Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 02, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PARAMOUNT GOLD & SILVER CORP. | ' |
Entity Central Index Key | '0001342854 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 155,731,068 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Condensed_Consolidated_Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $9,513,802 | $11,524,051 |
Amounts receivable | 1,016,308 | 1,207,247 |
Prepaid and deposits | 599,781 | 212,197 |
Prepaid insurance, current portion (Note 11) | 245,215 | 245,215 |
Marketable securities (Note 3) | 604,743 | 450,000 |
Total Current Assets | 11,979,849 | 13,638,710 |
Non-Current Assets | ' | ' |
Mineral properties (Note 8) | 51,875,798 | 51,875,798 |
Property and equipment (Note 9) | 419,705 | 432,287 |
Prepaid insurance, non current portion (Note 11) | 61,302 | 122,607 |
Reclamation bond (Note 11) | 2,700,548 | 2,718,384 |
Total Non-Current Assets | 55,057,353 | 55,149,076 |
Total Assets | 67,037,202 | 68,787,786 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 332,977 | 298,281 |
Total Current Liabilities | 332,977 | 298,281 |
Non-Current Liabilities | ' | ' |
Reclamation and environmental obligation (Note 11) | 1,275,475 | 1,263,584 |
Total Liabilities | 1,608,452 | 1,561,865 |
Stockholders' Equity | ' | ' |
Capital Stock, par value $0.001 per share; authorized 200,000,000 shares, 155,731,068 issued and outstanding at September 30, 2013 and 155,731,068 shares issued and outstanding at June 30, 2013 | 155,732 | 155,732 |
Additional paid in capital | 168,773,335 | 168,773,335 |
Contributed surplus | 13,680,781 | 13,583,315 |
Deficit accumulated during the exploration stage | -117,182,447 | -115,217,521 |
Accumulated other comprehensive income (loss) | 1,349 | -68,940 |
Total Stockholders' Equity | 65,428,750 | 67,225,921 |
Total Liabilities and Stockholders' Equity | $67,037,202 | $68,787,786 |
Condensed_Consolidated_Interim1
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Stockholders' Equity | ' | ' |
Capital Stock, par value (in dollars per share) | $0.00 | $0.00 |
Capital Stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Capital Stock, shares issued (in shares) | 155,731,068 | 155,731,068 |
Capital Stock, shares outstanding (in shares) | 155,731,068 | 155,731,068 |
Condensed_Consolidated_Interim2
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 112 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Revenue | ' | ' | ' |
Interest income | $4,966 | $15,778 | $1,229,230 |
Gain on sale of mineral property | 0 | 0 | 4,421,233 |
Other income | 10,131 | 7,500 | 325,625 |
Total income | 15,097 | 23,278 | 5,976,088 |
Expenses: | ' | ' | ' |
Incorporation costs | 0 | 0 | 1,773 |
Exploration | 1,234,257 | 3,494,470 | 58,796,016 |
Professional fees | 230,767 | 193,109 | 10,112,220 |
Directors compensation | 69,976 | 143,630 | 3,322,207 |
Travel & lodging | 42,670 | 52,795 | 1,751,939 |
Corporate communications | 54,351 | 60,614 | 4,180,740 |
Consulting fees | 122,577 | 129,593 | 15,236,866 |
Office & administration | 74,869 | 123,802 | 3,673,203 |
Interest & service charges | 2,715 | 3,604 | 134,980 |
Loss on disposal of property and equipment | 0 | 0 | 44,669 |
Insurance | 102,372 | 90,616 | 1,368,987 |
Depreciation | 14,786 | 16,452 | 526,074 |
Accretion | 30,683 | 41,936 | 472,015 |
Miscellaneous | 0 | 0 | 203,097 |
Financing & listing fees | 0 | 0 | -22,024 |
Acquisition expenses | 0 | 0 | 1,505,334 |
Income and other taxes | 0 | 0 | 64,747 |
Write down of mineral property | 0 | 0 | 1,856,049 |
Total Expenses | 1,980,023 | 4,350,621 | 103,228,892 |
Net Loss before other items | 1,964,926 | 4,327,343 | 97,252,804 |
Other items | ' | ' | ' |
Change in fair value of equity conversion right | 0 | 0 | 990,236 |
Other than temporary impairment of marketable securities | 0 | 0 | 4,050,000 |
Write down of other assets | 0 | 0 | 20,246 |
Change in fair value of warrant liability | 0 | 1,532,120 | 14,702,429 |
Loss on sale of marketable securities | 0 | 0 | 166,732 |
Net Loss | 1,964,926 | 5,859,463 | 117,182,447 |
Other comprehensive loss (gain) | ' | ' | ' |
Foreign currency translation adjustment | 34,504 | -27,287 | 103,444 |
Unrealized loss (gain) on available-for-sale-securities | -104,793 | 0 | -104,793 |
Total Comprehensive Loss for the Period | $1,894,637 | $5,832,176 | $117,181,098 |
Loss per Common share | ' | ' | ' |
Basic (in dollars per share) | $0.01 | $0.04 | ' |
Diluted (in dollars per share) | $0.01 | $0.04 | ' |
Weighted Average Number of Common Shares Used in Per Share Calculations | ' | ' | ' |
Basic (in shares) | 155,731,068 | 147,482,297 | ' |
Diluted (in shares) | 155,731,068 | 147,482,297 | ' |
Condensed_Consolidated_Interim3
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 112 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) [Abstract] | ' | ' | ' |
Net Loss | ($1,964,926) | ($5,859,463) | ($117,182,447) |
Adjustment for: | ' | ' | ' |
Depreciation | 14,786 | 16,452 | 526,074 |
Loss on disposal of assets | 0 | 0 | 44,669 |
Stock based compensation | 97,466 | 266,039 | 20,908,704 |
Accrued interest | 0 | 0 | -58,875 |
Write-down of mineral properties | 0 | 0 | 1,856,049 |
Accretion expense | 30,683 | 41,936 | 472,015 |
Change in reclamation | -956 | -30,168 | 53,910 |
Insurance expense | 61,305 | 61,304 | 733,968 |
Other non cash transactions | 0 | 0 | -4,216,658 |
Other than temporary impairment of marketable securities | 0 | 0 | 4,050,000 |
Change in fair value of equity conversion right | 0 | 0 | 990,236 |
Change in fair value of warrant liability | 0 | 1,532,120 | 14,702,429 |
(Increase) Decrease in accounts receivable | 190,939 | -505,264 | -932,882 |
(Increase) Decrease in prepaid expenses | -387,584 | -267,540 | -599,781 |
Increase (Decrease) in accounts payable | 34,696 | -878,839 | -1,550,806 |
Cash used in operating activities | -1,923,591 | -5,623,423 | -80,203,395 |
Sale (purchase) of marketable securities | -49,950 | 0 | 94,740 |
Increase of reclamation bond | 0 | 0 | -145,672 |
Sale (purchase) of GIC receivable | 0 | 4,493,753 | 58,875 |
Notes receivable issued | 0 | 0 | 21,365 |
Purchase of equity conversion right | 0 | 0 | -1,337,700 |
Purchase of mineral properties | 0 | -1,460,000 | -8,669,870 |
Sale of mineral properties | 0 | 0 | -14,706 |
Cash acquired on acquisition of X-Cal | 0 | 0 | 843,101 |
Purchase of equipment | -2,204 | -11,730 | -990,323 |
Cash provided by (used in) investing activities | -52,154 | 3,022,023 | -10,140,190 |
Demand notes payable issued | 0 | 0 | 105,580 |
Issuance of capital Stock | 0 | 52,000 | 99,900,199 |
Cash provided by financing activities | 0 | 52,000 | 100,005,779 |
Effect of exchange rate changes on cash | -34,504 | 27,287 | -148,392 |
Change in cash during period | -2,010,249 | -2,522,113 | 9,513,802 |
Cash at beginning of period | 11,524,051 | 12,500,708 | 0 |
Cash at end of period | 9,513,802 | 9,978,595 | 9,513,802 |
Supplemental Cash Flow Disclosure | ' | ' | ' |
Cash | 4,706,958 | 3,724,759 | 4,706,958 |
Cash Equivalents | $4,806,844 | $6,253,836 | $4,806,844 |
Condensed_Consolidated_Interim4
Condensed Consolidated Interim Statements of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid in Capital [Member] | Deficit Accumulated During Exploration Stage [Member] | Contributed Surplus [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at May. 31, 2004 | $0 | $0 | $0 | $0 | $0 | $0 |
Balance (in shares) at May. 31, 2004 | 0 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Capital issued for financing | 139,933 | 47,476,898 | 0 | 0 | 0 | 47,616,831 |
Capital issued for financing (in shares) | 139,933,078 | ' | ' | ' | ' | ' |
Capital issued for services | 5,342 | 10,160,732 | 0 | 0 | 0 | 10,166,074 |
Capital issued for services (in shares) | 5,342,304 | ' | ' | ' | ' | ' |
Capital issued from stock options and warrants exercised | 8,736 | 16,611,175 | ' | -4,078,272 | ' | 12,541,639 |
Capital issued from stock options and warrants exercised (in shares) | 8,735,987 | ' | ' | ' | ' | ' |
Capital issued for mineral properties | 17,679 | 16,197,567 | 0 | 0 | 0 | 16,215,246 |
Capital issued for mineral properties (in shares) | 17,678,519 | ' | ' | ' | ' | ' |
Capital issued on settlement of notes payable | 39 | 105,541 | 0 | 0 | 0 | 105,580 |
Capital issued on settlement of notes payable (in shares) | 39,691 | ' | ' | ' | ' | ' |
Returned to treasury | -61,660 | 61,660 | 0 | 0 | 0 | 0 |
Returned to treasury (in shares) | -61,660,000 | ' | ' | ' | ' | ' |
Fair value of warrants | 0 | 0 | 0 | 12,073,546 | 0 | 12,073,546 |
Stock based compensation | 0 | 0 | 0 | 6,442,812 | 0 | 6,442,812 |
Transition adjustment (Note 2) | 0 | 0 | -12,637,875 | -3,612,864 | ' | -16,250,739 |
Foreign currency translation | 0 | 0 | 0 | 0 | -443,675 | -443,675 |
Net Loss | 0 | 0 | -48,549,222 | 0 | 0 | -48,549,222 |
Balance at Jun. 30, 2010 | 110,069 | 90,613,573 | -61,187,097 | 10,825,222 | -443,675 | 39,918,092 |
Balance (in shares) at Jun. 30, 2010 | 110,069,579 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Capital issued for financing | 19 | 23,970 | 0 | 0 | 0 | 23,989 |
Capital issued for financing (in shares) | 19,395 | ' | ' | ' | ' | ' |
Capital issued from stock options and warrants exercised | 4,154 | 10,219,361 | 0 | -1,053,645 | 0 | 9,169,870 |
Capital issued from stock options and warrants exercised (in shares) | 4,153,085 | ' | ' | ' | ' | ' |
Capital issued for acquisition | 22,007 | 28,807,756 | 0 | 314,790 | 0 | 29,144,553 |
Capital issued for acquisition (in shares) | 22,007,453 | ' | ' | ' | ' | ' |
Stock based compensation | 0 | 0 | 0 | 1,200,875 | 0 | 1,200,875 |
Foreign currency translation | 0 | 0 | 0 | 0 | 492,405 | 492,405 |
Unrealized loss on available for sale securities | 0 | 0 | 0 | 0 | -30,945 | -30,945 |
Net Loss | 0 | 0 | -28,450,536 | 0 | 0 | -28,450,536 |
Balance at Jun. 30, 2011 | 136,249 | 129,664,660 | -89,637,633 | 11,287,242 | 17,785 | 51,468,303 |
Balance (in shares) at Jun. 30, 2011 | 136,249,512 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Capital issued for financing | 10,418 | 20,335,755 | 0 | 0 | 0 | 20,346,173 |
Capital issued for financing (in shares) | 10,417,776 | ' | ' | ' | ' | ' |
Capital issued from stock options and warrants exercised | 346 | 600,873 | 0 | -313,792 | 0 | 287,427 |
Capital issued from stock options and warrants exercised (in shares) | 345,315 | ' | ' | ' | ' | ' |
Capital issued for mineral properties | 400 | 963,600 | 0 | 0 | 0 | 964,000 |
Capital issued for mineral properties (in shares) | 400,000 | ' | ' | ' | ' | ' |
Stock based compensation | 0 | 0 | 0 | 1,918,724 | 0 | 1,918,724 |
Foreign currency translation | 0 | 0 | 0 | 0 | -113,460 | -113,460 |
Unrealized loss on available for sale securities | 0 | 0 | 0 | 0 | 30,945 | 30,945 |
Net Loss | 0 | 0 | -12,091,608 | 0 | 0 | -12,091,608 |
Balance at Jun. 30, 2012 | 147,413 | 151,564,888 | -101,729,241 | 12,892,174 | -64,730 | 62,810,504 |
Balance (in shares) at Jun. 30, 2012 | 147,412,603 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Capital issued from stock options and warrants exercised | 8,319 | 17,208,447 | 0 | -542,974 | 0 | 16,673,792 |
Capital issued from stock options and warrants exercised (in shares) | 8,318,465 | ' | ' | ' | ' | ' |
Stock based compensation | 0 | 0 | 0 | 1,234,115 | 0 | 1,234,115 |
Foreign currency translation | 0 | 0 | 0 | 0 | -4,210 | -4,210 |
Net Loss | 0 | 0 | -13,488,280 | 0 | 0 | -13,488,280 |
Balance at Jun. 30, 2013 | 155,732 | 168,773,335 | -115,217,521 | 13,583,315 | -68,940 | 67,225,921 |
Balance (in shares) at Jun. 30, 2013 | 155,731,068 | ' | ' | ' | ' | 155,731,068 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Capital issued from stock options and warrants exercised (in shares) | ' | ' | ' | ' | ' | 0 |
Stock based compensation | 0 | 0 | 0 | 97,466 | 0 | 97,466 |
Foreign currency translation | 0 | 0 | 0 | 0 | -34,504 | -34,504 |
Unrealized loss on available for sale securities | 0 | 0 | 0 | 0 | 104,793 | 104,793 |
Net Loss | 0 | 0 | -1,964,926 | 0 | 0 | -1,964,926 |
Balance at Sep. 30, 2013 | $155,732 | $168,773,335 | ($117,182,447) | $13,680,781 | $1,349 | $65,428,750 |
Balance (in shares) at Sep. 30, 2013 | 155,731,068 | ' | ' | ' | ' | 155,731,068 |
Principal_Accounting_Policies
Principal Accounting Policies | 3 Months Ended | |
Sep. 30, 2013 | ||
Principal Accounting Policies [Abstract] | ' | |
Principal Accounting Policies | ' | |
1 | Principal Accounting Policies: | |
Paramount Gold and Silver Corp. (the “Company”), incorporated under the General Corporation Law of the State of Delaware, and its wholly-owned subsidiaries are engaged in the acquisition, exploration and development of precious metal properties. The Company’s wholly owned subsidiaries include Paramount Gold de Mexico S.A. de C.V., Magnetic Resources Ltd, Minera Gama SA de CV, and X-Cal Resources Ltd. The Company is an exploration stage mining company in the process of exploring its mineral properties in both the United States and Mexico, and has not yet determined whether its properties contain reserves that are economically recoverable. | ||
Basis of Presentation and Preparation | ||
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all of the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included. The results of operations for interim periods are not necessarily indicative of the operating results of a full year or of future years. | ||
These interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States and, with the exception of new accounting pronouncements described in Note 2, follow the same accounting policies and methods of their application as the most recent annual financial statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. These interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Annual Report on Form 10-K of Paramount Gold and Silver Corp. for the year ended June 30, 2013. | ||
Use of Estimates | ||
The preparation of these condensed consolidated interim financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Significant estimates made by management in the accompanying financial statements include collectability of amounts receivable, the adequacy of the Company’s asset retirement obligations and fair value of stock based compensation. | ||
Stock Based Compensation | ||
The Company has adopted the provisions of FASB ASC 718, “Stock Compensation” (“ASC 718”), which establishes accounting for equity instruments exchanged for employee services. Under the provisions of ASC 718, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). New shares of the Company’s Common Stock will be issued for any options exercised or awards granted. | ||
Mineral Properties | ||
Mineral property acquisition costs are capitalized when incurred and will be amortized using the units –of – production method over the estimated life of the reserve following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. | ||
Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. | ||
Exploration Costs | ||
Exploration costs, which include maintenance, development and exploration of mineral claims, are expensed as incurred. When it is determined that a mineral deposit can be economically developed as a result of establishing proven and probable reserves, the costs incurred after such determination will be capitalized and amortized over their useful lives. To date, the Company has not established the commercial feasibility of its exploration prospects; therefore, all exploration costs are being expensed. | ||
Derivatives | ||
The Company accounts for its derivative instruments not indexed to our stock as either assets or liabilities and carries them at fair value. Derivatives that are not defined as hedges must be adjusted to fair value through earnings. | ||
Warrants and options issued in prior periods with exercise prices denominated in Canadian dollars are no longer considered indexed to our stock, as their exercise price is not in the Company’s functional currency of the US dollar, and therefore no longer qualify for the scope exception and must be accounted for as a derivative. These warrants and options are reclassified as liabilities under the caption “Warrant liability” and recorded at estimated fair value at each reporting date, computed using the Black-Scholes valuation method. Changes in the liability from period to period are recorded in the Statements of Operations under the caption “Change in fair value of warrant liability.” | ||
The Company elected to record the change in fair value of the warrant liability as a component of other income and expense on the statement of operations as we believe the amounts recorded relate to financing activities and not as a result of our operations. | ||
Net Loss per Share | ||
Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during each period. Diluted loss per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. | ||
Concentration of Credit Risk and Amounts Receivable | ||
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and amounts receivable. We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize risk of loss. | ||
Impuesto al Valor Agregado taxes (IVA) are recoverable value-added taxes charged by the Mexican government on goods sold and services rendered at a rate of 16%. Under certain circumstances, these taxes are recoverable by filing a tax return and as determined by the Mexican taxing authority. Each period, receivables are reviewed for collectability. When a receivable is determined to not be collectable we allow for the receivable until we are either assured of collection or assured that a write-off is necessary. Allowances in association with our receivable from IVA from our Mexico subsidiaries are based on our determination that the Mexican government may not allow the complete refund of these taxes. The Company believes that all amounts recorded as a receivable from the Mexican government will be recovered. | ||
Marketable Securities | ||
The Company classifies its marketable securities as available-for-sale securities. The securities are measured at fair market value in the financial statements with unrealized gains and temporary losses on investments classified as available for sale are included within accumulated other comprehensive income, net of any related tax effect. Upon realization, such amounts are reclassified from accumulated other comprehensive income to other income, net, realized gains and losses and other than temporary impairments, if any, are reflected in the statements of operations as other income or expenses. The Company does not recognize changes in the fair value of its investments in income unless a decline in value is considered other than temporary. | ||
Foreign Currency | ||
The parent company’s functional currency is the United States dollar. The functional currencies of the Company’s wholly-owned subsidiaries are the U.S. Dollar and the Canadian Dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the consolidated balance sheet date. Foreign currency transaction gains and losses are included in the statement of operations and comprehensive loss. The aggregate foreign transaction gain for the three month period ended September 30, 2013 is $17,710. | ||
The financial statements of the subsidiaries are translated to United States dollars in accordance with ASC 830 using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues and expenses. Translation gains (losses) are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements Adopted | 3 Months Ended | ||
Sep. 30, 2013 | |||
Recent Accounting Pronouncements Adopted [Abstract] | ' | ||
Recent Accounting Pronouncements Adopted | ' | ||
2 | Recent Accounting Pronouncements Adopted and New Accounting Pronouncements: | ||
Accounting Pronouncements Adopted During the Period | |||
i) | ASU 2012-04 | ||
On July 1, 2013, the Company adopted ASU 2012-04, “Technical Corrections and Improvements”. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations. | |||
ii) | ASU 2013-02 | ||
On July 1, 2013, the Company adopted ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.” This updated guidance improves the reporting of significant items reclassified out of accumulated other comprehensive income and requires an entity to present, either on the face of the statement where net income is presented or in the notes, separately for each component of comprehensive income, the current period reclassifications out of accumulated other comprehensive income by the respective line items of net income affected by the reclassification. Other than requiring additional disclosures, the adoption did not have an effect on our financial position or results of operations. | |||
New Accounting Pronouncements Not Yet Adopted | |||
i) | ASU 2013-05 | ||
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-05, “Foreign Currency Matters (Topic 830); Parents 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.” This guidance applies to the release of the cumulative translation adjustment into net income when either a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business (other than a sale of substance real estate or conveyance of oil and gas, mineral rights) within a foreign entity. ASU No. 2013-05 is effective prospectively for fiscal years (and interim reporting periods with those years) beginning after December 15, 2013. We are currently reviewing the provisions of ASU No. 2013-05 on our financial position or results of operations. | |||
ii) | ASU 2013-11 | ||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exits.” The FASB’s objective is issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. ASU No. 2013-11 is effective for public entities for fiscal years beginning after December 15, 2013, and interim periods within those years. Early adoption is permitted. The amendments should be applied to all unrecognized tax benefits that exist as of the effective date. Entities may choose to apply the amendments retrospectively to each prior reporting period presented. We are currently assessing the impact of the adoption of this update on our financial position or results of operations. |
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||
3 | Marketable Securities: | ||||||||||||||||||||||||
The following table summarizes the Company’s available-for sale securities on hand as of September 30, 2013 and June 30, 2013: | |||||||||||||||||||||||||
Cost Basis | Impairment | Adjusted | Gross | Gross | Fair Value | ||||||||||||||||||||
Charge | Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Gains | ||||||||||||||||||||||||
Marketable securities at September 30, 2013 | $ | 499,950 | - | - | - | $ | 104,793 | $ | 604,743 | ||||||||||||||||
Marketable securities at June 30, 2013 | $ | 4,500,000 | $ | 4,050,000 | $ | 450,000 | - | - | $ | 450,000 | |||||||||||||||
In the three month period ended September 30, 2013, the Company recorded an unrealized gain of $104,793 (2012 – $0). The marketable securities reflected in the table above include a convertible preferred share with an attached purchase warrant of a single entity involved in the exploration of precious metals. The Company performs a quarterly assessment on its marketable securities with unrealized losses to determine if the security is other than temporarily impaired. | |||||||||||||||||||||||||
On July 30, 2013, the Company sold 6 million shares of common stock of Valor Gold Corporation for proceeds of approximately $450,000. | |||||||||||||||||||||||||
On August 7, 2013, the Company purchased convertible preferred shares and stock purchase warrants of Pershing Gold Corporation, a gold exploration and development company, in the amount of $499,950. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
4 | Fair Value Measurements: | ||||||||||||||||||||
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | |||||||||||||||||||||
The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | |||||||||||||||||||||
The three levels of the fair value hierarchy under ASC 820 are described below: | |||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||||||
Level 2 | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||||||||||||||
Level 3 | Inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||||||
The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Fair Value at September 30, 2013 | 30-Jun-13 | ||||||||||||||||||||
Assets | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 9,513,802 | $ | 9,513,802 | $ | - | $ | - | $ | 11,524,051 | |||||||||||
Marketable Securities | $ | 604,743 | $ | - | $ | 604,743 | $ | - | $ | 450,000 | |||||||||||
The Company’s cash and cash equivalents and short-term investments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The cash and cash equivalents that are valued based on quoted market prices in active markets are primarily comprised of commercial paper, short-term certificates of deposit and U.S. Treasury securities. |
NonCash_Transactions
Non-Cash Transactions | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Non-Cash Transactions [Abstract] | ' | ||||||||
Non-Cash Transactions | ' | ||||||||
5 | Non-Cash Transactions: | ||||||||
During the periods ended September 30, 2013 and 2012, the Company entered into certain non-cash activities as follows: | |||||||||
2013 | 2012 | ||||||||
Operating and Financing Activities From issuance of shares for cashless exercise of options | $ | - | $ | 34,828 |
Capital_Stock
Capital Stock | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Capital Stock [Abstract] | ' | ||||||||||||||||
Capital Stock | ' | ||||||||||||||||
6 | Capital Stock: | ||||||||||||||||
a) Share issuances: | |||||||||||||||||
Authorized capital stock consists of 200,000,000 common shares with par value of $0.001 per share. At September 30, 2013 there were 155,731,068 shares issued and outstanding and 155,731,068 shares issued and outstanding at June 30, 2013. | |||||||||||||||||
During the three month period ended September 30, 2013 and 2012, the Company issued the following shares: | |||||||||||||||||
Common Shares | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
For exercise of warrants and options | - | 133,581 | |||||||||||||||
- | 133,581 | ||||||||||||||||
b) Stock options: | |||||||||||||||||
On August 23, 2007, the board and stockholders approved the 2007/2008 Stock Incentive & Compensation Plan thereby reserving an additional 4,000,000 common shares for issuance to employees, directors and consultants. | |||||||||||||||||
On February 24, 2009, the stockholders approved the 2008/2009 Stock Incentive & Equity Compensation Plan thereby reserving an additional 3,000,000 common shares for future issuance. The stockholders also approved the re-pricing of the exercise price of all outstanding stock options to $0.65 per share. | |||||||||||||||||
On December 2, 2011, the stockholders approved the 2011/2012 Stock Incentive & Equity Compensation Plan thereby reserving an additional 4,000,000 common shares for future issuance to employees, directors and consultants. | |||||||||||||||||
Stock Based Compensation | |||||||||||||||||
The Company uses the Black-Scholes option valuation model to value stock options granted. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values. For purposes of the calculation, the following assumptions were used: | |||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||
WA Risk free interest rate | 0.12% | 0.18% | |||||||||||||||
WA Expected dividend yield | 0% | 0% | |||||||||||||||
WA Expected stock price volatility | 66% | 69% | |||||||||||||||
WA Expected life of options | 3 years | 2 years | |||||||||||||||
Changes in the Company’s stock options for the period ended September 30, 2013 are summarized below: | |||||||||||||||||
Options | Number | Weighted Avg. | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | Remaining | Intrinsic Value | |||||||||||||||
Contractual Term | |||||||||||||||||
Outstanding at June 30, 2013 | 3,776,500 | $ | 2.2 | 2.28 | $ | 0 | |||||||||||
Issued | 105,000 | 1.62 | - | - | |||||||||||||
Cancelled / Expired | - | - | - | - | |||||||||||||
Exercised | - | - | - | - | |||||||||||||
Outstanding at September 30, 2013 | 3,881,500 | $ | 2.19 | 2.05 | $ | 0 | |||||||||||
Exercisable at September 30, 2013 | 3,691,501 | $ | 2.16 | 2.07 | $ | 0 | |||||||||||
At September 30, 2013, there were 3,881,500 options outstanding. Options outstanding above that have not vested at period end are 189,999 which have a maximum service term of 1- 4 years. The vesting of these options is dependent on market conditions which have yet to be met. As of September 30, 2013, there was $138,706 (2012 - $232,204) of unrecognized compensation cost related to non-vested stock options to be recognized over a weighted average period of 1.66 years. | |||||||||||||||||
A summary of the non-vested options as of June 30, 2013 and changes during the three month period ended September 30, 2013 are as follows: | |||||||||||||||||
Non-vested Options | Number | Weighted Avg. Grant-Date Fair Value | |||||||||||||||
Non-vested at June 30, 2013 | 189,999 | $ | 2.12 | ||||||||||||||
Issued | 105,000 | 0.71 | |||||||||||||||
Vested | (105,000 | ) | 0.71 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Non-vested at September 30, 2013 | 189,999 | $ | 2.12 | ||||||||||||||
For the three period ended September 30, 2013, the Company recognized a stock based compensation expense in the amount of $97,466 (2012 - $266,039). |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Sep. 30, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
7 | Related Party Transactions: | |
During the period ended September 30, 2013, directors earned fees in the amount of $54,000 (2012 -$45,000) for their services as directors or members of committees of the Company’s Board. During the period ended September 30, 2013, the Company also recorded a non-cash transaction to recognize stock based compensation for directors in the amount of $15,976 (2012 -$98,630) | ||
All transactions with related parties are made in the normal course of operations and measured at exchange value. |
Mineral_Properties
Mineral Properties | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Mineral Properties [Abstract] | ' | ||||||||
Mineral Properties | ' | ||||||||
8 | Mineral Properties: | ||||||||
The Company has capitalized acquisition costs on mineral properties as follows: | |||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Iris Royalty | 50,000 | 50,000 | |||||||
San Miguel Project | 23,452,263 | 23,452,263 | |||||||
Sleeper | 25,891,490 | 25,891,490 | |||||||
Mill Creek | 2,096,616 | 2,096,616 | |||||||
Spring Valley | 385,429 | 385,429 | |||||||
$ | 51,875,798 | $ | 51,875,798 | ||||||
San Miguel Project: | |||||||||
The 100% owned San Miguel Project is located in southwestern Chihuahua, a state in Northern Mexico. It consists of 40 mining concessions which total approximately 551 square miles. The concessions were acquired from 2005 to 2012 over a series of transactions with third parties. | |||||||||
Sleeper: | |||||||||
The Sleeper Gold Project was acquired through our acquisition of X-Cal Resources Ltd. in August 2010. Sleeper is located in northern Nevada approximately 26 miles northwest of the town of Winnemucca. When acquired in 2010, the Sleeper Gold Mine consisted of 1,044 unpatented mining claims. In August 2011 and July 2012, the Company has staked a total of 1,526 additional unpatented lode mining claims. | |||||||||
Mill Creek: | |||||||||
The Mill Creek property consists of 36 unpatented lode mining claims totaling 720 acres south of Battle Mountain Nevada. | |||||||||
Spring Valley: | |||||||||
The Spring Valley property consists of 38 unpatented lode mining claims located in Pershing County, Nevada. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
9 | Property and Equipment: | ||||||||
Property and equipment consist of the following: | |||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Exploration and other equipment | $ | 330,705 | $ | 330,705 | |||||
Buildings and leaseholds | 325,207 | 325,207 | |||||||
Furniture and computer equipment | 228,048 | 238,278 | |||||||
Subtotal | 883,959 | 894,190 | |||||||
Accumulated depreciation | (464,254 | ) | (461,903 | ) | |||||
Total | $ | 419,705 | $ | 432,287 | |||||
During the period ended September 30, 2013, net additions to property, and equipment were $2,204 (2012- $11,730). During the period ended September 30, 2013 the Company recorded depreciation of $14,786 (2012-$16,452). |
Segmented_Information
Segmented Information | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segmented Information [Abstract] | ' | ||||||||||||
Segmented Information | ' | ||||||||||||
10 | Segmented Information: | ||||||||||||
Segmented information has been compiled based on the geographic regions in which the Company has acquired mineral properties and performs exploration activities. | |||||||||||||
Loss for the period by geographical segment for the period ended September 30, 2013: | |||||||||||||
United States | Mexico | Total | |||||||||||
Interest income | $ | 4,966 | $ | - | $ | 4,966 | |||||||
Other income | 5,000 | 5,131 | 10,131 | ||||||||||
Total income | $ | 9,966 | $ | 5,131 | $ | 15,097 | |||||||
Expenses: | |||||||||||||
Exploration | 459,000 | 775,257 | 1,234,257 | ||||||||||
Professional fees | 230,767 | - | 230,767 | ||||||||||
Directors compensation | 69,976 | - | 69,976 | ||||||||||
Travel and lodging | 42,670 | - | 42,670 | ||||||||||
Corporate communications | 54,351 | - | 54,351 | ||||||||||
Consulting fees | 122,577 | - | 122,577 | ||||||||||
Office and administration | 62,062 | 12,807 | 74,869 | ||||||||||
Interest and service charges | 1,789 | 926 | 2,715 | ||||||||||
Insurance | 102,372 | - | 102,372 | ||||||||||
Depreciation | 6,587 | 8,199 | 14,786 | ||||||||||
Accretion | 30,683 | - | 30,683 | ||||||||||
Total Expenses | 1,182,834 | 797,189 | 1,980,023 | ||||||||||
Net loss | $ | 1,172,868 | $ | 792,058 | $ | 1,964,926 | |||||||
Other comprehensive loss(gain) | |||||||||||||
Foreign currency translation adjustment | 34,504 | - | 34,504 | ||||||||||
Unrealized loss (gain) on available-for-sale-securities | (104,793 | ) | - | (104,793 | ) | ||||||||
Total Comprehensive Loss for the Period | $ | 1,102,579 | $ | 792,058 | $ | 1,894,637 | |||||||
Loss for the period by geographical segment for the period ended September 30, 2012: | |||||||||||||
United States | Mexico | Total | |||||||||||
Interest income | $ | 15,744 | $ | 34 | $ | 15,778 | |||||||
Other income | 7,500 | - | 7,500 | ||||||||||
Total income | $ | 23,244 | $ | 34 | $ | 23,278 | |||||||
Expenses: | |||||||||||||
Exploration | 1,653,597 | 1,840,873 | 3,494,470 | ||||||||||
Professional fees | 193,109 | - | 193,109 | ||||||||||
Directors compensation | 143,630 | - | 143,630 | ||||||||||
Travel and lodging | 52,795 | - | 52,795 | ||||||||||
Corporate communications | 60,614 | - | 60,614 | ||||||||||
Consulting fees | 129,593 | - | 129,593 | ||||||||||
Office and administration | 86,260 | 37,542 | 123,802 | ||||||||||
Interest and service charges | 2,581 | 1,023 | 3,604 | ||||||||||
Insurance | 90,616 | - | 90,616 | ||||||||||
Depreciation | 8,556 | 7,896 | 16,452 | ||||||||||
Accretion | 41,936 | - | 41,936 | ||||||||||
Total Expenses | 2,463,287 | 1,887,334 | 4,350,621 | ||||||||||
Net loss before other items | $ | 2,440,043 | $ | 1,887,300 | $ | 4,327,343 | |||||||
Other items | |||||||||||||
Change in fair value of warrant liability | 1,532,120 | - | 1,532,120 | ||||||||||
Net Loss | $ | 3,972,163 | $ | 1,887,300 | $ | 5,859,463 | |||||||
Other comprehensive loss(gain) | |||||||||||||
Foreign currency translation adjustment | (27,287 | ) | - | (27,287 | ) | ||||||||
Total Comprehensive Loss for the Period | $ | 3,944,876 | $ | 1,887,300 | $ | 5,832,176 | |||||||
Assets by geographical segment: | |||||||||||||
United States | Mexico | Total | |||||||||||
30-Sep-13 | |||||||||||||
Mineral properties | $ | 28,273,535 | $ | 23,602,263 | $ | 51,875,798 | |||||||
Property and equipment | $ | 357,493 | $ | 62,212 | $ | 419,705 | |||||||
30-Jun-13 | |||||||||||||
Mineral properties | $ | 28,273,535 | $ | 23,602,263 | $ | 51,875,798 | |||||||
Property and equipment | $ | 66,595 | $ | 365,692 | $ | 432,287 |
Reclamation_and_Environmental
Reclamation and Environmental | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reclamation and Environmental [Abstract] | ' | ||||||||
Reclamation and Environmental | ' | ||||||||
11 | Reclamation and Environmental: | ||||||||
The Company holds an insurance policy related to its Sleeper Gold Project that covers reclamation costs in the event the Company defaults on payments of its reclamation costs up to an aggregate of $25 million. The insurance premium is being amortized over ten years and the current and non-current prepaid insurance balance at September 30, 2013 is $306,517 (2012 - $551,773). | |||||||||
As a part of the policy, the Company has funds in a commutation account which is used to reimburse reclamation costs and indemnity claims. The balance of the commutation account at September 30, 2013 is $2,700,548 (2012 - $2,784,484). | |||||||||
Reclamation and environmental costs are based principally on legal requirements. Management estimates costs associated with reclamation of mineral properties and properties under mine closure. On an ongoing basis the Company evaluates its estimates and assumptions; however, actual amounts could differ from those based on estimates and assumptions. | |||||||||
The asset retirement obligation at the Sleeper Gold Project has been measured using the following variables: 1)Expected costs for earthwork, re-vegetation, in-pit water treatment, on-going monitoring, labor and management, 2)Inflation adjustment, and 3) Market risk premium. The sum of the expected costs by year is discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement obligation to the time it incurs the obligation. The reclamation and environmental obligation recorded on the balance sheet is equal to the present value of the estimated costs. | |||||||||
Changes to the Company’s asset retirement obligations for the three month period ended September 30, 2013 are as follows: | |||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Balance at beginning of period | $ | 1,263,584 | $ | 1,198,179 | |||||
Accretion expense | 30,683 | 167,744 | |||||||
Payments | (18,792 | ) | (102,339 | ) | |||||
Balance at end of period | $ | 1,275,475 | $ | 1,263,584 |
Principal_Accounting_Policies_
Principal Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Principal Accounting Policies [Abstract] | ' |
Basis of Presentation and Preparation | ' |
Basis of Presentation and Preparation | |
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all of the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included. The results of operations for interim periods are not necessarily indicative of the operating results of a full year or of future years. | |
These interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States and, with the exception of new accounting pronouncements described in Note 2, follow the same accounting policies and methods of their application as the most recent annual financial statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. These interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Annual Report on Form 10-K of Paramount Gold and Silver Corp. for the year ended June 30, 2013. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these condensed consolidated interim financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Significant estimates made by management in the accompanying financial statements include collectability of amounts receivable, the adequacy of the Company’s asset retirement obligations and fair value of stock based compensation. | |
Stock Based Compensation | ' |
Stock Based Compensation | |
The Company has adopted the provisions of FASB ASC 718, “Stock Compensation” (“ASC 718”), which establishes accounting for equity instruments exchanged for employee services. Under the provisions of ASC 718, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). New shares of the Company’s Common Stock will be issued for any options exercised or awards granted. | |
Mineral Properties | ' |
Mineral Properties | |
Mineral property acquisition costs are capitalized when incurred and will be amortized using the units –of – production method over the estimated life of the reserve following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. | |
Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. | |
Exploration Costs | ' |
Exploration Costs | |
Exploration costs, which include maintenance, development and exploration of mineral claims, are expensed as incurred. When it is determined that a mineral deposit can be economically developed as a result of establishing proven and probable reserves, the costs incurred after such determination will be capitalized and amortized over their useful lives. To date, the Company has not established the commercial feasibility of its exploration prospects; therefore, all exploration costs are being expensed. | |
Derivatives | ' |
Derivatives | |
The Company accounts for its derivative instruments not indexed to our stock as either assets or liabilities and carries them at fair value. Derivatives that are not defined as hedges must be adjusted to fair value through earnings. | |
Warrants and options issued in prior periods with exercise prices denominated in Canadian dollars are no longer considered indexed to our stock, as their exercise price is not in the Company’s functional currency of the US dollar, and therefore no longer qualify for the scope exception and must be accounted for as a derivative. These warrants and options are reclassified as liabilities under the caption “Warrant liability” and recorded at estimated fair value at each reporting date, computed using the Black-Scholes valuation method. Changes in the liability from period to period are recorded in the Statements of Operations under the caption “Change in fair value of warrant liability.” | |
The Company elected to record the change in fair value of the warrant liability as a component of other income and expense on the statement of operations as we believe the amounts recorded relate to financing activities and not as a result of our operations. | |
Net Loss per Share | ' |
Net Loss per Share | |
Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during each period. Diluted loss per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. | |
Concentration of Credit Risk and Amounts Receivable | ' |
Concentration of Credit Risk and Amounts Receivable | |
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and amounts receivable. We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize risk of loss. | |
Impuesto al Valor Agregado taxes (IVA) are recoverable value-added taxes charged by the Mexican government on goods sold and services rendered at a rate of 16%. Under certain circumstances, these taxes are recoverable by filing a tax return and as determined by the Mexican taxing authority. Each period, receivables are reviewed for collectability. When a receivable is determined to not be collectable we allow for the receivable until we are either assured of collection or assured that a write-off is necessary. Allowances in association with our receivable from IVA from our Mexico subsidiaries are based on our determination that the Mexican government may not allow the complete refund of these taxes. The Company believes that all amounts recorded as a receivable from the Mexican government will be recovered. | |
Marketable Securities | ' |
Marketable Securities | |
The Company classifies its marketable securities as available-for-sale securities. The securities are measured at fair market value in the financial statements with unrealized gains and temporary losses on investments classified as available for sale are included within accumulated other comprehensive income, net of any related tax effect. Upon realization, such amounts are reclassified from accumulated other comprehensive income to other income, net, realized gains and losses and other than temporary impairments, if any, are reflected in the statements of operations as other income or expenses. The Company does not recognize changes in the fair value of its investments in income unless a decline in value is considered other than temporary. | |
Foreign Currency | ' |
Foreign Currency | |
The parent company’s functional currency is the United States dollar. The functional currencies of the Company’s wholly-owned subsidiaries are the U.S. Dollar and the Canadian Dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the consolidated balance sheet date. Foreign currency transaction gains and losses are included in the statement of operations and comprehensive loss. The aggregate foreign transaction gain for the three month period ended September 30, 2013 is $17,710. | |
The financial statements of the subsidiaries are translated to United States dollars in accordance with ASC 830 using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues and expenses. Translation gains (losses) are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-sale securities | ' | ||||||||||||||||||||||||
The following table summarizes the Company’s available-for sale securities on hand as of September 30, 2013 and June 30, 2013: | |||||||||||||||||||||||||
Cost Basis | Impairment | Adjusted | Gross | Gross | Fair Value | ||||||||||||||||||||
Charge | Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Gains | ||||||||||||||||||||||||
Marketable securities at September 30, 2013 | $ | 499,950 | - | - | - | $ | 104,793 | $ | 604,743 | ||||||||||||||||
Marketable securities at June 30, 2013 | $ | 4,500,000 | $ | 4,050,000 | $ | 450,000 | - | - | $ | 450,000 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair value of assets and liabilities | ' | ||||||||||||||||||||
The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Fair Value at September 30, 2013 | 30-Jun-13 | ||||||||||||||||||||
Assets | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 9,513,802 | $ | 9,513,802 | $ | - | $ | - | $ | 11,524,051 | |||||||||||
Marketable Securities | $ | 604,743 | $ | - | $ | 604,743 | $ | - | $ | 450,000 |
NonCash_Transactions_Tables
Non-Cash Transactions (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Non-Cash Transactions [Abstract] | ' | ||||||||
Non-cash transactions | ' | ||||||||
During the periods ended September 30, 2013 and 2012, the Company entered into certain non-cash activities as follows: | |||||||||
2013 | 2012 | ||||||||
Operating and Financing Activities From issuance of shares for cashless exercise of options | $ | - | $ | 34,828 |
Capital_Stock_Tables
Capital Stock (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Capital Stock [Abstract] | ' | ||||||||||||||||
Schedule of summary of common stock issued | ' | ||||||||||||||||
During the three month period ended September 30, 2013 and 2012, the Company issued the following shares: | |||||||||||||||||
Common Shares | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
For exercise of warrants and options | - | 133,581 | |||||||||||||||
- | 133,581 | ||||||||||||||||
Schedule of changes in fair value assumptions | ' | ||||||||||||||||
The Company uses the Black-Scholes option valuation model to value stock options granted. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values. For purposes of the calculation, the following assumptions were used: | |||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||
WA Risk free interest rate | 0.12% | 0.18% | |||||||||||||||
WA Expected dividend yield | 0% | 0% | |||||||||||||||
WA Expected stock price volatility | 66% | 69% | |||||||||||||||
WA Expected life of options | 3 years | 2 years | |||||||||||||||
Schedule of changes in the entity's stock options | ' | ||||||||||||||||
Changes in the Company’s stock options for the period ended September 30, 2013 are summarized below: | |||||||||||||||||
Options | Number | Weighted Avg. | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | Remaining | Intrinsic Value | |||||||||||||||
Contractual Term | |||||||||||||||||
Outstanding at June 30, 2013 | 3,776,500 | $ | 2.2 | 2.28 | $ | 0 | |||||||||||
Issued | 105,000 | 1.62 | - | - | |||||||||||||
Cancelled / Expired | - | - | - | - | |||||||||||||
Exercised | - | - | - | - | |||||||||||||
Outstanding at September 30, 2013 | 3,881,500 | $ | 2.19 | 2.05 | $ | 0 | |||||||||||
Exercisable at September 30, 2013 | 3,691,501 | $ | 2.16 | 2.07 | $ | 0 | |||||||||||
Schedule of changes in the entity's non-vested stock options | ' | ||||||||||||||||
A summary of the non-vested options as of June 30, 2013 and changes during the three month period ended September 30, 2013 are as follows: | |||||||||||||||||
Non-vested Options | Number | Weighted Avg. Grant-Date Fair Value | |||||||||||||||
Non-vested at June 30, 2013 | 189,999 | $ | 2.12 | ||||||||||||||
Issued | 105,000 | 0.71 | |||||||||||||||
Vested | (105,000 | ) | 0.71 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Non-vested at September 30, 2013 | 189,999 | $ | 2.12 |
Mineral_Properties_Tables
Mineral Properties (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Mineral Properties [Abstract] | ' | ||||||||
Capitalized acquisition costs on mineral properties | ' | ||||||||
The Company has capitalized acquisition costs on mineral properties as follows: | |||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Iris Royalty | 50,000 | 50,000 | |||||||
San Miguel Project | 23,452,263 | 23,452,263 | |||||||
Sleeper | 25,891,490 | 25,891,490 | |||||||
Mill Creek | 2,096,616 | 2,096,616 | |||||||
Spring Valley | 385,429 | 385,429 | |||||||
$ | 51,875,798 | $ | 51,875,798 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Property and equipment, net | ' | ||||||||
Property and equipment consist of the following: | |||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Exploration and other equipment | $ | 330,705 | $ | 330,705 | |||||
Buildings and leaseholds | 325,207 | 325,207 | |||||||
Furniture and computer equipment | 228,048 | 238,278 | |||||||
Subtotal | 883,959 | 894,190 | |||||||
Accumulated depreciation | (464,254 | ) | (461,903 | ) | |||||
Total | $ | 419,705 | $ | 432,287 |
Segmented_Information_Tables
Segmented Information (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segmented Information [Abstract] | ' | ||||||||||||
Revenues and long-lived assets by geographical segments | ' | ||||||||||||
Loss for the period by geographical segment for the period ended September 30, 2013: | |||||||||||||
United States | Mexico | Total | |||||||||||
Interest income | $ | 4,966 | $ | - | $ | 4,966 | |||||||
Other income | 5,000 | 5,131 | 10,131 | ||||||||||
Total income | $ | 9,966 | $ | 5,131 | $ | 15,097 | |||||||
Expenses: | |||||||||||||
Exploration | 459,000 | 775,257 | 1,234,257 | ||||||||||
Professional fees | 230,767 | - | 230,767 | ||||||||||
Directors compensation | 69,976 | - | 69,976 | ||||||||||
Travel and lodging | 42,670 | - | 42,670 | ||||||||||
Corporate communications | 54,351 | - | 54,351 | ||||||||||
Consulting fees | 122,577 | - | 122,577 | ||||||||||
Office and administration | 62,062 | 12,807 | 74,869 | ||||||||||
Interest and service charges | 1,789 | 926 | 2,715 | ||||||||||
Insurance | 102,372 | - | 102,372 | ||||||||||
Depreciation | 6,587 | 8,199 | 14,786 | ||||||||||
Accretion | 30,683 | - | 30,683 | ||||||||||
Total Expenses | 1,182,834 | 797,189 | 1,980,023 | ||||||||||
Net loss | $ | 1,172,868 | $ | 792,058 | $ | 1,964,926 | |||||||
Other comprehensive loss(gain) | |||||||||||||
Foreign currency translation adjustment | 34,504 | - | 34,504 | ||||||||||
Unrealized loss (gain) on available-for-sale-securities | (104,793 | ) | - | (104,793 | ) | ||||||||
Total Comprehensive Loss for the Period | $ | 1,102,579 | $ | 792,058 | $ | 1,894,637 | |||||||
Loss for the period by geographical segment for the period ended September 30, 2012: | |||||||||||||
United States | Mexico | Total | |||||||||||
Interest income | $ | 15,744 | $ | 34 | $ | 15,778 | |||||||
Other income | 7,500 | - | 7,500 | ||||||||||
Total income | $ | 23,244 | $ | 34 | $ | 23,278 | |||||||
Expenses: | |||||||||||||
Exploration | 1,653,597 | 1,840,873 | 3,494,470 | ||||||||||
Professional fees | 193,109 | - | 193,109 | ||||||||||
Directors compensation | 143,630 | - | 143,630 | ||||||||||
Travel and lodging | 52,795 | - | 52,795 | ||||||||||
Corporate communications | 60,614 | - | 60,614 | ||||||||||
Consulting fees | 129,593 | - | 129,593 | ||||||||||
Office and administration | 86,260 | 37,542 | 123,802 | ||||||||||
Interest and service charges | 2,581 | 1,023 | 3,604 | ||||||||||
Insurance | 90,616 | - | 90,616 | ||||||||||
Depreciation | 8,556 | 7,896 | 16,452 | ||||||||||
Accretion | 41,936 | - | 41,936 | ||||||||||
Total Expenses | 2,463,287 | 1,887,334 | 4,350,621 | ||||||||||
Net loss before other items | $ | 2,440,043 | $ | 1,887,300 | $ | 4,327,343 | |||||||
Other items | |||||||||||||
Change in fair value of warrant liability | 1,532,120 | - | 1,532,120 | ||||||||||
Net Loss | $ | 3,972,163 | $ | 1,887,300 | $ | 5,859,463 | |||||||
Other comprehensive loss(gain) | |||||||||||||
Foreign currency translation adjustment | (27,287 | ) | - | (27,287 | ) | ||||||||
Total Comprehensive Loss for the Period | $ | 3,944,876 | $ | 1,887,300 | $ | 5,832,176 | |||||||
Assets by geographical segment: | |||||||||||||
United States | Mexico | Total | |||||||||||
30-Sep-13 | |||||||||||||
Mineral properties | $ | 28,273,535 | $ | 23,602,263 | $ | 51,875,798 | |||||||
Property and equipment | $ | 357,493 | $ | 62,212 | $ | 419,705 | |||||||
30-Jun-13 | |||||||||||||
Mineral properties | $ | 28,273,535 | $ | 23,602,263 | $ | 51,875,798 | |||||||
Property and equipment | $ | 66,595 | $ | 365,692 | $ | 432,287 |
Reclamation_and_Environmental_
Reclamation and Environmental (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Reclamation and Environmental [Abstract] | ' | ||||||||
Schedule of change in asset retirement obligation | ' | ||||||||
Changes to the Company’s asset retirement obligations for the three month period ended September 30, 2013 are as follows: | |||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Balance at beginning of period | $ | 1,263,584 | $ | 1,198,179 | |||||
Accretion expense | 30,683 | 167,744 | |||||||
Payments | (18,792 | ) | (102,339 | ) | |||||
Balance at end of period | $ | 1,275,475 | $ | 1,263,584 |
Principal_Accounting_Policies_1
Principal Accounting Policies (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Principal Accounting Policies [Abstract] | ' |
Value added tax rate assessed by foreign authority (in hundredths) | 16.00% |
Foreign currency transaction gain | $17,710 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 3 Months Ended | 112 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Aug. 07, 2013 | Jul. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 |
Issuance of Equity [Member] | Issuance of Equity [Member] | Marketable Securities [Member] | Marketable Securities [Member] | Marketable Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Cost | ' | ' | ' | ' | ' | ' | $499,950 | $4,500,000 | ' |
Available-for-sale Securities, Impairment charge | 0 | 0 | 4,050,000 | ' | ' | ' | 0 | 4,050,000 | ' |
Available-for-sale Securities, Adjusted Cost | 604,743 | ' | 604,743 | 450,000 | ' | ' | 0 | 450,000 | ' |
Available-for-sale Securities, Gross Unrealized Losses | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Available-for-sale Securities, Gross Realized Gains | ' | ' | ' | ' | ' | ' | 104,793 | 0 | ' |
Available-for-sale Securities, Fair Value | 604,743 | ' | 604,743 | 450,000 | ' | ' | 604,743 | 450,000 | ' |
Unrealized gain | ' | ' | ' | ' | ' | ' | 104,793 | ' | ' |
Shares of common stock of Valor Gold Corporation sold (in shares) | ' | ' | ' | ' | ' | 6 | ' | ' | ' |
Proceeds from shares of common stock of Valor Gold Corporation sold | ' | ' | ' | ' | ' | 450,000 | ' | ' | ' |
Convertible preferred shares of a gold exploration and development company purchased | $0 | $0 | $1,337,700 | ' | $499,950 | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Assets | ' | ' |
Cash and cash equivalents | $9,513,802 | $11,524,051 |
Marketable Securities | 604,743 | 450,000 |
Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 9,513,802 | ' |
Marketable Securities | 0 | ' |
Level 2 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | ' |
Marketable Securities | 604,743 | ' |
Level 3 [Member] | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | ' |
Marketable Securities | $0 | ' |
NonCash_Transactions_Details
Non-Cash Transactions (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating and Financing Activities [Abstract] | ' | ' |
From issuance of shares for cashless exercise of options | $0 | $34,828 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 3 Months Ended | 112 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 02, 2011 | Feb. 24, 2009 | Aug. 23, 2007 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Non-vested stock options [Member] | Non-vested stock options [Member] | Non-vested stock options [Member] | Non-vested stock options [Member] | |||||
Minimum [Member] | Maximum [Member] | |||||||||||||
Capital Stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized capital stock (in shares) | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in shares) | 155,731,068 | ' | 155,731,068 | 155,731,068 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares outstanding (in shares) | 155,731,068 | ' | 155,731,068 | 155,731,068 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of common stock issued [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For exercise of warrants and options (in shares) | 0 | 133,581 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in shares) | 0 | 133,581 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional common share for issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 3,000,000 | 4,000,000 | ' | ' | ' | ' |
Repriced exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.65 | ' | ' | ' | ' | ' |
Fair value assumptions and methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate (in hundredths) | ' | ' | ' | ' | 0.12% | 0.18% | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield (in hundredths) | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Expected stock price volatility (in hundredths) | ' | ' | ' | ' | 66.00% | 69.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life of options | ' | ' | ' | ' | '3 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in shares) | ' | ' | ' | ' | 3,776,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued (in shares) | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled / Expired (in shares) | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance (in shares) | ' | ' | ' | ' | 3,881,500 | ' | 3,776,500 | ' | ' | ' | ' | ' | ' | ' |
Exercisable (in shares) | ' | ' | ' | ' | 3,691,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Avg. Exercise Price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in dollars per share) | ' | ' | ' | ' | $2.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued (in dollars per share) | ' | ' | ' | ' | $1.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled / Expired (in dollars per share) | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance (in dollars per share) | ' | ' | ' | ' | $2.19 | ' | $2.20 | ' | ' | ' | ' | ' | ' | ' |
Exercisable (in dollars per share) | ' | ' | ' | ' | $2.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Term [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | '2 years 0 months 18 days | ' | '2 years 3 months 11 days | ' | ' | ' | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' | '2 years 0 months 18 days | ' | '2 years 3 months 11 days | ' | ' | ' | ' | ' | ' | ' |
Exercisable | ' | ' | ' | ' | '2 years 0 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Exercisable | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non vested options outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,999 | ' | ' | ' |
Service term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years |
Unrecognized compensation costs related to non-vested stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,706 | 232,204 | ' | ' |
Recognition of unrecognized compensation costs related to non-vested stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 7 months 28 days | ' | ' | ' |
Non-vested - Number of shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested, beginning (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,999 | ' | ' | ' |
Issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000 | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -105,000 | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Non-vested, ending (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 189,999 | ' | ' | ' |
Weighted Average Grant-Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested, beginning (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.12 | ' | ' | ' |
Issued (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.71 | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.71 | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Non-vested, ending (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.12 | ' | ' | ' |
Recognized stock-based Compensation expenses | $97,466 | $266,039 | $20,908,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Director [Member], USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Director [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Payment made to director for services | $54,000 | $45,000 |
Non-cash transaction to recognize stock based compensation for directors | $15,976 | $98,630 |
Mineral_Properties_Details
Mineral Properties (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | |
MiningConcession | ||
sqmi | ||
Mineral properties, net [Abstract] | ' | ' |
Mineral properties, net | $51,875,798 | $51,875,798 |
Iris Royalty [Member] | ' | ' |
Mineral properties, net [Abstract] | ' | ' |
Mineral properties, net | 50,000 | 50,000 |
San Miguel Project [Member] | ' | ' |
Mineral properties, net [Abstract] | ' | ' |
Mineral properties, net | 23,452,263 | 23,452,263 |
Percentage of ownership in Project (in hundredths) | 100.00% | ' |
Number of mining concessions acquired | 40 | ' |
Area of concession coverage | 551 | ' |
Sleeper [Member] | ' | ' |
Mineral properties, net [Abstract] | ' | ' |
Mineral properties, net | 25,891,490 | 25,891,490 |
Number of unpatented mining claims | 1,044 | ' |
Number of additional unpatented lode mining claims | 1,526 | ' |
Mill Creek [Member] | ' | ' |
Mineral properties, net [Abstract] | ' | ' |
Mineral properties, net | 2,096,616 | 2,096,616 |
Number of unpatented mining claims | 36 | ' |
Unpatented lode mining claims area | 720 | ' |
Spring Valley [Member] | ' | ' |
Mineral properties, net [Abstract] | ' | ' |
Mineral properties, net | $385,429 | $385,429 |
Number of unpatented mining claims | 38 | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 112 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | |
Property and equipment, net [Abstract] | ' | ' | ' | ' |
Property and Equipment, at Cost | $883,959 | ' | $883,959 | $894,190 |
Accumulated depreciation | -464,254 | ' | -464,254 | -461,903 |
Total | 419,705 | ' | 419,705 | 432,287 |
Additions to property, plant and equipment | 2,204 | 11,730 | ' | ' |
Amortization | 14,786 | 16,452 | 526,074 | ' |
Exploration and Other Equipment [Member] | ' | ' | ' | ' |
Property and equipment, net [Abstract] | ' | ' | ' | ' |
Property and Equipment, at Cost | 330,705 | ' | 330,705 | 330,705 |
Building and Leaseholds [Member] | ' | ' | ' | ' |
Property and equipment, net [Abstract] | ' | ' | ' | ' |
Property and Equipment, at Cost | 25,207 | ' | 25,207 | 325,207 |
Furniture and Computer Equipment [Member] | ' | ' | ' | ' |
Property and equipment, net [Abstract] | ' | ' | ' | ' |
Property and Equipment, at Cost | $228,048 | ' | $228,048 | $238,278 |
Segmented_Information_Details
Segmented Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 73 Months Ended | 112 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Sep. 30, 2013 | |
Segment reporting information by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Interest income | $4,966 | $15,778 | ' | ' | ' | ' | $1,229,230 |
Other income | 10,131 | 7,500 | ' | ' | ' | ' | 325,625 |
Total income | 15,097 | 23,278 | ' | ' | ' | ' | 5,976,088 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Exploration | 1,234,257 | 3,494,470 | ' | ' | ' | ' | 58,796,016 |
Professional fees | 230,767 | 193,109 | ' | ' | ' | ' | 10,112,220 |
Directors compensation | 69,976 | 143,630 | ' | ' | ' | ' | 3,322,207 |
Travel and lodging | 42,670 | 52,795 | ' | ' | ' | ' | 1,751,939 |
Corporate communications | 54,351 | 60,614 | ' | ' | ' | ' | 4,180,740 |
Consulting fees | 122,577 | 129,593 | ' | ' | ' | ' | 15,236,866 |
Office and administration | 74,869 | 123,802 | ' | ' | ' | ' | 3,673,203 |
Interest and service charges | 2,715 | 3,604 | ' | ' | ' | ' | ' |
Insurance | 102,372 | 90,616 | ' | ' | ' | ' | 1,368,987 |
Depreciation | 14,786 | 16,452 | ' | ' | ' | ' | 526,074 |
Accretion | 30,683 | 41,936 | ' | ' | ' | ' | 472,015 |
Total Expenses | 1,980,023 | 4,350,621 | ' | ' | ' | ' | 103,228,892 |
Net Loss before other items | 1,964,926 | 4,327,343 | ' | ' | ' | ' | 97,252,804 |
Other items [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of warrant liability | 0 | 1,532,120 | ' | ' | ' | ' | 14,702,429 |
Loss on sale of marketable securities | 0 | 0 | ' | ' | ' | ' | -166,732 |
Net Loss | 1,964,926 | 5,859,463 | 13,488,280 | 12,091,608 | 28,450,536 | 48,549,222 | 117,182,447 |
Other comprehensive loss (gain) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 34,504 | -27,287 | 4,210 | 113,460 | -492,405 | 443,675 | 103,444 |
Unrealized loss on available for sale investments | -104,793 | 0 | ' | -30,945 | 30,945 | ' | -104,793 |
Total Comprehensive Loss for the Period | 1,894,637 | 5,832,176 | ' | ' | ' | ' | 117,181,098 |
Mineral properties | 51,875,798 | ' | 51,875,798 | ' | ' | ' | 51,875,798 |
Property and Equipment | 419,705 | ' | 432,287 | ' | ' | ' | 419,705 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment reporting information by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Interest income | 4,966 | 15,744 | ' | ' | ' | ' | ' |
Other income | 5,000 | 7,500 | ' | ' | ' | ' | ' |
Total income | 9,966 | 23,244 | ' | ' | ' | ' | ' |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Exploration | 459,000 | 1,653,597 | ' | ' | ' | ' | ' |
Professional fees | 230,767 | 193,109 | ' | ' | ' | ' | ' |
Directors compensation | 69,976 | 143,630 | ' | ' | ' | ' | ' |
Travel and lodging | 42,670 | 52,795 | ' | ' | ' | ' | ' |
Corporate communications | 54,351 | 60,614 | ' | ' | ' | ' | ' |
Consulting fees | 122,577 | 129,593 | ' | ' | ' | ' | ' |
Office and administration | 62,062 | 86,260 | ' | ' | ' | ' | ' |
Interest and service charges | 1,789 | 2,581 | ' | ' | ' | ' | ' |
Insurance | 102,372 | 90,616 | ' | ' | ' | ' | ' |
Depreciation | 6,587 | 8,556 | ' | ' | ' | ' | ' |
Accretion | 30,683 | 41,936 | ' | ' | ' | ' | ' |
Total Expenses | 1,182,834 | 2,463,287 | ' | ' | ' | ' | ' |
Net Loss before other items | 1,172,868 | 2,440,043 | ' | ' | ' | ' | ' |
Other items [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of warrant liability | ' | 1,532,120 | ' | ' | ' | ' | ' |
Loss on sale of marketable securities | ' | 0 | ' | ' | ' | ' | ' |
Net Loss | 1,172,868 | 3,972,163 | ' | ' | ' | ' | ' |
Other comprehensive loss (gain) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 34,504 | -27,287 | ' | ' | ' | ' | ' |
Unrealized loss on available for sale investments | -104,793 | 0 | ' | ' | ' | ' | ' |
Total Comprehensive Loss for the Period | 1,102,579 | 3,944,876 | ' | ' | ' | ' | ' |
Mineral properties | 28,273,535 | ' | 28,273,535 | ' | ' | ' | 28,273,535 |
Property and Equipment | 357,493 | ' | 66,595 | ' | ' | ' | 357,493 |
Mexico [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment reporting information by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Interest income | 0 | 34 | ' | ' | ' | ' | ' |
Other income | 5,131 | 0 | ' | ' | ' | ' | ' |
Total income | 5,131 | 34 | ' | ' | ' | ' | ' |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Exploration | 775,257 | 1,840,873 | ' | ' | ' | ' | ' |
Professional fees | 0 | 0 | ' | ' | ' | ' | ' |
Directors compensation | 0 | 0 | ' | ' | ' | ' | ' |
Travel and lodging | 0 | 0 | ' | ' | ' | ' | ' |
Corporate communications | 0 | 0 | ' | ' | ' | ' | ' |
Consulting fees | 0 | 0 | ' | ' | ' | ' | ' |
Office and administration | 12,807 | 37,542 | ' | ' | ' | ' | ' |
Interest and service charges | 926 | 1,023 | ' | ' | ' | ' | ' |
Insurance | 0 | 0 | ' | ' | ' | ' | ' |
Depreciation | 8,199 | 7,896 | ' | ' | ' | ' | ' |
Accretion | 0 | 0 | ' | ' | ' | ' | ' |
Total Expenses | 797,189 | 1,887,334 | ' | ' | ' | ' | ' |
Net Loss before other items | 792,058 | 1,887,300 | ' | ' | ' | ' | ' |
Other items [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of warrant liability | ' | 0 | ' | ' | ' | ' | ' |
Loss on sale of marketable securities | ' | 0 | ' | ' | ' | ' | ' |
Net Loss | 792,058 | 1,887,300 | ' | ' | ' | ' | ' |
Other comprehensive loss (gain) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 0 | 0 | ' | ' | ' | ' | ' |
Unrealized loss on available for sale investments | 0 | 0 | ' | ' | ' | ' | ' |
Total Comprehensive Loss for the Period | 792,058 | 1,887,300 | ' | ' | ' | ' | ' |
Mineral properties | 23,602,263 | ' | 23,602,263 | ' | ' | ' | 23,602,263 |
Property and Equipment | $62,212 | ' | $365,692 | ' | ' | ' | $62,212 |
Reclamation_and_Environmental_1
Reclamation and Environmental (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | |
Reclamation and Environmental [Abstract] | ' | ' | ' |
Reclamation cost | $25,000,000 | ' | ' |
Amortization period of insurance premium | '10 years | ' | ' |
Prepaid insurance | 306,517 | ' | 551,773 |
Commutation account balance | 2,700,548 | ' | 2,784,484 |
Changes to the entity's asset retirement obligations [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 1,263,584 | 1,198,179 | ' |
Accretion expense | 30,683 | 167,744 | ' |
Payments | -18,792 | -102,339 | ' |
Balance at end of period | $1,275,475 | $1,263,584 | ' |