|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
9 Months Ended |
117 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
| Loss for the period |
$ (35,092) |
$ (2,152,013) |
$ (4,867,463) |
$ (4,164,536) |
$ (23,020,116) |
| Items not affecting cash: |
|
|
|
|
|
| Amortization |
76,205 |
62,469 |
204,735 |
142,035 |
789,578 |
| Amortization of deferred financing costs |
0 |
0 |
0 |
0 |
46,202 |
| Accretion of asset retirement obligation |
4,000 |
4,000 |
12,000 |
12,000 |
52,262 |
| Shares issued for services |
0 |
0 |
0 |
0 |
202,365 |
| Stock-based compensation |
47,670 |
191,381 |
469,161 |
290,803 |
2,309,089 |
| Option receipts in excess of property value |
0 |
(340,000) |
(135,000) |
(340,000) |
(450,000) |
| Unrealized foreign exchange (gain) loss |
10,497 |
(21,019) |
(2,551) |
11,441 |
(404,507) |
| Realized gain on sale of trading securities |
(585,050) |
0 |
(593,816) |
0 |
(848,135) |
| Purchase of trading securities |
0 |
(1,493,809) |
(83,157) |
(1,493,809) |
(13,411,043) |
| Proceeds on sale of trading securities |
577,295 |
0 |
1,662,013 |
0 |
13,819,269 |
| Unrealized loss on trading securities |
56,782 |
110,942 |
286,689 |
177,932 |
239,479 |
| Gain on disposal of property or equipment |
0 |
0 |
0 |
(260,058) |
(356,488) |
| Write-off of mineral property |
0 |
0 |
0 |
0 |
26,000 |
| Expenses paid by stockholders |
0 |
0 |
0 |
0 |
2,700 |
| Write-off of investment in trading securities |
0 |
0 |
0 |
0 |
25,000 |
| Changes in non-cash working capital items: |
|
|
|
|
|
| (Increase) decrease in receivables and other |
(4,082) |
9,273 |
213,475 |
(2,289) |
(122,659) |
| Increase (decrease) in accounts payable and accrued liabilities |
(278,422) |
31,814 |
(499,513) |
(107,076) |
235,654 |
| Increase in due to related party |
18,080 |
0 |
0 |
0 |
50,000 |
| Net cash used in operating activities |
(112,117) |
(3,596,962) |
(3,333,427) |
(5,733,557) |
(20,815,350) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
| Proceeds from issuance of convertible debentures |
0 |
0 |
0 |
0 |
900,000 |
| Deferred financing costs |
0 |
0 |
0 |
0 |
(46,202) |
| Repurchase of capital stock |
(50,071) |
0 |
(54,831) |
0 |
(219,831) |
| Issuance of capital stock, net of financing costs |
0 |
218,675 |
110,000 |
1,494,739 |
22,719,711 |
| Net cash provided by (used in) financing activities |
(50,071) |
218,675 |
55,169 |
1,494,739 |
23,353,678 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
| Acquisition of equipment |
0 |
(155,671) |
0 |
(1,005,467) |
(1,835,129) |
| Deposit on equipment |
0 |
0 |
0 |
0 |
(151,506) |
| Restricted cash |
0 |
0 |
0 |
(961) |
(220,961) |
| Oil and gas property expenditures |
0 |
0 |
0 |
0 |
(250,137) |
| Acquisition of cash on purchase of subsidiary |
0 |
0 |
0 |
0 |
11,510 |
| Acquisition of subsidiary |
0 |
0 |
0 |
0 |
(25,000) |
| Option payment received |
0 |
100,000 |
135,000 |
525,000 |
660,000 |
| Proceeds on disposal of assets |
0 |
0 |
0 |
288,000 |
628,390 |
| Net cash provided by (used in) investing activities |
0 |
(55,671) |
135,000 |
(193,428) |
(1,182,833) |
| Change in cash and cash equivalents during the period |
(162,188) |
(3,433,958) |
(3,143,258) |
(4,432,246) |
1,355,495 |
| Cash and cash equivalents, beginning of the period |
1,517,683 |
9,097,834 |
4,498,753 |
10,096,122 |
0 |
| Cash and cash equivalents, end of the period |
$ 1,355,495 |
$ 5,663,876 |
$ 1,355,495 |
$ 5,663,876 |
$ 1,355,495 |