Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Trading Symbol | gntof |
Entity Registrant Name | GENTOR RESOURCES INC. |
Entity Central Index Key | 1,346,917 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 95,253,840 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash | $ 129,065 | $ 294,592 |
Prepaids and advances | 13,820 | 21,131 |
Due from related parties | 49,165 | 25,230 |
Total current assets | 192,050 | 340,953 |
Capital assets | 11,672 | 62,122 |
Mineral properties | 0 | 0 |
Total assets | 203,722 | 403,075 |
Current | ||
Accounts payable | 324,507 | 227,840 |
Accrued liabilities | 120,000 | 208,529 |
Due to related parties | 97,691 | 146,504 |
Total current liabilities | 542,198 | 582,873 |
Common share purchase warrants liability | 10,863 | 510,045 |
Total liabilities | 553,061 | 1,092,918 |
SHAREHOLDERS' DEFICIENCY | ||
Authorized 500,000,000 Common Shares, $0.0001 per share par value Issued and outstanding 95,253,840 Common Shares (December 31, 2014 - 80,253,840) | 9,525 | 8,025 |
Additional paid-in capital | 42,601,670 | 42,081,820 |
Deficit accumulated during the exploration stage | (42,960,534) | (42,779,688) |
Total shareholders' deficiency | (349,339) | (689,843) |
Total liabilities and shareholders' deficiency | $ 203,722 | $ 403,075 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 95,253,840 | 80,253,840 |
Common stock, shares outstanding | 95,253,840 | 80,253,840 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses | |||
Field camps expenses | $ 188,522 | $ 393,159 | $ 275,854 |
Geophysics | 18,905 | 0 | 5,001 |
Geochemistry | 0 | 2,891 | 4,221 |
Drilling | 93,138 | 0 | 0 |
Consulting fees - related parties | 0 | 131,736 | 0 |
Consulting fees - others | 32,357 | 0 | 0 |
Professional fees and management fees | 225,693 | 266,042 | 155,433 |
General and administrative expenses | 329,933 | 321,808 | 1,108,643 |
Depreciation | 50,450 | 46,981 | 46,316 |
Net loss | (938,998) | (1,162,617) | (1,595,468) |
Interest income | 2,290 | 2,209 | 15,277 |
Gain on common share purchase warrants | 755,862 | 105,739 | 0 |
Net loss from continuing operations | (180,846) | (1,054,669) | (1,580,191) |
Net loss from discontinued operations | 0 | (107,956) | (18,526,720) |
Net loss and comprehensive loss | $ (180,846) | $ (1,162,625) | $ (20,106,911) |
Basic and diluted loss per common share from continuing operations | $ 0 | $ (0.02) | $ (0.03) |
Basic and diluted loss per common share from discontinued operation | 0 | 0 | (0.29) |
Basic and diluted loss per common share | $ 0 | $ (0.02) | $ (0.32) |
Weighted average number of basic and diluted common shares outstanding | 90,116,854 | 73,633,292 | 62,753,840 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
CASH PROVIDED BY (USED IN): | |||
Net loss | $ (180,846) | $ (1,162,625) | $ (20,106,911) |
Adjustments required to reconcile net loss with net cash used in operating activities | |||
Impairment of mineral properties | 0 | 0 | 17,448,198 |
Depreciation | 50,450 | 46,981 | 93,039 |
(Gain)/loss on common share purchase warrants | (755,862) | (105,739) | 0 |
Loss on sale of capital assets | 0 | 0 | (42,292) |
Loss from discontinued operation | 0 | 12,621 | 0 |
Stock based compensation | 28,600 | 64,171 | 190,292 |
Changes in non-cash working capital balances | |||
Prepaids and advances | 7,311 | 51,677 | 140,541 |
Due from related parties | (23,935) | (25,230) | 0 |
Accounts payable | 96,667 | (329,490) | 166,981 |
Accrued liabilities | (88,529) | (12,487) | 123,793 |
Cash used in operating activities | (866,144) | (1,460,121) | (1,986,359) |
Financing activities | |||
Due to related parties | (48,813) | (180,634) | 243,394 |
Proceeds from private placement | 749,430 | 1,101,926 | 0 |
Cash provided by financing activities | 700,617 | 921,292 | 243,394 |
Investing activities | |||
Proceeds from sale of discontinued operations | 0 | 800,000 | 0 |
Purchase of capital assets | 0 | (1,631) | 0 |
Proceeds from disposal of capital assets | 0 | 0 | 84,163 |
Return of a certificate of deposit | 0 | 10,000 | 0 |
Cash provided by investing activities | 0 | 808,369 | 84,163 |
Net increase/(decrease) in cash | (165,527) | 269,540 | (1,658,802) |
Cash, beginning of the year | 294,592 | 30,709 | 1,689,511 |
Less: cash from discontinued operations | 0 | (5,657) | (2,799) |
Cash, end of the year | $ 129,065 | $ 294,592 | $ 27,910 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT) EQUITY - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2012 | $ 6,275 | $ 41,342,964 | $ (21,510,152) | $ 19,839,087 |
Balance (Shares) at Dec. 31, 2012 | 62,753,840 | |||
Stock-based compensation expense | 190,292 | 190,292 | ||
Net loss for the year | (20,106,911) | (20,106,911) | ||
Balance at Dec. 31, 2013 | $ 6,275 | 41,533,256 | (41,617,063) | (77,532) |
Balance (Shares) at Dec. 31, 2013 | 62,753,840 | |||
Shares issued at Cdn $0.0525 per share on January 29, 2014 | $ 750 | 750 | ||
Shares issued at Cdn $0.0525 per share on January 29, 2014 (Shares) | 7,500,000 | |||
Shares issued at Cdn $0.075 per share on February 20, 2014 | $ 200 | 81,160 | 81,360 | |
Shares issued at Cdn $0.075 per share on February 20, 2014 (Shares) | 2,000,000 | |||
Shares issued at Cdn $0.06 per share on August 27, 2014 | $ 300 | 89,313 | 89,613 | |
Shares issued at Cdn $0.06 per share on August 27, 2014 (Shares) | 3,000,000 | |||
Shares issued at Cdn $0.10 per share on October 3, 2014 | $ 500 | 313,920 | 314,420 | |
Shares issued at Cdn $0.10 per share on October 3, 2014 (Shares) | 5,000,000 | |||
Stock-based compensation expense | 64,171 | 64,171 | ||
Net loss for the year | (1,162,625) | (1,162,625) | ||
Balance at Dec. 31, 2014 | $ 8,025 | 42,081,820 | (42,779,688) | (689,843) |
Balance (Shares) at Dec. 31, 2014 | 80,253,840 | |||
Stock-based compensation expense | 28,600 | 28,600 | ||
Shares issued at Cdn $0.06 per share on May 6, 2015 | $ 1,500 | 491,250 | 492,750 | |
Shares issued at Cdn $0.06 per share on May 6, 2015 (Shares) | 15,000,000 | |||
Net loss for the year | (180,846) | (180,846) | ||
Balance at Dec. 31, 2015 | $ 9,525 | $ 42,601,670 | $ (42,960,534) | $ (349,339) |
Balance (Shares) at Dec. 31, 2015 | 95,253,840 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
NATURE OF OPERATIONS [Text Block] | 1. NATURE OF OPERATIONS AND GOING CONCERN NATURE OF OPERATIONS In February 2012, Gentor Resources Inc. (the “Company”) completed a corporate reorganization (the “Corporate Reorganization”), as a result of which the Company’s corporate jurisdiction was moved from Florida to the Cayman Islands. The Corporate Reorganization was affected by a two-step process involving a merger of Gentor Resources, Inc. (the Florida company which had been incorporated on March 24, 2005) with and into its wholly-owned Wyoming subsidiary, followed by a continuation of the surviving company into the Cayman Islands. The Company is an exploration stage corporation formed for the purpose of prospecting and developing mineral properties. The business of exploring for minerals and mining involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Major expenses may be required to establish ore reserves, to develop metallurgical processes, to acquire construction and operating permits and to construct mining and processing facilities. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the year ended December 31, 2015 the Company had a net loss of $180,846 (2014 – $1,162,625), a deficit accumulated during the exploration stage of $42,960,534 as at December 31, 2015 (2014 – $42,779,688), and a working capital deficiency of $350,148 as at December 31, 2015 (2014 - $241,920), which may cast substantial doubt on the Company’s ability to continue on a going concern basis. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditure, working capital and other cash requirements. The Company’s continued existence is dependent upon it emerging from the exploration stage, obtaining additional financing to continue operations, exploring and developing the mineral properties and the discovery, development and sale of ore reserves. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (``US GAAP``). a) BASIS OF CONSOLIDATION The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Gentor International Limited (“Gentor International”). Gentor International was incorporated on December 12, 2011 under the laws of the British Virgin Islands. All of the outstanding shares of Gentor Resources Limited, which was incorporated on November 19, 2009 under the laws of the British Virgin Islands and changed its name from APM Mining Limited on April 30, 2010 following its acquisition by the Company on March 8, 2010, were sold by the Company in July 2014 and therefore its operations have been presented as a discontinued operation (note 8). Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. b) MINERAL PROPERTIES AND EXPLORATION COSTS Exploration costs pertaining to mineral properties with no proven reserves are charged to operations as incurred. When it is determined that mineral properties can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop such properties are capitalized. Such costs will be depreciated using the units-of-production method over the estimated life of the proven and probable reserves. The Company is in the exploration stage and has not yet realized any revenue from its planned operations. All exploration expenditures are expensed as incurred. c) CAPITAL ASSETS Capital assets are recorded at cost less accumulated depreciation. Depreciation is recorded as follows: Vehicle - Straight line basis over a range of two to four years Mining equipment - Straight line basis over four years Office equipment - Straight line basis over four years Furniture and fixtures - 20% declining balance basis Building - Straight line basis over five years d) ASSET IMPAIRMENT The Company monitors events and changes in circumstances which may require an assessment of the recoverability of its long-lived assets. If required, the Company would assess recoverability using estimated undiscounted future operating cash flows of the related asset or asset grouping. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the carrying amount of an asset is not recoverable,an impairment loss is recognized in operations, measured by comparing the carrying amount of the asset to its fair value. No impairment losses were recorded during the years ended December 31, 2015 and 2014 (2013 - $17,448,198). e) ASSET RETIREMENT OBLIGATIONS The fair value of the liability of an asset retirement obligation is recorded when it is incurred and the corresponding increase to the asset is depreciated over the estimated life of the asset. The liability is periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the asset retirement obligation. The Company has not identified or recorded any asset retirement obligations on its balance sheet as at December 31, 2015 and 2014. f) STOCK-BASED COMPENSATION The Company has a stock option plan, which is described in note 9(c). The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For 2015 and 2014, the Company estimated that all options will vest. As the stock options are exercisable in Canadian dollars, and the Company’s securities trade on a Canadian exchange, stock options are determined to be equity instruments. g) CASH Cash consists of bank balances. The Company maintains cash in bank deposit accounts in Canada that at times may exceed Canadian federally insured limits. The Company has not experienced any losses in such accounts. h) FOREIGN EXCHANGE The Company’s functional and reporting currency is United States dollars. The functional currency of the foreign operations is United States dollars. Amounts in other than the functional currency are translated as follows: monetary assets and liabilities are translated at the spot rates of exchange in effect at the end of the period; non-monetary items are translated at historical exchange rates in effect on the dates of the transactions. Revenues and expense items are translated at average rates of exchange in effect during the period, except for depreciation, which is translated at its corresponding historical rate. Realized and unrealized exchange gains and losses are included in the consolidated statements of operations. i) USE OF ESTIMATES The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. The Company bases its estimates and assumptions on historical experience, current facts, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant estimates and assumptions include those related to the recoverability of capital assets, estimation of deferred income taxes, tax loss recoverability, useful lives of depreciable assets, and fair value estimates for stock options and common purchase warrants. j) FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Fair Value The Company follows “Accounting Standards Codification” ASC 820-10 Fair Value Measurements and Disclosures Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable in the market such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity. For the years ended December 31, 2015 and 2014, common share purchase warrants denominated in Canadian dollars were recognized as fair value derivative instruments. Derivative Financial Instruments The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to profit or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses acceptable pricing models to estimate fair value of the derivative instrument. The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. k) INCOME TAXES Deferred income taxes are reported for temporary differences between items of income or expense reported in the financial statements and those reported for income tax purposes, which require the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to nil at the balance sheet date. ASC 740, “Income Taxes” requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. At December 31, 2015 and 2014, the Company has no material unrecognized tax benefits. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. l) LOSS PER SHARE Basic loss per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. m) DISCONTINUED OPERATIONS A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the operations. It represents a separate line of business or geographic area of operation that the Company has sold or made a plan to sell. When an operation is classified as a discontinued operation, the Company’s comparative consolidated financial statements must be re-presented as if the operation had been discontinued from the start of the comparative year and shown on the balance sheet as assets held for sale. During the year ended December 31, 2014, the Company sold its operations in Oman. See note 8. n) ACCOUNTING CHANGES During 2015, the Company adopted a number of new standards, interpretations, amendments and improvements of existing standards including: 1. Accounting Standard Update (“ASU”) No. 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposal of Components of an Entity”. 2. ASU No. 2014-10, “Development Stage Entities(Topic 915): “Elimination of Certain Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. These new standards and changes did not have any material impact on the Company’s consolidated financial statements. o) ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning after January 1, 2016 or later. Updates that are not applicable or are not consequential to the Company have been excluded. In January 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No.2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20)” – simplifying the Income Statement presentation by eliminating the concept of extraordinary items. The amendments in the update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendment retrospectively to all periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company believes that the adoption of this standard will not have a material impact on its consolidated financial statements. In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40)” (“ASU 2014-15”). This update requires the assessment of an entity’s ability to continue as a going concern to be completed every reporting period, including interim periods. It also defines the term substantial doubt and the disclosure required regarding management plans to avoid or mitigate risks associated with the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016. The Company did not implement early adoption of this update and is currently evaluating its impact on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The amendments in ASU 2015-17 require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this ASU are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier adoption is permitted. The Company is currently presenting deferred tax liabilities and assets as noncurrent items on the consolidated balance sheets. Accordingly, the Company does not expect the adoption of ASU 2015-17 to have a material impact on the Company’s financial reporting and disclosures. |
PREPAIDS AND ADVANCES
PREPAIDS AND ADVANCES | 12 Months Ended |
Dec. 31, 2015 | |
PREPAIDS AND ADVANCES [Text Block] | 3. PREPAIDS AND ADVANCES The prepaids and advances primarily consist of $13,604 for advances and $216 for prepaid insurance as at December 31, 2015 (December 31, 2014 - $17,066 advances, $3,702 for prepaid insurance). Other items included in the prepaids and advances total $nil (December 31, 2014 - $363). |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2015 | |
MINERAL PROPERTIES [Text Block] | 4. MINERAL PROPERTIES Oman Project On April 10, 2014, the Company signed a share purchase agreement to sell its properties in Oman by way of the sale by the Company of all of the outstanding shares of “Oman Holdco” (as defined in note 8). In July 2014, the Company closed the sale of its properties in Oman for an initial consideration of $800,000 (note 8). Turkey Project Following the identification by the Company of several surface gossans in distal volcanogenic massive sulphide (VMS) settings, the Company negotiated two joint venture option agreements with local Turkish entities. The first option agreement (the “Karaburun Option”) was signed with the first local partner for a 50% share of three permits in the Boyabat area in northern Turkey and the second option agreement was signed with a second local partner for a 50% interest in three additional permits in the Boyabat area in northern Turkey. The second option agreement expired unexercised on May 15, 2014. In September 2014, the Company announced that it had acquired a new licence (the “Karaburun Licence”) as a result of a government tender process, which licence covers the remaining portion of the Karaburun VMS prospect, the southern part of which was covered by the Karaburun Option. In December 2014, the Company received the final forestry drill permit from the Ministry of Forestry and Water Resources in Turkey to undertake its planned Phase 1 diamond drilling program at the Karaburun project, which drilling program commenced in 2015. The Company subsequently terminated the Karaburun Option but continues to hold the Karaburun Licence. |
CAPITAL ASSETS
CAPITAL ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
CAPITAL ASSETS [Text Block] | 5. CAPITAL ASSETS December 31, 2015 Accumulated Net Book Cost Depreciation Value Vehicle $ 27,543 $ (27,543 ) $ - Mining Equipment 49,430 (39,546 ) 9,884 Office Equipment 49,600 (48,449 ) 1,151 Furniture and Fixtures 1,906 (1,270 ) 636 Building 440,329 (440,329 ) - $ 568,808 $ (557,136 ) $ 11,672 December 31, 2014 Accumulated Net Book Cost Depreciation Value Vehicle $ 27,543 $ (15,855 ) $ 11,688 Mining Equipment 49,430 (22,764 ) 26,666 Office Equipment 49,600 (44,640 ) 4,960 Furniture and Fixtures 1,906 (733 ) 1,173 Building 440,329 (422,694 ) 17,635 $ 568,808 $ (506,686 ) $ 62,122 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS [Text Block] | 6. RELATED PARTY TRANSACTIONS As of December 31, 2015, an amount of $53,001 (December 31, 2014 - $53,001) was due to Peter Ruxton, a director of the Company, related to unpaid salary from 2013. During the year ended December 31, 2015, an amount representing common office expenses of $79,946 due to Banro Corporation (“Banro”), a company with common directors during part of 2014, was cancelled as a result of a settlement between Banro and the Company. As at December 31, 2014 an amount of $64,920 was due to Banro. As of December 31, 2015, an amount of $44,615 (December 31, 2014 - $28,583) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both management fees in arrears and advances. The advances are unsecured, non-interest bearing and repayable upon demand. As of December 31, 2015, an amount of $48,838 (December 31, 2014 - $25,230) was owed from Loncor Resources Inc., a company with common directors, for the payment of general and administrative expenses by the Company. As of December 31, 2015, an amount of $327 was owed from Delrand Resources Limited, a company with common directors, for the payment of general and administrative expenses by the Company. As of December 31, 2014, the Company had repaid the balance of the advance that was made by Lloyd J. Bardswich, (a former officer and director of the Company and currently the sole director and officer of Gentor Idaho, Inc.). All of the above related party transactions are in the normal course of operations and are unsecured, non-interest bearing and measured at the exchange amount as determined by management. |
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS | 12 Months Ended |
Dec. 31, 2015 | |
REPORTABLE SEGMENTS [Text Block] | 7. REPORTABLE SEGMENTS The operations of the Company are located in two geographic locations: Turkey and Canada. The Company’s corporate head office is located in Canada and is not an operating segment. The Company has only one reportable segment, a mineral exploration project in Turkey. As at December 31, December 31, 2015 2014 Turkey – capital assets 10,724 41,377 Canada – capital assets 948 20,745 Total $ 11,672 $ 62,122 |
DISCONTINUED OPERATION
DISCONTINUED OPERATION | 12 Months Ended |
Dec. 31, 2015 | |
DISCONTINUED OPERATION [Text Block] | 8. DISCONTINUED OPERATIONS On July 15, 2014, the Company closed the sale to Savannah Resources plc (the "Purchaser"), an arm’s length party, of the Company's properties in Oman (the “Oman Sale”). The Purchaser is a mineral exploration company listed on the Alternative Investment Market in London. The Oman Sale was effected by way of the sale by the Company to the Purchaser of all of the outstanding shares of the British Virgin Islands company, Gentor Resources Limited ("Oman Holdco"). Prior to the Oman Sale, Oman Holdco was a wholly-owned subsidiary of the Company and the interests of the Company in the Oman properties had been held through Oman Holdco. The loss on sale of discontinued operations was determined as follows: Cash consideration received $ 800,000 Net assets disposed: Cash 5,657 Capital assets 6,964 Mineral rights 800,000 812,621 Loss on sale of discontinued operation 12,621 The consideration for the Oman Sale was comprised of a cash payment of $800,000 paid to the Company on the closing of the Oman Sale, together with the following deferred consideration: (a) The sum of $1,000,000, payable to the Company upon a formal final investment decision being made to proceed with the development of a mine at the Block 5 project in Oman. (b) The sum of $1,000,000, payable to the Company upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 project in Oman. (c) The sum of $1,000,000, payable to the Company within six months of the payment of the deferred consideration in (b) above. (d) The Purchaser may elect to pay up to 50% of the above deferred consideration by the issue of shares of the Purchaser to the Company. The deferred consideration was not included in the gain/loss on sale of discontinued operations. Management will continue to reassess the value of the deferred consideration on a periodic basis and include any changes in the statement of operations as a part of discontinued operation. The Company has accounted for contingent consideration based on when cash is received. The results of the discontinued operations were as follows: Total discontinued operation 2014 2013 – Statement of comprehensive loss Expenses 1 Field camp expenses - 27,879 Surveying - - Geophysics - 2,708 Geochemistry - 370 Geology - 112,033 Drilling - - Professional fees 2,072 28,758 Environmental testing - - General and administrative 85,951 902,343 Gain on sale of capital assets - (42,292 ) Impairment of mineral properties - 17,448,198 Depreciation 7,312 46,723 Net loss before discontinuing operations 2 95,335 18,526,720 Loss on sale of discontinued operations 12,621 - Net loss from discontinued operations $ 107,956 $ 18,526,720 1 Comparative figures for expenses in 2013 were adjusted to reallocate these expenses from the expenses incurred for continuing operations. 2 In 2014, this loss represents the activity prior to the sale on July 15, 2014. Cash flows from the discontinued operations were: For the For the year period ended ended July December 31, 15, 2014 2013 CASH PROVIDED BY (USED IN) Operating activities: Net loss from discontinued operation $ (107,956 ) $ (18,526,720 ) Adjustments required to reconcile net loss with net cash used in operating activities Impairment of mineral properties - 17,448,198 Depreciation 7,312 46,723 Gain on sale of capital assets - (42,292 ) Loss from discontinued operation 12,621 - Stock based compensation - employees 3,196 112,033 Changes in non-cash working capital balances Prepaids and advances 2,980 51,317 Due from related parties - - Accounts payable (213,461 ) 5,472 Cash used in operating activities (295,308 ) (905,269 ) Financing activities (Repayment to)/advance from parent (501,834 ) 733,167 Cash(used in)/provided by financing activities (501,834 ) 733,167 Investing activities Proceeds from sale of capital assets - 84,163 Proceeds from sale of discontinued operation 800,000 - Cash provided by investing activities 800,000 84,163 Net increase/(decrease) in cash 2,858 (87,939 ) Cash, beginning of the period 2,799 90,738 Cash balance included in net assets disposed (5,657 ) - Cash, end of the period $ - $ 2,799 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2015 | |
SHARE CAPITAL [Text Block] | 9. SHARE CAPITAL a) Authorized Share Capital The authorized share capital of the Company consists of 500,000,000 common shares with a par value of $0.0001 per share. Each common share entitles the holder to one vote and no holder of the common shares shall be entitled to any right of cumulative voting. b) Issued Share Capital On January 29, 2014, the Company closed a non-brokered private placement of 7,500,000 units at a price of $0.0474 (Cdn$0.0525) per unit for gross proceeds of $355,596 (Cdn$393,750). Each such unit was comprised of one common share of the Company and one warrant of the Company, with each such warrant entitling the holder to purchase one common share of the Company at a price of $0.063 (Cdn$0.07) for a period of two years (see notes 9(d) and 11(d)). Arnold T. Kondrat, a director and currently Chief Executive Officer and President of the Company, was the purchaser of all of the said units. On February 20, 2014, the Company closed a non-brokered arm’s length private placement of 2,000,000 units at a price of $0.068 (Cdn$0.075) per unit for gross proceeds of $135,150 (Cdn$150,000). Each such unit was comprised of one common share of the Company and one-half of one warrant of the Company, with each full warrant entitling the holder to purchase one common share of the Company at a price of $0.0901 (Cdn$0.10) for a period of two years (see notes 9(d) and 11(d)). On August 27, 2014, the Company closed a non-brokered private placement of 3,000,000 units of the Company at a price of $0.056 (Cdn$0.06) per unit for gross proceeds of $163,926 (Cdn$180,000). Each such unit was comprised of one common share of the Company and one-half of one warrant of the Company, with each full warrant entitling the holder to purchase one common share of the Company at a price of $0.07 (Cdn$0.075) for a period of two years (see notes 9(d) and 11(d)). Arnold T. Kondrat, a director and Chief Executive Officer and President of the Company, was the purchaser of all of said units. On October 3, 2014, the Company closed a non-brokered private placement of 5,000,000 units of the Company at a price of $0.089 (Cdn$0.10) per unit for gross proceeds to the Company of $447,254 (Cdn$500,000). Each such unit was comprised of one common share of the Company and one-half of one warrant of the Company, with each full warrant entitling the holder to purchase one common share of the Company at a price of $0.13 (Cdn$0.15) for a period of one year (see notes 9(d) and 11(d)). A director of the Company purchased 1,000,000 of the said units and an officer of the Company purchased 500,000 of the said units. On May 6, 2015, the Company closed a non-brokered private placement of 15,000,000 units of the Company at a price of $0.05 (Cdn$0.06) per unit for gross proceeds of $749,430 (Cdn$900,000). Each such unit was comprised of one common share of the Company and one-half of one warrant of the Company, with each full warrant entitling the holder to purchase one common share of the Company at a price of $0.083 (Cdn$0.10) for a period of two years (see notes 9(d) and 11(d)). Directors and officers of the Company purchased 10,100,000 of the said units. As of December 31, 2015, the Company had outstanding 95,253,840 (December 31, 2014 – 80,253,840) common shares. c) Stock-Based Compensation On December 14, 2011, the Company established a new stock option plan (the “New Plan”). In establishing the New Plan, the Company’s board of directors also provided that no additional awards will be made under the Company’s 2010 Performance and Equity Incentive Plan (the “2010 Plan”) and terminated the 2010 Plan effective upon the exercise, expiry, termination or cancellation of all of the outstanding stock options that were granted under the 2010 Plan. Stock options may be granted under the New Plan from time to time by the board of directors of the Company to such directors, officers, employees and consultants of the Company or a subsidiary of the Company, and in such numbers, as are determined by the board at the time of the granting of the stock options. The number of common shares of the Company reserved from time to time for issuance to optionees pursuant to stock options granted under the New Plan shall not exceed 11,000,000 common shares. The exercise price of each stock option granted under the New Plan shall be determined in the discretion of the board of directors of the Company at the time of the granting of the stock option, provided that the exercise price shall not be lower than the last closing price of the Company’s common shares on the TSX Venture Exchange prior to the date the stock option is granted. On May 23, 2014, 1,680,000 stock options were granted under the New Plan. Each such stock option entitles the holder to purchase one common share of the Company at a purchase price of $0.14 (Cdn$0.15) for a period of 5 years. The options vest at a rate of 25% on each six-month anniversary of the grant date. The following table summarizes the stock option information for the years ended December 31, 2015, 2014 and 2013: Weighted Weighted average average Weighted remaining Number of exercise price average fair contractual life options ($Cdn) value ($Cdn) (in years) Opening Balance, January 1, 2013 1,825,000 0.90 0.85 Forfeited (400,000 ) 0.88 0.70 Closing Balance, December 31, 2013 1,425,000 0.90 0.89 2.13 Granted 1,680,000 0.15 0.06 Forfeited (675,000 ) 0.75 0.92 Closing Balance, December 31, 2014 2,430,000 0.42 0.31 3.40 Expired (300,000 ) 0.75 1.30 Closing Balance, December 31, 2015 2,130,000 0.38 0.17 2.85 December 31, 2015 Vested 1,722,500 0.43 0.19 2.72 Unvested 407,500 0.15 0.06 3.39 December 31, 2014 Vested 1,207,500 0.70 0.56 2.39 Unvested 1,222,500 0.15 0.06 4.39 During the year ended December 31, 2015, the Company recognized as stock-based compensation expense (included in general and administrative expenses) $28,600 (2014 - $64,171 of which $3,196 was reflected in loss from discontinued operations; 2013 – $190,292 with 112,033 reflected in loss from discontinued operations). This amount was credited accordingly to additional paid-in capital in the balance sheet. As at December 31, 2015, the unrecognized stock based compensation expense is $3,394 with a weighted average life of 3.39 years (December 31, 2014 - $40,441, 3.55 years). The Black-Scholes option-pricing model is used to estimate values of all stock options granted based on the following assumptions for the options granted in 2014: (i) Risk-free interest rate: 1.57%, which is based on the Bank of Canada benchmark bonds, average yield 5 year rate in effect at the time of grant for bonds with maturity dates at the estimated term of the options (ii) Expected volatility: 102.04%, which is based on the Company’s historical stock prices (iii) Expected life: 5 years (iv) Expected dividends: $Nil d) Canadian Dollar Common Share Purchase Warrants As at December 31, 2015, the Company had outstanding and exercisable Canadian dollar common share purchase warrants entitling the holders to purchase a total of 17,500,000 common shares of the Company (December 31, 2014 – 12,500,000), as set out in the following table: Remaining Number of $ U.S. Exercice Exercise period contractual life Issue Date shares issuable price (months) (months) January 29, 2014 (1) 7,500,000 $ 0.063 24 1 February 20, 2014 (2) 1,000,000 $ 0.090 24 2 August 27, 2014 (3) 1,500,000 $ 0.070 24 8 May 6, 2015 (4) 7,500,000 $ 0.083 24 16 17,500,000 (1) The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.07 for one share and converted at day of issue. (2) The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.10 for one share and converted at day of issue. (3) The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.075 for one share and converted at day of issue. (4) The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.10 for one share and converted at day of issue. As of December 31, 2015, the weighted average fair value per Canadian dollar common share purchase warrants was $0.001 (December 31, 2014 - $0.057) . The Black-Scholes option-pricing model was used to estimate values of the Canadian dollar common share purchase warrants granted based on the following assumptions: (i) Risk-free interest rate: 0.41% - 0.59%, which is based on the Bank of Canada benchmark bonds, yield 2 year rate in effect at the time of grant for bonds with maturity dates at the estimated term of the warrants (ii) Expected volatility: 74% - 115%, which is based on the average of the Company’s selected peers historical stock prices (iii) Expected life: up to 2 years (iv) Expected dividends: $Nil During the year ended December 31, 2015, $755,862 was recorded as a gain on the revaluation for the derivative financial instruments. During the year ended December 31, 2014, $26,456 was recorded as a loss on initial recognition of the issuance of warrants and $132,195 was recorded as a gain on the subsequent revaluation for the derivative financial instruments. Fair Value at Fair Value at Number of Fair value on Gain/loss on December 31, Gain/loss on December 31, Issue date warrants issuance derivatives 2014 derivatives 2015 January 29, 2014 7,500,000 $ 381,334 (25,759 ) $ 355,575 (355,575 ) $ - February 20, 2014 1,000,000 $ 53,790 (15,172 ) $ 38,618 (38,618 ) $ - August 27, 2014 1,500,000 $ 74,313 15,033 $ 89,345 (88,001 ) $ 1,344 October 03, 2014 2,500,000 $ 132,804 (106,297 ) $ 26,507 (26,507 ) $ - May 06, 2015 7,500,000 $ 256,680 - $ - (247,161 ) $ 9,519 20,000,000 $ 898,921 (132,195 ) $ 510,045 (755,862 ) $ 10,863 e) Loss Per Share Basic and diluted loss per share was calculated on the basis of the weighted average number of common shares outstanding for the year ended December 31, 2015, amounting to 90,116,854 common shares (year ended December 31, 2014 – 73,633,292 and year ended December 31, 2013 – 62,753,840). 2,130,000 stock options (2014 - 2,430,000 and 2013 – 1,425,000) and 17,500,000 warrants (2014 – 12,500,000 and 2013 – nil) were not included in the weighted average number of diluted common shares outstanding as they were anti-dilutive. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Text Block] | 10. INCOME TAXES A reconciliation of the U.S. federal statutory tax of 34% to the total provision is as follows: Years ended December 31, 2015 2014 2013 Loss for the year $ 180,846 $ 1,162,625 $ 20,106,911 Recovery of income tax at statutory tax rate 61,488 395,293 6,836,350 Foreign tax rate differential (53,894 ) (59,081 ) (3,522,620 ) Items not subject to tax 256,993 - (1,884,045 ) Expenses not deductible for tax (667 ) (113 ) (42,936 ) Capital loss on sale of subsidiary 2,809,770 4,876,036 - Others (236,157 ) (176,765 ) 649,198 Change in valuation allowance (2,837,533 ) (5,035,370 ) (2,035,945 ) - - - The significant components of deferred income taxes consist of the following: As at December 31, 2015 2014 2013 Deferred tax asset Non-capital loss carryforwards $ 4,685,529 $ 4,661,550 $ 4,576,065 Capital loss carryforwards 8,683,468 5,873,698 - Investments - - 960,957 Capital assets 62,700 62,385 10,101 Others 163,899 160,429 175,567 Total: $ 13,595,596 $ 10,758,061 $ 5,722,690 Valuation allowance (13,595,596 ) (10,758,062 ) (5,722,690 ) During the year ended December 31, 2015, the Company incurred net losses and, therefore, has no provision for income taxes. No income tax benefit has been recorded because it is more likely than not that the recoverability of such assets would not be realized through known future revenue sources. The net deferred tax asset generated by the loss carry forward has been fully reserved. The U.S. net operating loss net of unrecognized tax benefit, available to be applied against future years’ taxable income is as follows at December 31, 2015. If not utilized, these U.S. income tax losses will expire as follows: 2025 $ 97,637 2026 223,603 2027 1,874,027 2028 3,340,280 2029 406,098 2030 952,212 2031 1,552,580 2032 1,482,729 2033 864,640 2034 667,373 2035 520,362 Total: $ 11,981,541 The U.S. capital losses available to be applied against future years’ capital gain are $25,539,612 at December 31, 2015 (2014 - $17,275,583). If not utilized, these U.S. capital losses will expire in 2019. Turkish net operating loss carryforwards were $611,806 at December 31, 2015 ($764,717 at December 31, 2014). If unused, they will expire between 2017 and 2020. The following is a reconciliation of the total amounts of unrecognized tax benefits: 2015 2014 2013 Unrecognized tax benefit - January 1 $ 213,309 $ 213,309 - Gross increases - tax positions in prior period - - $ 213,309 Gross decreases - tax positions in prior period - - - Gross increases - tax positions in current period - - - Settlement - - - Lapse of statute of limitation - - - Unrecognized tax benefit - December 31 $ 213,309 $ 213,309 $ 213,309 The Company would recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. Interest is not accrued on unrecognized tax benefit that can be offset with tax losses. The Company did not accrue penalties and interest historically or during 2015, 2014 or 2013. The Company is subject to taxation in the US and various foreign jurisdictions. As of December 31, 2015, the Company’s tax years from 2010 to 2012 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2015, the Company does not expect to be subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2010. |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2015 | |
FINANCIAL RISK MANAGEMENT [Text Block] | 11. FINANCIAL RISK MANAGEMENT a) FOREIGN CURRENCY RISK Foreign currency risk is the risk that a variation in exchange rates between the United States dollar and other foreign currencies will affect the Company’s operations and financial results. A portion of the Company’s transactions are denominated in Canadian dollars and Turkish lira. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. Significant foreign currency gains or losses are reflected as a separate component in the consolidated statement of operations. The Company has not used derivatives instruments to reduce its exposure to foreign currency risk. The following table indicates the impact of foreign currency risk on net working capital as at December 31, 2015. The table below also provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Turkish lira and the Canadian dollar as identified which would have increased (decreased) the Company’s net loss by the amounts shown in the table below. A 10 percent weakening of the US dollar against the Turkish Lira and the Canadian dollar would have had an equal but opposite effect as at December 31, 2015. Canadian Turkish Dollar Lira Cash 25,841 17,544 Prepaids and advances - 40,363 Accounts payable (115,476 ) (10,457 ) Accrued liabilities (120,000 ) - Total foreign currency working capital (209,636 ) 47,451 US$ exchange rate at December 31, 2015 0.7225 0.3432 Total foreign currency net working capital in US$ (151,462 ) 16,284 Impact of a 10% strengthening of the US$ on net income (loss) (15,146 ) 1,628 b) MARKET RISK Market risk is the potential for financial loss from adverse changes in underlying market factors, including foreign-exchange rates, commodity prices and stock based compensation costs. c) TITLE RISK Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mining properties. Although the Company investigates title to all mineral properties for which it holds rights, the Company cannot give any assurance that title to such properties will not be challenged or impugned and cannot be certain that it will have valid title to its mineral properties. Property title may be subject to government licensing requirements or regulations, social licensing requirements, unregistered prior agreements, unregistered claims, aboriginal claims, and non-compliance with regulatory and e nvironmental requirements. The Company’s assets may also be subject to increases in taxes and royalties, renegotiation of contracts, expropriation of properties, currency exchange fluctuations and restrictions and political uncertainty. d) DISCLOSURES OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES At December 31, 2015, the carrying values of the Company’s cash, accounts payable and accrued liabilities approximate fair value. The fair value of warrants (note 9d) would be included in the hierarchy as follows: 31-Dec-15 Liabilities: Level 1 Level 2 Level 3 Canadian dollar common share purchase warrants - $ 10,863 - 31-Dec-14 Liabilities: Level 1 Level 2 Level 3 Canadian dollar common share purchase warrants - $ 510,045 - |
ENVIRONMENTAL CONTINGENCY
ENVIRONMENTAL CONTINGENCY | 12 Months Ended |
Dec. 31, 2015 | |
ENVIRONMENTAL CONTINGENCY [Text Block] | 12. ENVIRONMENTAL CONTINGENCY The Company’s exploration and evaluation activities are subject to laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company believes its activities are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENT [Text Block] | 13. SUBSEQUENT EVENT In February 2016, the Company signed a letter of intent (“LOI”) with Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”) (a Turkish mining company) for a proposed joint venture to further explore and develop the Company’s Karaburun project. The LOI sets out the intention to grant to Lidya an option (“Option”) to acquire an 80% interest in the project. The Option is subject to the negotiation and execution of a definitive agreement for the Option, contemplated to be signed within 120 days from the signing of the LOI. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Consolidation [Policy Text Block] | a) BASIS OF CONSOLIDATION The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Gentor International Limited (“Gentor International”). Gentor International was incorporated on December 12, 2011 under the laws of the British Virgin Islands. All of the outstanding shares of Gentor Resources Limited, which was incorporated on November 19, 2009 under the laws of the British Virgin Islands and changed its name from APM Mining Limited on April 30, 2010 following its acquisition by the Company on March 8, 2010, were sold by the Company in July 2014 and therefore its operations have been presented as a discontinued operation (note 8). Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. |
Mineral Properties and Exploration Costs [Policy Text Block] | b) MINERAL PROPERTIES AND EXPLORATION COSTS Exploration costs pertaining to mineral properties with no proven reserves are charged to operations as incurred. When it is determined that mineral properties can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop such properties are capitalized. Such costs will be depreciated using the units-of-production method over the estimated life of the proven and probable reserves. The Company is in the exploration stage and has not yet realized any revenue from its planned operations. All exploration expenditures are expensed as incurred. |
Capital Assets [Policy Text Block] | c) CAPITAL ASSETS Capital assets are recorded at cost less accumulated depreciation. Depreciation is recorded as follows: Vehicle - Straight line basis over a range of two to four years Mining equipment - Straight line basis over four years Office equipment - Straight line basis over four years Furniture and fixtures - 20% declining balance basis Building - Straight line basis over five years |
Asset Impairment [Policy Text Block] | d) ASSET IMPAIRMENT The Company monitors events and changes in circumstances which may require an assessment of the recoverability of its long-lived assets. If required, the Company would assess recoverability using estimated undiscounted future operating cash flows of the related asset or asset grouping. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the carrying amount of an asset is not recoverable,an impairment loss is recognized in operations, measured by comparing the carrying amount of the asset to its fair value. No impairment losses were recorded during the years ended December 31, 2015 and 2014 (2013 - $17,448,198). |
Asset Retirement Obligations, Policy [Policy Text Block] | e) ASSET RETIREMENT OBLIGATIONS The fair value of the liability of an asset retirement obligation is recorded when it is incurred and the corresponding increase to the asset is depreciated over the estimated life of the asset. The liability is periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the asset retirement obligation. The Company has not identified or recorded any asset retirement obligations on its balance sheet as at December 31, 2015 and 2014. |
Stock Based Compensation [Policy Text Block] | f) STOCK-BASED COMPENSATION The Company has a stock option plan, which is described in note 9(c). The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For 2015 and 2014, the Company estimated that all options will vest. As the stock options are exercisable in Canadian dollars, and the Company’s securities trade on a Canadian exchange, stock options are determined to be equity instruments. |
Cash [Policy Text Block] | g) CASH Cash consists of bank balances. The Company maintains cash in bank deposit accounts in Canada that at times may exceed Canadian federally insured limits. The Company has not experienced any losses in such accounts. |
Foreign Exchange [Policy Text Block] | h) FOREIGN EXCHANGE The Company’s functional and reporting currency is United States dollars. The functional currency of the foreign operations is United States dollars. Amounts in other than the functional currency are translated as follows: monetary assets and liabilities are translated at the spot rates of exchange in effect at the end of the period; non-monetary items are translated at historical exchange rates in effect on the dates of the transactions. Revenues and expense items are translated at average rates of exchange in effect during the period, except for depreciation, which is translated at its corresponding historical rate. Realized and unrealized exchange gains and losses are included in the consolidated statements of operations. |
Use of Estimates, Policy [Policy Text Block] | i) USE OF ESTIMATES The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. The Company bases its estimates and assumptions on historical experience, current facts, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant estimates and assumptions include those related to the recoverability of capital assets, estimation of deferred income taxes, tax loss recoverability, useful lives of depreciable assets, and fair value estimates for stock options and common purchase warrants. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | j) FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Fair Value The Company follows “Accounting Standards Codification” ASC 820-10 Fair Value Measurements and Disclosures Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable in the market such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity. For the years ended December 31, 2015 and 2014, common share purchase warrants denominated in Canadian dollars were recognized as fair value derivative instruments. Derivative Financial Instruments The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to profit or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses acceptable pricing models to estimate fair value of the derivative instrument. The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. |
Income Taxes [Policy Text Block] | k) INCOME TAXES Deferred income taxes are reported for temporary differences between items of income or expense reported in the financial statements and those reported for income tax purposes, which require the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to nil at the balance sheet date. ASC 740, “Income Taxes” requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. At December 31, 2015 and 2014, the Company has no material unrecognized tax benefits. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. |
Loss per Share [Policy Text Block] | l) LOSS PER SHARE Basic loss per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. |
Discontinued Operation [Policy Text Block] | m) DISCONTINUED OPERATIONS A discontinued operation is a component of the Company’s business, the operations and cash flows of which can be clearly distinguished from the rest of the operations. It represents a separate line of business or geographic area of operation that the Company has sold or made a plan to sell. When an operation is classified as a discontinued operation, the Company’s comparative consolidated financial statements must be re-presented as if the operation had been discontinued from the start of the comparative year and shown on the balance sheet as assets held for sale. During the year ended December 31, 2014, the Company sold its operations in Oman. See note 8. |
Accounting Changes [Policy Text Block] | n) ACCOUNTING CHANGES During 2015, the Company adopted a number of new standards, interpretations, amendments and improvements of existing standards including: 1. Accounting Standard Update (“ASU”) No. 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposal of Components of an Entity”. 2. ASU No. 2014-10, “Development Stage Entities(Topic 915): “Elimination of Certain Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. These new standards and changes did not have any material impact on the Company’s consolidated financial statements. |
Accounting Pronouncements Not Yet Effective [Policy Text Block] | o) ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning after January 1, 2016 or later. Updates that are not applicable or are not consequential to the Company have been excluded. In January 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No.2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20)” – simplifying the Income Statement presentation by eliminating the concept of extraordinary items. The amendments in the update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendment retrospectively to all periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company believes that the adoption of this standard will not have a material impact on its consolidated financial statements. In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40)” (“ASU 2014-15”). This update requires the assessment of an entity’s ability to continue as a going concern to be completed every reporting period, including interim periods. It also defines the term substantial doubt and the disclosure required regarding management plans to avoid or mitigate risks associated with the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016. The Company did not implement early adoption of this update and is currently evaluating its impact on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The amendments in ASU 2015-17 require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this ASU are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier adoption is permitted. The Company is currently presenting deferred tax liabilities and assets as noncurrent items on the consolidated balance sheets. Accordingly, the Company does not expect the adoption of ASU 2015-17 to have a material impact on the Company’s financial reporting and disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Capital Assets Depreciation Method [Table Text Block] | Vehicle - Straight line basis over a range of two to four years Mining equipment - Straight line basis over four years Office equipment - Straight line basis over four years Furniture and fixtures - 20% declining balance basis Building - Straight line basis over five years |
CAPITAL ASSETS (Tables)
CAPITAL ASSETS (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Table Text Block] | December 31, 2015 Accumulated Net Book Cost Depreciation Value Vehicle $ 27,543 $ (27,543 ) $ - Mining Equipment 49,430 (39,546 ) 9,884 Office Equipment 49,600 (48,449 ) 1,151 Furniture and Fixtures 1,906 (1,270 ) 636 Building 440,329 (440,329 ) - $ 568,808 $ (557,136 ) $ 11,672 | December 31, 2014 Accumulated Net Book Cost Depreciation Value Vehicle $ 27,543 $ (15,855 ) $ 11,688 Mining Equipment 49,430 (22,764 ) 26,666 Office Equipment 49,600 (44,640 ) 4,960 Furniture and Fixtures 1,906 (733 ) 1,173 Building 440,329 (422,694 ) 17,635 $ 568,808 $ (506,686 ) $ 62,122 |
REPORTABLE SEGMENTS (Tables)
REPORTABLE SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Reportable Segments Property Plant and Equipment [Table Text Block] | As at December 31, December 31, 2015 2014 Turkey – capital assets 10,724 41,377 Canada – capital assets 948 20,745 Total $ 11,672 $ 62,122 |
DISCONTINUED OPERATION (Tables)
DISCONTINUED OPERATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Discontinued Operations [Table Text Block] | Cash consideration received $ 800,000 Net assets disposed: Cash 5,657 Capital assets 6,964 Mineral rights 800,000 812,621 Loss on sale of discontinued operation 12,621 |
Schedule of Results of the Discontinued Operation [Table Text Block] | Total discontinued operation 2014 2013 – Statement of comprehensive loss Expenses 1 Field camp expenses - 27,879 Surveying - - Geophysics - 2,708 Geochemistry - 370 Geology - 112,033 Drilling - - Professional fees 2,072 28,758 Environmental testing - - General and administrative 85,951 902,343 Gain on sale of capital assets - (42,292 ) Impairment of mineral properties - 17,448,198 Depreciation 7,312 46,723 Net loss before discontinuing operations 2 95,335 18,526,720 Loss on sale of discontinued operations 12,621 - Net loss from discontinued operations $ 107,956 $ 18,526,720 |
Schedule of Cash Flows from the Discontinued Operation [Table Text Block] | For the For the year period ended ended July December 31, 15, 2014 2013 CASH PROVIDED BY (USED IN) Operating activities: Net loss from discontinued operation $ (107,956 ) $ (18,526,720 ) Adjustments required to reconcile net loss with net cash used in operating activities Impairment of mineral properties - 17,448,198 Depreciation 7,312 46,723 Gain on sale of capital assets - (42,292 ) Loss from discontinued operation 12,621 - Stock based compensation - employees 3,196 112,033 Changes in non-cash working capital balances Prepaids and advances 2,980 51,317 Due from related parties - - Accounts payable (213,461 ) 5,472 Cash used in operating activities (295,308 ) (905,269 ) Financing activities (Repayment to)/advance from parent (501,834 ) 733,167 Cash(used in)/provided by financing activities (501,834 ) 733,167 Investing activities Proceeds from sale of capital assets - 84,163 Proceeds from sale of discontinued operation 800,000 - Cash provided by investing activities 800,000 84,163 Net increase/(decrease) in cash 2,858 (87,939 ) Cash, beginning of the period 2,799 90,738 Cash balance included in net assets disposed (5,657 ) - Cash, end of the period $ - $ 2,799 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Stock Option Activity [Table Text Block] | Weighted Weighted average average Weighted remaining Number of exercise price average fair contractual life options ($Cdn) value ($Cdn) (in years) Opening Balance, January 1, 2013 1,825,000 0.90 0.85 Forfeited (400,000 ) 0.88 0.70 Closing Balance, December 31, 2013 1,425,000 0.90 0.89 2.13 Granted 1,680,000 0.15 0.06 Forfeited (675,000 ) 0.75 0.92 Closing Balance, December 31, 2014 2,430,000 0.42 0.31 3.40 Expired (300,000 ) 0.75 1.30 Closing Balance, December 31, 2015 2,130,000 0.38 0.17 2.85 December 31, 2015 Vested 1,722,500 0.43 0.19 2.72 Unvested 407,500 0.15 0.06 3.39 December 31, 2014 Vested 1,207,500 0.70 0.56 2.39 Unvested 1,222,500 0.15 0.06 4.39 |
Schedule of Share Purchase Warrants [Table Text Block] | Remaining Number of $ U.S. Exercice Exercise period contractual life Issue Date shares issuable price (months) (months) January 29, 2014 (1) 7,500,000 $ 0.063 24 1 February 20, 2014 (2) 1,000,000 $ 0.090 24 2 August 27, 2014 (3) 1,500,000 $ 0.070 24 8 May 6, 2015 (4) 7,500,000 $ 0.083 24 16 17,500,000 |
Schedule of Derivative Financial Instruments Activity [Table Text Block] | Fair Value at Fair Value at Number of Fair value on Gain/loss on December 31, Gain/loss on December 31, Issue date warrants issuance derivatives 2014 derivatives 2015 January 29, 2014 7,500,000 $ 381,334 (25,759 ) $ 355,575 (355,575 ) $ - February 20, 2014 1,000,000 $ 53,790 (15,172 ) $ 38,618 (38,618 ) $ - August 27, 2014 1,500,000 $ 74,313 15,033 $ 89,345 (88,001 ) $ 1,344 October 03, 2014 2,500,000 $ 132,804 (106,297 ) $ 26,507 (26,507 ) $ - May 06, 2015 7,500,000 $ 256,680 - $ - (247,161 ) $ 9,519 20,000,000 $ 898,921 (132,195 ) $ 510,045 (755,862 ) $ 10,863 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, 2015 2014 2013 Loss for the year $ 180,846 $ 1,162,625 $ 20,106,911 Recovery of income tax at statutory tax rate 61,488 395,293 6,836,350 Foreign tax rate differential (53,894 ) (59,081 ) (3,522,620 ) Items not subject to tax 256,993 - (1,884,045 ) Expenses not deductible for tax (667 ) (113 ) (42,936 ) Capital loss on sale of subsidiary 2,809,770 4,876,036 - Others (236,157 ) (176,765 ) 649,198 Change in valuation allowance (2,837,533 ) (5,035,370 ) (2,035,945 ) - - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As at December 31, 2015 2014 2013 Deferred tax asset Non-capital loss carryforwards $ 4,685,529 $ 4,661,550 $ 4,576,065 Capital loss carryforwards 8,683,468 5,873,698 - Investments - - 960,957 Capital assets 62,700 62,385 10,101 Others 163,899 160,429 175,567 Total: $ 13,595,596 $ 10,758,061 $ 5,722,690 Valuation allowance (13,595,596 ) (10,758,062 ) (5,722,690 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | 2025 $ 97,637 2026 223,603 2027 1,874,027 2028 3,340,280 2029 406,098 2030 952,212 2031 1,552,580 2032 1,482,729 2033 864,640 2034 667,373 2035 520,362 Total: $ 11,981,541 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 2013 Unrecognized tax benefit - January 1 $ 213,309 $ 213,309 - Gross increases - tax positions in prior period - - $ 213,309 Gross decreases - tax positions in prior period - - - Gross increases - tax positions in current period - - - Settlement - - - Lapse of statute of limitation - - - Unrecognized tax benefit - December 31 $ 213,309 $ 213,309 $ 213,309 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Foreign Currency Risk On Net Working Capital and Sensitivity Analysis [Table Text Block] | Canadian Turkish Dollar Lira Cash 25,841 17,544 Prepaids and advances - 40,363 Accounts payable (115,476 ) (10,457 ) Accrued liabilities (120,000 ) - Total foreign currency working capital (209,636 ) 47,451 US$ exchange rate at December 31, 2015 0.7225 0.3432 Total foreign currency net working capital in US$ (151,462 ) 16,284 Impact of a 10% strengthening of the US$ on net income (loss) (15,146 ) 1,628 |
Schedule of Fair Value of Warrants [Table Text Block] | 31-Dec-15 Liabilities: Level 1 Level 2 Level 3 Canadian dollar common share purchase warrants - $ 10,863 - 31-Dec-14 Liabilities: Level 1 Level 2 Level 3 Canadian dollar common share purchase warrants - $ 510,045 - |
NATURE OF OPERATIONS (Narrative
NATURE OF OPERATIONS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income Loss | $ 180,846 | $ 1,162,625 | $ 20,106,911 |
Deficit accumulated during the exploration stage | 42,960,534 | 42,779,688 | |
Working Capital | $ 350,148 | $ 241,920 |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Asset Impairment Charges | $ 0 | $ 0 | $ 17,448,198 |
Deferred Tax Assets | $ 0 |
PREPAIDS AND ADVANCES (Narrativ
PREPAIDS AND ADVANCES (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Insurance | $ 216 | $ 3,702 |
Prepaid Expense and Other Assets, Current | 0 | 363 |
Employee and Travel Advances | $ 13,604 | $ 17,066 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | |
Mineral Properties, Net | $ 0 | $ 0 | |
Joint Venture Option Agreements, Description | The Company has negotiated joint venture option agreements with two local Turkish entities. The first option agreement was signed with the first local partner for a 50% share of three permits in the Boyabat area in northern Turkey and a second option agreement was signed with a second local partner for a 50% interest in three additional permits in the Boyabat area in northern Turkey. | ||
Oman Properties [Member] | |||
Mineral Properties, Net | $ 800,000 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Due to related parties | $ 97,691 | $ 146,504 |
Banro Corporation [Member] | ||
Due to related parties | 79,946 | 64,920 |
Tembo Capital L L P [Member] | ||
Due to related parties | 53,001 | 53,001 |
Director And Officers [Member] | ||
Due to related parties | 44,615 | 28,583 |
Loncor Resources Inc. [Member] | ||
Due to related parties | 48,838 | $ 25,230 |
Lloyd J. Bardswich [Member] | ||
Due from related parties | $ 327 |
DISCONTINUED OPERATION (Narrati
DISCONTINUED OPERATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Discontinued Operations 5 | 50.00% |
Oman Properties [Member] | |
Cash Consideration Received | $ 800,000 |
Discontinued Operation, Deferred Consideration Description | The Purchaser may elect to pay up to 50% of the above deferred consideration by the issue of shares of the Purchaser to the Company. |
Oman Properties [Member] | Formal Final Investment Decision [Member] | |
Deferred Consideration, Amount | $ 1,000,000 |
Oman Properties [Member] | Production of the First Saleable Concentrate or Saleable Product [Member] | |
Deferred Consideration, Amount | 1,000,000 |
Oman Properties [Member] | Within Six Month of the Payment of the Deferred Consideration [Member] | |
Deferred Consideration, Amount | $ 1,000,000 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | May. 06, 2015USD ($)$ / sharesshares | May. 06, 2015CADCAD / sharesshares | Oct. 03, 2014USD ($)$ / sharesshares | Oct. 03, 2014CADCAD / sharesshares | Aug. 27, 2014USD ($)$ / sharesshares | Aug. 27, 2014CADCAD / sharesshares | Feb. 20, 2014USD ($)$ / sharesshares | Feb. 20, 2014CADCAD / sharesshares | Jan. 29, 2014USD ($)$ / sharesshares | Jan. 29, 2014CADCAD / sharesshares | Jul. 15, 2014USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015$ / sharesCAD / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesCAD / sharesshares | Dec. 31, 2013USD ($)shares | May. 06, 2015CAD / shares | Oct. 03, 2014CAD / shares | Aug. 27, 2014CAD / shares | Feb. 20, 2014CAD / shares | Jan. 29, 2014CAD / shares |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||
Common stock, shares outstanding | 95,253,840 | 95,253,840 | 80,253,840 | 80,253,840 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 8 months 19 days | 2 years 4 months 20 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 102.04% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.00% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||||||||||||||||||
Weighted average number of basic and diluted common shares outstanding | 90,116,854 | 73,633,292 | 62,753,840 | ||||||||||||||||||
Unrecognized Stock Based Compensation Expense | $ | $ 3,394 | $ 40,441 | |||||||||||||||||||
Unrecognized Share Based Compensation Arrangement By Share Based Payment Award Weighted Average Remaining Contractual Term | 3 years 4 months 20 days | 3 years 6 months 18 days | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ | $ 0 | ||||||||||||||||||||
Stock Issued During Period Under Private Placement | 15,000,000 | 15,000,000 | 5,000,000 | 5,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | 7,500,000 | 7,500,000 | |||||||||||
Shares Issued, Price Per Share | (per share) | $ 0.05 | $ 0.089 | $ 0.056 | $ 0.068 | $ 0.0474 | CAD 0.06 | CAD 0.10 | CAD 0.06 | CAD 0.075 | CAD 0.0525 | |||||||||||
Proceeds from Issuance of Private Placement | $ 749,430 | CAD 900,000 | $ 447,254 | CAD 500,000 | $ 163,926 | CAD 180,000 | $ 135,150 | CAD 150,000 | $ 355,596 | CAD 393,750 | $ 749,430 | $ 1,101,926 | $ 0 | ||||||||
Warrant Entitling to Purchase Common Stock Price per Share | (per share) | $ 0.083 | CAD 0.10 | $ 0.13 | CAD 0.15 | $ 0.07 | CAD 0.075 | $ 0.0901 | CAD 0.10 | $ 0.063 | CAD 0.07 | |||||||||||
Warrant Entitling to Purchase Common Share Period | 1 year | 1 year | 2 years | 2 years | 2 years | 2 years | 2 years | 2 years | |||||||||||||
Units to be purchased | 10,100,000 | 10,100,000 | |||||||||||||||||||
Number of Options, Granted | 1,680,000 | 1,680,000 | |||||||||||||||||||
Weighted Average Exercise Price | (per share) | $ 0.14 | $ 0.15 | $ 0.15 | ||||||||||||||||||
Contractual Life | 5 years | ||||||||||||||||||||
Options Vesting Rate | 25.00% | ||||||||||||||||||||
Share-based Compensation | $ | $ 28,600 | $ 64,171 | 190,292 | ||||||||||||||||||
Number of warrants issuable | 20,000,000 | 20,000,000 | |||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.001 | $ 0.001 | $ 0.057 | $ 0.057 | |||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||||
Share-based Compensation | $ | $ 3,196 | $ 112,033 | $ 112,033 | ||||||||||||||||||
Director [Member] | |||||||||||||||||||||
Units to be purchased | 1,000,000 | 1,000,000 | |||||||||||||||||||
Officer [Member] | |||||||||||||||||||||
Units to be purchased | 500,000 | 500,000 | |||||||||||||||||||
New Plan [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 11,000,000 | ||||||||||||||||||||
Purchase Warrant [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ | $ 0 | ||||||||||||||||||||
Loss on Initial Recognition of Issuance of Warrants | $ | 26,456 | ||||||||||||||||||||
Gain on Subsequent Revaluation of Derivative Instruments | $ | $ 755,862 | $ 132,195 | |||||||||||||||||||
Anti-dilutive shares | 17,500,000 | 12,500,000 | 0 | ||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||||
Anti-dilutive shares | 2,130,000 | 2,430,000 | 1,425,000 | ||||||||||||||||||
Canadian Dollar [Member] | |||||||||||||||||||||
Number of warrants issuable | 17,500,000 | 17,500,000 | 12,500,000 | 12,500,000 | |||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||||||||||||||||||||
Maximum [Member] | Purchase Warrant [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.59% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 115.00% | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.57% | ||||||||||||||||||||
Minimum [Member] | Purchase Warrant [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.41% | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 74.00% |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss carryforwards | $ 4,685,529 | $ 4,661,550 | $ 4,576,065 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 34.00% | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 11,981,541 | ||
Capital Loss Available for Future Use | 25,539,612 | 17,275,583 | |
Operating Loss Carryforwards | $ 611,806 | $ 764,717 |
FINANCIAL RISK MANAGEMENT (Narr
FINANCIAL RISK MANAGEMENT (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Foreign Currency Strength Percentage | 10.00% |
Foreign Currency Weakness Percentage | 10.00% |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) - Subsequent Event [Member] - Lidya [Member] | 1 Months Ended |
Feb. 29, 2016 | |
Interest in project | 80.00% |
Signing duration from LOI | 120 days |
Schedule Of Capital Assets Depr
Schedule Of Capital Assets Depreciation Method (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Furniture and Fixtures [Member] | |
Capital Assets Depreciaion Method | 20% declining balance basis |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cost | $ 568,808 | $ 568,808 |
Accumulated Depreciation | (557,136) | (506,686) |
Net Book Value | 11,672 | 62,122 |
Vehicle [Member] | ||
Cost | 27,543 | 27,543 |
Accumulated Depreciation | (27,543) | (15,855) |
Net Book Value | 0 | 11,688 |
Mining Equipment [Member] | ||
Cost | 49,430 | 49,430 |
Accumulated Depreciation | (39,546) | (22,764) |
Net Book Value | 9,884 | 26,666 |
Office Equipment [Member] | ||
Cost | 49,600 | 49,600 |
Accumulated Depreciation | (48,449) | (44,640) |
Net Book Value | 1,151 | 4,960 |
Furniture and Fixtures [Member] | ||
Cost | 1,906 | 1,906 |
Accumulated Depreciation | (1,270) | (733) |
Net Book Value | 636 | 1,173 |
Building [Member] | ||
Cost | 440,329 | 440,329 |
Accumulated Depreciation | (440,329) | (422,694) |
Net Book Value | $ 0 | $ 17,635 |
Schedule Of Reportable Segments
Schedule Of Reportable Segments Property Plant and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Capital assets | $ 11,672 | $ 62,122 |
Total | 11,672 | 62,122 |
Turkey [Member] | ||
Capital assets | 10,724 | 41,377 |
Canada [Member] | ||
Capital assets | $ 948 | $ 20,745 |
Schedule of Discontinued Operat
Schedule of Discontinued Operations (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Net assets disposed: | |
Cash | $ 0 |
Loss from discontinued operation | 0 |
Discontinued Operations [Member] | |
Cash consideration received | 800,000 |
Net assets disposed: | |
Cash | 5,657 |
Capital assets | 6,964 |
Mineral rights | 800,000 |
Total Net Assets Disposed | 812,621 |
Loss from discontinued operation | $ 12,621 |
Schedule of Results of the Disc
Schedule of Results of the Discontinued Operation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Expenses | ||
Field camps expenses | $ 188,522 | $ 393,159 |
Geophysics | 18,905 | 0 |
Geochemistry | 0 | 2,891 |
Drilling | 93,138 | 0 |
Professional Fees | 225,693 | 266,042 |
General and administrative expenses | 329,933 | 321,808 |
Impairment of mineral properties | 0 | 0 |
Depreciation | 50,450 | 46,981 |
Loss on sale of discontinued operation | 0 | (107,956) |
Discontinued Operations [Member] | ||
Expenses | ||
Field camps expenses | 0 | 27,879 |
Surveying | 0 | 0 |
Geophysics | 0 | 2,708 |
Geochemistry | 0 | 370 |
Geology | 0 | 112,033 |
Drilling | 0 | 0 |
Professional Fees | 2,072 | 28,758 |
Environmental testing | 0 | 0 |
General and administrative expenses | 85,951 | 902,343 |
Gain on sale of capital assets | 0 | (42,292) |
Impairment of mineral properties | 0 | 17,448,198 |
Depreciation | 7,312 | 46,723 |
Net loss before discontinuing operation | 95,335 | 18,526,720 |
Loss on sale of discontinued operation | 12,621 | 0 |
Net loss from discontinued operation | $ 107,956 | $ 18,526,720 |
Schedule of Cash Flows from the
Schedule of Cash Flows from the Discontinued Operation (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jul. 15, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH PROVIDED BY (USED IN) Operating activities: | ||||
Net loss for the year | $ (180,846) | $ (1,162,625) | $ (20,106,911) | |
Adjustments required to reconcile net loss with net cash used in operating activities | ||||
Impairment of mineral properties | 0 | 0 | 17,448,198 | |
Depreciation | 50,450 | 46,981 | 46,316 | |
Share-based Compensation | 28,600 | 64,171 | 190,292 | |
Changes in non-cash working capital balances | ||||
Prepaids and advances | (7,311) | (51,677) | (140,541) | |
Due from related parties | 23,935 | 25,230 | 0 | |
Accounts payable | 96,667 | (329,490) | 166,981 | |
Cash used in operating activities | (866,144) | (1,460,121) | (1,986,359) | |
Financing activities | ||||
Cash provided by (used in) financing activities | 700,617 | 921,292 | 243,394 | |
Proceeds from disposal of capital assets | 0 | 0 | 84,163 | |
Proceeds from sale of discontinued operation | 0 | 800,000 | 0 | |
Cash provided by investing activities | 0 | 808,369 | 84,163 | |
Net (decrease) increase in cash | (165,527) | 269,540 | (1,658,802) | |
Cash, beginning of the year | $ 27,910 | 294,592 | 27,910 | |
Cash | 0 | (5,657) | (2,799) | |
Cash, end of the year | 129,065 | 294,592 | 27,910 | |
Discontinued Operations [Member] | ||||
CASH PROVIDED BY (USED IN) Operating activities: | ||||
Net loss for the year | (107,956) | (18,526,720) | ||
Adjustments required to reconcile net loss with net cash used in operating activities | ||||
Impairment of mineral properties | 0 | 0 | 17,448,198 | |
Depreciation | 7,312 | 7,312 | 46,723 | |
Gain on sale of capital assets | 0 | 0 | (42,292) | |
Loss from discontinued operation | 12,621 | 0 | ||
Share-based Compensation | 3,196 | 112,033 | 112,033 | |
Changes in non-cash working capital balances | ||||
Prepaids and advances | 2,980 | 51,317 | ||
Due from related parties | 0 | 0 | ||
Accounts payable | (213,461) | 5,472 | ||
Cash used in operating activities | (295,308) | (905,269) | ||
Financing activities | ||||
(Repayment to)/advance from parent | (501,834) | 733,167 | ||
Cash provided by (used in) financing activities | (501,834) | 733,167 | ||
Proceeds from disposal of capital assets | 0 | 84,163 | ||
Proceeds from sale of discontinued operation | 800,000 | 0 | ||
Cash provided by investing activities | 800,000 | 84,163 | ||
Net (decrease) increase in cash | 2,858 | (87,939) | ||
Cash, beginning of the year | 90,738 | $ 2,799 | 90,738 | |
Cash | (5,657) | 0 | ||
Cash, end of the year | $ 0 | $ 2,799 | $ 90,738 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 12 Months Ended | |||||
Dec. 31, 2015$ / sharesshares | Dec. 31, 2015$ / sharesCAD / sharesshares | Dec. 31, 2014CAD / sharesshares | Dec. 31, 2013CAD / sharesshares | Dec. 31, 2015CAD / sharesshares | Dec. 31, 2012CAD / shares | |
Number of Options, Opening Balance | shares | 2,430,000 | 2,430,000 | 1,425,000 | 1,825,000 | ||
Weighted Average Exercise Price ($Cdn), Opening Balance | CAD 0.42 | CAD 0.90 | CAD 0.90 | |||
Weighted Average Fair Value ($Cdn), Opening Balance | CAD 0.85 | |||||
Number of Options, Forfeited | shares | (675,000) | (400,000) | ||||
Weighted Average Exercise Price ($Cdn), Forfeited | CAD 0.75 | CAD 0.88 | ||||
Weighted Average Fair Value ($Cdn), Forfeitures | CAD 0.92 | CAD 0.70 | ||||
Number of Options, Expired | shares | (300,000) | (300,000) | ||||
Weighted Average Exercise Price ($Cdn),Expired | $ / shares | $ 0.75 | |||||
Weighted Average Fair Value ($Cdn), Expired | $ / shares | $ 1.30 | |||||
Number of Options, Granted | shares | 1,680,000 | 1,680,000 | 1,680,000 | |||
Weighted Average Exercise Price ($Cdn), Granted | (per share) | $ 0.14 | CAD 0.15 | CAD 0.15 | |||
Weighted Average Fair Value ($Cdn), Granted | CAD 0.06 | |||||
Number of Options, Vested | shares | 1,722,500 | 1,722,500 | 1,207,500 | |||
Weighted Average Exercise Price ($Cdn), Vested | CAD 0.70 | CAD 0.43 | ||||
Weighted Average Fair Value ($Cdn), Vested | CAD 0.56 | CAD 0.19 | ||||
Weighted Average Remaining Contractual LIfe (in years) | 2 years 8 months 19 days | 2 years 8 months 19 days | 2 years 4 months 20 days | |||
Number of Options, Unvested | shares | 407,500 | 407,500 | 1,222,500 | 407,500 | ||
Weighted Average Exercise Price ($Cdn), Unvested | CAD 0.15 | CAD 0.15 | ||||
Weighted Average Fair Value ($Cdn), Unvested | CAD 0.06 | CAD 0.06 | ||||
Weighted Average Remaining Contractual Life (In Years), Unvested | 3 years 4 months 20 days | 3 years 4 months 20 days | 4 years 4 months 20 days | |||
Number of Options, Closing Balance | shares | 2,130,000 | 2,130,000 | 2,430,000 | 1,425,000 | ||
Weighted Average Exercise Price ($Cdn), Closing Balance | (per share) | $ 0.38 | CAD 0.42 | CAD 0.90 | |||
Weighted Average Fair Value ($Cdn), Closing Balance | (per share) | $ 0.17 | CAD 0.17 | CAD 0.31 | CAD 0.89 | ||
Weighted Average Remaining Contracutal Life (In Years), Closing Balance | 2 years 10 months 6 days | 2 years 10 months 6 days | 3 years 4 months 24 days | 2 years 1 month 17 days |
Schedule of Share Purchase Warr
Schedule of Share Purchase Warrants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Number of Shares Issuable | 17,500,000 | ||
$U.S. Exercise Price | $ 0.001 | $ 0.057 | |
January 29, 2014 [Member] | |||
Number of Shares Issuable | [1] | 7,500,000 | |
$U.S. Exercise Price | [1] | $ 0.063 | |
Exercise Period (months) | [1] | 24 months | |
Remaining Contractual Life (months) | [1] | 1 month | |
February 20, 2014 [Member] | |||
Number of Shares Issuable | [2] | 1,000,000 | |
$U.S. Exercise Price | [2] | $ 0.090 | |
Exercise Period (months) | [2] | 24 months | |
Remaining Contractual Life (months) | [2] | 2 months | |
August 27, 2014 [Member] | |||
Number of Shares Issuable | [3] | 1,500,000 | |
$U.S. Exercise Price | [3] | $ 0.070 | |
Exercise Period (months) | [3] | 24 months | |
Remaining Contractual Life (months) | [3] | 8 months | |
October 3, 2014 [Member] | |||
Number of Shares Issuable | [4] | 7,500,000 | |
$U.S. Exercise Price | [4] | $ 0.083 | |
Exercise Period (months) | [4] | 24 months | |
Remaining Contractual Life (months) | [4] | 16 months | |
[1] | The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.07 for one share and converted at day of issue. | ||
[2] | The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.10 for one share and converted at day of issue. | ||
[3] | The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.075 for one share and converted at day of issue. | ||
[4] | The exercise price for the Canadian dollar common share purchase warrants is Cdn$0.10 for one share and converted at day of issue. |
Schedule of Derivative Financia
Schedule of Derivative Financial Instruments Activity (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Number of Warrants | 20,000,000 | |
Fair Value on Issuance | $ 898,921 | |
Gain/Loss on Derivatives | $ (755,862) | (132,195) |
Fair Value, End of Period | 10,863 | $ 510,045 |
January 29, 2014 [Member] | ||
Number of Warrants | 7,500,000 | |
Fair Value on Issuance | $ 381,334 | |
Gain/Loss on Derivatives | (355,575) | (25,759) |
Fair Value, End of Period | 0 | $ 355,575 |
February 20, 2014 [Member] | ||
Number of Warrants | 1,000,000 | |
Fair Value on Issuance | $ 53,790 | |
Gain/Loss on Derivatives | (38,618) | (15,172) |
Fair Value, End of Period | 0 | $ 38,618 |
August 27, 2014 [Member] | ||
Number of Warrants | 1,500,000 | |
Fair Value on Issuance | $ 74,313 | |
Gain/Loss on Derivatives | (88,001) | 15,033 |
Fair Value, End of Period | 1,344 | $ 89,345 |
October 3, 2014 [Member] | ||
Number of Warrants | 2,500,000 | |
Fair Value on Issuance | $ 132,804 | |
Gain/Loss on Derivatives | (26,507) | (106,297) |
Fair Value, End of Period | 0 | $ 26,507 |
May 6, 2015 [Member] | ||
Number of Warrants | 7,500,000 | |
Fair Value on Issuance | $ 256,680 | |
Gain/Loss on Derivatives | (247,161) | 0 |
Fair Value, End of Period | $ 9,519 | $ 0 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss for the year | $ 180,846 | $ 1,162,625 | $ 20,106,911 |
Recovery of income tax and statutory rates | 61,488 | 395,293 | 6,836,350 |
Foreign tax rate differential | (53,894) | (59,081) | (3,522,620) |
Income (losses) not subject to tax | 256,993 | 0 | (1,884,045) |
Expenses not deductible for tax | (667) | (113) | (42,936) |
Capital Loss on sale of Subsidiary | 2,809,770 | 4,876,036 | 0 |
Other | (236,157) | (176,765) | 649,198 |
Change in valuation allowance | (2,837,533) | (5,035,370) | (2,035,945) |
Income Tax Reconciliation, Other Reconciling Items | $ 0 | $ 0 | $ 0 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax asset | |||
Non-capital loss carryforwards | $ 4,685,529 | $ 4,661,550 | $ 4,576,065 |
Capital loss carryforwards | 8,683,468 | 5,873,698 | 0 |
Investments | 0 | 0 | 960,957 |
Capital assets | 62,700 | 62,385 | 10,101 |
Others | 163,899 | 160,429 | 175,567 |
Deferred tax liability | |||
Total: | 13,595,596 | 10,758,061 | 5,722,690 |
Valuation allowance | $ (13,595,596) | $ (10,758,062) | $ (5,722,690) |
Summary of Operating Loss Carry
Summary of Operating Loss Carryforwards (Details) | Dec. 31, 2015USD ($) |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 11,981,541 |
2025 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 97,637 |
2026 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 223,603 |
2027 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,874,027 |
2028 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,340,280 |
2029 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 406,098 |
2030 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 952,212 |
2031 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,552,580 |
2032 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,482,729 |
2033 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 864,640 |
2034 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 667,373 |
2035 [Member] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 520,362 |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized tax benefit - January 1 | $ 213,309 | $ 213,309 | $ 0 |
Gross increases - tax positions in prior period | 0 | 0 | 213,309 |
Gross decreases - tax positions in prior period | 0 | 0 | 0 |
Gross increases - tax positions in current period | 0 | 0 | 0 |
Settlement | 0 | 0 | 0 |
Lapse of statute of limitation | 0 | 0 | 0 |
Unrecognized tax benefit - December 31 | $ 213,309 | $ 213,309 | $ 213,309 |
Schedule Of Foreign Currency Ri
Schedule Of Foreign Currency Risk On Net Working Capital and Sensitivity Analysis (Details) | Dec. 31, 2015USD ($) |
Cash | $ 129,065 |
Prepaids and advances | 13,820 |
Accounts payable | (324,507) |
Accrued liabilities | (120,000) |
Canadian Dollar [Member] | |
Cash | 25,841 |
Prepaids and advances | 0 |
Accounts payable | (115,476) |
Accrued liabilities | (120,000) |
Total foreign currency working capital | (209,636) |
US$ exchange rate at December 31, 2013 | 0.7225 |
Total foreign currency net working capital in US$ | (151,462) |
Impact of a 10% strengthening of the US$ on net loss | (15,146) |
Turkish Lira [Member] | |
Cash | 17,544 |
Prepaids and advances | 40,363 |
Accounts payable | (10,457) |
Accrued liabilities | 0 |
Total foreign currency working capital | 47,451 |
US$ exchange rate at December 31, 2013 | 0.3432 |
Total foreign currency net working capital in US$ | 16,284 |
Impact of a 10% strengthening of the US$ on net loss | $ 1,628 |
Schedule of Fair Value of Warra
Schedule of Fair Value of Warrants (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Mineral properties | $ 0 | $ 0 |
Canadian dollar common share purchase warrants | 10,863 | 510,045 |
Fair Value, Inputs, Level 1 [Member] | ||
Canadian dollar common share purchase warrants | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Canadian dollar common share purchase warrants | 10,863 | 510,045 |
Fair Value, Inputs, Level 3 [Member] | ||
Canadian dollar common share purchase warrants | $ 0 | $ 0 |