7. INCOME TAXES

A reconciliation of income taxes at statutory rates with the reported taxes is as follows for the years ended December 31, 2013 and 2012:

	December 31, 2013			December 31, 2012
Loss from continuing operations before income taxes	$	(9,852,480	)	$	(56,643,462	)
Statutory Canadian corporate tax rate	25.00		%	25.00		%

Income tax recovery at statutory rates	$	(2,463,120	)	$	(14,160,866	)
Share-based payments	891,068			2,301,744
Unrecognized items for tax purposes	(1,634,335		)	(131,503		)
Difference in tax rates in other jurisdictions	(1,036,959		)	(8,473,936		)
Unrecognized amounts	4,243,346			20,464,561

Income tax recovery	$	—		$	—

The significant components of the Company’s deferred income tax assets and liabilities are as follows:

	December 31, 2013			December 31, 2012
Deferred income tax assets (liabilities):
Mineral properties	$	57,243,322		$	56,693,975
Derivative liability	(1,801,100		)	(151,900		)
Other	63,539			51,515
Share issue costs	409,503			732,798
Non-capital losses available for future periods	28,245,574			22,597,296

	84,160,838			79,923,684
Valuation allowance	(84,160,838		)	(79,923,684		)

Deferred income tax asset	$	—		$	—

At December 31, 2013, the Company has available net operating losses for Canadian income tax purposes of approximately $15,842,000 and net operating losses for US income tax purposes of approximately $55,956,000 available for carry-forward to reduce future years’ taxable income, if not utilized, expiring as follows:

	Canada		United States

2025	$	65,000	$	—
2026	78,000		—
2027	907,000		1,252,000
2028	1,253,000		1,350,000
2029	2,074,000		2,600,000
2030	2,829,000		5,691,000
2031	4,180,000		14,730,000
2032	2,629,000		18,371,000
2033	1,827,000		11,962,000

	15,842,000		55,956,000

In addition, the Company has available mineral resource related expenditure pools for Canadian income tax purposes totalling approximately $2,628,000 which may be deducted against future taxable income in Canada on a discretionary basis. The Company also has available mineral resource expenses that are related to the Company’s exploration activities in the United States of approximately $185,999,000 which may be deductible for US tax purposes. Future tax benefits, which may arise as a result of applying these deductions to taxable income, have not been recognized in these accounts due to the uncertainty of future taxable income.