0001079973-16-001019.txt : 20160614 0001079973-16-001019.hdr.sgml : 20160614 20160614090938 ACCESSION NUMBER: 0001079973-16-001019 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 73 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160614 DATE AS OF CHANGE: 20160614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SILVER BULL RESOURCES, INC. CENTRAL INDEX KEY: 0001031093 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 911766677 STATE OF INCORPORATION: NV FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33125 FILM NUMBER: 161712124 BUSINESS ADDRESS: STREET 1: 925 WEST GEORGIA STREET, SUITE 1908 CITY: VANCOUVER STATE: A1 ZIP: V6C 3L2 BUSINESS PHONE: 604-687-5800 MAIL ADDRESS: STREET 1: 925 WEST GEORGIA STREET, SUITE 1908 CITY: VANCOUVER STATE: A1 ZIP: V6C 3L2 FORMER COMPANY: FORMER CONFORMED NAME: METALLINE MINING CO DATE OF NAME CHANGE: 19991013 10-Q 1 svbl_10q-043016.htm FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

R
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED April 30, 2016.

£
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE TRANSITION PERIOD FROM _________ TO _________.

Commission File Number: 001-33125

SILVER BULL RESOURCES, INC.
(Exact name of registrant as specified in its charter)

Nevada
91-1766677
State or other jurisdiction of
(I.R.S. Employer
incorporation or organization
Identification No.)

925 West Georgia Street, Suite 1908
Vancouver, B.C. V6C 3L2
 (Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: 604-687-5800


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes R No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes R   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting company:
 
Large accelerated filer   
 Accelerated filer
 Non-accelerated filer
(Do not check if a smaller reporting company)
Smaller reporting company R

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No R

As of June 13, 2016, there were 166,764,967 shares of the registrant’s $0.01 par value common stock, the registrant’s only outstanding class of voting securities.
 



SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)

TABLE OF CONTENTS


     
   
Page
PART I - FINANCIAL INFORMATION
 
2
 
Item 1.
Financial Statements (Unaudited).
2
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
18
 
Item 3.
Quantitative and Qualitative Disclosures about Market Risk.
27
 
Item 4.
Controls and Procedures.
27
 
     
PART II - OTHER INFORMATION
28
 
Item 1.
Legal Proceedings.
28
 
Item 1A.
Risk Factors.
28
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
28
 
Item 3.
Defaults Upon Senior Securities.
28
 
Item 4.
Mine Safety Disclosures.
28
 
Item 5.
Other Information.
28
 
Item 6.
Exhibits.
29
     
SIGNATURES
 
30
     

 
[The balance of this page has been intentionally left blank.]


1



PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
   
April 30,
2016
   
October 31,
2015
 
         
ASSETS
       
         
CURRENT ASSETS
       
Cash and cash equivalents  
 
$
407,877
   
$
950,878
 
Value-added tax receivable, net of allowance for uncollectible taxes of $98,788 and $103,429, respectively (Note 6)
   
110,987
     
132,207
 
Income tax receivable  
   
     
2,596
 
Other receivables  
   
6,047
     
18,400
 
Prepaid expenses and deposits  
   
81,625
     
135,421
 
Assets held for sale (Note 7)  
   
28,795
     
 
Total Current Assets  
   
635,331
     
1,239,502
 
                 
Office and mining equipment, net (Note 8)  
   
240,215
     
305,614
 
Property concessions (Note 9)  
   
5,563,093
     
5,593,263
 
Goodwill (Note 10)  
   
2,058,031
     
2,058,031
 
TOTAL ASSETS  
 
$
8,496,670
   
$
9,196,410
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
                 
CURRENT LIABILITIES
               
Accounts payable  
 
$
175,172
   
$
119,371
 
Accrued liabilities and expenses (Note 11)  
   
258,569
     
282,933
 
Income tax payable    
   
2,003
     
5,436
 
Total Current Liabilities  
   
435,744
     
407,740
 
                 
COMMITMENTS AND CONTINGENCIES (Notes 1, 12 and 16)
               
                 
STOCKHOLDERS’ EQUITY (Notes 12, 13 and 14)
               
Common stock, $0.01 par value; 300,000,000 shares authorized,
159,072,657 and 159,072,657 shares issued and outstanding, respectively
   
1,590,726
     
1,590,726
 
Additional paid-in capital  
   
125,081,556
     
125,025,319
 
Deficit accumulated during exploration stage  
   
(118,826,021
)
   
(118,046,936
)
Other comprehensive income  
   
214,665
     
219,561
 
Total Stockholders’ Equity  
   
8,060,926
     
8,788,670
 
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
 
$
8,496,670
   
$
9,196,410
 
                 

The accompanying notes are an integral part of these condensed consolidated financial statements.





2

SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
 
   
Three Months Ended
April 30,
   
Six Months Ended
April 30,
 
   
2016
   
2015
   
2016
   
2015
 
                 
REVENUES
 
$
   
$
   
$
   
$
 
                                 
EXPLORATION AND PROPERTY HOLDING COSTS
                               
Exploration and property holding costs  
   
97,990
     
138,570
     
204,583
     
410,667
 
Depreciation,  asset and property concessions’ impairment
   
7,627
     
14,949
     
58,130
     
32,581
 
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS
   
105,617
     
153,519
     
262,713
     
443,248
 
                                 
GENERAL AND ADMINISTRATIVE EXPENSES
                               
Personnel  
   
110,837
     
131,114
     
215,922
     
285,164
 
Office and administrative  
   
103,821
     
124,204
     
183,742
     
284,463
 
Professional services  
   
75,447
     
65,063
     
167,111
     
165,445
 
Directors’ fees  
   
40,621
     
50,517
     
68,751
     
106,560
 
(Recovery of) provision for uncollectible value-added taxes
   
(232
)
   
6,485
     
61
     
6,235
 
Depreciation  
   
     
444
     
     
889
 
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES
   
330,494
     
377,827
     
635,587
     
848,756
 
                                 
LOSS FROM OPERATIONS  
   
(436,111
)
   
(531,346
)
   
(898,300
)    
(1,292,004
)
                                 
OTHER INCOME (EXPENSES)
                               
Interest and investment income  
   
290
     
382
     
581
     
640
 
Interest and finance costs (Note 11)  
   
(714
)
   
     
(1,428
)    
 
Foreign currency transaction (loss) gain  
   
(3,751
)
   
12,763
     
(9,060
)    
(85,999
)
Miscellaneous income (Note 7)  
   
127,850
     
     
129,438
     
 
      TOTAL OTHER INCOME (EXPENSES)  
   
123,675
     
13,145
     
119,531
     
(85,359
)
                                 
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
   
(312,436
)
   
(518,201
)
   
(778,769
)    
(1,377,363
)
                                 
INCOME TAX  EXPENSE  
   
1,516
     
3,070
     
316
     
4,641
 
                                 
LOSS FROM CONTINUING OPERATIONS  
   
(313,952
)
   
(521,271
)
   
(779,085
)    
(1,382,004
)
                                 
Loss from discontinued operations, net of income taxes (Note 4)
   
     
     
     
(159,277
)
(Loss) gain on sale of assets of discontinued operations, net of income taxes (Note 4)
   
     
(10,963
)
   
     
285,406
 
NET LOSS  
 
$
(313,952
)
 
$
(532,234
)
 
$
(779,085
)  
$
(1,255,875
)
 
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustments
   
(6,097
)
   
2,977
     
(4,896
     
53,324
 
Realized foreign currency translation gain on sale of assets of discontinued operations (Note 4)
   
     
     
     
7,163
 
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME
   
(6,097
)
   
2,977
     
(4,896
)    
60,487
 
 
COMPREHENSIVE LOSS  
 
$
(320,049
)
 
$
(529,257
)
 
$
(783,981
)  
$
(1,195,388
)
                                 
 
BASIC AND DILUTED NET LOSS PER COMMON SHARE
Loss from continuing operations  
 
$
   
$
   
$
   
$
(0.01
)
Loss from discontinued operations  
   
     
     
     
 
Net loss  
 
$
   
$
   
$
   
$
(0.01
)
)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (Note 5)
   
159,072,657
     
159,072,657
     
159,072,657
     
159,072,657
 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
 

 
3


SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
   
Common Stock
   
Additional
       
Other
     
   
Number of
Shares
   
Amount
   
Paid-in
Capital
   
Accumulated
Deficit
   
Comprehensive
Income
    Total  
Balance, October  31, 2015
   
159,072,657
   
$
1,590,726
   
$
125,025,319
   
$
(118,046,936
)
 
$
219,561
   
$
8,788,670
 
Stock option activity as follows:                                                
- Stock-based compensation for options issued to directors, officers and  employees
   
     
     
56,237
     
     
     
56,237
 
Other comprehensive loss
   
     
     
     
     
(4,896
)
   
(4,896
)
Net loss for the six month period ended April 30, 2016
   
     
     
     
(779,085
)
   
——
     
(779,085
)
Balance, April 30, 2016
   
159,072,657
   
$
1,590,726
   
$
125,081,556
   
$
(118,826,021
)
 
$
214,665
   
$
8,060,926
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
 
 
4

 
 
SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
         
   
Six Months Ended
April 30,
 
   
2016
   
2015
 
CASH FLOWS FROM OPERATING ACTIVITIES:
       
Net loss                                                                                              
 
$
(779,085
)
 
$
(1,255,875
)
Adjustments to reconcile net loss to net cash used by operating activities:
               
Depreciation and asset impairment                                                                                          
   
58,130
     
36,775
 
Provision for uncollectible value-added taxes
   
61
     
6,235
 
Gain on sale of assets of discontinued operations (Note 4)
   
     
(285,406
)
Gain on sale of office and mining equipment (Note 7)
   
(127,612
)
   
 
Other income                                                                                          
   
(913
)
   
 
Foreign currency transaction (loss) gain                                                                                          
   
(8,338
)
   
176,430
 
Stock options issued for compensation                                                                                          
   
56,237
     
61,014
 
Changes in operating assets and liabilities:                                                                                              
               
Value-added tax receivable                                                                                          
   
15,591
     
46
 
Income taxes receivable                                                                                          
   
2,441
     
77
 
Other receivables                                                                                          
   
11,886
     
(9,769
)
Prepaid expenses and deposit                                                                                          
   
52,895
     
71,224
 
    Accounts payable                                                                                              
   
55,801
     
(64,405
)
Accrued liabilities and expenses                                                                                          
   
(25,402
)
   
(70,042
)
Income tax payable                                                                                          
   
(3,433
)
   
4,000
 
Net cash used in operating activities                                                                                          
   
(691,741
)
   
(1,329,696
)
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Other assets                                                                                              
   
     
80,238
 
Proceeds from sale of equipment                                                                                              
   
139,766
     
 
Net proceeds from sale of discontinued operations (Note 4)
   
     
1,362,883
 
Net cash provided by investing activities                                                                                              
   
139,766
     
1,443,121
 
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Net cash  provided by financing activities                                                                                              
   
     
 
                 
Effect of exchange rates on cash and cash equivalents
   
8,974
     
(24,315
)
                 
Net (decrease)  increase in cash and cash equivalents
   
(543,001
)
   
89,110
 
Cash and cash equivalents, beginning of period
   
950,878
     
1,886,169
 
                 
Cash and cash equivalents, end of period                                                                                              
 
$
407,877
   
$
1,975,279
 




The accompanying notes are an integral part of these condensed consolidated financial statements.




5

SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (CONTINUED)

   
Six Months Ended
April 30,
 
   
2016
   
2015
 
SUPPLEMENTAL CASH FLOW DISCLOSURES:
       
         
Income taxes paid                                                                                              
 
$
4,785
   
$
2,846
 
Interest paid                                                                                              
 
$
1,428
   
$
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
 
 
6

 
 
 
NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN

Silver Bull Resources, Inc. (the “Company”) was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company’s name was changed to Metalline Mining Company. On April 21, 2011, the Company’s name was changed to Silver Bull Resources, Inc. The Company’s fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and may never enter into the development stage with respect to any of its projects.

The Company engages in the business of mineral exploration. The Company currently owns or has the option to acquire a number of property concessions in Mexico (collectively known as the “Sierra Mojada Property”). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. (“Minera”) and Contratistas de Sierra Mojada S.A. de C.V. (“Contratistas”) and through Minera’s wholly-owned subsidiary Minas de Coahuila SBR S.A. de C.V. (“Minas”).

On April 16, 2010, Metalline Mining Delaware, Inc., a wholly-owned subsidiary of the Company, was merged with and into Dome Ventures Corporation (“Dome”).  As a result, Dome became a wholly-owned subsidiary of the Company. Dome has a wholly-owned subsidiary Dome Asia Inc. (“Dome Asia”), which is incorporated in the British Virgin Islands. Dome Asia has a wholly-owned subsidiary incorporated in Gabon, African Resources SARL Gabon (“African Resources”), as well as a 99.99%-owned subsidiary, Dome Minerals Nigeria Limited, incorporated in Nigeria. In January 2015, the Company completed the sale of its subsidiary Dome International Global Inc. (“Dome International”), including Dome International’s wholly-owned subsidiary Dome Ventures SARL Gabon (“Dome Gabon”), which held the Ndjole Prospect in Gabon.

The Company’s efforts and expenditures have been concentrated on the exploration of properties, principally in the Sierra Mojada Property located in Coahuila, Mexico. The Company has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company’s investment in exploration properties is dependent upon the success of future property sales, the existence of economically recoverable reserves, and the ability of the Company to obtain financing or make other arrangements for exploration, development, and future profitable production activities. The ultimate realization of the Company’s investment in exploration properties cannot be determined at this time.

Going Concern

Since its inception in November 1993, the Company has not generated revenue and has incurred a deficit of $118,826,021.  Accordingly, the Company has not generated cash flow from operations, and since inception the Company has relied primarily upon proceeds from private placements and registered direct offerings of the Company’s equity securities and warrant exercises as the primary sources of financing to fund the Company’s operations. As of April 30, 2016 and prior to the private placement described below, the Company had working capital of $199,587 and cash and cash equivalents of $407,877. The Company's continuation as a going concern is dependent upon several possible financing and strategic options not limited to the following: obtaining adequate equity financing, joint venture opportunities on the Sierra Mojada Property, and asset divestitures. However, there is no assurance that the Company will be successful in pursuing these financing and strategic options and accordingly, there is substantial doubt as to whether the Company's existing cash resources and working capital are sufficient to enable the Company to continue its operations for the next 12 months as a going concern. 

On May 19 and June 3, 2016, the Company completed the first and second tranches, respectively, of a private placement (the “Private Placement”) of an aggregate of 7,692,310 units (the “Units”) at a purchase price of Canadian dollar (“$CDN”) $0.13 per Unit for aggregate gross proceeds of $CDN 1,000,000. Each Unit consists of one share of the Company’s common stock and one warrant (the “Warrant”).  Each Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of the common stock of the Company on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days then the Warrant will expire 30 trading days from such fifth consecutive day.
These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.
 
 
7

 

 

NOTE 2 – BASIS OF PRESENTATION

The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules of the U.S. Securities and Exchange Commission (“SEC”) regarding interim reporting. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet at October 31, 2015 was derived from the audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as disclosed in Note 3. In the opinion of management, the unaudited interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company’s condensed consolidated financial statements; accordingly, operating results for the six months ended April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2016.


NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies are defined in the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015 filed on January 19, 2016, except as follows.

Recent Accounting Pronouncements Adopted in the Six-Month Period Ended April 30, 2016

Effective November 1, 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations are presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide additional information about the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows and disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.
 
 
8

 

 
In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for the Company’s fiscal year beginning November 1, 2017. Early application is permitted.  The Company has not determined the effects of this update on the Company’s financial position, and disclosures at this time.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date,” which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” to become effective for the Company’s fiscal year beginning November 1, 2018. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in Accounting Standards Codification 810. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability To Continue as a Going Concern.” ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The update provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for the Company’s fiscal year and interim periods within those years beginning after November 1, 2017. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed to have a material impact on the Company’s present or future consolidated financial statements.
 
 
9


 

NOTE 4 – DISCONTINUED OPERATIONS

On January 23, 2015, the Company closed the sale to BHK Mining Corp. (formerly BHK Resources, Inc.) of 100% of the issued and outstanding securities of the Company’s former subsidiary, Dome International, which holds, indirectly, a 100% interest in the Ndjole concession. Under the terms of the share purchase agreement, the Company received cash consideration of $1,500,000 and reimbursement of certain expenses of $75,000 in cash. In addition, the Company incurred transaction costs of $212,117. As a result of this transaction, the Company realized a gain on the sale of assets of discontinued operations of $285,406, net of income taxes.

The following table details selected financial information included in the income from discontinued operations for the three months and six months ended April 30, 2016 and 2015.

     
For the Three Months Ended
April 30,  
     
For the Six Months Ended
April 30,  
 
     
2016
     
2015
     
2016
     
2015
 
Exploration and property holding costs  
 
$
   
$
   
$
   
$
85,542
 
Depreciation and asset impairment  
   
     
     
     
3,305
 
Foreign currency transaction loss  
   
     
     
     
70,430
 
Loss (gain)  on sale of assets of discontinued operations, net of income taxes
   
     
10,963
     
     
(285,406
)
        Loss (income) from discontinued operations, net of income taxes
 
$
   
$
10,963
   
$
   
$
(126,129
)


NOTE 5 – LOSS PER SHARE

The Company had stock options outstanding at April 30, 2016 and 2015 that upon exercise were issuable into 12,132,858 and 10,330,358 shares of the Company’s common stock, respectively. They were not included in the calculation of loss per share because they would have been anti-dilutive.


NOTE 6 – VALUE-ADDED TAX RECEIVABLE

Value-added tax (“VAT”) receivable relates to VAT paid in Mexico and Gabon. The Company estimates net VAT of $110,987 will be received within 12 months of the balance sheet date. The allowance for uncollectible VAT taxes was estimated by management based upon a number of factors including the length of time the tax returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and Gabon and estimated net recovery after commissions. During the six months ended April 30, 2016, an additional provision for uncollectible VAT of $61 has been recorded.

A summary of the changes in the allowance for uncollectible VAT taxes for the six months ended April 30, 2016 is as follows:
 
Allowance for uncollectible VAT taxes – October 31, 2015
 
$
103,429
 
Provision for uncollectible VAT taxes
   
61
 
Foreign currency translation adjustment
   
(4,100
)
Write-off  VAT receivable
   
(602
)
Allowance for uncollectible VAT taxes – April 30, 2016
 
$
98,788
 
 
 

 
10


NOTE 7 – ASSETS HELD FOR SALE

The Company has classified certain fixed assets as assets held for sale as at April 30, 2016 as these assets were approved for immediate sale in their present condition, the assets were expected to be sold within one year and management has an active program to locate buyers for these assets.

As at April 30, 2016, the assets held for sale had a net book value of $28,795. An impairment of $7,554 was recorded on assets held for sale during the six months ended April 30, 2016. During the six months ended April 30, 2016, the Company recorded a gain on sale of office and mining equipment of $127,612 which is included in miscellaneous income in the Condensed Consolidated Statements of Operations and Comprehensive Loss.


NOTE 8 – OFFICE AND MINING EQUIPMENT

The following is a summary of the Company’s office and mining equipment at April 30, 2016 and October 31, 2015, respectively:

   
April 30,
   
October 31,
 
   
2016
   
2015
 
         
Mining equipment
 
$
251,697
   
$
504,451
 
Vehicles
   
53,451
     
81,261
 
Buildings and structures
   
182,436
     
191,966
 
Computer equipment and software
   
83,701
     
83,701
 
Well equipment
   
39,637
     
39,637
 
Office equipment
   
52,931
     
52,931
 
     
663,853
     
953,947
 
Less:  Accumulated depreciation
   
(423,638
)
   
(648,333
)
Office and mining equipment, net
 
$
240,215
   
$
305,614
 
 

NOTE 9 – PROPERTY CONCESSIONS

The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at April 30, 2016 and October 31, 2015, respectively:


Property concessions – October 31, 2015
 
$
5,593,263
 
Impairment
   
(30,170
)
Property concessions – April 30, 2016
 
$
5,563,093
 


During the six months ended April 30, 2016, the Company decided to reduce the Company’s concession holdings in Sierra Mojada, Mexico. As a result, the Company has written off the capitalized property concession balance related to these concessions of $30,170.
 
 
11


 

NOTE 10 – GOODWILL

Goodwill represents the excess, at the date of acquisition, of the purchase price of the business acquired over the fair value of the net tangible and intangible assets acquired.  On April 30, 2016, the Company did not elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount and therefore performed the two-step goodwill impairment test. Based on this test the Company determined that the fair value of the reporting unit exceeded the carrying amount and no impairment was necessary.

The following is a summary of the Company’s goodwill balance as at April 30, 2016 and October 31, 2015, respectively:
 
Goodwill – October 31, 2015
 
$
2,058,031
 
Goodwill – April 30, 2016
 
$
2,058,031
 


NOTE 11 – ACCRUED LIABILITIES AND EXPENSES

The Company financed an insurance premium at an interest rate of 7.99%. The insurance premium finance agreement has a maturity of less than one year and has a balance of $21,750 which is included in accrued liabilities and expenses at April 30, 2016.


NOTE 12 – SHAREHOLDER RIGHTS PLAN

On June 11, 2007, the board of directors adopted a shareholders’ right plan through the adoption of a Rights Agreement, which became effective immediately.  In connection with the adoption of the Rights Agreement, the board of directors declared a distribution of one common stock purchase right (a “Right”) for each outstanding share of the Company’s common stock, payable to shareholders of record at the close of business on June 22, 2007.  In accordance with the Rights Agreement, one Right is attached to each share of Company common stock issued since that date.  Each Right is attached to the underlying common stock and will remain with the common stock if the stock is sold or transferred.  As of April 30, 2016, there are 159,072,657 shares outstanding with Rights attached.

In certain circumstances, in the event that any person acquires beneficial ownership of 20% or more of the outstanding stock of the Company’s common stock, each holder of a Right, other than the acquirer, would be entitled to receive, upon payment of the purchase price, which is initially set at $20 per Right, a number of shares of the Company’s common stock having a value equal to two times such purchase price.  The Rights will expire on June 11, 2017.


NOTE 13 COMMON STOCK

No common stock was issued during the six months ended April 30, 2016 and April 30, 2015.


NOTE 14 STOCK OPTIONS

The Company has two active stock option plans. Under the 2006 Stock Option Plan (the “2006 Plan”), the Company may grant non-statutory and incentive options to employees, directors and consultants for up to a total of 5,000,000 shares of common stock. Under the 2010 Stock Option and Stock Bonus Plan (the “2010 Plan”), the lesser of (i) 30,000,000 shares or (ii) 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses.  

Options are typically granted with an exercise price equal to the closing market price of the Company’s stock at the date of grant, have a graded vesting schedule over approximately one to two years and have a contractual term of two to 10 years.
 
 
12

 

 
A summary of the range of assumptions used to value stock options granted for the six months ended April 30, 2016 and 2015 are as follows:

   
Six Months Ended
April 30,
Options
 
2016
 
2015
         
Expected volatility
 
65% - 70%
 
Risk-free interest rate
 
0.83% - 0.98%
 
Dividend yield
 
 
Expected term (in years)
 
2.50 – 3.50
 

During the six months ended April 30, 2016, the Company granted options to acquire 4,075,000 shares of common stock with a weighted-average grant-date fair value of $0.02 per share and an exercise price of $CDN 0.075 per share. No options were exercised during the six months ended April 30, 2016.

No options were granted or exercised during the six months ended April 30, 2015.

The following is a summary of stock option activity for the six months ended April 30, 2016:

Options
 
Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Life (Years)
 
Aggregate Intrinsic Value
                 
Outstanding at October 31, 2015
 
8,657,858
$
0.46
 
2.36
$
Granted
 
4,075,000
$
0.06
       
Forfeited or Cancelled
 
(600,000)
$
1.09
       
Outstanding at April 30, 2016
 
12,132,858
$
0.30
 
2.89
$
204,687
Exercisable at April 30, 2016
 
8,941,193
$
0.37
 
2.28
$
68,229


The Company recognized stock-based compensation costs for stock options of $56,237 and $61,014 for the six months ended April 30, 2016 and 2015, respectively. As of April 30, 2016, there was $61,887 of total unrecognized compensation expense which is expected to be recognized over a weighted average period of 0.62 years.

Summarized information about stock options outstanding and exercisable at April 30, 2016 is as follows:


   
Options Outstanding
      
 
Options Exercisable
  
 
Exercise Price
 
Number
 Outstanding
 
 Weighted Average Remaining Contractual Life (Years)
 
Weighted Average Exercise Price
 
Number  Exercisable
 
Weighted Average Exercise
Price
$
0.06
 
4,075,000
 
4.82
$
0.06
 
1,358,334
$
0.06
 
 
0.26
 
2,650,000
 
2.97
 
0.26
 
2,175,001
 
0.26
 
 
0.37
 
1,785,000
 
2.07
 
0.37
 
1,785,000
 
0.37
 
 
  0.44 – 0.70
 
3,580,000
 
1.06
 
0.53
 
3,580,000
 
0.53
 
 
2.18
 
42,858
 
1.72
 
2.18
 
42,858
 
2.18
 
$
  0.06 - 2.18
 
12,132,858
 
2.89
$
0.30
 
8,941,193
$
0.37
 

 
 
13


 

NOTE 15 – FINANCIAL INSTRUMENTS

Fair Value Measurements

All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when they are incurred, unless they are directly attributable to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs adjust the carrying amount.

The three levels of the fair value hierarchy are as follows:

 
Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
 
 
Level 2
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

 
Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
 
Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.  As of April 30, 2016 and October 31, 2015, the Company had no financial assets or liabilities required to be reported for fair value purposes.

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, other receivables, accounts payable and accrued liabilities and expenses approximate fair value at April 30, 2016 and October 31, 2015 due to the short maturities of these financial instruments.

Credit Risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets the Company has established policies to ensure liquidity of funds and ensure that counterparties demonstrate minimum acceptable creditworthiness.

The Company maintains its U.S. dollar and $CDN cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings.  Cash deposits held in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to $250,000 and $CDN cash deposits held in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) for up to $CDN 100,000. Certain United States and Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they related to U.S. dollar deposits held in Canadian financial institutions. As of April 30, 2016 and October 31, 2015, the Company’s cash and cash equivalent balances held in United States and Canadian financial institutions included $217,726 and $854,979 respectively, which was not insured by the FDIC or CDIC. The Company has not experienced any losses on such accounts and management believes that using major financial institutions with high credit ratings mitigates the credit risk in cash and cash equivalents.

The Company also maintains cash in bank accounts in Mexico and Gabon.  These accounts are denominated in the local currency and are considered uninsured. As of April 30, 2016 and October 31, 2015, the U.S. dollar equivalent balance for these accounts was $110,258 and $19,393, respectively.

Interest Rate Risk

The Company holds substantially all of the Company’s cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the six months ended April 30, 2016, a 1% decrease in interest rates would have resulted in a reduction of approximately $169 in interest income for the period.

Foreign Currency Exchange Risk
 
Certain purchases of labor, operating supplies and capital assets are denominated in $CDN, Mexican Pesos (“$MXN”), Central African Francs (“$CFA”) or other currencies.  As a result, currency exchange fluctuations may impact the costs of the Company’s operations.  Specifically, the appreciation of the $MXN, $CDN or $CFA against the U.S. dollar may result in an increase in operating expenses and capital costs in U.S. dollar terms. As of April 30, 2016, the Company maintained the majority of its cash balance in U.S. dollars. The Company currently does not engage in any currency hedging activities.
 

 
14


NOTE 16 COMMITMENTS AND CONTINGENCIES

Compliance with Environmental Regulations

The Company’s activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties, but also the effect of such activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays or affect the economics of a project, and cause changes or delays in the Company’s activities.

Property Concessions in Mexico

To properly maintain property concessions in Mexico, the Company is required to pay a semi-annual fee to the Mexican government and complete annual assessment work.

In addition two of the concessions in the Sierra Mojada project are subject to options to purchase from existing third party concession owners. Pursuant to the option purchase agreements, the Company is required to make certain payments over the terms of these contracts to obtain full ownership of these concessions as set forth in the table below:


Nuevo Dulces Nombres (Centenario) and Yolanda III (two concessions)
   
Payment Date
Payment Amount(1)
Monthly payment beginning August 2016 and ending  July 2018
 
$20,000 per month
(1) Until July 2018, the Company has the option of acquiring Nuevo Dulces Nombres (100% interest) for $4 million and Yolanda III (100% interest) for $2 million plus a lump sum payment equal to any remaining monthly payments.
Royalty

The Company has agreed to pay a 2% net smelter return royalty on certain property concessions within the Sierra Mojada Property based on revenues generated from production. Total payments under this royalty are limited to $6.875 million (the “Royalty”).

Litigation and Claims

On May 20, 2014 a local cooperative named Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. (“Mineros Norteños”) filed an action (the “Action”) in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company’s subsidiary, Minera, claiming that Minera breached an agreement regarding the development of the Sierra Mojada project.  On January 19, 2015, the case was moved to the Second District Court (of federal jurisdiction). Mineros Norteños is seeking payment of the Royalty, including interest at a rate of 6% per annum since August 30, 2004, notwithstanding that no revenue has been produced from the applicable mining concessions, and it is also seeking payment of wages to the cooperative’s members since August 30, 2004, notwithstanding that none of the individuals were ever hired or performed work for Minera under this agreement and Minera never committed to hiring them. The Company and the Company’s Mexican legal counsel believe that this claim is without merit and have asserted all applicable defenses. All necessary testimony and evidence has been produced before the court and the Company expects to receive the final judgment of the court prior to the end of the third quarter. The Company has not accrued any amounts in its unaudited interim condensed consolidated financial statements with respect to this claim.
 
 
15


 
On February 15, 2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, “Valdez”) filed an action before the Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company’s subsidiary, Minera, claiming that Minera had breached an agreement regarding the development of the Sierra Mojada project.  Valdez seeks payment in the amount of $5.9 million for the alleged breach of the agreement.  On April 28, 2016, Minera filed its response to the complaint, asserting various defenses, including that Minera  terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez.  The lawsuit is currently in the phase of evidence submission by the parties.  The Company and the Company’s Mexican legal have asserted all applicable defenses.  The Company has not accrued any amounts in its unaudited interim condensed consolidated financial statements with respect to this claim.
From time to time, the Company is involved in other disputes, claims, proceedings and legal actions arising in the ordinary course of business. The Company intends to vigorously defend all claims against the Company, and pursue its full legal rights in cases where the Company has been harmed. Although the ultimate outcome of these proceedings cannot be accurately predicted due to the inherent uncertainty of litigation, in the opinion of management, based upon current information, no other currently pending or overtly threatened proceeding is expected to have a material adverse effect on the Company’s business, financial condition or results of operations.

 
NOTE 17 – SEGMENT INFORMATION

The Company operates in a single reportable segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico.

Geographic information is approximately as follows:
   
For the Three Months Ended
   
For the Six Months Ended
 
   
April 30,
   
April 30,
 
   
2016
   
2015
   
2016
   
2015
 
Mexico  
 
$
37,000
   
$
(168,000
)
 
$
(125,000
)
 
$
(455,000
)
Canada  
   
(342,000
)
   
(359,000
)
   
(645,000
)
   
(833,000
)
Gabon  
   
(9,000
)
   
6,000
     
(9,000
)
   
(94,000
)
Loss from Continuing Operations  
   
(314,000
)
   
(521,000
)
   
(779,000
)
   
(1,382,000
)
(Loss) income from discontinued operations  
   
     
(11,000
)
   
     
126,000
 
 Net Loss  
 
$
(314,000
)
 
$
(532,000
)
 
$
(779,000
)
 
$
(1,256,000
)

 
The following table details allocation of assets included in the accompanying balance sheet at April 30, 2016:

 
 
Canada
   
Mexico
   
Gabon
   
Total
 
Cash and cash equivalents
 
$
298,000
   
$
110,000
   
$
-
   
$
408,000
 
Value-added tax receivable, net
   
-
     
111,000
     
-
     
111,000
 
Other receivables
   
4,000
     
2,000
     
-
     
6,000
 
Prepaid expenses and deposits
   
54,000
     
27,000
     
1,000
     
82,000
 
Assets held for sale
   
-
     
29,000
     
-
     
29,000
 
Office and mining equipment, net
   
-
     
240,000
     
-
     
240,000
 
Property concessions
   
-
     
5,563,000
     
-
     
5,563,000
 
Goodwill
   
-
     
2,058,000
     
-
     
2,058,000
 
 
 
$
356,000
   
$
8,140,000
   
$
1,000
   
$
8,497,000
 

 
 
16


 

The following table details allocation of assets included in the accompanying balance sheet at October 31, 2015:


 
 
Canada
   
Mexico
   
Gabon
   
Total
 
Cash and cash equivalents
 
$
932,000
   
$
18,000
   
$
1,000
   
$
951,000
 
Value-added tax receivable, net
   
-
     
132,000
     
-
     
132,000
 
Other receivables
   
10,000
     
11,000
     
-
     
21,000
 
Prepaid expenses and deposits
   
104,000
     
30,000
     
1,000
     
135,000
 
Office and mining equipment, net
   
-
     
306,000
     
-
     
306,000
 
Property concessions
   
-
     
5,593,000
     
-
     
5,593,000
 
Goodwill
   
-
     
2,058,000
     
-
     
2,058,000
 
 
 
$
1,046,000
   
$
8,148,000
   
$
2,000
   
$
9,196,000
 


The Company has significant assets in Coahuila, Mexico.  Although Mexico is generally considered economically stable, it is always possible that unanticipated events in Mexico could disrupt the Company’s operations.  Neither the Mexican government nor the Gabonese government requires foreign entities to maintain cash reserves in its respective country.

The following table details allocation of exploration and property holding costs for the exploration properties:


 
For the Three Months Ended
   
For the Six Months Ended
 
 
April 30,
   
April 30,
 
 
2016
 
2015
   
2016
   
2015
 
Exploration and property holding (costs) recovery for the period
               
Mexico Sierra Mojada  
 
$
(96,000
)
 
$
(158,000
)
 
$
(253,000
)
 
$
(431,000
)
 Gabon Mitzic  
   
(10,000
)
   
4,000
     
(10,000
)
   
(12,000
)
   
$
(106,000
)
 
$
(154,000
)
 
$
(263,000
)
 
$
(443,000
)






17

 

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

When we use the terms “Silver Bull,” “we,” “us,” or “our,” we are referring to Silver Bull Resources, Inc. and its subsidiaries, unless the context otherwise requires.  We have included technical terms important to an understanding of our business under “Glossary of Common Terms” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2015.

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the U.S. Private Securities Litigation Reform Act of 1995, and “forward-looking information” within the meaning of applicable Canadian securities legislation. We use words such as “anticipate,” “continue,” “likely,” “estimate,” “expect,” “may,” “will,” “projection,” “should,” “believe,” “potential,” “could,” or similar words suggesting future outcomes (including negative and grammatical variations) to identify forward-looking statements. These statements concern the following, among other things:

· The sufficiency of our existing cash resources and working capital to enable us to continue our operations for the next 12 months as a going concern;

· Our planned activities at the Sierra Mojada project in 2016, including continuing to progress in securing additional surface rights, maintaining our property concessions and continuing to internally investigate the potential for a high grade underground zinc oxide mine and a small silver open pit;

· Prospects of entering the development or production stage with respect to any of our projects;
· Whether any part of the Sierra Mojada project will ever be confirmed or converted into SEC Industry Guide 7 – compliant “reserves”;
· The impact of the fine bubble flotation test work on the recovery of minerals and initial rough concentrate grade;
· The possible extension to the Sierra Mojada project of existing nearby gas pipeline;
· The impact of recent accounting pronouncements on our financial position, results of operations or cash flows and disclosures;
· The impact of changes to current state or federal laws and regulations in Mexico on estimated capital expenditures and operating and/or reclamation costs;
· Our ability to raise additional capital and the potential impact on our business, financial condition and results of operations of doing so or not;
· The impact of changing foreign currency exchange rates on our financial condition;
· Our efforts to monitor and evaluate the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis;
· Our expectations regarding future recovery of value-added tax paid in Mexico;

· The merits of any claims in connection with, and the expected timing of any, ongoing legal proceedings;

· The period during which costs related to non-vested share-based compensation arrangements is expected to be recognized; and

· Our proposed calendar year 2016 capital and operating budgets for the Sierra Mojada project and general and administrative expenses and our ability to decrease those expenditures if circumstances warrant.

 
 
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These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties and our actual results could differ from those expressed or implied in these forward-looking statements as a result of the factors described under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2015, including without limitation, risks associated with the following:
  
Our ability to obtain additional financial resources on acceptable terms to (i) conduct our exploration activities and (ii) maintain our general and administrative expenditures at acceptable levels;
 
Results of future exploration at our Sierra Mojada Project;
 
Worldwide economic and political events affecting (i) the market prices for silver, zinc, lead, copper and other minerals that may be found on our exploration properties (ii) interest rates and (iii) currency exchange rates;
 
The amount and nature of future capital and exploration expenditures;
 
Volatility in our stock price;
 
Our inability to obtain required permits;
 
Competitive factors, includes exploration-related competition;
 
Timing of receipt and maintenance of government approvals;
 
Unanticipated title issues;
 
Changes in tax laws;
 
Changes in regulatory frameworks or regulations affecting our activities;
 
Our ability to retain key management and consultants and experts necessary to successfully operate and grow our business; and
 
Political and economic instability in Mexico and other countries in which we conduct our business, and future potential actions of the governments in such countries with respect to nationalization of natural resources or other changes in mining or taxation policies;
 
These factors are not intended to represent a complete list of the general or specific factors that could affect us.

All forward-looking statements speak only as of the date made. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. Except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. You should not place undue reliance on these forward-looking statements.
 
 
 
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Cautionary Note Regarding Exploration Stage Companies

We are an exploration stage company and do not currently have any known reserves and cannot be expected to have reserves unless and until a feasibility study is completed for the Sierra Mojada concessions that shows proven and probable reserves. There can be no assurance that our concessions contain proven and probable reserves and investors may lose their entire investment. See “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2015.

Business Overview

Silver Bull, incorporated in Nevada, is an exploration stage company, engaged in the business of mineral exploration. Our primary objective is to define sufficient mineral reserves on the Sierra Mojada Property to justify the development of a mechanized mining operation. We conduct our operations in Mexico through our wholly-owned Mexican subsidiaries, Minera Metalin S.A. de C.V. (“Minera”) and Contratistas de Sierra Mojada S.A. de C.V. (“Contratistas”), and through Minera’s wholly-owned subsidiary, Minas de Coahuila SBR S.A. de C.V. (“Minas”). However, as noted above, we have not established any reserves at the Sierra Mojada Property, are in the exploration stage and may never enter the development or production stage.

Our principal offices are located at 925 West Georgia Street, Suite 1908, Vancouver, BC, Canada V6C 3L2, and our telephone number is 604-687-5800. 

Properties Concessions and Property Concessions Outlook

Sierra Mojada Property

In January 2016, our Board of Directors approved a calendar-year 2016 budget of $0.4 million for exploration and property holding costs for the Sierra Mojada Property. The focus of the 2016 calendar year program is continuing to progress in securing additional surface rights, maintaining our property concessions and continuing to internally investigate the potential for a high grade underground zinc oxide mine and a small silver open-pit.

During 2016, we intend to continue to internally investigate the potential for a high grade underground zinc oxide mine. In addition, we intend to continue an internal examination on the potential for a small silver open pit targeting the “at-surface” silver mineralization with a small project with a low strip ratio.

Mineralized Material Estimate

On June 30, 2015, Tuun Consulting Inc. and AKF Mining Services Inc. delivered an amended technical report (the “Report”) on the silver and zinc mineralization at the Sierra Mojada project in accordance with Canadian National Instrument 43-101. The Report includes an update on the silver and zinc mineralization which was estimated from 1,363 diamond drill holes, 24 reverse circulation drill holes, 9,027 channel samples and 2,346 underground long holes. Using a net smelter return economic cut-off, the Report indicates mineralized material in the Lerchs-Grossman optimized pit of 56.8 million tonnes at an average silver grade of 50 grams/tonne silver, an average zinc percentage of 3.4%, an average copper percentage of 0.04% and an average lead percentage of 0.3%. In addition using the net smelter return economic cut-off, the Report indicates underground mineralized material outside the Lerchs-Grossman optimized pit of 1.9 million tonnes at an average zinc percentage of 9.4%, an average copper percentage of 0.02% and an average lead percentage of 0.4%. Mineralized material estimates do not include any amounts categorized as inferred resources.

“Mineralized material” as used in this Quarterly Report on Form 10-Q, although permissible under the Securities and Exchange Commission’s (“SEC’s”) Industry Guide 7, does not indicate “reserves” by SEC standards.  We cannot be certain that any part of the Sierra Mojada project will ever be confirmed or converted into SEC Industry Guide 7-compliant “reserves.”  Investors are cautioned not to assume that all or any part of the mineralized material will ever be confirmed or converted into reserves or that mineralized material can be economically or legally extracted.
 
 
 
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Metallurgical Studies

During May 2015, we selected and shipped samples of high grade zinc material to a lab in Denver, Colorado for “fine bubble” flotation test work and to a group in Australia to assess their proprietary hydrometallurgy process. Previous test work completed by Silver Bull using mechanical flotation has shown an 87% recovery of zinc from the white zinc zone to produce a rough concentrate of 43% zinc, and a 72.5% recovery of zinc from the red zinc zone to produce a rough concentrate of 30% zinc. The “fine bubble” flotation test work that was performed did not improve recovery, but based on analysis of the results, it was determined that the “fine bubble” flotation test process may be able to be adjusted to improve recovery. Due to market conditions, further testing is not planned at this time.

Test work completed by Hazen Research Inc. in 2012 focused on roasting high grade zinc in a rotary kiln to fume off the zinc and collect it as a zinc oxide concentrate. Recoveries of up to 98% of the zinc were recorded. The roasting of the zinc samples aims to simulate a “Waelz Kiln,” a kiln that is used extensively to recycle zinc from steel dust and which regularly achieves recoveries in excess of 90%. In considering this process, the zinc mineralization at Sierra Mojada has a number of possible advantages, including the fact that it lies in the state of Coahuila, which is the largest coal producing state in Mexico, and it has an existing gas pipeline nearby that may be able to be extended to the project. Either option could provide the fuel to run the kiln. The project also has a functioning railway right to site to potentially allow for transport of coal to the site and of the zinc concentrate from the site. Due to market conditions no further test work on kilning is currently planned.

In addition, we previously conducted a metallurgical program to test the recovery of the silver mineralization using the agitation cyanide leach method and recovery of the zinc mineralization using the SART process (sulfidization, acidification, recycling, and thickening). The test work on the silver zone focused on cyanide leach recovery of the silver using “Bottle Roll” tests to simulate an agitation leach system and to determine the recovery of low-grade zinc that occurs in the silver zone and high-grade zinc from the zinc zone that had been blended with mineralization from the silver zone to the leach solution. The silver was recovered from the cyanide leach solution using the Merrill Crowe technique, and the zinc was recovered from the leach solution using the SART process. The SART process is a metallurgical process that regenerates and recycles the cyanide used in the leaching process of the silver and zinc and allows for the recovery of zinc that has been leached by the cyanide solution. The results showed an overall average silver recovery of 73.2% with peak values of 89.0% and an overall average zinc recovery of 44% in the silver zone.

Gabon Property

On January 23, 2015, we closed the sale of 100% of the issued and outstanding securities of the Company’s former subsidiary Dome International Global Inc. (“Dome International”) (the “Gabon Sale”), including Dome International’s wholly-owned subsidiary Dome Ventures SARL Gabon (“Dome Gabon”), which held a 100% interest in the Ndjole concession to BHK Mining Corp. (formerly BHK Resources, Inc.). Under the terms of the share purchase agreement, we received cash consideration of $1,500,000 and reimbursement of certain expenses of $75,000 in cash.


Board Changes

Mr. Joshua Crumb informed the board of directors on February 23, 2016 of his decision not to stand for reelection as a director of Silver Bull at the 2016 annual meeting of shareholders (the “Annual Meeting”). Accordingly, Mr. Joshua Crumb ceased being a director at the conclusion of the Annual Meeting.


Results of Operations

Three Months Ended April 30, 2016 and April 30, 2015

For the three months ended April 30, 2016, we experienced a net loss of $314,000, or approximately $nil per share, compared to a net loss of $532,000, or approximately $nil per share, during the comparable period last year. The $218,000 decrease in net loss was primarily due to a $48,000 decrease in exploration and property holding costs, a $48,000 decrease in general and administrative expenses and a $111,000 increase in other income compared to the comparable period last year as described below.

Exploration and Property Holding Costs

Exploration and property holding costs decreased $48,000 to $106,000 for the three months ended April 30, 2016, compared to $154,000 for the comparable period last year. This decrease was mainly the result of reduced employees in Mexico and the decrease in the value of the Mexico Peso (“$MXN”) compared to the U.S. dollar in the three months ended April 30, 2016.
 
 
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General and Administrative Costs

We recorded a general and administrative expense of $330,000 for the three months ended April 30, 2016 as compared to $378,000 for the comparable period last year. The $48,000 decrease was mainly the result of a $20,000 decrease in personnel cost, a $20,000 decrease in office and administrative expenses, a $10,000 decrease in directors’ fees and a $6,000 decrease in provision for uncollectible value added taxes which was partially offset by a $10,000 increase in professional fees.

Personnel costs decreased $20,000 to $111,000 for the three months ended April 30, 2016 as compared to $131,000 for the same period last year. This decrease was mainly due to reduced salaries for certain employees and the decrease in the value of the Canadian dollar (“$CDN”) compared to the U.S. dollar which was partially offset by a $11,000 increase in stock-based compensation expense in the three months ended April 30, 2016 compared to the comparable period last year.

Office and administrative expenses decreased $20,000 to $104,000 for the three months ended April 30, 2016 compared to $124,000 for the comparable period last year.  This decrease was mainly the result of a decrease in the value of the $CDN compared to the U.S. dollar in the three months ended April 30, 2016.

Professional fees increased $10,000 to $75,000 for the three months ended April 30, 2016 compared to $65,000 for the comparable period last year. This increase is mainly due to an increase in legal fees.

Directors’ fees decreased $10,000 to $41,000 for the three months ended April 30, 2016 as compared to $51,000 for the comparable period last year. The decrease was primarily due to a reduction in the number of directors and a decrease in director fees.

We recorded a provision of $nil for uncollectible value-added taxes (“VAT”) for the three months ended April 30, 2016 as compared to $6,000 in the comparable period last year. The allowance for uncollectible taxes was estimated by management based upon a number of factors including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and Gabon and estimated net recovery after commissions.

Other Income (Expenses)

We recorded other income of $124,000 for the three months ended April 30, 2016 as compared to $13,000 for the comparable period last year. The significant factor was $128,000 in miscellaneous income in the three months ended April 30, 2016 as compared to $nil in miscellaneous income for the comparable period last year.

The miscellaneous income in the three months ended April 30, 2016 was primarily the result of a $128,000 gain on the sale of office and mining equipment at the Sierra Mojada Property.


Six Months Ended April 30, 2016 and April 30, 2015

For the six months ended April 30, 2016, we experienced a net loss of $779,000, or approximately $nil per share, compared to a net loss of $1,256,000, or approximately $0.01 per share, during the comparable period last year. The $477,000 decrease in the net loss was primarily due to a $180,000 decrease in exploration and property holding costs, a $213,000 decrease in general and administrative expenses and $120,000 in other income in the six months ended April 30, 2016 compared to $85,000 in other expenses in the comparable period last year. This was partially offset by $126,000 in income from discontinued operations, net of income taxes (including a gain on sale of assets of discontinued operations of $285,000, net of income taxes) in the comparable period last year as described below.
 
 
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Exploration and Property Holding Costs

Exploration and property holding costs decreased $180,000 to $263,000 for the six months ended April 30, 2016 compared to $443,000 for the comparable period last year. This decrease was the result of reduced employees, reduced property concessions’ taxes as we decided to reduce our concessions’ holdings in Sierra Mojada, Mexico and the decrease in the value of the $MXN compared to the U.S. dollar in the six months ended April 30, 2016 compared to the six months ended April 30, 2015.

General and Administrative Costs

General and administrative expenses decreased $213,000 to $636,000 for the six months ended April 30, 2016 as compared to $849,000 for the comparable period last year. This decrease was mainly the result of a $69,000 decrease in personnel cost, a $100,000 decrease in office and administrative cost, a $38,000 decrease in directors’ fees and a $6,000 decrease in provision for uncollectible value-added taxes.

Personnel costs decreased $69,000 to $216,000 for the six months ended April 30, 2016 as compared to $285,000 for the same period last year. This decrease was mainly due to the reduced salaries for certain employees, the decrease in the value of the $CDN compared to the U.S. dollar and the decrease in stock-based compensation expense to $38,000 in the six months ended April, 30, 2016 from $47,000 in the comparable period last year as a result of stock options vesting in the six months ended April 30, 2016 having a lower fair value than stock options vesting in the comparable period last year.

Office and administrative expenses decreased $100,000 to $184,000 for the six months ended April 30, 2016 as compared to $284,000 for the comparable period last year. This decrease was mainly the result of a decrease in the value of the $CDN compared to the U.S. dollar in the six months ended April 30, 2016 and a decrease in listing fees due to voluntarily delisting our shares of common stock from the NYSE MKT on June 26, 2015.

Professional fees of $167,000 for the six months ended April 30, 2016 was similar to the $165,000 in such fees for the comparable period last year.

Directors’ fees decreased $38,000 to $69,000 for the six months ended April 30, 2016 as compared to $107,000 for the comparable period last year. This decrease was primarily due to a reduction in the number of directors, a decrease in director fees and a $6,000 decrease in stock-based compensation as a result of stock options vesting in the six months ended April 30, 2016 having a lower fair value than stock options vesting in the comparable period last year.

We recorded a provision of $nil for the six months ended April 30, 2016 for uncollectible VAT compared to a provision of $6,000 in the comparable period last year. The allowance for uncollectible taxes was estimated by management based upon a number of factors including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and Gabon and estimated net recovery after commissions.

Other Income (Expenses)

We recorded $120,000 other income for the six months ended April 30, 2016 as compared to other expenses of $85,000 for the comparable period last year. The significant factors contributing to other income was $129,000 in miscellaneous income and a $9,000 foreign currency transaction loss compared to a $86,000 foreign currency transaction loss for the comparable period last year.

The foreign currency transaction loss in the six months ended April 30, 2015 was primarily the result of the depreciation of the $CFA and the resulting impact on the intercompany loans between Silver Bull and our Gabonese subsidiaries. The miscellaneous income in the six months ended April 30, 2016 was primarily the result of a $128,000 gain on the sale of office and mining equipment at the Sierra Mojada Property.

Results of Discontinued Operations

Pursuant to GAAP, Dome International and Dome International’s wholly owned subsidiary, Dome Ventures, have been reported in discontinued operations for the six months ended April 30, 2015.  Loss from discontinued operations, net of income tax expense for the six months ended April 30, 2015 was $159,000, which is mainly exploration and property holding costs of $86,000 and a foreign currency translation loss of $70,000 due to the depreciation of the $CFA and the resulting impact on intercompany loans between Silver Bull and our Gabonese subsidiaries. In addition, for the six months ended April 30, 2015, as a result of the Gabon Sale, we realized a gain on sale of assets of discontinued operations of $285,000, net of income taxes.
 
 
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Material Changes in Financial Condition; Liquidity and Capital Resources

2016 Private Placement

On May 19 and June 3, 2016, we completed the first and second tranches, respectively of a private placement (the “Private Placement”) of an aggregate of 7,692,310 units (the “Units”) at a purchase price of $CDN 0.13 per unit for aggregate gross proceeds of $CDN 1,000,000. Each Unit consists of one share of our common stock and one warrant (the “Warrant”).  Each Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of our common stock on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days, then the Warrant will expire 30 trading days from such fifth consecutive day.
Cash Flows

During the six months ended April 30, 2016, we primarily utilized cash and cash equivalents to fund exploration activities at the Sierra Mojada Property and for general and administrative expenses.  As a result of the exploration activities and general and administrative expenses, cash and cash equivalents decreased from $951,000 at October 31, 2015 to $408,000 at April 30, 2016.

Cash flows used in operating activities for the six months ended April 30, 2016 was $692,000 as compared to $1,330,000 for the comparable period in 2015.  This decrease was mainly due to the decreased exploration work at the Sierra Mojada Property and decreased general and administrative expenses.

Cash flows provided by investing activities for the six months ended April 30, 2016 was $140,000 in proceeds from the sale of office and mining equipment. Cash flows provided by investing activities in the comparable period last year was $1,443,000 which was significantly related to the Gabon Sale proceeds of $1,363,000.

Cash flows provided by financing activities for the six months ended April 30, 2016 and 2015 were $nil.

Capital Resources

As of April 30, 2016, we had cash and cash on hand of $408,000 and working capital of $200,000 as compared to cash and cash on hand of $951,000 and working capital of $832,000 as of October 31, 2015. The decrease in our liquidity and working capital were primarily the result of the exploration activities at the Sierra Mojada Property and general and administrative expenses, which was partially offset by the proceeds from the sale of office and mining equipment.
 
Our continuation as a going concern is dependent upon our achieving a future financing or strategic transaction such as  obtaining adequate equity financing, joint venture opportunities on the Sierra Mojada Property, asset divestitures or some other strategic transaction. However, there is no assurance that we will be successful in pursuing these financing and strategic options and accordingly, even after taking into account the proceeds from our recent Private Placement, there is substantial doubt as to whether our existing cash resources and working capital are sufficient to enable us to continue our operations for the next 12 months as a going concern. 

Any future additional financing in the near term will likely be in the form of the issuance of equity interests, which will result in dilution to our existing shareholders. Moreover, we may incur significant fees and expenses in the pursuit of a financing or other strategic transaction, which will increase the rate at which our limited cash and working capital is depleted.
 

 
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Capital Requirements and Liquidity; Need for Subsequent Funding

Our management and board of directors monitor our overall costs, expenses, and financial resources and, if necessary, will adjust our planned operational expenditures in an attempt to ensure we have sufficient operating capital. We continue to evaluate our costs and planned expenditures including for our Sierra Mojada Property as discussed below. As noted above, however, if we are unable to obtain adequate additional financial resources, there is substantial doubt as to whether our existing cash resources and working capital are sufficient to enable us to continue our operations for the next 12 months as a going concern.

The continued exploration of the Sierra Mojada Property will require significant amounts of additional capital. In January 2016, our board of directors approved a calendar year 2016 budget of $0.4 million for the Sierra Mojada Property and a $0.9 million budget for general and administrative expenses. As of the closing of the second tranche of the Private Placement on June 3, 2016, we had approximately $1.0 million in cash and cash on hand. We will continue to evaluate our ability to obtain additional financial resources, and we will attempt to reduce expenditures on the Sierra Mojada Property and general and administrative costs if we determine that additional financial resources are unavailable or available on terms that we determine are unacceptable. However, if we are unable to fund future operations by obtaining additional financial resources, including through public or private offerings of equity, there is substantial doubt as to whether we can continue our operations for the next 12 months as a going concern. Debt or equity financing may not be available to us on acceptable terms, if at all. Equity financing, if available, will likely result in substantial dilution to existing shareholders. Moreover, the continued exploration and if warranted, development, of the Sierra Mojada Property ultimately will require us to raise significant additional capital or identify a strategic partner.
 

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.

Critical Accounting Policies

The critical accounting policies are defined in our consolidated financial statements and notes therefore contained in our Annual Report on Form 10-K for the year ended October 31, 2015 filed on January 19, 2016.

Recent Accounting Pronouncements Adopted in the Six-Month Period Ended April 30, 2016

Effective November 1, 2015, we adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations are presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide additional information about the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The adoption of this update did not have a material impact on our financial position, results of operations or cash flows and disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for our fiscal year beginning November 1, 2017. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for our fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.
 
 
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In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for our fiscal year beginning November 1, 2018. Early application is permitted. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for our fiscal year beginning November 1, 2017. Early application is permitted.  We have not determined the effects of this update on our financial position, and disclosures at this time.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for our fiscal year beginning November 1, 2016. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date”, which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” to become effective for our fiscal year beginning November 1, 2018. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for our fiscal year beginning November 1, 2017. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of  Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. These changes become effective prospectively for our fiscal year beginning November 1, 2016. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in Accounting Standards Codification 810. These changes become effective prospectively for our fiscal year beginning November 1, 2016. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability To Continue as a Going Concern.” ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The update provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for our fiscal years and interim periods within those years beginning after November 1, 2017. Early application is permitted. We have not determined the effects of this update on our financial position, results of operations or cash flows and disclosures at this time.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed to have a material impact on our present or future consolidated financial statements.
 
 
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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures.

Under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, we have carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of April 30, 2016. Based on the evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective as of April 30, 2016.

Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b)   Changes in Internal Control over Financial Reporting

During the quarter ended April 30, 2016, there have not been any changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.




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PART II – OTHER INFORMATION.

ITEM 1. LEGAL PROCEEDINGS.

See Note 16 – Commitments and Contingencies in the Notes to Financial Statements (Part I, Item 1 of this Quarterly Report on Form 10-Q) for information regarding legal proceedings in which we are involved.

ITEM 1A. RISK FACTORS.

There were no material changes from the risk factors included in our Annual Report on Form 10-K for the year ended October 31, 2015.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Recent Sales of Unregistered Securities

No sales of unregistered equity securities occurred during the period covered by this report.

Purchases of Equity Securities by the Company and Affiliated Purchasers

No purchases of equity securities were made by or on behalf of Silver Bull or any “affiliated purchaser” within the meaning of Rule 10b-18 under the Exchange Act during the period covered by this report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.  MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5.  OTHER INFORMATION.

On May 19 and June 3, 2016, the Company completed the first and second tranches, respectively, of a private placement (the “Private Placement”) of an aggregate of 7,692,310 units (the “Units”) at a purchase price of $CDN 0.13 per Unit for aggregate gross proceeds of $CDN 1,000,000.  Each Unit consists of one share of the Company’s common stock and one warrant (the “Warrant”).  Each Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.16 until the date that is 12 months following closing of the Private Placement.  If the closing price of the common stock of the Company on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days, then the Warrant will expire 30 trading days from such fifth consecutive day.
In the first and second tranches of the Private Placement, the Company agreed to pay finder’s fees totaling $CDN 18,195 in connection with the subscriptions. One insider of the Company acquired 192,810 Units in the Private Placement.
In the Private Placement, the securities were issued to non-U.S. persons in off-shore transactions pursuant to the exemption from registration provided for under Regulation S, promulgated under the Securities Act.  Each investor represented that he, she or it was not a “U.S. person” as such term is defined in Regulation S.


28

 

ITEM 6.  EXHIBITS.

       
Incorporated by Reference
   
Exhibit Number
 
Exhibit Description
 
Form
Date Filed
Exhibit
 
Filed Herewith
                 
10.1
 
Form of Subscription Agreement
 
8-K
05/23/2016
10.1
 
 
 
 
 
 
 
 
 
 
 
10.2
 
Form of Warrant Certificate
 
8-K
05/23/2016
10.2
 
 
                 
10.3+
 
2010 Stock Option Plan and Stock Bonus Plan, as amended
         
X
                 
31.1
 
Certification of CEO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
         
X
 
 
 
           
31.2
 
Certification of CFO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
         
X
 
 
 
           
32.1
 
Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
         
X
 
 
 
           
32.2
 
Certification of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
         
X
                 
                 
101.INS*
 
 XBRL Instance Document
         
X
                 
101.SCH*
 
 XBRL Schema Document
         
X
 
101.CAL*
 
 XBRL Calculation Linkbase Document
         
X
 
101.DEF*
 
 
 XBRL Definition Linkbase Document
         
 
X

101.LAB*
 
 XBRL Labels Linkbase Document
         
X

101.PRE*
 
 XBRL Presentation Linkbase Document
         
X

+ Indicates a management contract or compensatory plan or arrangement.

* The following financial information from Silver Bull Resources, Inc.’s Quarterly Report on Form 10-Q for the six months ended April 30, 2016, formatted in XBRL (Extensible Business Reporting Language): Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Loss, Condensed Consolidated Statement of  Stockholders’ Equity, Condensed Consolidated Statements of Cash Flows



29

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
SILVER BULL RESOURCES, INC.

Dated:  June 13, 2016
By:  
/s/ Timothy Barry
 
Timothy Barry
 
President and Chief Executive Officer
 
(Principal Executive Officer)
 
Dated:  June 13, 2016
By:  
/s/ Sean Fallis
 
Sean Fallis
 
Chief Financial Officer
 
 (Principal Financial Officer and Principal Accounting Officer)

 
30

EX-10.3 2 ex10x3.htm EXHIBIT 10.3
Exhibit 10.3
 
 


SILVER BULL RESOURCES, INC.
2010 STOCK OPTION AND STOCK BONUS PLAN, AS AMENDED

1.            Purposes of and Benefits Under the Plan.  This 2010 Stock Option and Stock Bonus Plan, as amended (the “Plan”), is intended to encourage stock ownership by employees, consultants, officers and directors of Silver Bull Resources, Inc. (formerly Metalline Mining Company) and its controlled, affiliated and subsidiary entities (collectively, the “Corporation”), so that they may acquire or increase their proprietary interest in the Corporation, and is intended to facilitate the Corporation’s efforts to:  (i) induce qualified persons to become employees, officers and directors (whether or not they are employees) and consultants to the Corporation; (ii) compensate employees, officers, directors and consultants for services to the Corporation; and (iii) encourage such persons to remain in the employ of or associated with the Corporation and to put forth maximum efforts for the success of the Corporation.  It is further intended that options granted by the Committee pursuant to Section 6 of this Plan shall constitute “incentive stock options” (“Incentive Stock Options”) within the meaning of Section 422 of the Internal Revenue Code, and the regulations issued thereunder, and options granted by the Committee pursuant to Section 7 of this Plan shall constitute “non-qualified stock options” (“Non-qualified Stock Options”). “Options” means options granted pursuant to the provisions of this Plan, whether Incentive Stock Options or Non-qualified Stock Options.

2.            Definitions.  As used in this Plan, the following words and phrases shall have the meanings indicated:

(a)  “Board” shall mean the Board of Directors of the Corporation.

(b)  “Bonus” means any Common Stock bonus issued pursuant to the provisions of this Plan.

(c)  “Committee” shall mean any Committee appointed by the Board to administer this Plan, if one has been appointed.  If no Committee has been appointed, the term “Committee” shall mean the Board.

(d)  “Common Stock” shall mean the Corporation’s $0.01 par value common stock.

(e)  “Disability” shall mean a Recipient’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months.  If the recipient is covered by a disability insurance plan sponsored by the Corporation, the term “Disability” shall be as defined therein.

(f)  “Fair Market Value” per share as of a particular date shall mean the last sale price of the Corporation’s Common Stock as reported on the national securities exchange on which the stock is principally traded on such date, or if such date was not a trading date, on the immediately preceding trading date or, if such quotations are unavailable, the value determined by the Committee in accordance with the requirements of Section 409A of the Internal Revenue Code.

(g)  “Recipient” means any person granted an Option or awarded a Bonus hereunder.

(h)  “Internal Revenue Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time (codified as Title 26 of the United States Code) and any successor legislation.

3.            Administration.

(a)  The Plan shall be administered by the Committee.  The Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically conferred under the Plan or necessary or advisable in the administration of the Plan, including the authority:  to grant Options and Bonuses; to determine the vesting schedule and other restrictions, if any, relating to Options and Bonuses; to determine the purchase price of the shares of Common Stock covered by each Option (the “Option Price”); to determine the persons to whom, and the time or times at which, Options and Bonuses shall be granted; to determine the number of shares to be covered by each Option or Bonus; to determine Fair Market Value per share; to interpret the Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the Option agreements (which need not be identical) entered into in connection with Options granted under the Plan; and to make all other determinations deemed necessary or advisable for the administration of the Plan.  The Committee may delegate to one or more of its members or to one or more agents such administrative duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan.
 
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(b)  Options and Bonuses granted under the Plan shall be evidenced by duly adopted resolutions of the Committee included in the minutes of the meeting at which they are adopted or in a unanimous written consent.

(c)  The Committee shall endeavor to administer the Plan and grant Options and Bonuses hereunder in a manner that is compatible with the obligations of persons subject to Section 16 of the U.S. Securities Exchange Act of 1934 (the “1934 Act”), although compliance with Section 16 is the obligation of the Recipient, not the Corporation.  Neither the Committee, the Board nor the Corporation can assume any legal responsibility for a Recipient’s compliance with his obligations under Section 16 of the 1934 Act.

(d)  No member of the Committee or the Board shall be liable for any action taken or determination made in good faith with respect to the Plan or any Option or Bonus granted hereunder.

4.            Eligibility.

(a)  Subject to certain limitations hereinafter set forth, Options and Bonuses may be granted to employees (including officers), consultants, and directors (whether or not they are employees) of the Corporation or its present or future divisions, affiliates and subsidiaries.  In determining the persons to whom Options or Bonuses shall be granted and the number of shares to be covered by each Option or Bonus, the Committee shall take into account the duties of the respective persons, their present and potential contributions to the success of the Corporation, and such other factors as the Committee shall deem relevant to accomplish the purposes of the Plan.

(b)  A Recipient shall be eligible to receive more than one grant of an Option or Bonus during the term of the Plan, on the terms and subject to the restrictions herein set forth.

5.            Stock Reserved.

(a)  The stock subject to Options or Bonuses hereunder shall be shares of Common Stock.  Such shares, in whole or in part, may be authorized but unissued shares or shares that shall have been or that may be reacquired by the Corporation.  The aggregate number of shares of Common Stock as to which Options and Bonuses may be granted from time to time under the Plan shall not exceed the lower of (i) 30,000,000 shares or (ii) 10% of the total shares outstanding, subject to adjustment as provided in Section 8(i) hereof.

(b)  If any Option outstanding under the Plan for any reason expires or is terminated without having been exercised in full, or if any Bonus granted is forfeited because of vesting or other restrictions imposed at the time of grant, the shares of Common Stock allocable to the unexercised portion of such Option or the forfeited portion of the Bonus shall become available for subsequent grants of Options and Bonuses under the Plan.

6.            Incentive Stock Options.

(a)  Options granted pursuant to this Section 6 are intended to constitute Incentive Stock Options and shall be subject to the following special terms and conditions, in addition to the general terms and conditions specified in Section 8 hereof.  Only employees of the Corporation shall be entitled to receive Incentive Stock Options.
 
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(b)  The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the shares of Common Stock with respect to which Incentive Stock Options granted under this and any other plan of the Corporation or any parent or subsidiary of the Corporation are exercisable for the first time by a Recipient during any calendar year may not exceed the amount set forth in Section 422(d) of the Internal Revenue Code.

(c)  Incentive Stock Options granted under this Plan are intended to satisfy all requirements for incentive stock options under Section 422 of the Internal Revenue Code and the Treasury Regulations promulgated thereunder and, notwithstanding any other provision of this Plan, the Plan and all Incentive Stock Options granted under it shall be so construed, and all contrary provisions shall be so limited in scope and effect and, to the extent they cannot be so limited, they shall be void.

7.            Non-qualified Stock Options.  Options granted pursuant to this Section 7 are intended to constitute Non-qualified Stock Options and shall be subject only to the general terms and conditions specified in Section 8 hereof.

8.            Terms and Conditions of Options.  Each Option granted pursuant to the Plan shall be evidenced by a written Option agreement between the Corporation and the Recipient, which agreement shall be substantially in the form of  Exhibit A hereto as modified from time to time by the Committee in its discretion, and which shall comply with and be subject to the following terms and conditions:

(a)  Number of Shares.  Each Option agreement shall state the number of shares of Common Stock covered by the Option.

(b)  Type of Option.  Each Option Agreement shall specify whether it is intended to be an Incentive Stock Option or a Non-qualified Stock Option.

(c)  Option Price.  Subject to adjustment as provided in Section 8(i) hereof, each Option agreement shall state the Option Price, which shall be determined by the Committee subject only to the following restrictions:

(1)  Each Option Agreement shall state the Option Price, which (except as otherwise set forth in paragraphs 8(c)(2) hereof) shall not be less than 100% of the Fair Market Value per share on the date of grant of the Option.

(2)  Any Incentive Stock Option granted under the Plan to a person owning more than ten percent of the total combined voting power of all classes of stock of the Corporation shall be at a price of no less than 110% of the Fair Market Value per share on the date of grant of the Incentive Stock Option.

(3)  The date on which the Committee adopts a resolution expressly granting an Option shall be considered the day on which such option is granted, unless a future date is specified in the resolution.

(d)  Term of Option.  Each Option agreement shall state the period during and times at which the Option shall be exercisable, in accordance with the following limitations:

(1)  The date on which the Committee adopts a resolution expressly granting an Option shall be considered the day on which such Option is granted, unless a future date is specified in the resolution.

(2)  The exercise period of any Option shall not exceed ten years from the date of grant of the Option.

(3)  Incentive Stock Options granted to a person owning more than ten percent of the total combined voting power of all classes of stock of the Corporation shall be for no more than five years.

(4)  The Committee shall have the authority to accelerate or extend the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate; provided, however, that (i) the Committee shall not extend the exercise period of any outstanding Option held by an insider (as that term is defined or commonly used in applicable securities laws) without first obtaining the approval of disinterested shareholders of such extension, and (ii) no such extension shall result in a violation of Section 409A of the Internal Revenue Code.  In any event, no exercise period may be so extended to increase the term of the Option beyond ten years from the date of the grant.
 
3

 

(5)  The exercise period shall be subject to earlier termination as provided in Sections 8(f) and 8(g) hereof, and, furthermore, shall be terminated upon surrender of the Option by the holder thereof if such surrender has been authorized in advance by the Committee.

(e)  Method of Exercise and Medium and Time of Payment.

(1)  An Option may be exercised as to any or all whole shares of Common Stock as to which it then is exercisable, provided, however, that no Option may be exercised as to less than 100 shares (or such number of shares as to which the Option is then exercisable if such number of shares is less than 100).

(2)  Each exercise of an Option granted hereunder, whether in whole or in part, shall be effected by written notice to the Secretary of the Corporation (or his or her agent) designating the number of shares as to which the Option is being exercised, and shall be accompanied by payment in full of the Option Price for the number of shares so designated, together with any written statements required by, or deemed by the Corporation’s counsel to be advisable pursuant to, any applicable securities laws.

(3)  The Option Price shall be paid in cash, or in shares of Common Stock having a Fair Market Value equal to such Option Price, or in property or in a combination of cash, shares and property and, subject to approval of the Committee, may be effected in whole or in part with funds received from the Corporation at the time of exercise as a compensatory cash payment.

(4)  The Committee shall have the sole and absolute discretion to determine whether or not property other than cash or Common Stock may be used to purchase the shares of Common Stock hereunder and, if so, to determine the value of the property received.

(5)  The Recipient shall make provision for the withholding of taxes as required by Section 10 hereof.

(f)  Termination.

(1)  Unless otherwise provided in the Option Agreement by and between the Corporation and the Recipient, if the Recipient ceases to be an employee, officer, director or consultant of the Corporation (other than by reason of death or Disability), all vested Options theretofore granted to such Recipient but not theretofore exercised shall terminate upon the earlier of (i) three months following the date the Recipient ceased to be an employee, officer, director or consultant of the Corporation, and (ii) the end of the originally scheduled term of the option, provided that such vested Options shall expire upon the date of termination of employment or other relationship if discharged for cause.  Any options that were not vested as of the date of termination shall expire immediately upon the date the Recipient ceases to be an employee, officer, director or consultant of the Corporation.

(2)  Nothing in the Plan or in any Option or Bonus granted hereunder shall confer upon an individual any right to continue in the employ of or other relationship with the Corporation or interfere in any way with the right of the Corporation to terminate such employment or other relationship between the individual and the Corporation.

(g)  Death or Disability of Recipient.  Unless otherwise provided in the Option Agreement by and between the Corporation and the Recipient, if a Recipient shall die while an employee, officer, director or consultant of the Corporation, or within the three month period described in Section 8(f)(1) above, or if the Recipient’s relationship with the Corporation shall terminate by reason of Disability, all vested Options theretofore granted to such Recipient, may be exercised by the Recipient or by the Recipient’s estate or by a person who acquired the right to exercise such Options by bequest or inheritance or otherwise by reason of the death or Disability of the Recipient, until the earlier of (i) one year after the date of death or Disability of the Recipient; or (ii) the end of the originally scheduled term of the option.  Any Options that are not vested as of the date the Recipient’s employment or other relationship with the Corporation terminates as a result of death or Disability shall expire immediately on the date such service relationship terminates.
 
 
4


(h)  Transferability Restriction.

(1)  Options granted under the Plan shall not be transferable other than by will or by the laws of descent and distribution or, with respect to a Non-Qualified Option, pursuant to a qualified domestic relations order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act of 1974, or the rules thereunder.  Options may be exercised during the lifetime of the Recipient only by the Recipient and thereafter only by his legal representative.

(2)  Any attempted sale, pledge, assignment, hypothecation or other transfer of an Option contrary to the provisions hereof and/or the levy of any execution, attachment or similar process upon an Option, shall be null and void and without force or effect and shall result in a termination of the Option.

(3)  (A)  As a condition to the transfer of any shares of Common Stock issued upon exercise of an Option granted under this Plan, the Corporation may require an opinion of counsel, satisfactory to the Corporation, to the effect that such transfer will not be in violation of the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any other applicable securities laws or that such transfer has been registered under federal and all applicable state securities laws.  (B) Further, the Corporation shall be authorized to refrain from delivering or transferring shares of Common Stock issued under this Plan until the Committee determines that such delivery or transfer will not violate applicable securities laws and the Recipient has tendered to the Corporation any federal, state or local tax owed by the Recipient as a result of exercising the Option or disposing of any Common Stock when the Corporation has a legal liability to satisfy such tax.  (C)  The Corporation shall not be liable for damages due to delay in the delivery or issuance of any stock certificate for any reason whatsoever, including, but not limited to, a delay caused by listing requirements of any securities exchange or any registration requirements under the 1933 Act, the 1934 Act, or under any other state, federal or provincial law, rule or regulation.  (D)  The Corporation is under no obligation to take any action or incur any expense in order to register or qualify the delivery or transfer of shares of Common Stock under applicable securities laws or to perfect any exemption from such registration or qualification.  (E) Furthermore, the Corporation will not be liable to any Recipient for failure to deliver or transfer shares of Common Stock if such failure is based upon the provisions of this paragraph.

(i)  Effect of Certain Changes.

(1)  If any change is made in the Common Stock without the receipt of consideration by the Corporation (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Corporation), the Plan will be appropriately adjusted in the class(es) and maximum number of securities subject to the Plan, and the outstanding Options and Bonuses will be appropriately adjusted in the class(es) and number of securities and price per share of Common Stock (if applicable) subject to such outstanding Options and Bonuses.  The Board shall make such adjustments, and its determination shall be final, binding and conclusive; provided that each Option granted pursuant to this Plan shall not be adjusted in a manner that (i) causes such Option to fail to continue to qualify as an Incentive Stock Option within the meaning of Section 422 of the Internal Revenue Code, if the Option was originally intended to be an Incentive Stock Option, or (ii) causes the Option to become subject to Section 409A of the Internal Revenue Code.
 
5

 

(2)  Unless otherwise provided in the applicable Option Agreement or other award document delivered to the Recipient, in the event of (i) a sale, lease or other disposition of all or substantially all of the assets of the Corporation, (ii) a consolidation or merger of the Corporation with or into any other corporation or other entity or person (or any other corporate reorganization) in which the shareholders of the Corporation immediately prior to such consolidation, merger or reorganization, own less than fifty percent (50%) of the outstanding voting power of the surviving entity (or its parent) following the consolidation, merger or reorganization or (iii) a transaction or series or related transactions pursuant to which any person, entity or group within the meaning of Section 13(d) or 14(d) of the 1934 Act, or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Corporation or an affiliate) acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act, or comparable successor rule) of securities of the Corporation representing at least fifty percent (50%) of the combined voting power entitled to vote in the election of directors (individually, a “Change of Control”), then any surviving corporation or acquiring corporation (or parent thereof) shall assume any Options or Bonuses outstanding under the Plan or shall substitute similar stock awards (including an award to acquire the same consideration paid to the shareholders in the Change of Control for those outstanding under the Plan).  In the event any surviving corporation or acquiring corporation (or parent thereof) refuses to assume such Options or Bonus Awards or to substitute similar stock awards for those outstanding under the Plan, then (A) with respect to Options or Bonuses held by Recipients whose continuous service to the Corporation has not terminated as of the date of the Change of Control, the vesting of such Options and Bonuses (and the time during which such Options may be exercised) shall be accelerated in full, and any Options shall terminate if not exercised at or prior to the Change of Control, and (B) with respect to any other Options outstanding under the Plan, such Options shall terminate if not exercised (if applicable) prior to the Change of Control.  In connection with a Change of Control, the Corporation or any surviving corporation or acquiring corporation shall have the right, but not the obligation, to cash out an Option in lieu of requiring the Participant to exercise such Option in accordance with its terms, and the Corporation or any surviving corporation or acquiring corporation shall have the right, but not the obligation, to make any such cash out subject to any escrow, earn-out or other contingent or deferred payment arrangement that is contemplated by such Change of Control transaction.

(3)            Except as expressly provided in this Section 8(i), the Recipient shall have no rights by reason of any subdivision or consolidation of shares of stock of any class, or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class, or by reason of any dissolution, liquidation, merger, or consolidation or spin-off of assets or stock of another corporation; and any issue by the Corporation of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Option.  The grant of an Option or Bonus pursuant to the Plan shall not affect in any way the right or power of the Corporation to make adjustments, reclassifications, reorganizations or changes of its capital or business structures, or to merge or consolidate, or to dissolve, liquidate, or sell or transfer all or any part of its business or assets.

(j)  No Rights as Shareholder - Non-Distributive Intent.

(1)  Neither a Recipient of an Option nor such Recipient’s legal representative, heir, legatee or distributee, shall be deemed to be the holder of, or to have any rights of a holder with respect to, any shares subject to such Option until after the Option is exercised and the shares are issued.

(2)  No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights for which the record date is prior to the date such stock certificate is issued, except as provided in Section 8(i) hereof.

(3)  Upon exercise of an Option at a time when there is no registration statement in effect under the 1933 Act relating to the shares issuable upon exercise, shares may be issued to the Recipient only if the Recipient represents and warrants in writing to the Corporation that the shares purchased are being acquired for investment and not with a view to the distribution thereof and provides the Corporation with sufficient information to establish an exemption from the registration requirements of the 1933 Act.  A form of subscription agreement containing representations and warranties deemed sufficient as of the date of adoption of this Plan is attached hereto as Exhibit B.
 
6

 

(4)  No shares shall be issued upon the exercise of an Option unless and until there shall have been compliance with any then applicable requirements of the U.S. Securities and Exchange Commission or any other regulatory agencies having jurisdiction over the Corporation.

(k)  Other Provisions.  Option Agreements authorized under the Plan may contain such other provisions, including, without limitation, (i) the imposition of restrictions upon the exercise, and (ii) in the case of an Incentive Stock Option, the inclusion of any condition not inconsistent with such Option qualifying as an Incentive Stock Option, as the Committee shall deem advisable.

9.            Grant of Stock Bonuses.  In addition to, or in lieu of, the grant of an Option, the Committee may grant Bonuses, up to a maximum of 800,000 shares of Common Stock on an annual basis.

(a)  At the time of grant of a Bonus, the Committee may impose a vesting period of up to ten years, and such other restrictions which it deems appropriate.  Unless otherwise directed by the Committee at the time of grant of a Bonus, the Recipient shall be considered a shareholder of the Corporation as to the Bonus shares which have vested in the grantee at any time regardless of any forfeiture provisions which have not yet arisen.

(b)  The grant of a Bonus and the issuance and delivery of shares of Common Stock pursuant thereto shall be subject to approval by the Corporation’s counsel of all legal matters in connection therewith, including compliance with the requirements of the 1933 Act, the 1934 Act, other applicable securities laws, rules and regulations, and the requirements of any stock exchanges upon which the Common Stock then may be listed.  Any certificates prepared to evidence Common Stock issued pursuant to a Bonus grant shall bear legends as the Corporation’s counsel may deem necessary or advisable.  Included among the foregoing requirements, but without limitation, any Recipient of a Bonus at a time when a registration statement relating thereto is not effective under the 1933 Act shall execute a Subscription Agreement substantially in the form of Exhibit B.

10.            Agreement by Recipient Regarding Withholding Tax.  A Recipient will be solely responsible for paying any applicable withholding taxes arising from the grant, vesting or exercise of any Option or the grant or receipt of a Bonus and any payment is to be in a manner satisfactory to the Corporation.  Notwithstanding the foregoing, the Corporation will have the right to withhold from any amount payable to a Recipient, either under the Plan or otherwise, such amount as may be necessary to enable the Corporation to comply with the applicable requirements of any federal, provincial, state, local or foreign law, or any administrative policy of any applicable tax authority, relating to the withholding of tax or any other required deductions with respect to awards hereunder (“Withholding Obligations”).  The Corporation may require a Recipient, as a condition to the exercise of an Option or receipt of a Bonus to make such arrangements as the Corporation may require so that the Corporation can satisfy applicable Withholding Obligations, including, without limitation, requiring the Recipient to (i) remit the amount of any such Withholding Obligations to the Corporation in advance; (ii) reimburse the Corporation for any such Withholding Obligations; or (iii) cause a broker to sell Common Stock acquired by the Recipient under the Plan on behalf of the Recipient and to withhold from the proceeds realized from such sale the amount required to satisfy any such Withholding Obligations and to remit such amount directly to the Corporation.

Any Common Stock of a Recipient that is sold by a broker engaged by the Corporation to sell such Common Stock on behalf of the Recipient (the “Broker”) to fund Withholding Obligations, will be sold as soon as practicable in transactions effected on the NYSE Amex or the Toronto Stock Exchange.  In effecting the sale of any such Common Stock, the Corporation or the Broker will exercise its sole judgement as to the timing and manner of sale and will not be obligated to seek or obtain a minimum price.  Neither the Corporation nor the Broker will be liable for any loss arising out of any sale of such Common Stock including any loss relating to the manner or timing of such sales, the prices at which the Common Stock are sold or otherwise.  In addition, neither the Corporation nor the Broker will be liable for any loss arising from a delay in transferring any Common Stock to a Recipient.  The sale price of Common Stock sold on behalf of Recipients will fluctuate with the market price of the Corporation’s Common Stock and no assurance can be given that any particular price will be received upon any such sale.
 
7

 

11.            Term of Plan.  Options and Bonuses may be granted under this Plan from time to time within a period of ten years from the date the Plan is adopted by the Board.

12.            Amendment and Termination of the Plan.

(a)                (1)  Subject to the policies, rules and regulations of any lawful authority having jurisdiction (including any exchange with which the shares of the Corporation are listed for trading), the Board of Directors may at any time, without further action by the shareholders, amend the Plan or any Option granted hereunder in such respects as it may consider advisable and, without limiting the generality of the foregoing, it may do so to ensure that Options granted hereunder will comply with any provisions respecting stock options in the income tax and other laws in force in any country or jurisdiction of which any Option holders may from time to time be a resident or citizen, or it may at any time without action by shareholders terminate the Plan.

(2)  provided, however, that any amendment that would:  (A) materially increase the number of securities issuable under the Plan to persons who are subject to Section 16(a) of the 1934 Act; or (B)  grant eligibility to a class of persons who are subject to Section 16(a) of the 1934 Act and are not included within the terms of the Plan prior to the amendment; or (C) materially increase the benefits accruing to persons who are subject to Section 16(a) of the 1934 Act under the Plan; or (D) require shareholder approval under applicable state law, the rules and regulations of any national securities exchange on which the Corporation’s securities then may be listed, the Internal Revenue Code or any other applicable law, shall be subject to the approval of the shareholders of the Corporation as provided in Section 13 hereof.

(3)  provided further that any such increase or modification that may result from adjustments authorized by Section 8(i) hereof or which are required for compliance with the 1934 Act, the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, their rules or other laws or judicial order, shall not require such approval of the shareholders.

(b)  Except as provided in Section 8 hereof, no suspension, termination, modification or amendment of the Plan may adversely affect any Option previously granted, unless the written consent of the Recipient is obtained, provided, however that no such consent shall be required with respect to any modification or amendment deemed necessary in the good faith judgment of the Board of Directors to comply with (or be exempt from) the requirements of Section 409 of the Internal Revenue Code.

13.            Approval of Shareholders.  The Plan shall take effect upon its adoption by the Board but shall be subject to approval at a duly called and held meeting of stockholders in conformance with the vote required by the Corporation’s governing documents, resolution of the Board, any other applicable law and the rules and regulations thereunder, or the rules and regulations of any national securities exchange upon which the Corporation’s Common Stock is listed and traded, each to the extent applicable.

14.            Termination of Right of Action.  Every right of action arising out of or in connection with the Plan by or on behalf of the Corporation or any of its subsidiaries, or by any shareholder of the Corporation or any of its subsidiaries against any past, present or future member of the Board, or against any employee, or by an employee (past, present or future) against the Corporation or any of its subsidiaries, will, irrespective of the place where an action may be brought and irrespective of the place of residence of any such shareholder, director or employee, cease and be barred by the expiration of three years from the date of the act or omission in respect of which such right of action is alleged to have risen.

15.            Tax Litigation.  The Corporation shall have the right, but not the obligation, to contest, at its expense, any tax ruling or decision, administrative or judicial, on any issue which is related to the Plan and which the Board believes to be important to holders of Options issued under the Plan and to conduct any such contest or any litigation arising therefrom to a final decision.
 
8

 

16.            Adoption.

(a)  This Plan was approved by resolution of the Board of Directors of the Corporation on December 22, 2009.

(b)  If this Plan is not approved by the shareholders of the Corporation within 12 months of the date the Plan was approved by the Board as required by Section 422(b)(1) of the Internal Revenue Code, this Plan and any Options granted hereunder to Recipients shall be and remain effective, but the reference to Incentive Stock Options herein shall be deleted and all Options granted hereunder shall be Non-qualified Stock Options pursuant to Section 7 hereof.

17.            Governing Law, Consent to Personal Jurisdiction.  This Plan will be governed by the internal laws of the State of Nevada without regard to rules regarding conflicts of laws.  Each Recipient consents to the personal jurisdiction of the state and federal courts located in Colorado for any lawsuit filed there against the Recipient by the Company arising from or relating to this Plan. Any controversy or claim arising out of or relating to this Plan or shall be settled by arbitration in the City and County of Denver, Colorado in accordance with the rules then existing of the American Arbitration Association and judgment upon the award may be entered in any court having jurisdiction thereof.

18.            Section 409A.  This Plan and all awards granted hereunder are intended to be exempt from the requirements of Section 409A of the Internal Revenue Code, and this Plan and any award agreements issued hereunder shall be interpreted and administered accordingly.

[End of Plan]
 
 
 
9

Exhibit A

FORM OF STOCK OPTION AGREEMENT


STOCK OPTION AGREEMENT made as of this ___ day of ____________, ______, by and between Silver Bull Resources, Inc., a Nevada corporation (the “Corporation”), and ________________ __________________________ (the “Recipient”).

In accordance with the Corporation’s 2010 Stock Option and Stock Bonus Plan, as amended (the “Plan”), the provisions of which are incorporated herein by reference, the Corporation desires, in connection with the services of the Recipient, to provide the Recipient with an opportunity to acquire shares of the Corporation’s $0.01 par value common stock (“Common Stock”) on favorable terms and thereby increase the Recipient’s proprietary interest in the Corporation and incentive to put forth maximum efforts for the success of the business of the Corporation.  Capitalized terms used but not defined herein are used as defined in the Plan.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein set forth and other good and valuable consideration, the Corporation and the Recipient agree as follows:

1.  Confirmation of Grant of Option.  Pursuant to a determination of the Committee or, in the absence of a Committee, by the Board of Directors of the Corporation made on ___________, _____ (the “Date of Grant”), the Corporation, subject to the terms of the Plan and of this Agreement, confirms that the Recipient has been irrevocably granted on the Date of Grant, as a matter of separate inducement and agreement, and in addition to and not in lieu of salary or other compensation for services, a Stock Option (the “Option”) exercisable to purchase an aggregate of ______ shares of Common Stock on the terms and conditions herein set forth, subject to adjustment as provided in Paragraph 8 hereof. The Option is an [Incentive Stock Option pursuant to Section 6 of the Plan or a Non-Qualified Stock Option pursuant to Section 7 of the Plan].

2.  Option Price.  The Option Price of shares of Common Stock covered by the Option will be $_____ per share (the “Option Price”) subject to adjustment as provided in Paragraph 8 hereof.

3.  Vesting and Exercise of Option.

(a)  Except as otherwise provided herein or in Section 8 of the Plan, the Option [shall vest and become exercisable as follows:  (insert vesting schedule), provided, however, that no option shall vest or become exercisable unless the Recipient is an employee, consultant, or director of the Corporation on such vesting date/or may be exercised in whole or in part at any time during the term of the Option.]

(b)  The Option may not be exercised at any one time as to fewer than 100 shares (or such number of shares as to which the Option is then exercisable if such number of shares is less than 100).

(c)  The Option may be exercised by written notice to the Secretary of the Corporation (or his or her agent) accompanied by payment in full of the Option Price as provided in Section 8 of the Plan.

4.  Term of Option.  The term of the Option will be through __________, ____, subject to earlier termination or cancellation as provided in this Agreement.  The holder of the Option will not have any rights to dividends or any other rights of a shareholder with respect to any shares of Common Stock subject to the Option until such shares shall have been issued (as evidenced by the appropriate transfer agent of the Corporation) upon purchase of such shares through exercise of the Option.

5.  Transferability Restriction.  The Option may not be assigned, transferred or otherwise disposed of, or pledged or hypothecated in any way (whether by operation of law or otherwise) except in strict compliance with Section 8 of the Plan.  Any assignment, transfer, pledge, hypothecation or other disposition of the Option or any attempt to make any levy of execution, attachment or other process will cause the Option to terminate immediately upon the happening of any such event; provided, however, that any such termination of the Option under the provisions of this Paragraph 5 will not prejudice any rights or remedies which the Corporation may have under this Agreement or otherwise.
 
10

 

6.  Exercise Upon Termination.  The Recipient’s rights to exercise this Option upon termination of employment or cessation of service as an officer, director or consultant shall be as set forth in Section 8(f) of the Plan.

7.  Death, Disability or Retirement of Recipient.  The exercisability of this Option upon the death, Disability or retirement of the Recipient shall be as set forth in Section 8(g) of the Plan.

8.  Adjustments.  The Option shall be subject to adjustment upon the occurrence of certain events as set forth in Section 8(i) of the Plan.

9.  No Registration Obligation.  The Recipient understands that the Option is not registered under the 1933 Act and, unless by separate written agreement, the Corporation has no obligation to so register the Option or any of the shares of Common Stock subject to and issuable upon the exercise of the Option, although it may from time to time register under the 1933 Act the shares issuable upon exercise of Options granted pursuant to the Plan.  The Recipient represents that the Option is being acquired for the Recipient’s own account and that unless registered by the Corporation, the shares of Common Stock issued on exercise of the Option will be acquired by the Recipient for investment.  The Recipient understands that the Option is, and the underlying securities may be, issued to the Recipient in reliance upon exemptions from the 1933 Act, and acknowledges and agrees that all certificates for the shares issued upon exercise of the Option may bear the following legend unless such shares are registered under the 1933 Act prior to their issuance:

The shares represented by this Certificate have not been registered under the Securities Act of 1933 (the “1933 Act”), and are “restricted securities” as that term is defined in Rule 144 under the 1933 Act.  The shares may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the 1933 Act or pursuant to an exemption from registration under the 1933 Act, the availability of which is to be established to the satisfaction of the Company.

The Recipient further understands and agrees that the Option may be exercised only if at the time of such exercise the underlying shares are registered and/or the Recipient and the Corporation are able to establish the existence of an exemption from registration under the 1933 Act and applicable state or other laws.

10.  Notices.  Each notice relating to this Agreement will be in writing and delivered in person or by certified mail to the proper address.  Notices to the Corporation shall be addressed to the Corporation, attention:  President, at such address as may constitute the Corporation’s principal place of business at the time, with a copy to: Davis Graham and Stubbs, 1550 Seventeenth Street, Denver Colorado 80202.  Notices to the Recipient or other person or persons then entitled to exercise the Option shall be addressed to the Recipient or such other person or persons at the Recipient’s address below specified.  Anyone to whom a notice may be given under this Agreement may designate a new address by notice to that effect given pursuant to this Paragraph 10.

11.  Approval of Counsel.  The exercise of the Option and the issuance and delivery of shares of Common Stock pursuant thereto shall be subject to approval by the Corporation’s counsel of all legal matters in connection therewith, including compliance with the requirements of the 1933 Act, the Securities Exchange Act of 1934, as amended, applicable state and other securities laws, the rules and regulations thereunder, and the requirements of any national securities exchange(s) upon which the Common Stock then may be listed.

12.  Benefits of Agreement.  This Agreement will inure to the benefit of and be binding upon each successor and assignee of the Corporation.  All obligations imposed upon the Recipient and all rights granted to the Corporation under this Agreement will be binding upon the Recipient’s heirs, legal representatives and successors.

13.  Effect of Governmental and Other Regulations.  The exercise of the Option and the Corporation’s obligation to sell and deliver shares upon the exercise of the Option are subject to all applicable federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency which may, in the opinion of counsel for the Corporation, be required.
 
11

 

14.  Plan Governs.  In the event that any provision in this Agreement conflicts with a provision in the Plan, the provision of the Plan shall govern.

15.    Governing Law, Consent to Personal Jurisdiction.  This Plan will be governed by the internal laws of the State of Nevada without regard to rules regarding conflicts of laws.  Each Recipient consents to the personal jurisdiction of the state and federal courts located in Colorado for any lawsuit filed there against the Recipient by the Company arising from or relating to this Plan. Any controversy or claim arising out of or relating to this Plan or shall be settled by arbitration in the City and County of Denver, Colorado in accordance with the rules then existing of the American Arbitration Association and judgment upon the award may be entered in any court having jurisdiction thereof.

Executed in the name and on behalf of the Corporation by one of its duly authorized officers and by the Recipient all as of the date first above written.


SILVER BULL RESOURCES, INC.


By: _________________________
Name:
Title:

Date: ___________,_______



The undersigned Recipient has read and understands the terms of this Option Agreement and the attached Plan and hereby agrees to comply therewith.


Date: __________, ________

Signature of Recipient: _________________________
Name:

Tax ID Number:
Address:
12

Exhibit B

SUBSCRIPTION AGREEMENT

THE SECURITIES BEING ACQUIRED BY THE UNDERSIGNED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 OR ANY OTHER LAWS AND ARE OFFERED UNDER EXEMPTIONS FROM THE REGISTRATION PROVISIONS OF SUCH LAWS.  THESE SECURITIES CANNOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFER CONTAINED IN THIS STOCK SUBSCRIPTION AGREEMENT AND APPLICABLE SECURITIES LAWS.

This Subscription Agreement is entered for the purpose of the undersigned acquiring _____________ shares of the $0.01 par value common stock (the “Securities”) of Silver Bull Resources, Inc., a Nevada corporation (the “Corporation”), from the Corporation as a Bonus or pursuant to exercise of an Option granted pursuant to the Corporation's 2010 Stock Option and Stock Bonus Plan, as amended (the “Plan”). All capitalized terms not otherwise defined herein shall be as defined in the Plan.

It is understood that no grant of any Bonus or exercise of any Option at a time when no registration statement relating thereto is effective under the U.S. Securities Act of 1933, as amended (the “1933 Act”) can be completed until the undersigned executes this Subscription Agreement and delivers it to the Corporation, and that such grant or exercise is effective only in accordance with the terms of the Plan and this Subscription Agreement.

In connection with the undersigned’s acquisition of the Securities, the undersigned represents and warrants to the Corporation as follows:

1.            The undersigned has been provided with, and has reviewed the Plan, and such other information as the undersigned may have requested of the Corporation regarding its business, operations, management, and financial condition (all of which is referred to herein as the “Available Information”).

2.            The Corporation has given the undersigned the opportunity to ask questions of and to receive answers from persons acting on the Corporation’s behalf concerning the terms and conditions of this transaction and the opportunity to obtain any additional information regarding the Corporation, its business and financial condition or to verify the accuracy of the Available Information which the Corporation possesses or can acquire without unreasonable effort or expense.

3.            The Securities are being acquired by the undersigned for the undersigned’s own account and not on behalf of any other person or entity.

4.            The undersigned understands that the Securities being acquired hereby have not been registered under the 1933 Act or any state or foreign securities laws, and are, and unless registered will continue to be, restricted securities within the meaning of Rule 144 of the General Rules and Regulations under the 1933 Act and other statutes, and the undersigned consents to the placement of appropriate restrictive legends on any certificates evidencing the Securities and any certificates issued in replacement or exchange therefor and acknowledges that the Corporation will cause its stock transfer records to note such restrictions.

5.            By the undersigned’s execution below, it is acknowledged and understood that the Corporation is relying upon the accuracy and completeness hereof in complying with certain obligations under applicable securities laws.

6.            This Agreement binds and inures to the benefit of the representatives, successors and permitted assigns of the respective parties hereto.

7.            The undersigned acknowledges that the grant of any Bonus or Option and the issuance and delivery of shares of Common Stock pursuant thereto shall be subject to prior approval by the Corporation’s counsel of all legal matters in connection therewith, including compliance with the requirements of the 1933 Act and other applicable securities laws, the rules and regulations thereunder, and the requirements of any national securities exchange(s) upon which the Common Stock then may be listed.

8.            The undersigned acknowledges and agrees that the Corporation may withhold from any cash consideration payable to the undersigned for the payment of taxes as a result of the grant of the Bonus or the exercise of an Option or may require other such arrangements, as set out in section 10 of the Plan, in order to satisfy the payment of taxes.

9.            The Plan is incorporated herein by reference.  In the event that any provision in this Agreement conflicts with ANY provision in the Plan, the provisions of the Plan shall govern.


Date: __________, ________

Signature of Recipient: _________________________
Name:

Tax ID Number:
Address:
 
 
 
 
 
 
13
EX-31.1 3 ex31x1.htm EXHIBIT 31.1
 
Exhibit 31.1

CERTIFICATION OF CEO PURSUANT TO EXCHANGE ACT RULES 13a-14 AND 15d-14,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Timothy Barry, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Silver Bull Resources, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements,  and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated:  June 13, 2016
By  
/s/ Timothy Barry
 
Timothy Barry, President and Chief Executive Officer
(Principal Executive Officer)

EX-31.2 4 ex31x2.htm EXHIBIT 31.2
Exhibit 31.2

CERTIFICATION OF CFO PURSUANT TO EXCHANGE ACT RULES 13a-14 AND 15d-14,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Sean Fallis, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of Silver Bull Resources, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: June 13, 2016
By  
/s/ Sean Fallis
 
Sean Fallis, Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

EX-32.1 5 ex32x1.htm EXHIBIT 32.1
Exhibit 32.1

CERTIFICATION OF CEO PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Silver Bull Resources, Inc. (the “Company”) does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the quarterly period ended April 30, 2016 (the “Report”) that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 
     
 
   
Dated:  June 13, 2016
By  
/s/ Timothy Barry
 
Timothy Barry, President and Chief Executive Officer
(Principal Executive Officer)


The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code).  It shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (15 U.S.C. Section 78r) or otherwise subject to the liability of that section.  It shall also not be deemed incorporated by reference into any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.  


 
 
EX-32.2 6 ex32x2.htm EXHIBIT 32.2
Exhibit 32.2


CERTIFICATION OF CFO PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Silver Bull Resources, Inc. (the “Company”) does hereby certify with respect to the Quarterly Report of the Company on Form 10-Q for the quarterly period ended April 30, 2016 (the “Report”) that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 
     
 
   
Dated:  June 13, 2016
By  
/s/ Sean Fallis
 
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)


The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Section 1350 of Chapter 63 of Title 18 of the United States Code).  It shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (15 U.S.C. Section 78r) or otherwise subject to the liability of that section.  It shall also not be deemed incorporated by reference into any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.  



 

 
 
 
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7692310 0.13 1000000 21750 <div><div style="font: bold 10pt/1 Times New Roman, Times, serif; text-align: justify"></div> <div style="font: bold 10pt/1 Times New Roman, Times, serif; text-align: justify">NOTE 1 &#8211; ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">Silver Bull Resources, Inc. (the &#8220;Company&#8221;) was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company&#8217;s name was changed to Metalline Mining Company. On April 21, 2011, the Company&#8217;s name was changed to Silver Bull Resources, Inc. The Company&#8217;s fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and may never enter into the development stage with respect to any of its projects.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">The Company engages in the business of mineral exploration. The Company currently owns or has the option to acquire a number of property concessions in Mexico (collectively known as the &#8220;Sierra Mojada Property&#8221;). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. (&#8220;Minera&#8221;) and Contratistas de Sierra Mojada S.A. de C.V. (&#8220;Contratistas&#8221;) and through Minera&#8217;s wholly-owned subsidiary Minas de Coahuila SBR S.A. de C.V. (&#8220;Minas&#8221;).</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">On April 16, 2010, Metalline Mining Delaware, Inc., a wholly-owned subsidiary of the Company, was merged with and into Dome Ventures Corporation (&#8220;Dome&#8221;).&#160; As a result, Dome became a wholly-owned subsidiary of the Company. Dome has a wholly-owned subsidiary Dome Asia Inc. (&#8220;Dome Asia&#8221;), which is incorporated in the British Virgin Islands. Dome Asia has a wholly-owned subsidiary incorporated in Gabon, African Resources SARL Gabon (&#8220;African Resources&#8221;), as well as a 99.99%-owned subsidiary, Dome Minerals Nigeria Limited, incorporated in Nigeria. In January 2015, the Company completed the sale of its subsidiary Dome International Global Inc. (&#8220;Dome International&#8221;), including Dome International&#8217;s wholly-owned subsidiary Dome Ventures SARL Gabon (&#8220;Dome Gabon&#8221;), which held the Ndjole Prospect in Gabon.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">The Company&#8217;s efforts and expenditures have been concentrated on the exploration of properties, principally in the Sierra Mojada Property located in Coahuila, Mexico. The Company has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company&#8217;s investment in exploration properties is dependent upon the success of future property sales, the existence of economically recoverable reserves, and the ability of the Company to obtain financing or make other arrangements for exploration, development, and future profitable production activities. The ultimate realization of the Company&#8217;s investment in exploration properties cannot be determined at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify"><u>Going Concern</u></div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="line-height: 1; background-color: #ffffff"> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">Since its inception in November 1993, the Company has not generated revenue and has incurred a deficit of $118,826,021. &#160;Accordingly, the Company has not generated cash flow from operations, and since inception the Company has relied primarily upon proceeds from private placements and registered direct offerings of the Company&#8217;s equity securities and warrant exercises as the primary sources of financing to fund the Company&#8217;s operations. As of April 30, 2016 and prior to the private placement described below, the Company had working capital of $199,587 and cash and cash equivalents of $407,877. <font style="font: 10pt Times New Roman, Times, serif; color: #000000">The Company's continuation as a going concern is dependent upon several possible financing and strategic options not limited to the following: obtaining adequate equity financing, joint venture opportunities on the Sierra Mojada Property, and asset divestitures.&#160;However, there is no assurance that the Company will be successful in pursuing these financing and strategic options and accordingly, there is substantial doubt as to whether the Company's existing cash resources and working capital are sufficient to enable the Company to continue its operations for the next 12 months as a going concern.&#160;</font></div> <div style="line-height: 1"><br style="line-height: 1" /> </div> </div> <div style="margin-bottom: 12pt; font: 10pt/1 Times New Roman, Times, serif; text-align: justify">On May 19 and June 3, 2016, the Company completed the first and second tranches, respectively, of a private placement (the &#8220;Private Placement&#8221;) of an aggregate of 7,692,310 units (the &#8220;Units&#8221;) at a purchase price of Canadian dollar (&#8220;$CDN&#8221;) $0.13 per Unit for aggregate gross proceeds of $CDN 1,000,000. Each Unit consists of one share of the Company&#8217;s common stock and one warrant (the &#8220;Warrant&#8221;).&#160; Each Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of the common stock of the Company on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days then the Warrant will expire 30 trading days from such fifth consecutive day.</div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.</div></div> <div><div style="line-height: 1"></div> <div style="font: bold 10pt/1 Times New Roman, Times, serif; text-align: justify">NOTE 2 &#8211; BASIS OF PRESENTATION</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">The Company&#8217;s unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;) and applicable rules of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) regarding interim reporting. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet at October 31, 2015 was derived from the audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company&#8217;s Annual Report on Form 10-K for the year ended October 31, 2015.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as disclosed in Note 3. In the opinion of management, the unaudited interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company&#8217;s condensed consolidated financial statements; accordingly, operating results for the six months ended April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2016.</div></div> <div><div style="line-height: 1"></div> <div style="font: bold 10pt/1 Times New Roman, Times, serif; text-align: justify">NOTE 3 &#8211; SIGNIFICANT ACCOUNTING POLICIES</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">The significant accounting policies are defined in the Company&#8217;s consolidated financial statements and notes thereto contained in the Company&#8217;s Annual Report on Form 10-K for the year ended October 31, 2015 filed on January 19, 2016, except as follows.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify"><u>Recent Accounting Pronouncements Adopted in the Six-Month Period Ended April 30, 2016</u></div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, serif; color: #000000">Effective November 1, 2015</font>, <font style="font: 10pt Times New Roman, Times, serif; color: #000000">the Company adopted the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) Accounting Standards Update (&#8220;</font>ASU&#8221;) 2014-08, &#8220;Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.&#8221; Under ASU 2014-08, only disposals representing a strategic shift in operations are presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide additional information about the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The adoption of this update did not have a material impact on the Company&#8217;s financial position, results of operations or cash flows and disclosures.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify"><u>Recent Accounting Pronouncements Not Yet Adopted</u></div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In March 2016, the FASB issued ASU 2016-09, &#8220;Improvements to Employee Share-Based Payment Accounting,&#8221; which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases,&#8221; which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In January 2016, the FASB issued ASU 2016-01, &#8220;Financial Instruments &#8211; Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,&#8221; which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company&#8217;s fiscal year beginning November 1, 2018. Early application is permitted. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In November 2015, the FASB issued ASU 2015-17, &#8220;Balance Sheet Classification of Deferred Taxes,&#8221; which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for the Company&#8217;s fiscal year beginning November 1, 2017. 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The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; color: #000000; text-align: justify; background-color: #ffffff">In August 2015, the FASB issued ASU 2015-14, &#8220;Deferral of the Effective Date,&#8221; which defers the effective date of ASU 2014-09, &#8220;Revenue from Contracts with Customers&#8221; to become effective for the Company&#8217;s fiscal year beginning November 1, 2018. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; color: #000000; text-align: justify; background-color: #ffffff">In July 2015, the FASB issued ASU 2015-11, &#8220;Simplifying the Measurement of Inventory,&#8221; which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company&#8217;s fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; color: #000000; text-align: justify; background-color: #ffffff">In April 2015, the FASB issued ASU 2015-03, &#8220;Simplifying the Presentation of Debt Issuance Costs,&#8221; which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. These changes become effective prospectively for the Company&#8217;s fiscal year beginning November 1, 2016. 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text-align: justify"><font style="font: 10pt Times New Roman, Times, serif; color: #000000">Effective November 1, 2015</font>, <font style="font: 10pt Times New Roman, Times, serif; color: #000000">the Company adopted the Financial Accounting Standards Board&#8217;s (&#8220;FASB&#8221;) Accounting Standards Update (&#8220;</font>ASU&#8221;) 2014-08, &#8220;Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.&#8221; Under ASU 2014-08, only disposals representing a strategic shift in operations are presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide additional information about the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The adoption of this update did not have a material impact on the Company&#8217;s financial position, results of operations or cash flows and disclosures.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify"><u>Recent Accounting Pronouncements Not Yet Adopted</u></div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In March 2016, the FASB issued ASU 2016-09, &#8220;Improvements to Employee Share-Based Payment Accounting,&#8221; which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases,&#8221; which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In January 2016, the FASB issued ASU 2016-01, &#8220;Financial Instruments &#8211; Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,&#8221; which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company&#8217;s fiscal year beginning November 1, 2018. Early application is permitted. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; text-align: justify">In November 2015, the FASB issued ASU 2015-17, &#8220;Balance Sheet Classification of Deferred Taxes,&#8221; which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for the Company&#8217;s fiscal year beginning November 1, 2017. Early application is permitted.&#160; The Company has not determined the effects of this update on the Company&#8217;s financial position, and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="line-height: 1; background-color: #ffffff"> <div style="font: 10pt/1 Times New Roman, Times, serif; color: #000000; text-align: justify; background-color: #ffffff">In September 2015, the FASB issued ASU 2015-16, &#8220;Simplifying the Accounting for Measurement-Period Adjustments,&#8221; which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company&#8217;s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; color: #000000; text-align: justify; background-color: #ffffff">In August 2015, the FASB issued ASU 2015-14, &#8220;Deferral of the Effective Date,&#8221; which defers the effective date of ASU 2014-09, &#8220;Revenue from Contracts with Customers&#8221; to become effective for the Company&#8217;s fiscal year beginning November 1, 2018. The Company has not determined the effects of this update on the Company&#8217;s financial position, results of operations or cash flows and disclosures at this time.</div> <div style="line-height: 1"><br style="line-height: 1" /> </div> <div style="font: 10pt/1 Times New Roman, Times, serif; color: #000000; text-align: justify; background-color: #ffffff">In July 2015, the FASB issued ASU 2015-11, &#8220;Simplifying the Measurement of Inventory,&#8221; which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company&#8217;s fiscal year beginning November 1, 2017. 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LINKBASE Nuevo Dulces Nombres (Centenario) and Yolanda III [Member] Property Concessions By Location Of Concession [Axis] Nuevo Dulces Nombres [Member] Yolanda III [Member] Sierra Mojada Property Concession [Member] Mining equipment [Member] Property, Plant and Equipment by Type [Axis] Vehicles [Member] Building and structures [Member] Computer equipment and software [Member] Well equipment [Member] Office equipment [Member] Employee Stock Option [Member] Award Type [Axis] 2006 Plan [Member] Plan Name [Axis] 2010 Plan [Member] Minimum [Member] Range [Axis] Maximum [Member] 0.26 [Member] Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Axis] 0.37 [Member] 0.44 - 0.70 [Member] 0.06 [Member] 2.18 [Member] Additional Paid-in Capital [Member] Statement Equity Components [Axis] Accumulated Deficit [Member] Other Comprehensive Income [Member] Common Stock [Member] Comprehensive Income [Member] Stock Appreciation Rights (SARs) [Member] Class of Warrant or Right [Axis] Mexico [Member] Statement, Business Segments [Axis] Canada [Member] Gabon [Member] United States [Member] Mitzic, Gabon [Member] Canadian Dollars [Member] Currency [Axis] US Dollars [Member] Equity Components [Axis] Subsequent Event [Member] Subsequent Event Type [Axis] Document And Entity Information [Abstract] Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash and cash equivalents Value-added tax receivable, net of allowance for uncollectible taxes of $98,788 and $103,429 respectively (Note 6) Income tax receivable Other receivables Prepaid expenses and deposits Assets held for sale (Note 7) Total Current Assets Office and mining equipment, net (Note 8) Property concessions (Note 9) Goodwill (Note 10) TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable Accrued liabilities and expenses (Note 11) Income tax payable Total Current Liabilities COMMITMENTS AND CONTINGENCIES (Notes 1, 12 and 16) STOCKHOLDERS' EQUITY (Notes 12, 13 and 14) Common stock, $0.01 par value; 300,000,000 shares authorized, 159,072,657 and 159,072,657 shares issued and outstanding, respectively Additional paid-in capital Deficit accumulated during exploration stage Other comprehensive income Total Stockholders' Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Allowance for uncollectible taxes, current Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] REVENUES EXPLORATION AND PROPERTY HOLDING COSTS Exploration and property holding costs Depreciation, asset and property concessions' impairment TOTAL EXPLORATION AND PROPERTY HOLDING COSTS GENERAL AND ADMINISTRATIVE EXPENSES Personnel Office and administrative Professional services Directors' fees (Recovery of) provision for uncollectible value-added taxes Depreciation TOTAL GENERAL AND ADMINISTRATIVE EXPENSES LOSS FROM OPERATIONS OTHER INCOME (EXPENSES) Interest and investment income Interest and finance costs (Note 11) Foreign currency transaction (loss) gain Miscellaneous income (Note 7) TOTAL OTHER INCOME (EXPENSES) LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES INCOME TAX EXPENSE LOSS FROM CONTINUING OPERATIONS Loss from discontinued operations, net of income taxes (Note 4) (Loss) gain on sale of assets of discontinued operations, net of income taxes (Note 4) NET LOSS OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustments Realized foreign currency translation gain on sale of assets of discontinued operations (Note 4) TOTAL OTHER COMPREHENSIVE (LOSS) INCOME COMPREHENSIVE LOSS BASIC AND DILUTED NET LOSS PER COMMON SHARE Loss from continuing operations Loss from discontinued operations Net loss BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (Note 5) Statement [Table] Statement [Line Items] Balance Balance, shares Stock option activity as follows: Stock based compensation for options issued to directors, officers and employees Other comprehensive loss Net loss Balance Balance, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net loss Adjustments to reconcile net loss to net cash used by operating activities: Depreciation and asset impairment Provision for uncollectible value-added taxes Gain on sale of assets of discontinued operations (Note 4) Gain on sale of office and mining equipment (Note 7) Other income Foreign currency transaction (loss) gain Stock options issued for compensation Changes in operating assets and liabilities: Value-added tax receivable Income taxes receivable Other receivables Prepaid expenses and deposits Accounts payable Accrued liabilities and expenses Income tax payable Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Other assets Proceeds from sale of equipment Net proceeds from sale of discontinued operations (Note 4) Net cash provided by investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Net cash provided by financing activities Effect of exchange rates on cash and cash equivalents Net (decrease) increase in cash and cash equivalents Cash and cash equivalents beginning of period Cash and cash equivalents end of period SUPPLEMENTAL CASH FLOW DISCLOSURES: Income taxes paid Interest paid ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN [Abstract] ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN BASIS OF PRESENTATION [Abstract] BASIS OF PRESENTATION SIGNIFICANT ACCOUNTING POLICIES [Abstract] SIGNIFICANT ACCOUNTING POLICIES DISCONTINUED OPERATIONS [Abstract] DISCONTINUED OPERATIONS LOSS PER SHARE [Abstract] LOSS PER SHARE VALUE-ADDED TAX RECEIVABLE [Abstract] VALUE-ADDED TAX RECEIVABLE ASSETS HELD FOR SALE [Abstract] ASSETS HELD FOR SALE OFFICE AND MINING EQUIPMENT [Abstract] OFFICE AND MINING EQUIPMENT PROPERTY CONCESSIONS [Abstract] PROPERTY CONCESSIONS GOODWILL [Abstract] GOODWILL ACCRUED LIABILITIES AND EXPENSES [Abstract] ACCRUED LIABILITIES AND EXPENSES SHAREHOLDER RIGHTS PLAN [Abstract] SHAREHOLDER RIGHTS PLAN COMMON STOCK [Abstract] COMMON STOCK STOCK OPTIONS [Abstract] STOCK OPTIONS FINANCIAL INSTRUMENTS [Abstract] FINANCIAL INSTRUMENTS COMMITMENTS AND CONTINGENCIES [Abstract] COMMITMENTS AND CONTINGENCIES SEGMENT INFORMATION [Abstract] SEGMENT INFORMATION Accounting Policies [Abstract] Recent Accounting Pronouncements Basis of Presentation Principles of Consolidation Use of Estimates Revenue Recognition Cash and Cash Equivalents Property Concessions Exploration Costs Property and Equipment Impairment of Long-Lived Assets Goodwill Income Taxes Stock-Based Compensation and Warrants Loss Per Share Foreign Currency Translation Accounting for Loss Contingencies and Legal Costs Reclassifications Discontinued Operations and Disposal Groups [Abstract] Schedule of Financial Information Included in Income and Balance Sheet from Discontinued Operations Summary of the Changes in the Allowance for Uncollectible Taxes Property, Plant and Equipment [Abstract] Summary of Office and Mining Equipment Summary of Property Concessions Goodwill and Intangible Assets Disclosure [Abstract] Summary of the Goodwill Balance Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of Assumptions Used to Value Stock Options Granted Schedule of Stock Option Activity Schedule of Stock Options Outstanding and Exercisable by Exercise Price Range Commitments and Contingencies Disclosure [Abstract] Schedule of Payments Required to Obtain Full Ownership of Property Concessions Segment Reporting [Abstract] Schedule of Net Income (Loss) by Segment Schedule of the Allocation of Assets by Segment Schedule of Exploration and Property Holding Costs by Segment Accumulated Deficit Working capital Number of units issued through private placement Price per unit sold through private placement Proceeds from private placement Ownership percentage held by entity Cash consideration Reimbursement expenses Transaction costs Exploration and property holding costs Depreciation and asset impairment Foreign currency transaction loss Loss (gain) on sale of assets of discontinued operations, net of income taxes Loss (income) from discontinued operations, net of income taxes Earnings Per Share [Abstract] Anti-dilutive shares, stock options and warrants Value-added tax receivable, current (Recovery of) provision for uncollectible value-added taxes Allowance for uncollectible VAT taxes, beginning balance Provision for uncollectible VAT Taxes Foreign currency translation adjustment Write-off VAT receivable Allowance for uncollectible VAT taxes, ending balance Asset Impairment Charges [Abstract] Assets held for sale Impairment of assets held for sale Gain on sale of office and mining equipment Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property, Plant and Equipment, Type [Axis] Office and mining equipment, gross Less: Accumulated depreciation Office and mining equipment, net Property Concessions, beginning balance Impairment Property Concessions, ending balance Goodwill impairment loss Goodwill Accrued Liabilities and Other Liabilities [Abstract] Insurance premium interest rate Insurance premium maturity period Accrued liabilities and expenses Class of Warrant or Right [Table] Class of Warrant or Right [Line Items] Shareholder Rights, record date Expiration date of Shareholders Rights Minimum purchase of ownership percentage to activate Rights Purchase price per Right Stockholders' Equity Note [Abstract] Stock issued during period, shares Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] The number of shares authorized under the plan Vesting period for plan Contractual term for options Total options granted during the period Weighted-average grant date fair value of options granted during period Granted Total options exercised during the period Stock-based compensation costs recognized during the period Total unrecognized compensation costs related to non-vested share based compensation arrangements granted under qualified stock option plans Weighted-average period for remaining compensation costs to be recognized Expected volatility, minimum Expected volatility, maximum Risk-free interest rate, minimum Risk-free interest rate, maximum Dividend yield Contractual term Shares Outstanding, beginning Granted Forfeited or Cancelled Outstanding, ending Weighted Average Exercise Price Outstanding, beginning Forfeited or Cancelled Outstanding, ending Weighted average remaining contractual life, Outstanding Aggregate intrinsic value, Outstanding Exercisable Shares Weighted average exercise price Weighted average remaining contractual life, Exercisable Aggregate intrinsic value, Exercisable Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table] Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] Exercise Price Range [Axis] Minimum exercise price Maximum exercise price Number of options outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Options Exercisable - Weighted Average Exercise Price Cash balance insured by FDIC per financial institution Cash balance insured by CDIC per financial institution Cash balances not insured Total uninsured cash balances held with U.S. and Canadian financial institutions Value of total cash accounts held in Mexico and Gabon Effect of a 1% decrease in interest rates on interest income Litigation and Claims: Interest rate sought on the Royalty Damages sought in litigation matter Property Concessions By Location Of Concession [Table] Property Concessions By Location Of Concessions [Line Items] Monthly payment through 48 months after the initial payment date to obtain full ownership of concession Purchase price for the acquisition of 100% of the concession Expenditure reduction The cost to renew each exploration license for a third term of three years Aggregate cost to renew exploration licenses in the third term Payment date of first property concession payment Date the property acquisition option expires Percentage rate of net smelter return royalties The maximum net smelter return royalties that can be paid Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Segments [Axis] Loss from Continuing Operations Discontinued Operations Other receivables Prepaid expenses and deposits Office and mining equipment, net Property concessions Goodwill Exploration and property holding costs for the period Subsequent Events [Abstract] SUBSEQUENT EVENT Disclosure of accounting policy for loss contingencies and legal costs. Adjustments to additional paid in capital, stock options issued to officers, employees, consultants and directors. Aggregate cost to renew exploration licenses in the third term. Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. The amount of cash deposited in financial institutions as of the balance sheet date that is insured by the Canadien Deposit Insurance Corporation. The amount of cash as of the balance sheet date that is not insured by the Federal Deposit Insurance Corporation or the Canadien Deposit Insurance Corporation. The cost to renew each exploration license for a third term of three years. Cash consideration amount related to the executed share purchase agreement. Amount of reimbursement expenses attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Amount of foreign currency transaction (gain) or loss attributable to the disposal group. Amount of transaction costs attributable to disposal group. Document And Entity Information [Abstract] Expenditure Reduction The date the rights expire. Exploration and Property Holding Costs [Abstract] Disclosure of accounting policy regarding exploration costs. Portion of foreign currency translation adjustment that is attributable to value added taxes that have been recovered during the period. The increase (decrease) during the reporting period in the amount of outstanding money receivable from tax authorities for previous remittances of value-added taxes. Interest rate of the insurance premium. Maturity period of the insurance premium. The interest rate of the award the plaintiff seeks in the legal matter. The maximum net smelter return royalties that can be paid. Mitzic Property Concession [Member] The effect of a 1% decrease in interest rates on interest income. Monthly payment through 48 months after the initial payment date to obtain full ownership of concession. Nuevo Dulces Nombres [Member] Expenses relating to the maintenance of offices and administering the affairs of an entity, including affiliates of the reporting entity. Organization, Description Of Business [Abstract] Amount of unrealized foreign currency translation gains or losses on sale of assets of discontinued operations attributable to parent entity. The date the first required property concession payment is to be made. The date the property concession acquisition option expires. Percentage rate of net smelter return royalties. Property Concessions [Abstract] Property Concessions By Location Of Concession [Axis] Property Concessions By Location Of Concession [Domain] Property Concessions By Location Of Concession [Table] Property Concessions By Location Of Concessions [Line Items] The decrease to the property concessions balance for impairment during the period. Property Concessions Location Three [Member] Disclosure of accounting policy regarding property concessions. The entire disclosure for capitalized costs relating to the acquisition of property concessions by the entity. This disclosure may include information on the location, size, concession payments, and commitments related to the property concessions. Provision recognized during the period for uncollectable value-added taxes to reduce the value-added tax receivable due from tax authorities to the net carrying amount. Purchase price for the acquisition of 100% of the concession. (Recovery of) provision recognized during the period for uncollectable value-added taxes to reduce the value-added tax receivable due from tax authorities to the net carrying amount. Tabular disclosure of the payments required to obtain full ownership of property concessions. Schedule of exploration and property holding costs by segment. Schedule of net income (loss) by segment. Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Five [Member]. Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Four [Member]. Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range One [Member] Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Three [Member] Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Two [Member] Shareholder Rights Plan [Abstract] The date as of when a holder must own the stock to be entitled to the right. Minimum beneficial ownership that must be purchased by one acquirer in order for shareholders to be entitled to their Rights. The purchase price per Right that entitles each holder of a right to receive a number of shares for that Right after certain conditions are met. The disclosure for the shareholder rights plan. Sierra Mojada Property Concession [Member] Stock Option Plan One [Member] Stock Option Plan Two [Member] Stockholders Equity Note [Line Items] Stockholders Equity Note [Table] Summary of the property concessions balance and changes during the period. The aggregate total of exploration expenses (including prospecting) related to the mining industry would be included in operating expenses. The aggregate total of capitalized expenses relating to the costs of acquiring property concessions including mineral concessions acquired through the merger with a subsidiary. Value Added Tax Receivable [Abstract] Value-Added Tax Receivable [Table] The disclosure for value-added tax receivable. Value of cash held in foreign bank accounts. The cumulative amount of working capital earnings or deficit. Write-off of value-added tax receivables during the period. Yolanda III [Member] Number of units issued through private placement. Each Unit consists of one share of the Company's common stock and one warrant. Each Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of the common stock of the Company on the OTCQB Venture Marketplace is U.S. dollar $0.18 or higher for five consecutive trading days then the Warrant will expire thirty trading days from such fifth consecutive day. Price per unit sold through private placement. Assets [Abstract] Assets, Current [Abstract] CashAndCashEquivalentsAtCarryingValueNetOfReclassificationAdjustments Value Added Tax Receivable, Current Income Taxes Receivable, Current Other Receivables, Net, Current Prepaid Expense and Other Assets, Current Disposal Group, Including Discontinued Operation, Assets, Current Assets, Current Property, Plant and Equipment, Net TotalPropertyConcessions Assets Liabilities and Equity [Abstract] Liabilities, Current [Abstract] Accounts Payable, Current Accrued Liabilities, Current Taxes Payable, Current Liabilities, Current Commitments and Contingencies Stockholders' Equity Attributable to Parent [Abstract] Common Stock, Value, Issued Additional Paid in Capital Accumulated Other Comprehensive Income (Loss), Net of Tax Stockholders' Equity Attributable to Parent Liabilities and Equity Allowance for Doubtful Accounts Receivable, Current Common Stock, Par or Stated Value Per Share Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Outstanding Revenues ExplorationAndPropertyHoldingCostsAbstract Exploration Expense, Mining Depreciation, Depletion and Amortization, Nonproduction TotalExplorationAndPropertyHoldingCosts General and Administrative Expense [Abstract] Labor and Related Expense OfficeAndAdministrative Professional Fees Noninterest Expense Directors Fees ProvisionForUncollectibleValueAddedTaxes Depreciation General and Administrative Expense Operating Income (Loss) Nonoperating Income (Expense) [Abstract] Investment Income, Net Interest and Debt Expense Foreign Currency Transaction Gain (Loss), before Tax Other Nonoperating Income (Expense) Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Income Tax Expense (Benefit) Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent OtherComprehensiveIncomeRealizedForeignCurrencyTranslationGainLossOnSaleOfSaleOfDiscontinuedOperationsNetOfTaxPortionAttributableToParent Comprehensive Income (Loss), Net of Tax, Attributable to Parent Earnings Per Share, Basic and Diluted [Abstract] Income (Loss) from Continuing Operations, Per Basic and Diluted Share Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share Earnings Per Share, Basic and Diluted Weighted Average Number of Shares Outstanding, Basic and Diluted Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation, Depletion and Amortization RecoveryOfProvisionForUncollectibleValueAddedTaxes Other Noncash Income (Expense) Foreign Currency Transaction Gain (Loss), Unrealized Stock or Unit Option Plan Expense Increase (Decrease) in Operating Capital [Abstract] IncreaseDecreaseValueAddedTaxReceivable Increase (Decrease) in Income Taxes Receivable Increase (Decrease) in Other Receivables Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Accrued Taxes Payable Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net Cash Provided by (Used in) Investing Activities [Abstract] Proceeds from Sale of Other Productive Assets Proceeds from Sale of Machinery and Equipment Proceeds from Divestiture of Businesses and Interests in Affiliates Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net Cash Provided by (Used in) Financing Activities [Abstract] Net Cash Provided by (Used in) Financing Activities, Continuing Operations Effect of Exchange Rate on Cash and Cash Equivalents Cash and Cash Equivalents, Period Increase (Decrease) Cash and Cash Equivalents, at Carrying Value Supplemental Cash Flow Elements [Abstract] Income Taxes Paid Interest Paid Nature of Operations [Text Block] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Significant Accounting Policies [Text Block] Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Earnings Per Share [Text Block] ValueAddedTaxReceivableTextBlock Property, Plant and Equipment Disclosure [Text Block] PropertyConcessionsTextBlock Goodwill Disclosure [Text Block] Accounts Payable and Accrued Liabilities Disclosure [Text Block] ShareholderRightsPlanTextBlock Stockholders' Equity Note Disclosure [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Text 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Depreciation, Depletion and Amortization, Property, Plant, and Equipment PropertyConcessionsImpairment Goodwill, Impairment Loss InsurancePremiumInterestRate InsurancePremiumMaturityPeriod Accrued Liabilities ShareholderRightsPlanDateOfRecordDayMonthAndYear ExpirationDateOfShareholdersRights ShareholderRightsPlanMinimumOwnershipRequirement ShareholderRightsPlanPurchasePricePerRight Stock Issued During Period, Shares, New Issues Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price Cash, FDIC Insured Amount CashCdicInsuredAmount CashUninsuredAmountHeldWithUnitedStatesAndCanadienFinancialInstitutions ValueOfCashHeldInForeignBankAccounts MonetaryImpactOfOnePercentDecreaseInInterestRatesOnInterestIncome Loss Contingency [Abstract] LossContingencyDamagesSoughtInterestRate MonthlyPaymentThroughFortyEightMonthsAfterInitialPaymentDateToObtainFullOwnershipOfConcessionsPayment PurchasePriceForAcquisitionOfOneHundredPercentOfConcessions ExpenditureReduction CostToRenewExplorationLicenseForThirdThreeYearTerm AggregateCostToRenewExplorationLicensesInThirdTerm PaymentDatePropertyConcessionPaymentOne PaymentDatePropertyConcessionPaymentOptionExpiration PercentageRateOfNetSmelterReturnRoyalties MaximumNetSmelterReturnRoyaltiesThatCanBePaid Subsequent Events [Text Block] PropertyConcessionsByLocationOfConcessionDomain StockholdersEquityNoteLineItems StockholdersEquityNoteTable ValueAddedTaxReceivableTable EX-101.PRE 12 svbl-20160430_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.5.0.1
Document and Entity Information - shares
6 Months Ended
Apr. 30, 2016
Jun. 13, 2016
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Apr. 30, 2016  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q2  
Entity Registrant Name SILVER BULL RESOURCES, INC.  
Entity Central Index Key 0001031093  
Current Fiscal Year End Date --10-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   166,764,967
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.5.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2016
Oct. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 407,877 $ 950,878
Value-added tax receivable, net of allowance for uncollectible taxes of $98,788 and $103,429 respectively (Note 6) $ 110,987 132,207
Income tax receivable 2,596
Other receivables $ 6,047 18,400
Prepaid expenses and deposits 81,625 $ 135,421
Assets held for sale (Note 7) 28,795
Total Current Assets 635,331 $ 1,239,502
Office and mining equipment, net (Note 8) 240,215 305,614
Property concessions (Note 9) 5,563,093 5,593,263
Goodwill (Note 10) 2,058,031 2,058,031
TOTAL ASSETS 8,496,670 9,196,410
CURRENT LIABILITIES    
Accounts payable 175,172 119,371
Accrued liabilities and expenses (Note 11) 258,569 282,933
Income tax payable 2,003 5,436
Total Current Liabilities $ 435,744 $ 407,740
COMMITMENTS AND CONTINGENCIES (Notes 1, 12 and 16)
STOCKHOLDERS' EQUITY (Notes 12, 13 and 14)    
Common stock, $0.01 par value; 300,000,000 shares authorized, 159,072,657 and 159,072,657 shares issued and outstanding, respectively $ 1,590,726 $ 1,590,726
Additional paid-in capital 125,081,556 125,025,319
Deficit accumulated during exploration stage (118,826,021) (118,046,936)
Other comprehensive income 214,665 219,561
Total Stockholders' Equity 8,060,926 8,788,670
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,496,670 $ 9,196,410
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.5.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Apr. 30, 2016
Oct. 31, 2015
Statement of Financial Position [Abstract]    
Allowance for uncollectible taxes, current $ 98,788 $ 103,429
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 300,000,000 300,000,000
Common stock, shares issued 159,072,657 159,072,657
Common stock, shares outstanding 159,072,657 159,072,657
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.5.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Apr. 30, 2016
Apr. 30, 2015
Income Statement [Abstract]        
REVENUES
EXPLORATION AND PROPERTY HOLDING COSTS        
Exploration and property holding costs $ 97,990 $ 138,570 $ 204,583 $ 410,667
Depreciation, asset and property concessions' impairment 7,627 14,949 58,130 32,581
TOTAL EXPLORATION AND PROPERTY HOLDING COSTS 105,617 153,519 262,713 443,248
GENERAL AND ADMINISTRATIVE EXPENSES        
Personnel 110,837 131,114 215,922 285,164
Office and administrative 103,821 124,204 183,742 284,463
Professional services 75,447 65,063 167,111 165,445
Directors' fees 40,621 50,517 68,751 106,560
(Recovery of) provision for uncollectible value-added taxes $ (232) 6,485 $ 61 6,235
Depreciation 444 889
TOTAL GENERAL AND ADMINISTRATIVE EXPENSES $ 330,494 377,827 $ 635,587 848,756
LOSS FROM OPERATIONS (436,111) (531,346) (898,300) (1,292,004)
OTHER INCOME (EXPENSES)        
Interest and investment income 290 $ 382 581 $ 640
Interest and finance costs (Note 11) (714) (1,428)
Foreign currency transaction (loss) gain (3,751) $ 12,763 (9,060) $ (85,999)
Miscellaneous income (Note 7) 127,850 129,438
TOTAL OTHER INCOME (EXPENSES) 123,675 $ 13,145 119,531 $ (85,359)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (312,436) (518,201) (778,769) (1,377,363)
INCOME TAX EXPENSE 1,516 3,070 316 4,641
LOSS FROM CONTINUING OPERATIONS $ (313,952) $ (521,271) $ (779,085) (1,382,004)
Loss from discontinued operations, net of income taxes (Note 4) (159,277)
(Loss) gain on sale of assets of discontinued operations, net of income taxes (Note 4) $ (10,963) 285,406
NET LOSS $ (313,952) (532,234) $ (779,085) (1,255,875)
OTHER COMPREHENSIVE (LOSS) INCOME        
Foreign currency translation adjustments $ (6,097) $ 2,977 $ (4,896) 53,324
Realized foreign currency translation gain on sale of assets of discontinued operations (Note 4) 7,163
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME $ (6,097) $ 2,977 $ (4,896) 60,487
COMPREHENSIVE LOSS $ (320,049) $ (529,257) $ (783,981) $ (1,195,388)
BASIC AND DILUTED NET LOSS PER COMMON SHARE        
Loss from continuing operations $ (0.01)
Loss from discontinued operations
Net loss $ (0.01)
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (Note 5) 159,072,657 159,072,657 159,072,657 159,072,657
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.5.0.1
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Apr. 30, 2016 - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Other Comprehensive Income [Member]
Total
Balance at Oct. 31, 2015 $ 1,590,726 $ 125,025,319 $ (118,046,936) $ 219,561 $ 8,788,670
Balance, shares at Oct. 31, 2015 159,072,657       159,072,657
Stock option activity as follows:          
Stock based compensation for options issued to directors, officers and employees $ 56,237 $ 56,237
Other comprehensive loss $ (4,896) (4,896)
Net loss $ (779,085) (779,085)
Balance at Apr. 30, 2016 $ 1,590,726 $ 125,081,556 $ (118,826,021) $ 214,665 $ 8,060,926
Balance, shares at Apr. 30, 2016 159,072,657       159,072,657
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (779,085) $ (1,255,875)
Adjustments to reconcile net loss to net cash used by operating activities:    
Depreciation and asset impairment 58,130 36,775
Provision for uncollectible value-added taxes $ 61 6,235
Gain on sale of assets of discontinued operations (Note 4) $ (285,406)
Gain on sale of office and mining equipment (Note 7) $ (127,612)
Other income (913)
Foreign currency transaction (loss) gain (8,338) $ 176,430
Stock options issued for compensation 56,237 61,014
Changes in operating assets and liabilities:    
Value-added tax receivable 15,591 46
Income taxes receivable 2,441 77
Other receivables 11,886 (9,769)
Prepaid expenses and deposits 52,895 71,224
Accounts payable 55,801 (64,405)
Accrued liabilities and expenses (25,402) (70,042)
Income tax payable (3,433) 4,000
Net cash used in operating activities $ (691,741) (1,329,696)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Other assets $ 80,238
Proceeds from sale of equipment $ 139,766
Net proceeds from sale of discontinued operations (Note 4) $ 1,362,883
Net cash provided by investing activities $ 139,766 $ 1,443,121
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net cash provided by financing activities
Effect of exchange rates on cash and cash equivalents $ 8,974 $ (24,315)
Net (decrease) increase in cash and cash equivalents (543,001) 89,110
Cash and cash equivalents beginning of period 950,878 1,886,169
Cash and cash equivalents end of period 407,877 1,975,279
SUPPLEMENTAL CASH FLOW DISCLOSURES:    
Income taxes paid 4,785 $ 2,846
Interest paid $ 1,428
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.5.0.1
ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN
6 Months Ended
Apr. 30, 2016
ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN
NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN

Silver Bull Resources, Inc. (the “Company”) was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company’s name was changed to Metalline Mining Company. On April 21, 2011, the Company’s name was changed to Silver Bull Resources, Inc. The Company’s fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and may never enter into the development stage with respect to any of its projects.

The Company engages in the business of mineral exploration. The Company currently owns or has the option to acquire a number of property concessions in Mexico (collectively known as the “Sierra Mojada Property”). The Company conducts its operations in Mexico through its wholly-owned subsidiary corporations, Minera Metalin S.A. de C.V. (“Minera”) and Contratistas de Sierra Mojada S.A. de C.V. (“Contratistas”) and through Minera’s wholly-owned subsidiary Minas de Coahuila SBR S.A. de C.V. (“Minas”).

On April 16, 2010, Metalline Mining Delaware, Inc., a wholly-owned subsidiary of the Company, was merged with and into Dome Ventures Corporation (“Dome”).  As a result, Dome became a wholly-owned subsidiary of the Company. Dome has a wholly-owned subsidiary Dome Asia Inc. (“Dome Asia”), which is incorporated in the British Virgin Islands. Dome Asia has a wholly-owned subsidiary incorporated in Gabon, African Resources SARL Gabon (“African Resources”), as well as a 99.99%-owned subsidiary, Dome Minerals Nigeria Limited, incorporated in Nigeria. In January 2015, the Company completed the sale of its subsidiary Dome International Global Inc. (“Dome International”), including Dome International’s wholly-owned subsidiary Dome Ventures SARL Gabon (“Dome Gabon”), which held the Ndjole Prospect in Gabon.

The Company’s efforts and expenditures have been concentrated on the exploration of properties, principally in the Sierra Mojada Property located in Coahuila, Mexico. The Company has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company’s investment in exploration properties is dependent upon the success of future property sales, the existence of economically recoverable reserves, and the ability of the Company to obtain financing or make other arrangements for exploration, development, and future profitable production activities. The ultimate realization of the Company’s investment in exploration properties cannot be determined at this time.

Going Concern

Since its inception in November 1993, the Company has not generated revenue and has incurred a deficit of $118,826,021.  Accordingly, the Company has not generated cash flow from operations, and since inception the Company has relied primarily upon proceeds from private placements and registered direct offerings of the Company’s equity securities and warrant exercises as the primary sources of financing to fund the Company’s operations. As of April 30, 2016 and prior to the private placement described below, the Company had working capital of $199,587 and cash and cash equivalents of $407,877. The Company's continuation as a going concern is dependent upon several possible financing and strategic options not limited to the following: obtaining adequate equity financing, joint venture opportunities on the Sierra Mojada Property, and asset divestitures. However, there is no assurance that the Company will be successful in pursuing these financing and strategic options and accordingly, there is substantial doubt as to whether the Company's existing cash resources and working capital are sufficient to enable the Company to continue its operations for the next 12 months as a going concern. 

On May 19 and June 3, 2016, the Company completed the first and second tranches, respectively, of a private placement (the “Private Placement”) of an aggregate of 7,692,310 units (the “Units”) at a purchase price of Canadian dollar (“$CDN”) $0.13 per Unit for aggregate gross proceeds of $CDN 1,000,000. Each Unit consists of one share of the Company’s common stock and one warrant (the “Warrant”).  Each Warrant entitles the holder thereof to acquire one share of common stock at a price of $CDN 0.16 until the date that is 12 months following closing of the Private Placement. If the closing price of the common stock of the Company on the OTCQB Venture Marketplace is US$0.18 or higher for five consecutive trading days then the Warrant will expire 30 trading days from such fifth consecutive day.
These unaudited interim condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.5.0.1
BASIS OF PRESENTATION
6 Months Ended
Apr. 30, 2016
BASIS OF PRESENTATION [Abstract]  
BASIS OF PRESENTATION
NOTE 2 – BASIS OF PRESENTATION

The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules of the U.S. Securities and Exchange Commission (“SEC”) regarding interim reporting. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet at October 31, 2015 was derived from the audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, except as disclosed in Note 3. In the opinion of management, the unaudited interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company’s condensed consolidated financial statements; accordingly, operating results for the six months ended April 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2016.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.5.0.1
SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Apr. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies are defined in the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2015 filed on January 19, 2016, except as follows.

Recent Accounting Pronouncements Adopted in the Six-Month Period Ended April 30, 2016

Effective November 1, 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations are presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide additional information about the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows and disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for the Company’s fiscal year beginning November 1, 2017. Early application is permitted.  The Company has not determined the effects of this update on the Company’s financial position, and disclosures at this time.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date,” which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” to become effective for the Company’s fiscal year beginning November 1, 2018. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in Accounting Standards Codification 810. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability To Continue as a Going Concern.” ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The update provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for the Company’s fiscal year and interim periods within those years beginning after November 1, 2017. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed to have a material impact on the Company’s present or future consolidated financial statements.
 
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.5.0.1
DISCONTINUED OPERATIONS
6 Months Ended
Apr. 30, 2016
DISCONTINUED OPERATIONS [Abstract]  
DISCONTINUED OPERATIONS
NOTE 4 – DISCONTINUED OPERATIONS

On January 23, 2015, the Company closed the sale to BHK Mining Corp. (formerly BHK Resources, Inc.) of 100% of the issued and outstanding securities of the Company’s former subsidiary, Dome International, which holds, indirectly, a 100% interest in the Ndjole concession. Under the terms of the share purchase agreement, the Company received cash consideration of $1,500,000 and reimbursement of certain expenses of $75,000 in cash. In addition, the Company incurred transaction costs of $212,117. As a result of this transaction, the Company realized a gain on the sale of assets of discontinued operations of $285,406, net of income taxes.

The following table details selected financial information included in the income from discontinued operations for the three months and six months ended April 30, 2016 and 2015.

     
For the Three Months Ended
April 30,  
     
For the Six Months Ended
April 30,  
 
     
2016
     
2015
     
2016
     
2015
 
Exploration and property holding costs  
 
$
   
$
   
$
   
$
85,542
 
Depreciation and asset impairment  
   
     
     
     
3,305
 
Foreign currency transaction loss  
   
     
     
     
70,430
 
Loss (gain)  on sale of assets of discontinued operations, net of income taxes
   
     
10,963
     
     
(285,406
)
        Loss (income) from discontinued operations, net of income taxes
 
$
   
$
10,963
   
$
   
$
(126,129
)
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.5.0.1
LOSS PER SHARE
6 Months Ended
Apr. 30, 2016
LOSS PER SHARE [Abstract]  
LOSS PER SHARE
NOTE 5 – LOSS PER SHARE

The Company had stock options outstanding at April 30, 2016 and 2015 that upon exercise were issuable into 12,132,858 and 10,330,358 shares of the Company’s common stock, respectively. They were not included in the calculation of loss per share because they would have been anti-dilutive.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.5.0.1
VALUE-ADDED TAX RECEIVABLE
6 Months Ended
Apr. 30, 2016
VALUE-ADDED TAX RECEIVABLE [Abstract]  
VALUE-ADDED TAX RECEIVABLE
NOTE 6 – VALUE-ADDED TAX RECEIVABLE

Value-added tax (“VAT”) receivable relates to VAT paid in Mexico and Gabon. The Company estimates net VAT of $110,987 will be received within 12 months of the balance sheet date. The allowance for uncollectible VAT taxes was estimated by management based upon a number of factors including the length of time the tax returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and Gabon and estimated net recovery after commissions. During the six months ended April 30, 2016, an additional provision for uncollectible VAT of $61 has been recorded.

A summary of the changes in the allowance for uncollectible VAT taxes for the six months ended April 30, 2016 is as follows:
 
Allowance for uncollectible VAT taxes – October 31, 2015
 
$
103,429
 
Provision for uncollectible VAT taxes
   
61
 
Foreign currency translation adjustment
   
(4,100
)
Write-off  VAT receivable
   
(602
)
Allowance for uncollectible VAT taxes – April 30, 2016
 
$
98,788
 
 
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.5.0.1
ASSETS HELD FOR SALE
6 Months Ended
Apr. 30, 2016
ASSETS HELD FOR SALE [Abstract]  
ASSETS HELD FOR SALE
NOTE 7 – ASSETS HELD FOR SALE

The Company has classified certain fixed assets as assets held for sale as at April 30, 2016 as these assets were approved for immediate sale in their present condition, the assets were expected to be sold within one year and management has an active program to locate buyers for these assets.

As at April 30, 2016, the assets held for sale had a net book value of $28,795. An impairment of $7,554 was recorded on assets held for sale during the six months ended April 30, 2016. During the six months ended April 30, 2016, the Company recorded a gain on sale of office and mining equipment of $127,612 which is included in miscellaneous income in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.5.0.1
OFFICE AND MINING EQUIPMENT
6 Months Ended
Apr. 30, 2016
OFFICE AND MINING EQUIPMENT [Abstract]  
OFFICE AND MINING EQUIPMENT
NOTE 8 – OFFICE AND MINING EQUIPMENT

The following is a summary of the Company’s office and mining equipment at April 30, 2016 and October 31, 2015, respectively:

   
April 30,
   
October 31,
 
   
2016
   
2015
 
         
Mining equipment
 
$
251,697
   
$
504,451
 
Vehicles
   
53,451
     
81,261
 
Buildings and structures
   
182,436
     
191,966
 
Computer equipment and software
   
83,701
     
83,701
 
Well equipment
   
39,637
     
39,637
 
Office equipment
   
52,931
     
52,931
 
     
663,853
     
953,947
 
Less:  Accumulated depreciation
   
(423,638
)
   
(648,333
)
Office and mining equipment, net
 
$
240,215
   
$
305,614
 
 
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.5.0.1
PROPERTY CONCESSIONS
6 Months Ended
Apr. 30, 2016
PROPERTY CONCESSIONS [Abstract]  
PROPERTY CONCESSIONS
NOTE 9 – PROPERTY CONCESSIONS

The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at April 30, 2016 and October 31, 2015, respectively:


Property concessions – October 31, 2015
 
$
5,593,263
 
Impairment
   
(30,170
)
Property concessions – April 30, 2016
 
$
5,563,093
 


During the six months ended April 30, 2016, the Company decided to reduce the Company’s concession holdings in Sierra Mojada, Mexico. As a result, the Company has written off the capitalized property concession balance related to these concessions of $30,170.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.5.0.1
GOODWILL
6 Months Ended
Apr. 30, 2016
GOODWILL [Abstract]  
GOODWILL
NOTE 10 – GOODWILL

Goodwill represents the excess, at the date of acquisition, of the purchase price of the business acquired over the fair value of the net tangible and intangible assets acquired.  On April 30, 2016, the Company did not elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount and therefore performed the two-step goodwill impairment test. Based on this test the Company determined that the fair value of the reporting unit exceeded the carrying amount and no impairment was necessary.

The following is a summary of the Company’s goodwill balance as at April 30, 2016 and October 31, 2015, respectively:
 
Goodwill – October 31, 2015
 
$
2,058,031
 
Goodwill – April 30, 2016
 
$
2,058,031
 
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.5.0.1
ACCRUED LIABILITIES AND EXPENSES
6 Months Ended
Apr. 30, 2016
ACCRUED LIABILITIES AND EXPENSES [Abstract]  
ACCRUED LIABILITIES AND EXPENSES
NOTE 11 – ACCRUED LIABILITIES AND EXPENSES

The Company financed an insurance premium at an interest rate of 7.99%. The insurance premium finance agreement has a maturity of less than one year and has a balance of $21,750 which is included in accrued liabilities and expenses at April 30, 2016.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.5.0.1
SHAREHOLDER RIGHTS PLAN
6 Months Ended
Apr. 30, 2016
SHAREHOLDER RIGHTS PLAN [Abstract]  
SHAREHOLDER RIGHTS PLAN
NOTE 12 – SHAREHOLDER RIGHTS PLAN

On June 11, 2007, the board of directors adopted a shareholders’ right plan through the adoption of a Rights Agreement, which became effective immediately.  In connection with the adoption of the Rights Agreement, the board of directors declared a distribution of one common stock purchase right (a “Right”) for each outstanding share of the Company’s common stock, payable to shareholders of record at the close of business on June 22, 2007.  In accordance with the Rights Agreement, one Right is attached to each share of Company common stock issued since that date.  Each Right is attached to the underlying common stock and will remain with the common stock if the stock is sold or transferred.  As of April 30, 2016, there are 159,072,657 shares outstanding with Rights attached.

In certain circumstances, in the event that any person acquires beneficial ownership of 20% or more of the outstanding stock of the Company’s common stock, each holder of a Right, other than the acquirer, would be entitled to receive, upon payment of the purchase price, which is initially set at $20 per Right, a number of shares of the Company’s common stock having a value equal to two times such purchase price.  The Rights will expire on June 11, 2017.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.5.0.1
COMMON STOCK
6 Months Ended
Apr. 30, 2016
COMMON STOCK [Abstract]  
COMMON STOCK
NOTE 13 COMMON STOCK

No common stock was issued during the six months ended April 30, 2016 and April 30, 2015.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.5.0.1
STOCK OPTIONS
6 Months Ended
Apr. 30, 2016
STOCK OPTIONS [Abstract]  
STOCK OPTIONS
NOTE 14 STOCK OPTIONS

The Company has two active stock option plans. Under the 2006 Stock Option Plan (the “2006 Plan”), the Company may grant non-statutory and incentive options to employees, directors and consultants for up to a total of 5,000,000 shares of common stock. Under the 2010 Stock Option and Stock Bonus Plan (the “2010 Plan”), the lesser of (i) 30,000,000 shares or (ii) 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses.  

Options are typically granted with an exercise price equal to the closing market price of the Company’s stock at the date of grant, have a graded vesting schedule over approximately one to two years and have a contractual term of two to 10 years.
 
A summary of the range of assumptions used to value stock options granted for the six months ended April 30, 2016 and 2015 are as follows:

   
Six Months Ended
April 30,
Options
 
2016
 
2015
         
Expected volatility
 
65% - 70%
 
Risk-free interest rate
 
0.83% - 0.98%
 
Dividend yield
 
 
Expected term (in years)
 
2.50 – 3.50
 

During the six months ended April 30, 2016, the Company granted options to acquire 4,075,000 shares of common stock with a weighted-average grant-date fair value of $0.02 per share and an exercise price of $CDN 0.075 per share. No options were exercised during the six months ended April 30, 2016.

No options were granted or exercised during the six months ended April 30, 2015.

The following is a summary of stock option activity for the six months ended April 30, 2016:

Options
 
Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Life (Years)
 
Aggregate Intrinsic Value
                 
Outstanding at October 31, 2015
 
8,657,858
$
0.46
 
2.36
$
Granted
 
4,075,000
$
0.06
       
Forfeited or Cancelled
 
(600,000)
$
1.09
       
Outstanding at April 30, 2016
 
12,132,858
$
0.30
 
2.89
$
204,687
Exercisable at April 30, 2016
 
8,941,193
$
0.37
 
2.28
$
68,229


The Company recognized stock-based compensation costs for stock options of $56,237 and $61,014 for the six months ended April 30, 2016 and 2015, respectively. As of April 30, 2016, there was $61,887 of total unrecognized compensation expense which is expected to be recognized over a weighted average period of 0.62 years.

Summarized information about stock options outstanding and exercisable at April 30, 2016 is as follows:


   
Options Outstanding
      
 
Options Exercisable
  
 
Exercise Price
 
Number
 Outstanding
 
 Weighted Average Remaining Contractual Life (Years)
 
Weighted Average Exercise Price
 
Number  Exercisable
 
Weighted Average Exercise
Price
$
0.06
 
4,075,000
 
4.82
$
0.06
 
1,358,334
$
0.06
 
 
0.26
 
2,650,000
 
2.97
 
0.26
 
2,175,001
 
0.26
 
 
0.37
 
1,785,000
 
2.07
 
0.37
 
1,785,000
 
0.37
 
 
  0.44 – 0.70
 
3,580,000
 
1.06
 
0.53
 
3,580,000
 
0.53
 
 
2.18
 
42,858
 
1.72
 
2.18
 
42,858
 
2.18
 
$
  0.06 - 2.18
 
12,132,858
 
2.89
$
0.30
 
8,941,193
$
0.37
 
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.5.0.1
FINANCIAL INSTRUMENTS
6 Months Ended
Apr. 30, 2016
FINANCIAL INSTRUMENTS [Abstract]  
FINANCIAL INSTRUMENTS
NOTE 15 – FINANCIAL INSTRUMENTS

Fair Value Measurements

All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when they are incurred, unless they are directly attributable to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs adjust the carrying amount.

The three levels of the fair value hierarchy are as follows:

 
Level 1
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
 
 
Level 2
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

 
Level 3
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
 
Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.  As of April 30, 2016 and October 31, 2015, the Company had no financial assets or liabilities required to be reported for fair value purposes.

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, other receivables, accounts payable and accrued liabilities and expenses approximate fair value at April 30, 2016 and October 31, 2015 due to the short maturities of these financial instruments.

Credit Risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets the Company has established policies to ensure liquidity of funds and ensure that counterparties demonstrate minimum acceptable creditworthiness.

The Company maintains its U.S. dollar and $CDN cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings.  Cash deposits held in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to $250,000 and $CDN cash deposits held in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) for up to $CDN 100,000. Certain United States and Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they related to U.S. dollar deposits held in Canadian financial institutions. As of April 30, 2016 and October 31, 2015, the Company’s cash and cash equivalent balances held in United States and Canadian financial institutions included $217,726 and $854,979 respectively, which was not insured by the FDIC or CDIC. The Company has not experienced any losses on such accounts and management believes that using major financial institutions with high credit ratings mitigates the credit risk in cash and cash equivalents.

The Company also maintains cash in bank accounts in Mexico and Gabon.  These accounts are denominated in the local currency and are considered uninsured. As of April 30, 2016 and October 31, 2015, the U.S. dollar equivalent balance for these accounts was $110,258 and $19,393, respectively.

Interest Rate Risk

The Company holds substantially all of the Company’s cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the six months ended April 30, 2016, a 1% decrease in interest rates would have resulted in a reduction of approximately $169 in interest income for the period.

Foreign Currency Exchange Risk
 
Certain purchases of labor, operating supplies and capital assets are denominated in $CDN, Mexican Pesos (“$MXN”), Central African Francs (“$CFA”) or other currencies.  As a result, currency exchange fluctuations may impact the costs of the Company’s operations.  Specifically, the appreciation of the $MXN, $CDN or $CFA against the U.S. dollar may result in an increase in operating expenses and capital costs in U.S. dollar terms. As of April 30, 2016, the Company maintained the majority of its cash balance in U.S. dollars. The Company currently does not engage in any currency hedging activities.
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.5.0.1
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Apr. 30, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 16 COMMITMENTS AND CONTINGENCIES

Compliance with Environmental Regulations

The Company’s activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties, but also the effect of such activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays or affect the economics of a project, and cause changes or delays in the Company’s activities.

Property Concessions in Mexico

To properly maintain property concessions in Mexico, the Company is required to pay a semi-annual fee to the Mexican government and complete annual assessment work.

In addition two of the concessions in the Sierra Mojada project are subject to options to purchase from existing third party concession owners. Pursuant to the option purchase agreements, the Company is required to make certain payments over the terms of these contracts to obtain full ownership of these concessions as set forth in the table below:


Nuevo Dulces Nombres (Centenario) and Yolanda III (two concessions)
   
Payment Date
Payment Amount(1)
Monthly payment beginning August 2016 and ending  July 2018
 
$20,000 per month
(1) Until July 2018, the Company has the option of acquiring Nuevo Dulces Nombres (100% interest) for $4 million and Yolanda III (100% interest) for $2 million plus a lump sum payment equal to any remaining monthly payments.
Royalty

The Company has agreed to pay a 2% net smelter return royalty on certain property concessions within the Sierra Mojada Property based on revenues generated from production. Total payments under this royalty are limited to $6.875 million (the “Royalty”).

Litigation and Claims

On May 20, 2014 a local cooperative named Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. (“Mineros Norteños”) filed an action (the “Action”) in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company’s subsidiary, Minera, claiming that Minera breached an agreement regarding the development of the Sierra Mojada project.  On January 19, 2015, the case was moved to the Second District Court (of federal jurisdiction). Mineros Norteños is seeking payment of the Royalty, including interest at a rate of 6% per annum since August 30, 2004, notwithstanding that no revenue has been produced from the applicable mining concessions, and it is also seeking payment of wages to the cooperative’s members since August 30, 2004, notwithstanding that none of the individuals were ever hired or performed work for Minera under this agreement and Minera never committed to hiring them. The Company and the Company’s Mexican legal counsel believe that this claim is without merit and have asserted all applicable defenses. All necessary testimony and evidence has been produced before the court and the Company expects to receive the final judgment of the court prior to the end of the third quarter. The Company has not accrued any amounts in its unaudited interim condensed consolidated financial statements with respect to this claim.

On February 15, 2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, “Valdez”) filed an action before the Local First Civil Court of Torreon, State of Coahuila, Mexico, against the Company’s subsidiary, Minera, claiming that Minera had breached an agreement regarding the development of the Sierra Mojada project.  Valdez seeks payment in the amount of $5.9 million for the alleged breach of the agreement.  On April 28, 2016, Minera filed its response to the complaint, asserting various defenses, including that Minera  terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez.  The lawsuit is currently in the phase of evidence submission by the parties.  The Company and the Company’s Mexican legal have asserted all applicable defenses.  The Company has not accrued any amounts in its unaudited interim condensed consolidated financial statements with respect to this claim.
From time to time, the Company is involved in other disputes, claims, proceedings and legal actions arising in the ordinary course of business. The Company intends to vigorously defend all claims against the Company, and pursue its full legal rights in cases where the Company has been harmed. Although the ultimate outcome of these proceedings cannot be accurately predicted due to the inherent uncertainty of litigation, in the opinion of management, based upon current information, no other currently pending or overtly threatened proceeding is expected to have a material adverse effect on the Company’s business, financial condition or results of operations.
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.5.0.1
SEGMENT INFORMATION
6 Months Ended
Apr. 30, 2016
SEGMENT INFORMATION [Abstract]  
SEGMENT INFORMATION
NOTE 17 – SEGMENT INFORMATION

The Company operates in a single reportable segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico.

Geographic information is approximately as follows:
   
For the Three Months Ended
   
For the Six Months Ended
 
   
April 30,
   
April 30,
 
   
2016
   
2015
   
2016
   
2015
 
Mexico  
 
$
37,000
   
$
(168,000
)
 
$
(125,000
)
 
$
(455,000
)
Canada  
   
(342,000
)
   
(359,000
)
   
(645,000
)
   
(833,000
)
Gabon  
   
(9,000
)
   
6,000
     
(9,000
)
   
(94,000
)
Loss from Continuing Operations  
   
(314,000
)
   
(521,000
)
   
(779,000
)
   
(1,382,000
)
(Loss) income from discontinued operations  
   
     
(11,000
)
   
     
126,000
 
 Net Loss  
 
$
(314,000
)
 
$
(532,000
)
 
$
(779,000
)
 
$
(1,256,000
)

 
The following table details allocation of assets included in the accompanying balance sheet at April 30, 2016:

 
 
Canada
   
Mexico
   
Gabon
   
Total
 
Cash and cash equivalents
 
$
298,000
   
$
110,000
   
$
-
   
$
408,000
 
Value-added tax receivable, net
   
-
     
111,000
     
-
     
111,000
 
Other receivables
   
4,000
     
2,000
     
-
     
6,000
 
Prepaid expenses and deposits
   
54,000
     
27,000
     
1,000
     
82,000
 
Assets held for sale
   
-
     
29,000
     
-
     
29,000
 
Office and mining equipment, net
   
-
     
240,000
     
-
     
240,000
 
Property concessions
   
-
     
5,563,000
     
-
     
5,563,000
 
Goodwill
   
-
     
2,058,000
     
-
     
2,058,000
 
 
 
$
356,000
   
$
8,140,000
   
$
1,000
   
$
8,497,000
 

The following table details allocation of assets included in the accompanying balance sheet at October 31, 2015:


 
 
Canada
   
Mexico
   
Gabon
   
Total
 
Cash and cash equivalents
 
$
932,000
   
$
18,000
   
$
1,000
   
$
951,000
 
Value-added tax receivable, net
   
-
     
132,000
     
-
     
132,000
 
Other receivables
   
10,000
     
11,000
     
-
     
21,000
 
Prepaid expenses and deposits
   
104,000
     
30,000
     
1,000
     
135,000
 
Office and mining equipment, net
   
-
     
306,000
     
-
     
306,000
 
Property concessions
   
-
     
5,593,000
     
-
     
5,593,000
 
Goodwill
   
-
     
2,058,000
     
-
     
2,058,000
 
 
 
$
1,046,000
   
$
8,148,000
   
$
2,000
   
$
9,196,000
 


The Company has significant assets in Coahuila, Mexico.  Although Mexico is generally considered economically stable, it is always possible that unanticipated events in Mexico could disrupt the Company’s operations.  Neither the Mexican government nor the Gabonese government requires foreign entities to maintain cash reserves in its respective country.

The following table details allocation of exploration and property holding costs for the exploration properties:


 
For the Three Months Ended
   
For the Six Months Ended
 
 
April 30,
   
April 30,
 
 
2016
 
2015
   
2016
   
2015
 
Exploration and property holding (costs) recovery for the period
               
Mexico Sierra Mojada  
 
$
(96,000
)
 
$
(158,000
)
 
$
(253,000
)
 
$
(431,000
)
 Gabon Mitzic  
   
(10,000
)
   
4,000
     
(10,000
)
   
(12,000
)
   
$
(106,000
)
 
$
(154,000
)
 
$
(263,000
)
 
$
(443,000
)
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.5.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policy)
6 Months Ended
Apr. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted in the Six-Month Period Ended April 30, 2016

Effective November 1, 2015, the Company adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations are presented as discontinued operations. In addition, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide additional information about the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows and disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes become effective for the Company's fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning November 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which (i) requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, (ii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iii) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and (iv) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These changes become effective for the Company’s fiscal year beginning November 1, 2018. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. These changes become effective for the Company’s fiscal year beginning November 1, 2017. Early application is permitted.  The Company has not determined the effects of this update on the Company’s financial position, and disclosures at this time.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date,” which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” to become effective for the Company’s fiscal year beginning November 1, 2018. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning November 1, 2017. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in Accounting Standards Codification 810. These changes become effective prospectively for the Company’s fiscal year beginning November 1, 2016. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity’s Ability To Continue as a Going Concern.” ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The update provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for the Company’s fiscal year and interim periods within those years beginning after November 1, 2017. Early application is permitted. The Company has not determined the effects of this update on the Company’s financial position, results of operations or cash flows and disclosures at this time.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed to have a material impact on the Company’s present or future consolidated financial statements.
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.5.0.1
DISCONTINUED OPERATIONS (Tables)
6 Months Ended
Apr. 30, 2016
DISCONTINUED OPERATIONS [Abstract]  
Schedule of Financial Information Included in Income and Balance Sheet from Discontinued Operations
The following table details selected financial information included in the income from discontinued operations for the three months and six months ended April 30, 2016 and 2015.

     
For the Three Months Ended
April 30,  
     
For the Six Months Ended
April 30,  
 
     
2016
     
2015
     
2016
     
2015
 
Exploration and property holding costs  
 
$
   
$
   
$
   
$
85,542
 
Depreciation and asset impairment  
   
     
     
     
3,305
 
Foreign currency transaction loss  
   
     
     
     
70,430
 
Loss (gain)  on sale of assets of discontinued operations, net of income taxes
   
     
10,963
     
     
(285,406
)
        Loss (income) from discontinued operations, net of income taxes
 
$
   
$
10,963
   
$
   
$
(126,129
)
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.5.0.1
VALUE-ADDED TAX RECEIVABLE (Tables)
6 Months Ended
Apr. 30, 2016
VALUE-ADDED TAX RECEIVABLE [Abstract]  
Summary of the Changes in the Allowance for Uncollectible Taxes
A summary of the changes in the allowance for uncollectible VAT taxes for the six months ended April 30, 2016 is as follows:
 
Allowance for uncollectible VAT taxes – October 31, 2015
 
$
103,429
 
Provision for uncollectible VAT taxes
   
61
 
Foreign currency translation adjustment
   
(4,100
)
Write-off  VAT receivable
   
(602
)
Allowance for uncollectible VAT taxes – April 30, 2016
 
$
98,788
 
 
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.5.0.1
OFFICE AND MINING EQUIPMENT (Tables)
6 Months Ended
Apr. 30, 2016
OFFICE AND MINING EQUIPMENT [Abstract]  
Summary of Office and Mining Equipment
The following is a summary of the Company’s office and mining equipment at April 30, 2016 and October 31, 2015, respectively:

   
April 30,
   
October 31,
 
   
2016
   
2015
 
         
Mining equipment
 
$
251,697
   
$
504,451
 
Vehicles
   
53,451
     
81,261
 
Buildings and structures
   
182,436
     
191,966
 
Computer equipment and software
   
83,701
     
83,701
 
Well equipment
   
39,637
     
39,637
 
Office equipment
   
52,931
     
52,931
 
     
663,853
     
953,947
 
Less:  Accumulated depreciation
   
(423,638
)
   
(648,333
)
Office and mining equipment, net
 
$
240,215
   
$
305,614
 
 
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.5.0.1
PROPERTY CONCESSIONS (Tables)
6 Months Ended
Apr. 30, 2016
PROPERTY CONCESSIONS [Abstract]  
Summary of Property Concessions
The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at April 30, 2016 and October 31, 2015, respectively:


Property concessions – October 31, 2015
 
$
5,593,263
 
Impairment
   
(30,170
)
Property concessions – April 30, 2016
 
$
5,563,093
 
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.5.0.1
GOODWILL (Tables)
6 Months Ended
Apr. 30, 2016
GOODWILL [Abstract]  
Summary of the Goodwill Balance
The following is a summary of the Company’s goodwill balance as at April 30, 2016 and October 31, 2015, respectively:
 
Goodwill – October 31, 2015
 
$
2,058,031
 
Goodwill – April 30, 2016
 
$
2,058,031
 
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.5.0.1
STOCK OPTIONS (Tables)
6 Months Ended
Apr. 30, 2016
STOCK OPTIONS [Abstract]  
Schedule of Assumptions Used to Value Stock Options Granted
A summary of the range of assumptions used to value stock options granted for the six months ended April 30, 2016 and 2015 are as follows:

   
Six Months Ended
April 30,
Options
 
2016
 
2015
         
Expected volatility
 
65% - 70%
 
Risk-free interest rate
 
0.83% - 0.98%
 
Dividend yield
 
 
Expected term (in years)
 
2.50 – 3.50
 
Schedule of Stock Option Activity
The following is a summary of stock option activity for the six months ended April 30, 2016:

Options
 
Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Life (Years)
 
Aggregate Intrinsic Value
                 
Outstanding at October 31, 2015
 
8,657,858
$
0.46
 
2.36
$
Granted
 
4,075,000
$
0.06
       
Forfeited or Cancelled
 
(600,000)
$
1.09
       
Outstanding at April 30, 2016
 
12,132,858
$
0.30
 
2.89
$
204,687
Exercisable at April 30, 2016
 
8,941,193
$
0.37
 
2.28
$
68,229
Schedule of Stock Options Outstanding and Exercisable by Exercise Price Range
Summarized information about stock options outstanding and exercisable at April 30, 2016 is as follows:


   
Options Outstanding
      
 
Options Exercisable
  
 
Exercise Price
 
Number
 Outstanding
 
 Weighted Average Remaining Contractual Life (Years)
 
Weighted Average Exercise Price
 
Number  Exercisable
 
Weighted Average Exercise
Price
$
0.06
 
4,075,000
 
4.82
$
0.06
 
1,358,334
$
0.06
 
 
0.26
 
2,650,000
 
2.97
 
0.26
 
2,175,001
 
0.26
 
 
0.37
 
1,785,000
 
2.07
 
0.37
 
1,785,000
 
0.37
 
 
  0.44 – 0.70
 
3,580,000
 
1.06
 
0.53
 
3,580,000
 
0.53
 
 
2.18
 
42,858
 
1.72
 
2.18
 
42,858
 
2.18
 
$
  0.06 - 2.18
 
12,132,858
 
2.89
$
0.30
 
8,941,193
$
0.37
 
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.5.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
6 Months Ended
Apr. 30, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]  
Schedule of Payments Required to Obtain Full Ownership of Property Concessions
Pursuant to the option purchase agreements, the Company is required to make certain payments over the terms of these contracts to obtain full ownership of these concessions as set forth in the table below:


Nuevo Dulces Nombres (Centenario) and Yolanda III (two concessions)
   
Payment Date
Payment Amount(1)
Monthly payment beginning August 2016 and ending  July 2018
 
$20,000 per month
(1) Until July 2018, the Company has the option of acquiring Nuevo Dulces Nombres (100% interest) for $4 million and Yolanda III (100% interest) for $2 million plus a lump sum payment equal to any remaining monthly payments.
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.5.0.1
SEGMENT INFORMATION (Tables)
6 Months Ended
Apr. 30, 2016
SEGMENT INFORMATION [Abstract]  
Schedule of Net Income (Loss) by Segment

Geographic information is approximately as follows:
   
For the Three Months Ended
   
For the Six Months Ended
 
   
April 30,
   
April 30,
 
   
2016
   
2015
   
2016
   
2015
 
Mexico  
 
$
37,000
   
$
(168,000
)
 
$
(125,000
)
 
$
(455,000
)
Canada  
   
(342,000
)
   
(359,000
)
   
(645,000
)
   
(833,000
)
Gabon  
   
(9,000
)
   
6,000
     
(9,000
)
   
(94,000
)
Loss from Continuing Operations  
   
(314,000
)
   
(521,000
)
   
(779,000
)
   
(1,382,000
)
(Loss) income from discontinued operations  
   
     
(11,000
)
   
     
126,000
 
 Net Loss  
 
$
(314,000
)
 
$
(532,000
)
 
$
(779,000
)
 
$
(1,256,000
)
Schedule of the Allocation of Assets by Segment
The following table details allocation of assets included in the accompanying balance sheet at April 30, 2016:

 
 
Canada
   
Mexico
   
Gabon
   
Total
 
Cash and cash equivalents
 
$
298,000
   
$
110,000
   
$
-
   
$
408,000
 
Value-added tax receivable, net
   
-
     
111,000
     
-
     
111,000
 
Other receivables
   
4,000
     
2,000
     
-
     
6,000
 
Prepaid expenses and deposits
   
54,000
     
27,000
     
1,000
     
82,000
 
Assets held for sale
   
-
     
29,000
     
-
     
29,000
 
Office and mining equipment, net
   
-
     
240,000
     
-
     
240,000
 
Property concessions
   
-
     
5,563,000
     
-
     
5,563,000
 
Goodwill
   
-
     
2,058,000
     
-
     
2,058,000
 
 
 
$
356,000
   
$
8,140,000
   
$
1,000
   
$
8,497,000
 
Schedule of Exploration and Property Holding Costs by Segment
The following table details allocation of assets included in the accompanying balance sheet at October 31, 2015:


 
 
Canada
   
Mexico
   
Gabon
   
Total
 
Cash and cash equivalents
 
$
932,000
   
$
18,000
   
$
1,000
   
$
951,000
 
Value-added tax receivable, net
   
-
     
132,000
     
-
     
132,000
 
Other receivables
   
10,000
     
11,000
     
-
     
21,000
 
Prepaid expenses and deposits
   
104,000
     
30,000
     
1,000
     
135,000
 
Office and mining equipment, net
   
-
     
306,000
     
-
     
306,000
 
Property concessions
   
-
     
5,593,000
     
-
     
5,593,000
 
Goodwill
   
-
     
2,058,000
     
-
     
2,058,000
 
 
 
$
1,046,000
   
$
8,148,000
   
$
2,000
   
$
9,196,000
 
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.5.0.1
ORGANIZATION, DESCRIPTION OF BUSINESS AND LIQUIDITY (Details)
1 Months Ended
Jun. 03, 2016
CAD
CAD / shares
shares
Apr. 30, 2016
USD ($)
Oct. 31, 2015
USD ($)
Accumulated Deficit   $ 118,826,021 $ 118,046,936
Working capital   199,587  
Cash and cash equivalents   $ 407,877 $ 950,878
Subsequent Event [Member]      
Number of units issued through private placement | shares 7,692,310    
Price per unit sold through private placement | CAD / shares CAD 0.13    
Proceeds from private placement | CAD CAD 1,000,000    
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.5.0.1
DISCONTINUED OPERATIONS (Narrative) (Details)
Jan. 23, 2015
USD ($)
DISCONTINUED OPERATIONS [Abstract]  
Ownership percentage held by entity 100.00%
Cash consideration $ 1,500,000
Reimbursement expenses 75,000
Transaction costs $ 212,117
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.5.0.1
DISCONTINUED OPERATIONS (Schedule of Financial Information Included in Income from Discontinued Operations) (Details) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Apr. 30, 2016
Apr. 30, 2015
DISCONTINUED OPERATIONS [Abstract]        
Exploration and property holding costs $ 85,542
Depreciation and asset impairment 3,305
Foreign currency transaction loss 70,430
Loss (gain) on sale of assets of discontinued operations, net of income taxes $ 10,963 (285,406)
Loss (income) from discontinued operations, net of income taxes $ 10,963 $ (126,129)
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.5.0.1
LOSS PER SHARE (Details) - shares
6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
LOSS PER SHARE [Abstract]    
Anti-dilutive shares, stock options and warrants 12,132,858 10,330,358
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.5.0.1
VALUE-ADDED TAX RECEIVABLE (Narrative) (Details) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Apr. 30, 2016
Apr. 30, 2015
Oct. 31, 2015
VALUE-ADDED TAX RECEIVABLE [Abstract]          
Value-added tax receivable, current $ 110,987   $ 110,987   $ 132,207
(Recovery of) provision for uncollectible value-added taxes $ (232) $ 6,485 $ 61 $ 6,235  
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.5.0.1
VALUE-ADDED TAX RECEIVABLE (Summary of the Changes in the Allowance for Uncollectible Taxes) (Details) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Apr. 30, 2016
Apr. 30, 2015
VALUE-ADDED TAX RECEIVABLE [Abstract]        
Allowance for uncollectible VAT taxes, beginning balance     $ 103,429  
Provision for uncollectible VAT Taxes $ (232) $ 6,485 61 $ 6,235
Foreign currency translation adjustment     (4,100)  
Write-off VAT receivable     (602)  
Allowance for uncollectible VAT taxes, ending balance $ 98,788   $ 98,788  
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.5.0.1
ASSETS HELD FOR SALE (Details) - USD ($)
6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Oct. 31, 2015
ASSETS HELD FOR SALE [Abstract]      
Assets held for sale $ 28,795  
Impairment of assets held for sale 7,554    
Gain on sale of office and mining equipment $ 127,612  
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.5.0.1
OFFICE AND MINING EQUIPMENT (Details) - USD ($)
Apr. 30, 2016
Oct. 31, 2015
Property, Plant and Equipment [Line Items]    
Office and mining equipment, gross $ 663,853 $ 953,947
Less: Accumulated depreciation (423,638) (648,333)
Office and mining equipment, net 240,215 305,614
Mining equipment [Member]    
Property, Plant and Equipment [Line Items]    
Office and mining equipment, gross 251,697 504,451
Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Office and mining equipment, gross 53,451 81,261
Building and structures [Member]    
Property, Plant and Equipment [Line Items]    
Office and mining equipment, gross 182,436 191,966
Computer equipment and software [Member]    
Property, Plant and Equipment [Line Items]    
Office and mining equipment, gross 83,701 83,701
Well equipment [Member]    
Property, Plant and Equipment [Line Items]    
Office and mining equipment, gross 39,637 39,637
Office equipment [Member]    
Property, Plant and Equipment [Line Items]    
Office and mining equipment, gross $ 52,931 $ 52,931
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.5.0.1
PROPERTY CONCESSIONS (Details)
6 Months Ended
Apr. 30, 2016
USD ($)
PROPERTY CONCESSIONS [Abstract]  
Property Concessions, beginning balance $ 5,593,263
Impairment (30,170)
Property Concessions, ending balance $ 5,563,093
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.5.0.1
GOODWILL (Narrative) (Details)
6 Months Ended
Apr. 30, 2016
USD ($)
GOODWILL [Abstract]  
Goodwill impairment loss
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.5.0.1
GOODWILL (Summary of the Goodwill Balance) (Details) - USD ($)
Apr. 30, 2016
Oct. 31, 2015
GOODWILL [Abstract]    
Goodwill $ 2,058,031 $ 2,058,031
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.5.0.1
ACCRUED LIABILITIES AND EXPENSES (Details)
6 Months Ended
Apr. 30, 2016
USD ($)
ACCRUED LIABILITIES AND EXPENSES [Abstract]  
Insurance premium interest rate 7.99%
Insurance premium maturity period 1 year
Accrued liabilities and expenses $ 21,750
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.5.0.1
SHAREHOLDER RIGHTS PLAN (Details) - $ / shares
6 Months Ended
Apr. 30, 2016
Oct. 31, 2015
Class of Warrant or Right [Line Items]    
Common stock, shares outstanding 159,072,657 159,072,657
Stock Appreciation Rights (SARs) [Member]    
Class of Warrant or Right [Line Items]    
Shareholder Rights, record date Jun. 22, 2007  
Common stock, shares outstanding 159,072,657  
Expiration date of Shareholders Rights Jun. 11, 2017  
Minimum purchase of ownership percentage to activate Rights 20.00%  
Purchase price per Right $ 20  
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.5.0.1
COMMON STOCK (Details) - shares
6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
COMMON STOCK [Abstract]    
Stock issued during period, shares 0 0
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.5.0.1
STOCK OPTIONS (Narrative) (Details)
6 Months Ended
Apr. 30, 2016
USD ($)
$ / shares
shares
Apr. 30, 2016
USD ($)
CAD / shares
shares
Apr. 30, 2015
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total options granted during the period 4,075,000   0
Weighted-average grant date fair value of options granted during period | $ / shares $ 0.02    
Granted | $ / shares $ 0.06    
Total options exercised during the period 0   0
Stock-based compensation costs recognized during the period | $ $ 56,237   $ 61,014
Total unrecognized compensation costs related to non-vested share based compensation arrangements granted under qualified stock option plans | $ $ 61,887 $ 61,887  
2006 Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
The number of shares authorized under the plan 5,000,000 5,000,000  
2010 Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
The number of shares authorized under the plan 30,000,000 30,000,000  
Employee Stock Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average period for remaining compensation costs to be recognized 7 months 13 days    
Employee Stock Option [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period for plan 1 year    
Contractual term for options 2 years    
Employee Stock Option [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period for plan 2 years    
Contractual term for options 10 years    
Canadian Dollars [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted | CAD / shares   $ 0.075  
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.5.0.1
STOCK OPTIONS (Schedule of Assumptions Used to Value Stock Options Granted) (Details)
6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility, minimum 65.00%
Expected volatility, maximum 70.00%
Risk-free interest rate, minimum 0.83%
Risk-free interest rate, maximum 0.98%
Dividend yield
Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Contractual term 2 years 6 months  
Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Contractual term 3 years 6 months  
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.5.0.1
STOCK OPTIONS (Summary of Stock Option Activity) (Details) - USD ($)
6 Months Ended 12 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Oct. 31, 2015
Shares      
Outstanding, beginning 8,657,858    
Granted 4,075,000 0  
Forfeited or Cancelled (600,000)    
Outstanding, ending 12,132,858   8,657,858
Weighted Average Exercise Price      
Outstanding, beginning $ 0.46    
Granted 0.06    
Forfeited or Cancelled 1.09    
Outstanding, ending $ 0.30   $ 0.46
Weighted average remaining contractual life, Outstanding 2 years 10 months 21 days   2 years 4 months 10 days
Aggregate intrinsic value, Outstanding $ 204,687  
Exercisable      
Shares 8,941,193    
Weighted average exercise price $ 0.37    
Weighted average remaining contractual life, Exercisable 2 years 3 months 11 days    
Aggregate intrinsic value, Exercisable $ 68,229  
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.5.0.1
STOCK OPTIONS (Summarized Information of Stock Options Outstanding and Exercisable) (Details)
6 Months Ended
Apr. 30, 2016
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Minimum exercise price $ 0.06
Maximum exercise price $ 2.18
Number of options outstanding | shares 12,132,858
Weighted Average Remaining Contractual Life (Years) 2 years 10 months 21 days
Weighted Average Exercise Price $ 0.30
Number Exercisable | shares 8,941,193
Options Exercisable - Weighted Average Exercise Price $ 0.37
0.06 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of options outstanding | shares 4,075,000
Weighted Average Remaining Contractual Life (Years) 4 years 9 months 26 days
Weighted Average Exercise Price $ 0.06
Number Exercisable | shares 1,358,334
Options Exercisable - Weighted Average Exercise Price $ 0.06
0.26 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of options outstanding | shares 2,650,000
Weighted Average Remaining Contractual Life (Years) 2 years 11 months 19 days
Weighted Average Exercise Price $ 0.26
Number Exercisable | shares 2,175,001
Options Exercisable - Weighted Average Exercise Price $ 0.26
0.37 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of options outstanding | shares 1,785,000
Weighted Average Remaining Contractual Life (Years) 2 years 26 days
Weighted Average Exercise Price $ 0.37
Number Exercisable | shares 1,785,000
Options Exercisable - Weighted Average Exercise Price $ 0.37
0.44 - 0.70 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Minimum exercise price 0.44
Maximum exercise price $ 0.7
Number of options outstanding | shares 3,580,000
Weighted Average Remaining Contractual Life (Years) 1 year 22 days
Weighted Average Exercise Price $ 0.53
Number Exercisable | shares 3,580,000
Options Exercisable - Weighted Average Exercise Price $ 0.53
2.18 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Number of options outstanding | shares 42,858
Weighted Average Remaining Contractual Life (Years) 1 year 8 months 19 days
Weighted Average Exercise Price $ 2.18
Number Exercisable | shares 42,858
Options Exercisable - Weighted Average Exercise Price $ 2.18
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.5.0.1
FINANCIAL INSTRUMENTS (Details)
6 Months Ended
Apr. 30, 2016
USD ($)
Apr. 30, 2016
CAD
Oct. 31, 2015
USD ($)
Cash balance insured by FDIC per financial institution $ 250,000    
Cash balance insured by CDIC per financial institution | CAD   CAD 100,000  
Value of total cash accounts held in Mexico and Gabon 110,258   $ 19,393
Effect of a 1% decrease in interest rates on interest income 169    
US Dollars [Member]      
Cash balances not insured 217,726   854,979
Canadian Dollars [Member]      
Cash balances not insured $ 217,726   $ 854,979
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.5.0.1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details)
$ in Millions
6 Months Ended
Apr. 30, 2016
USD ($)
Litigation and Claims:  
Interest rate sought on the Royalty 6.00%
Damages sought in litigation matter $ 5.9
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.5.0.1
COMMITMENTS AND CONTINGENCIES (Property Concessions) (Details)
6 Months Ended
Apr. 30, 2016
USD ($)
Nuevo Dulces Nombres (Centenario) and Yolanda III [Member]  
Property Concessions By Location Of Concessions [Line Items]  
Monthly payment through 48 months after the initial payment date to obtain full ownership of concession $ 20,000
Payment date of first property concession payment Aug. 01, 2016
Date the property acquisition option expires Jul. 31, 2018
Nuevo Dulces Nombres [Member]  
Property Concessions By Location Of Concessions [Line Items]  
Purchase price for the acquisition of 100% of the concession $ 4,000,000
Yolanda III [Member]  
Property Concessions By Location Of Concessions [Line Items]  
Purchase price for the acquisition of 100% of the concession $ 2,000,000
Sierra Mojada Property Concession [Member]  
Property Concessions By Location Of Concessions [Line Items]  
Percentage rate of net smelter return royalties 2.00%
The maximum net smelter return royalties that can be paid $ 6,875,000
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.5.0.1
SEGMENT INFORMATION (Schedule of Segment Net Loss) (Details) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Apr. 30, 2016
Apr. 30, 2015
Segment Reporting Information [Line Items]        
Loss from Continuing Operations $ (313,952) $ (521,271) $ (779,085) $ (1,382,004)
Discontinued Operations (10,963) 126,129
Net loss $ (313,952) (532,234) $ (779,085) (1,255,875)
Mexico [Member]        
Segment Reporting Information [Line Items]        
Loss from Continuing Operations 37,000 (168,000) (125,000) (455,000)
Canada [Member]        
Segment Reporting Information [Line Items]        
Loss from Continuing Operations (342,000) (359,000) (645,000) (833,000)
Gabon [Member]        
Segment Reporting Information [Line Items]        
Loss from Continuing Operations $ (9,000) $ 6,000 $ (9,000) $ (94,000)
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.5.0.1
SEGMENT INFORMATION (Schedule of Segment Assets) (Details) - USD ($)
Apr. 30, 2016
Oct. 31, 2015
Segment Reporting Information [Line Items]    
Cash and cash equivalents $ 407,877 $ 950,878
Value-added tax receivable, current 110,987 132,207
Other receivables 6,047 18,400
Prepaid expenses and deposits 81,625 $ 135,421
Assets held for sale 28,795
Office and mining equipment, net 240,215 $ 305,614
Property concessions 5,563,093 5,593,263
Goodwill 2,058,031 2,058,031
TOTAL ASSETS 8,496,670 9,196,410
Canada [Member]    
Segment Reporting Information [Line Items]    
Cash and cash equivalents $ 298,000 $ 932,000
Value-added tax receivable, current
Other receivables $ 4,000 $ 10,000
Prepaid expenses and deposits $ 54,000 $ 104,000
Assets held for sale
Office and mining equipment, net
Property concessions
Goodwill
TOTAL ASSETS $ 356,000 $ 1,046,000
Mexico [Member]    
Segment Reporting Information [Line Items]    
Cash and cash equivalents 110,000 18,000
Value-added tax receivable, current 111,000 132,000
Other receivables 2,000 11,000
Prepaid expenses and deposits 27,000 $ 30,000
Assets held for sale 29,000
Office and mining equipment, net 240,000 $ 306,000
Property concessions 5,563,000 5,593,000
Goodwill 2,058,000 2,058,000
TOTAL ASSETS $ 8,140,000 8,148,000
Gabon [Member]    
Segment Reporting Information [Line Items]    
Cash and cash equivalents $ 1,000
Value-added tax receivable, current
Other receivables
Prepaid expenses and deposits $ 1,000 $ 1,000
Assets held for sale
Office and mining equipment, net
Property concessions
Goodwill
TOTAL ASSETS $ 1,000 $ 2,000
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.5.0.1
SEGMENT INFORMATION (Schedule of Segment Exploration and Property Holding Costs) (Details) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Apr. 30, 2016
Apr. 30, 2015
Segment Reporting Information [Line Items]        
Exploration and property holding costs for the period $ (105,617) $ (153,519) $ (262,713) $ (443,248)
Mexico [Member]        
Segment Reporting Information [Line Items]        
Exploration and property holding costs for the period (96,000) (158,000) (253,000) (431,000)
Mitzic, Gabon [Member]        
Segment Reporting Information [Line Items]        
Exploration and property holding costs for the period $ (10,000) $ 4,000 $ (10,000) $ (12,000)
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