Derivative Gains And Losses

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Gains And Losses

DERIVATIVE GAINS AND LOSSES

The derivative mark-to-market (gains)/losses recorded in the Statement of Operations are comprised of the following amounts:

	For the three months ended				For the six months ended
	June 30,				June 30,
	2012		2011		2012		2011
Riverstone Resources, Inc. - warrants	$	—	$	315	$	162	$	41
Gold price derivatives	—		2,115		—		6,638
Derivative (gain)/loss	$	—	$	2,430	$	162	$	6,679

	For the three months ended				For the six months ended
	June 30,				June 30,
	2012		2011		2012			2011
Realized (gain)/loss	$	—	$	1,499	$	(393	)	$	1,499
Unrealized (gain)/loss	—		931		555			5,180
Derivative (gain)/loss	$	—	$	2,430	$	162		$	6,679

RIVERSTONE RESOURCES INC. - WARRANTS

In the first quarter of 2008, we received two million warrants from Riverstone Resources Inc. (“Riverstone”) as partial payment for the right to earn an ownership interest in our exploration projects in Burkina Faso. These warrants were exercisable through January 2012 at Cdn$0.45. In January 2012, the Riverstone warrants were exercised.

GOLD PRICE DERIVATIVES

In January 2011, we entered into a series of put and call contracts covering 76,800 ounces of future gold production between February and December 2011. The contracts were spread evenly in each week over this period and structured as cashless collars with a floor of $1,200 per ounce and a cap of $1,457 per ounce. In early February 2011, we entered into a second set of put and call contracts covering 75,200 ounces of future gold production between February and December 2011. The contracts were spread evenly in each week during this period and structured as cashless collars with a floor of $1,200 per ounce and a cap of $1,503 per ounce. As of June 30, 2012, there were no outstanding gold price contracts.