000 (US $10,000) cash (payable) and the issuance of 300,000 shares from treasury (issued) at a fair value of $0.05 per common share. As a result, the Company recorded a net recovery of $70,169, net of other costs of $5,311 during the year ended December 31, 2012. | |||
(b) Doran Property, Quebec | |||
i) | By agreement dated March 15, 2005, the Company obtained an option to acquire a 100% interest in certain mineral properties in south-central Quebec (the "Doran Property") in exchange for cash payments of $220,000, the issuance of 75,000 common shares and the expenditure of $1,000,000 on the Doran Property over three years, as follows: | ||
a. | $35,000 and 12,500 common shares within ten business days of the date of approval of the agreement (paid and issued); | ||
b. | $35,000 and 12,500 common shares on or before March 15, 2006 (paid and issued); and expending $200,000 on or before March 15, 2006 (incurred); | ||
c. | $75,000 (paid) and 25,000 common shares on or before March 15, 2007 (issued); and expending $300,000 on or before March 15, 2007 (incurred by Abbastar Holdings Inc. ("Abbastar") – Note 4b iii); and | ||
d. | $75,000 (paid by Abbastar – Note 4b iii) and 25,000 common shares on or before March 15, 2008 (issued); and expend an additional $500,000 on or before March 15, 2008 (incurred by Abbastar – Note 4b iii). | ||
All the above terms have been met and the Company earned 100% interest in the property subject to Abbastar's interest (Note 4b iii). The Company has allowed certain claims to lapse, and at December 31, 2013 holds a total of 3 claims totaling approximately 165 hectares. | |||
ii) | The property interest is subject to a 2.5% Net Smelter Return (NSR). The Company has the right to purchase up to three-fifths of the NSR, or 1.5%, for $1,750,000. | ||
iii) | On February 13, 2007 the Company entered into an option agreement (the "Option") with Abbastar, a TSX Venture Exchange listed company, whereby Abbastar may earn up to a 70% interest in the Doran Property by making a one time cash payment of $100,000 (received) Abbastat incurring exploration expenditures of $5,000,000 on the Doran Property over 4 years (The Company retains the right to purchase the NSR on the Doran Property). The terms of the Option provide that Abbastar may earn its interest in the Doran property as follows: | ||
a. | 20% interest by spending $500,000 in exploration costs on or before February 13, 2008 (incurred); | ||
b. | 15% additional interest by expending an additional $1,000,000 on or before February 13, 2009 (incurred); | ||
c. | 15% additional interest by expending an additional $1,500,000 on or before February 13, 2010; and | ||
d. | 20% additional interest by expending an additional $2,000,000 on or before February 13, 2011. | ||
As of December 31, 2013, Abbastar had earned a 35% interest in the Doran property but has allowed the balance of their option to expire. |
LOANS_PAYABLE
LOANS PAYABLE | 12 Months Ended | ||
Dec. 31, 2013 | |||
Debt Disclosure [Abstract] | ' | ||
LOANS PAYABLE | ' | ||
5 | LOANS PAYABLE | ||
During the year ended December 31, 2013, the Company settled arm's length third party loans of $47,448 for $17,000 in cash. The loans settled included $3,685 in accrued interest. The loan balance at December 31, 2012 was $43,600. |
CAPITAL_STOCK
CAPITAL STOCK | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
CAPITAL STOCK | ' | ||||||||||||
6 | CAPITAL STOCK | ||||||||||||
a) | Issued Shares | ||||||||||||
There were no shares issuances during the year ended December 31, 2013. | |||||||||||||
Pursuant to a non-brokered private placement, the Company issued at total of 3,074,120 Units on April 13, 2012 for total proceeds of $153,706 at $0.05 per unit. Each unit consisted of one common share of the Company and one half share purchase warrant. Each whole warrant is exercisable at a price of $0.15 per share for a period of two years. | |||||||||||||
On March 30, 2012, the Company agreed to purchase the 10% interest earned by Ansell Capital in the Pires Gold Project for $10,000 cash and the issuance of 300,000 shares from treasury. The shares have been issued at a fair value of $0.05 per common share (Note 4). | |||||||||||||
b) | Stock Options | ||||||||||||
In February 2004, the Company implemented a Stock Option Plan ("SOP") for its officers, directors and consultants to allow for up to 160,000 share purchase options to be granted at US $2.50 per share, for a period not to exceed five years. In November 2004, the SOP was amended to provide for the issuance of up to 220,000 incentive stock options to directors, officers, employees and non-investor relations consultants. During January 2006, the Company increased the stock option plan from 220,000 shares to 720,000 shares. | |||||||||||||
There were no options issued and outstanding during the years ended December 31, 2013 and 2012. | |||||||||||||
c) | Warrants | ||||||||||||
On April 13, 2012, pursuant to a private placement, 1,537,060 warrants at an exercise price of $0.15 with a term of two years were issued. | |||||||||||||
Activity in warrants is summarized as follows: | |||||||||||||
Warrants Outstanding | Weighted Average Exercise Price | Weighted | |||||||||||
Average | |||||||||||||
Life | |||||||||||||
Balance, December 31, 2011 | 1,613,162 | US $0.25 | 0.07 | ||||||||||
Issued | 1,537,060 | $ | 0.15 | 2 | |||||||||
Exercised | - | - | - | ||||||||||
Expired | -1,613,162 | US $0.25 | - | ||||||||||
Balance, December 31, 2012 and 2013 | 1,537,060 | $ | 0.15 | 0.28 | |||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
7. RELATED PARTY TRANSACTIONS | |
As at December 31, 2013, $1,179 (2012 - $6,126) was owing to a former director and a company controlled by a former director of the Company. The loan is unsecured, non-interest bearing and due on demand. | |
As at December 31, 2013, $129,772 (2012 - $nil) was owing to a company controlled by a director of the Company. The loan is unsecured, bears interest at 0.5% per annum compounded annually and is due on demand within 15 days written notice. As at December 31, 2013, accrued interest of $177 was included in loans payable. | |
During the year ended December 31, 2013, the Company incurred $45,000 (2012 - $60,000) in management fees to its directors and officers. Effective April 1, 2012, the directors of the Company agreed to waive their management fees until the Company has the financial resources to extinguish their debt. In accordance with U.S. GAAP, the Company recorded $42,500 (2012 - $45,000) in management fees as an increase to additional paid-in capital and $2,500 was paid in cash. The Company also paid $250 to a director which has been included in consulting fees. | |
During the year ended December 31, 2013, the Company advanced $nil (2012 - $1,001) to a director of the Company for expenses to be incurred. As at December 31, 2012, this amount was included in prepaid expenses. | |
The above transactions have been recorded at their exchange amount being the amount of consideration established and agreed to by the related parties. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
8. INCOME TAXES | |||||||||
The actual income tax provisions differ from the expected amounts calculated by applying the Canadian combined federal and provincial corporate income tax rates to the Company's loss before income taxes. The components of these differences are as follows: | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Income (loss) before income tax | 28,169 | (51,039 | ) | ||||||
Combined statutory rate | 25 | % | 25 | % | |||||
Expected income tax expense (recovery) | 7,000 | (12,500 | ) | ||||||
Increase (decrease) resulting from: | |||||||||
Temporary difference | 2,000 | ||||||||
Permanent differences and other | 9,000 | 11,000 | |||||||
Change in valuation allowance | (18,000 | ) | 1,500 | ||||||
Future income tax provision (recovery) | - | - | |||||||
The Company's tax-effected deferred income tax assets are estimated as follows: | |||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Mineral properties tax basis in excess of carrying value | 2,631,000 | 2,631,000 | |||||||
Non-capital losses available | 498,000 | 513,000 | |||||||
Other | - | 2,000 | |||||||
Potential deferred income tax assets | 3,129,000 | 3,147,000 | |||||||
Less: valuation allowance | (3,129,000 | ) | (3,147,000 | ) | |||||
Net Deferred Income Tax Asset | - | - | |||||||
As the criteria for recognizing deferred income tax assets have not been met due to the uncertainty of realization, a valuation allowance of 100% has been recorded for the current and prior year. | |||||||||
The Company has approximately $1,990,000 (2012 - $2,037,000) of non-capital losses which can be applied to reduce future taxable income, expiring as follows: | |||||||||
Year of Expiry | Amount | ||||||||
$ | |||||||||
2014 | 150,000 | ||||||||
2015 | 212,000 | ||||||||
2026 | 336,000 | ||||||||
2027 | 429,000 | ||||||||
2028 | 422,000 | ||||||||
2029 | - | ||||||||
2030 | 217,000 | ||||||||
2031 | 146,000 | ||||||||
2032 | 78,000 | ||||||||
1,990,000 | |||||||||
The Company has certain resource related deductions and other losses of approximately $10,524,000 (2012 - $10,524,000) which may be available to be offset future taxable income in Canada. The realization of these tax balances in future years if available will be recorded as an adjustment to the valuation allowance and corporate tax provision in the period realized. |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES | ' | ||||||||
9 | SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||
Cash paid during the year for: | $ | $ | |||||||
Interest | 12,883 | 500 | |||||||
During the year ended December 31, 2013, there were no non-cash transactions, | |||||||||
During the year ended December 31, 2012, the Company issued 300,000 shares with a fair value of $15,000 pursuant to the Mineral Property acquisition agreement on the Pires Gold Project for the 10% interest earned by Ansell Capital (Note 4). |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||
10. FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The FASB ASC topic 820 on fair value measurement and disclosures establishes three levels of inputs that may be used to measure fair value: quoted prices in active markets for identical assets or liabilities (referred to as Level 1), observable inputs other than Level 1 that are observable for the asset or liability either directly or indirectly (referred to as Level 2), and unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities (referred to as Level 3). | |||||||||||||||||||||
The carrying values and fair values of the Company's financial instruments are as follows: | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
CARRYING VALUE | FAIR | CARRYING VALUE | FAIR VALUE | ||||||||||||||||||
LEVEL | VALUE | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash | 1 | $ | 12,948 | $ | 12,948 | $ | 1,764 | $ | 1,764 | ||||||||||||
Other receivable | 3 | 361 | 361 | 1,295 | 1,295 | ||||||||||||||||
$ | 13,309 | $ | 13,309 | $ | 3,056 | $ | 3,056 | ||||||||||||||
Financial liabilities | |||||||||||||||||||||
Accounts payable | 3 | $ | 34,752 | $ | 34,752 | $ | 178,158 | $ | 178,158 | ||||||||||||
Loans payable | 3 | - | 43,600 | 43,600 | |||||||||||||||||
Due to related parties | 3 | 130,951 | 130,951 | 6,126 | 6,126 | ||||||||||||||||
$ | 165,703-- | $ | 165,703-- | $ | 227,884-- | $ | 227,884-- | ||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
11. SUBSEQUENT EVENTS | |
Subsequent to year end all of the outstanding warrants expired unexercised. | |
Subsequent events were reviewed to the date the financial statements were issued. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Cash and Cash Equivalents | ' | ||
a) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As at December 31, 2013 and 2012 the Company has only cash on deposit. | |||
Mineral Claim Payments and Exploration Expenditures | ' | ||
b) | Mineral Claim Payments and Exploration Expenditures | ||
The Company is engaged in the acquisition and exploration of mineral properties. Mineral property exploration costs are expensed as incurred. Acquisition costs are initially capitalized when incurred. The Company assesses the carrying amount of mineral property assets for impairment under the FASB ASC topic 360 at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs subsequently incurred to develop such properties are capitalized. Upon commercial production the carrying value will be amortized using the units-of-production method over the established life of the proven and probable reserves. If mineral properties are subsequently abandoned or impaired, any non-recoverable amount will be charged to operations. | |||
Use of Estimates | ' | ||
c) | Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions of future events that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the reporting period. Significant areas requiring the use of management estimates relate to allocations of expenditures to resource property interests, deferred tax disclosures, asset impairment tests, and determination of fair value transactions involving common stock, warrants, options, derivative liabilities, deferred tax balances and valuation allowances. Financial results as determined by actual events could differ from those estimates. | |||
Equipment | ' | ||
d) | Equipment | ||
Equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the declining balance method as follows: | |||
Office furniture | 20% on declining balance basis | ||
Computer equipment | 30% on declining balance basis | ||
Foreign Currency Translation | ' | ||
f) | Foreign Currency Translation | ||
The functional currency of the Company is the Canadian dollar and these financial statements are presented in Canadian dollars unless otherwise noted. Foreign denominated monetary assets and liabilities are translated to their Canadian dollar equivalents using foreign exchange rates in effect at the balance sheet date. Non-monetary items are translated at historical exchange rates, except for items carried at market value, which are translated at the rate of exchange in effect at the balance sheet date. Revenues and expenses are translated at average rates of exchange during the year. Exchange gains and losses arising on foreign currency translation are included in the determination of operating results for the year. | |||
Risk Management | ' | ||
g) | Risk Management | ||
Foreign Exchange Risk | |||
The Company is subject to foreign exchange risk for purchases denominated in foreign currencies. The Company operates primarily in Canada and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates and the United States Dollar. Foreign currency risk arises from the fluctuation of foreign exchange rates and the degree of volatility of these rates relative to the United States dollar. | |||
Credit risk | |||
The risk in cash accounts is managed through the use of a major financial institution which has high credit quality as determined by the rating agencies. As at December 31, 2013, the Company does not have significant concentrations of credit exposure. | |||
Interest rate risk | |||
The Company has no significant exposure to interest rate fluctuation risk. | |||
Income Taxes | ' | ||
h) Income Taxes | |||
Income taxes are accounted for under the asset and liability method as stipulated by ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis together with information on operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be reversed or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when, in management's view, it is more likely than not that such deferred tax will not be utilized. | |||
In the event that an uncertain tax position exists in which the Company could incur income taxes, penalties or interest, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax positions would then be recorded if the Company determined it is probable that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. As of December 31, 2013, the Company does not believe it has any uncertain tax positions that would result in the Company incurring a liability to tax authorities. | |||
Stock Based Compensation | ' | ||
i) Stock Based Compensation | |||
The Company has a stock-based compensation plan which is described more fully in Note 6. The Company measures the compensation cost of stock options and other stock-based awards to officers, directors and consultants at fair value at the grant date and recognizes compensation expense over the requisite service period for awards expected to vest. | |||
Except for transactions with employees and directors, all transactions in which goods or services are the consideration received for the issuance of equity instruments, are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Additionally, the Company has determined that the dates used to value the transaction are either: | |||
(1) The date at which a commitment for performance by the counter party to earn the equity instruments is established; or | |||
(2) The date at which the counter party's performance is complete. | |||
Comprehensive Income (Loss) | ' | ||
j) Comprehensive Income (Loss) | |||
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive income or loss and its components in the financial statements. As at December 31, 2013 and 2012, the Company has no items that represent a comprehensive loss and has not included a schedule of comprehensive loss in these financial statements. | |||
Basic and Diluted Income (Loss) per Share | ' | ||
k) Basic and Diluted Income (Loss) per Share | |||
Basic net income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted net income per common share includes the dilution that could occur upon the exercise of options and warrants to acquire common stock, computed using the treasury stock method which assumes that the increase in the number of shares is reduced by the number of shares that the Company could have repurchased with the proceeds from the exercise of options and warrants (which are assumed to have been made at the average market price of the common shares during the reporting period). | |||
Common stock equivalents from stock options and warrants were excluded from the calculation of net loss per share for December 31, 2012 as their effect is anti-dilutive. | |||
Recently Adopted Accounting Policies | ' | ||
l) Recently Adopted Accounting Policies | |||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial statements. |
EQUIPMENT_Tables
EQUIPMENT (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||||||||
Schedule of equipment | ' | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Cost | Accumulated depreciation | Net Book Value | Accumulated | Net Book Value | |||||||||||||||||||||
Cost | depreciation | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Office furniture | - | - | - | 2,812 | 2,388 | 424 | |||||||||||||||||||
Computer equipment | - | - | - | 5,033 | 4,786 | 247 | |||||||||||||||||||
- | - | - | 7,845 | 7,174 | 671 |
CAPITAL_STOCK_Tables
CAPITAL STOCK (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of activity in warrants | ' | ||||||||||||
Warrants Outstanding | Weighted Average Exercise Price | Weighted | |||||||||||
Average | |||||||||||||
Life | |||||||||||||
Balance, December 31, 2011 | 1,613,162 | US $0.25 | 0.07 | ||||||||||
Issued | 1,537,060 | $ | 0.15 | 2 | |||||||||
Exercised | - | - | - | ||||||||||
Expired | -1,613,162 | US $0.25 | - | ||||||||||
Balance, December 31, 2012 and 2013 | 1,537,060 | $ | 0.15 | 0.28 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of reconciliation of the Canadian combined federal and provincial corporate income tax rates to the company's loss before income taxes | ' | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Income (loss) before income tax | 28,169 | (51,039 | ) | ||||||
Combined statutory rate | 25 | % | 25 | % | |||||
Expected income tax expense (recovery) | 7,000 | (12,500 | ) | ||||||
Increase (decrease) resulting from: | |||||||||
Temporary difference | 2,000 | ||||||||
Permanent differences and other | 9,000 | 11,000 | |||||||
Change in valuation allowance | (18,000 | ) | 1,500 | ||||||
Future income tax provision (recovery) | - | - | |||||||
Schedule of deferred income tax assets | ' | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Mineral properties tax basis in excess of carrying value | 2,631,000 | 2,631,000 | |||||||
Non-capital losses available | 498,000 | 513,000 | |||||||
Other | - | 2,000 | |||||||
Potential deferred income tax assets | 3,129,000 | 3,147,000 | |||||||
Less: valuation allowance | (3,129,000 | ) | (3,147,000 | ) | |||||
Net Deferred Income Tax Asset | - | - | |||||||
Schedule of non-capital losses to reduce future taxable income | ' | ||||||||
Year of Expiry | Amount | ||||||||
$ | |||||||||
2014 | 150,000 | ||||||||
2015 | 212,000 | ||||||||
2026 | 336,000 | ||||||||
2027 | 429,000 | ||||||||
2028 | 422,000 | ||||||||
2029 | - | ||||||||
2030 | 217,000 | ||||||||
2031 | 146,000 | ||||||||
2032 | 78,000 | ||||||||
1,990,000 |
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Schedule of supplemental cash flow information and non-cash investing and financing activities | ' | ||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||
Cash paid during the year for: | $ | $ | |||||||
Interest | 12,883 | 500 |
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of carrying values and fair values of the company's financial instruments | ' | ||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
CARRYING VALUE | FAIR | CARRYING VALUE | FAIR VALUE | ||||||||||||||||||
LEVEL | VALUE | ||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash | 1 | $ | 12,948 | $ | 12,948 | $ | 1,764 | $ | 1,764 | ||||||||||||
Other receivable | 3 | 361 | 361 | 1,295 | 1,295 | ||||||||||||||||
$ | 13,309 | $ | 13,309 | $ | 3,056 | $ | 3,056 | ||||||||||||||
Financial liabilities | |||||||||||||||||||||
Accounts payable | 3 | $ | 34,752 | $ | 34,752 | $ | 178,158 | $ | 178,158 | ||||||||||||
Loans payable | 3 | - | 43,600 | 43,600 | |||||||||||||||||
Due to related parties | 3 | 130,951 | 130,951 | 6,126 | 6,126 | ||||||||||||||||
$ | 165,703-- | $ | 165,703-- | $ | 227,884-- | $ | 227,884-- |
ORGANIZATION_AND_BASIS_OF_PRES1
ORGANIZATION AND BASIS OF PRESENTATION (Detail Textuals) (CAD) | 6 Months Ended | 12 Months Ended | 222 Months Ended | |||||||||||||||||
Dec. 31, 1995 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 2002 | Dec. 31, 2001 | Dec. 31, 2000 | Dec. 31, 1999 | Dec. 31, 1998 | Dec. 31, 1997 | Dec. 31, 1996 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -38,624 | 28,169 | -51,039 | -189,503 | 263,194 | -1,092,043 | -414,840 | -598,783 | -2,973,161 | -10,068,841 | -956,466 | -319,515 | -59,428 | -58,749 | -66,855 | -70,046 | -60,148 | -74,529 | -210,592 | -17,011,779 |
Working capital deficiency | ' | -169,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Office furniture | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation on declining balance basis | '20% on declining balance basis |
Computer equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation on declining balance basis | '30% on declining balance basis |
EQUIPMENT_Details
EQUIPMENT (Details ) (CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | ' | 7,845 |
Accumulated depreciation | ' | 7,174 |
Net Book Value | ' | 671 |
Office furniture | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | ' | 2,812 |
Accumulated depreciation | ' | 2,388 |
Net Book Value | ' | 424 |
Computer equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | ' | 5,033 |
Accumulated depreciation | ' | 4,786 |
Net Book Value | ' | 247 |
EQUIPMENT_Detail_Textuals
EQUIPMENT (Detail Textuals) (CAD) | 12 Months Ended | 222 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Disposed loss on equipment | -592 | -592 |
MINERAL_EXPLORATION_PROPERTIES1
MINERAL EXPLORATION PROPERTIES (Detail Textuals) (Pires Gold Project) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Mar. 14, 2012 | Nov. 13, 2009 | Dec. 31, 2010 | Dec. 31, 2009 | Jan. 16, 2011 | Jan. 16, 2010 | Jun. 17, 2009 | 31-May-10 | Jan. 16, 2011 | Jan. 16, 2010 | Jan. 16, 2011 | Jan. 16, 2011 | |
CAD | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | Definitive mineral property option agreement | |
Infogeo | Infogeo | Infogeo | Infogeo | Infogeo | Infogeo | Infogeo | Infogeo | Infogeo | Infogeo | Infogeo | ||
CAD | First milestone of property acquisition in year one | Second milestone of property acquisition in year two | Second milestone of property acquisition in year two | Third milestone of property acquisition in year three | Four milestone of property acquisition in year four | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Mineral Exploration Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to acquire ownership interest | ' | ' | 40.00% | ' | 75.00% | 60.00% | 100.00% | 40.00% | ' | 20.00% | 15.00% | 25.00% |
Amount paid to optionor to acquire interest in property | ' | ' | ' | ' | ' | ' | ' | $50,000 | ' | $100,000 | ' | ' |
Amount paid to optionor to acquire interest in property within seven days of the execution of this agreement | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' |
Amount paid to optionor to acquire interest in property within 45 days of the execution of this agreement | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' |
Number of shares issued to optionor to acquire interest in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Minimum expenditures on exploration of property | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | ' | 1,000,000 | ' |
Option to purchase interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% |
Option to acquire incremental interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Amount paid to optionor to acquire each 5% incremental interest in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Amount paid to optionor to acquire each 5% remaining interest in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
Number of shares issued pursuant to agreement | ' | 300,000 | 150,000 | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares 150,000 shares issued pursuant to agreement | 100,480 | ' | ' | 62,260 | ' | ' | ' | ' | ' | ' | ' | ' |
Value of 150,000 shares issued recorded in capital stock | ' | ' | ' | 62,260 | ' | ' | ' | ' | ' | ' | ' | ' |
MINERAL_EXPLORATION_PROPERTIES2
MINERAL EXPLORATION PROPERTIES (Detail Textuals 1) (Ansell Capital Corp, Plan of arrangement) | 1 Months Ended | |
Feb. 18, 2010 | Feb. 18, 2010 | |
USD ($) | CAD | |
Mineral Exploration Properties [Line Items] | ' | ' |
Threshold amount of funds to be spent on qualifying expenditures to satisfy the work commitments | $200,000 | ' |
Advance to pay certain agreed payables | ' | 75,000 |
Percentage of interest for execution of definitive agreement | 25.00% | 25.00% |
Reduction in cost of mineral properties | ' | 75,000 |
Percentage of interest right to re purchase by paying back all advances | 25.00% | 25.00% |
MINERAL_EXPLORATION_PROPERTIES3
MINERAL EXPLORATION PROPERTIES (Detail Textuals 2) (Pires Gold Project) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Mar. 14, 2012 | Mar. 14, 2012 | Mar. 30, 2012 | Mar. 30, 2012 | Dec. 31, 2012 | |
USD ($) | CAD | Ansell Capital Corp | Ansell Capital Corp | Ansell Capital Corp | |
USD ($) | CAD | CAD | |||
Mineral Exploration Properties [Line Items] | ' | ' | ' | ' | ' |
Amount of interest sold to third party | ' | 100,480 | ' | ' | ' |
Value of interest sold payable in two tranches | 100,000 | ' | ' | ' | ' |
Percentage of interest earned | ' | ' | 10.00% | 10.00% | ' |
Cash payable for interest earned | ' | ' | 10,000 | 10,000 | ' |
Number of shares issued from treasury stock | ' | ' | 300,000 | 300,000 | ' |
Fair value of common per share issued | ' | ' | ' | 0.05 | ' |
Recovery amount related to Mineral property costs | ' | ' | ' | ' | 70,169 |
Other costs related to purchase of interest | ' | ' | ' | ' | 5,311 |
MINERAL_EXPLORATION_PROPERTIES4
MINERAL EXPLORATION PROPERTIES (Detail Textuals 3) (Doran Property, Quebec, CAD) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Mar. 15, 2005 | Dec. 31, 2013 | Mar. 15, 2005 | Mar. 15, 2005 | Mar. 15, 2005 | Mar. 15, 2005 | Mar. 15, 2005 | Mar. 15, 2005 | |
Abbastar Holdings Inc | Payment Date On Or Before March 25, 2005 | Payment Date On Or Before March 15, 2006 | Payment Date On Or Before March 15, 2007 | Payment Date On Or Before March 15, 2007 | Payment Date On Or Before March 15, 2008 | Payment Date On Or Before March 15, 2008 | ||
Claim | Abbastar Holdings Inc | Abbastar Holdings Inc | ||||||
ha | ||||||||
Mineral Exploration Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of option to acquire interest in business unit | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Cash portion of the acquisition price | 220,000 | ' | 35,000 | 35,000 | 75,000 | ' | 75,000 | ' |
Common shares issued | 75,000 | ' | 12,500 | 12,500 | 25,000 | ' | 25,000 | ' |
Expenditure on the Doran property | 1,000,000 | ' | ' | 200,000 | ' | 300,000 | ' | 500,000 |
Number of claims | ' | 3 | ' | ' | ' | ' | ' | ' |
Area of land | ' | 165 | ' | ' | ' | ' | ' | ' |
Property interest percentage of Net Smelter Return (NSR) | ' | 2.50% | ' | ' | ' | ' | ' | ' |
Description of right to purchase | ' | 'three-fifths of the NSR, or 1.5%, for $1,750,000 | ' | ' | ' | ' | ' | ' |
MINERAL_EXPLORATION_PROPERTIES5
MINERAL EXPLORATION PROPERTIES (Detail Textuals 4) (Doran Property, Quebec, CAD) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Mar. 15, 2005 | Feb. 13, 2007 | Dec. 31, 2013 | Feb. 13, 2007 | Feb. 13, 2007 | Feb. 13, 2007 | Feb. 13, 2007 | |
Option agreement | Option agreement | Option agreement | Option agreement | Option agreement | Option agreement | ||
Abbastar Holdings Inc | Abbastar Holdings Inc | Payment Date On Or Before February 13, 2008 | Payment Date On Or Before February 13, 2009 | Payment Date On Or Before February 13, 2010 | Payment Date On Or Before February 13, 2011 | ||
Abbastar Holdings Inc | Abbastar Holdings Inc | Abbastar Holdings Inc | Abbastar Holdings Inc | ||||
Mineral Exploration Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of property acquire | ' | 70.00% | 35.00% | 20.00% | 15.00% | 15.00% | 20.00% |
Cash portion of the acquisition price | 220,000 | 100,000 | ' | ' | ' | ' | ' |
Expenditure on the Doran property | 1,000,000 | 5,000,000 | ' | 500,000 | 1,000,000 | 1,500,000 | 2,000,000 |
LOANS_PAYABLE_Detail_Textuals
LOANS PAYABLE (Detail Textuals) (CAD) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | ' | ' |
Settled third party loan amount | 47,448 | ' |
Settled loan amount in cash | 17,000 | ' |
Loan settled amount included in accrued interest | ' | 3,685 |
Loan amount | ' | 43,600 |
CAPITAL_STOCK_Details
CAPITAL STOCK (Details) (Warrant) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Warrants | ' | ' | ' | ' |
Balance | 1,537,060 | 1,613,162 | 1,613,162 | ' |
Issued | ' | 1,537,060 | 1,537,060 | ' |
Exercised | ' | ' | ' | ' |
Expired | ' | -1,613,162 | -1,613,162 | ' |
Balance | 1,537,060 | 1,537,060 | 1,537,060 | 1,613,162 |
Weighted Average Exercise Price | ' | ' | ' | ' |
Balance | 0.15 | 0.25 | 0.25 | ' |
Issued | ' | 0.15 | 0.15 | ' |
Exercised | ' | ' | ' | ' |
Expired | ' | 0.25 | 0.25 | ' |
Balance | 0.15 | 0.15 | 0.15 | 0.25 |
Weighted Average Life | ' | ' | ' | ' |
Weighted average life of warrants | '3 months 11 days | '3 months 11 days | '3 months 11 days | '26 days |
Issued | ' | '2 years | '2 years | ' |
CAPITAL_STOCK_Detail_Textuals
CAPITAL STOCK (Detail Textuals) (Private placement, CAD) | 0 Months Ended |
Apr. 13, 2012 | |
Warrant | |
Share_Warrant | |
Private placement | ' |
Equity [Line Items] | ' |
Number of units issued | 3,074,120 |
Proceeds from units issued | 153,706 |
Price per unit | 0.05 |
Common shares in each unit | 1 |
Share purchase warrants in each unit | 1.5 |
Warrant exercise price | 0.15 |
Warrant exercisable period | '2 years |
CAPITAL_STOCK_Detail_Textuals_
CAPITAL STOCK (Detail Textuals 1) (Mineral Property acquisition agreement, Pires Gold Project, CAD) | 1 Months Ended | 12 Months Ended |
Mar. 30, 2012 | Dec. 31, 2012 | |
Mineral Property acquisition agreement | Pires Gold Project | ' | ' |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Number of shares issued from treasury stock | 300,000 | 300,000 |
Cash portion of the acquisition price | 10,000 | ' |
Mineral property interest earned | 10.00% | 10.00% |
Fair value per common share | 0.05 | ' |
CAPITAL_STOCK_Detail_Textuals_1
CAPITAL STOCK (Detail Textuals 2) (Stock Options, USD $) | 1 Months Ended | ||
Feb. 29, 2004 | Jan. 31, 2006 | Nov. 30, 2004 | |
Officers, directors and consultants | Directors, officers, employees and non-investor relations consultants | Directors, officers, employees and non-investor relations consultants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of options issued | 160,000 | 720,000 | 220,000 |
Per share price | $2.50 | ' | ' |
Expiration period | '5 years | ' | ' |
CAPITAL_STOCK_Detail_Textuals_2
CAPITAL STOCK (Detail Textuals 3) (Warrant) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2012 | Apr. 13, 2012 | |
Private placement | ||
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued | 1,537,060 | 1,537,060 |
Exercise price of warrants issued | 0.15 | 0.15 |
Term of warrant | '2 years | '2 years |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (CAD) | 12 Months Ended | 222 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Loan from related party | 130,951 | 6,126 | 130,951 |
Management fees (Note 7) | 45,000 | 60,000 | 1,260,654 |
Non-cash management fees | 42,500 | 45,000 | 87,500 |
Management fee paid in cash | 2,500 | ' | ' |
Consulting fees | 37,606 | 41,872 | 696,789 |
Former director | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Loan from related party | 1,179 | 6,126 | 1,179 |
Director | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Loan from related party | 129,772 | ' | 129,772 |
Interest rate | 0.50% | ' | ' |
Description of payment of loan from related party | 'due on demand within 15 days written notice | ' | ' |
Accrued interest | 177 | ' | 177 |
Consulting fees | 250 | ' | ' |
Advance to director | ' | 1,001 | ' |
Directors and officers | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Management fees (Note 7) | 45,000 | 60,000 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (CAD) | 12 Months Ended | 222 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income (loss) before income tax | 28,169 | -51,039 | -17,078,941 |
Combined statutory rate | 25.00% | 25.00% | ' |
Expected income tax expense (recovery) | 7,000 | -12,500 | ' |
Increase (decrease) resulting from: | ' | ' | ' |
Temporary difference | 2,000 | ' | ' |
Permanent differences and other | 9,000 | 11,000 | ' |
Change in valuation allowance | -18,000 | 1,500 | ' |
Future income tax provision (recovery) | ' | ' | -67,162 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Mineral properties tax basis in excess of carrying value | 2,631,000 | 2,631,000 |
Non-capital losses available | 498,000 | 513,000 |
Other | ' | 2,000 |
Potential deferred income tax assets | 3,129,000 | 3,147,000 |
Less: valuation allowance | -3,129,000 | -3,147,000 |
Net Deferred Income Tax Asset | ' | ' |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
2014 | 150,000 | ' |
2015 | 212,000 | ' |
2026 | 336,000 | ' |
2027 | 429,000 | ' |
2028 | 422,000 | ' |
2029 | ' | ' |
2030 | 217,000 | ' |
2031 | 146,000 | ' |
2032 | 78,000 | ' |
Total reduce future taxable income | 1,990,000 | 2,037,000 |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Non-capital losses which can be applied to reduce future taxable income, | 1,990,000 | 2,037,000 |
Adjustment to the valuation allowance and corporate tax provision | 10,524,000 | 10,524,000 |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES (Details) (CAD) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash paid during the year for: | ' | ' |
Interest | 12,883 | 500 |
SUPPLEMENTAL_CASH_FLOW_INFORMA3
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES (Detail Textuals) (Mineral Property acquisition agreement, Pires Gold Project, CAD) | 1 Months Ended | 12 Months Ended |
Mar. 30, 2012 | Dec. 31, 2012 | |
Mineral Property acquisition agreement | Pires Gold Project | ' | ' |
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' |
Share issued | 300,000 | 300,000 |
Fair value pursuant to mineral property acquisition agreement | ' | 15,000 |
Mineral property interest earned | 10.00% | 10.00% |
FINANCIAL_INSTRUMENTS_Details
FINANCIAL INSTRUMENTS (Details) (CAD) | Dec. 31, 2013 | Dec. 31, 2012 | ||
CARRYING VALUE | ' | ' | ||
Financial assets | ' | ' | ||
Cash | 12,948 | [1] | 1,764 | [1] |
Other receivable | 361 | [2] | 1,295 | [2] |
Financial assets total | 13,309 | 3,056 | ||
Financial liabilities | ' | ' | ||
Accounts payable | 34,752 | [2] | 178,158 | [2] |
Loans payable | ' | [2] | 43,600 | [2] |
Due to related parties | 130,951 | [2] | 6,126 | [2] |
Financial liabilities total | 165,703 | 227,884 | ||
FAIR VALUE | ' | ' | ||
Financial assets | ' | ' | ||
Cash | 12,948 | [1] | 1,764 | [1] |
Other receivable | 361 | [2] | 1,295 | [2] |
Financial assets total | 13,309 | 3,056 | ||
Financial liabilities | ' | ' | ||
Accounts payable | 34,752 | [2] | 178,158 | [2] |
Loans payable | ' | [2] | 43,600 | [2] |
Due to related parties | 130,951 | [2] | 6,126 | [2] |
Financial liabilities total | 165,703 | 227,884 | ||
[1] | LEVEL 1 | |||
[2] | LEVEL 3 |