Property Concessions
 6 Months Ended
Apr. 30, 2012
Property Concessions [Abstract]  
Property Concessions

NOTE 7 – PROPERTY CONCESSIONS

The following is a summary of the Company's property concessions in Sierra Mojada, Mexico and Gabon, Africa as at April 30, 2012 and October 31, 2011, respectively:

    Sierra Mojada,     Gabon,  
    Mexico     Africa  
 
Property Concessions – October 31, 2010 $ 4,318,292   $ 4,396,915  
Acquisitions   797,960     —  
Joint venture agreement payment received (Note 9)   —     (100,000 )
Foreign currency translation adjustment   (269,565 )   203,233  
Property Concessions – October 31, 2011 $ 4,846,687   $ 4,500,148  
Acquisitions   818,266     —  
Impairment   (68,284 )   (286,710 )
Foreign currency translation adjustments   —     (300,369 )
Property Concessions – April 30, 2012 $ 5,596,669   $ 3,913,069  

 

During the six months ended April 30, 2012, the Company decided not to pursue further work on the Fortaleza and Ampl. A. Fortaleza concessions. As a result the Company has written off the capitalized property concession balance related to these concessions of $68,284.

During the six months ended April 30, 2012, the Company and Anglo Gold decided not to pursue further work on Mevang concession. As a result, the Company has written off the capitalized property concession balance related to this concession of $286,710.