XML 22 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
6 Months Ended 191 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Cash flows from operating activities      
Net loss for the period $ (3,335,703) $ (930,541) $ (21,108,965)
Adjustments to reconcile net loss to net cash used in operating activities:      
- depreciation and amortization 15,463 7,244 132,692
- stock compensation expense on stock option grants     1,174,795
- imputed interest on loan payable - related party     1,560
- write-off of mineral property costs     172,981
- adjustment for spin-off of subsidiaries     316,498
- loss on disposition of subsidiary 2,512,290   2,512,290
- realized loss on investments     37,971
- gain on sale of rights to Matupa agreement, net of expenses     (80,237)
- realized loss on debt extinguishment     1,014,465
- foreign exchange (gain) loss related to notes payable     (24,534)
Changes in assets and liabilities:      
- (increase) in receivables     (206,978)
- (increase) decrease in prepaid expenses and other assets (11,066) (15,917) (51,869)
- increase (decrease) in accounts payable and accrued expenses (including related party) (14,967) (37,595) 1,036,741
Net cash used in operating activities (833,983) (976,809) (14,079,887)
Cash flows from investing activities      
Purchase of equipment     (205,348)
Proceeds on disposal of equipment     16,761
Purchases (reimbursements) of Mineral Property Reclamation Bonds 80,000   (245,221)
Proceeds from disposition of marketable securities     32,850
Acquisition of mineral property costs   (500,000) (672,981)
Payment for incorporation cost     (11,511)
Net cash provided by (used in) in investing activities 80,000 (500,000) (1,085,450)
Cash flows from financing activities      
Proceeds from common stock less issuance costs   3,895,000 13,537,339
Loan proceeds from related party     289,000
Net proceeds from (payments on) convertible notes and loans   (250,000) 969,252
Net proceeds from (payments on) advances payable 212,100 (50,000) 212,100
Net cash provided by financing activities 212,100 3,545,000 15,007,691
Effect of exchange rate changes on cash 1,605 (1,964) 196,559
Increase (decrease) in cash (540,278) 2,066,227 38,913
Cash, beginning of year 579,191 556,957  
Cash, end of period 38,913 2,623,184 38,913
Common Stock
     
Adjustments to reconcile net loss to net cash used in operating activities:      
- expenses satisfied with     958,800
Marketable securities
     
Adjustments to reconcile net loss to net cash used in operating activities:      
- expenses satisfied with     33,903
Related Party Transactions
     
Cash flows from financing activities      
Net proceeds from (payments on) advances payable   $ (50,000)