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NOTE 5. INVESTMENT IN GALORE CREEK | 12 Months Ended
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Nov. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
NOTE 5. INVESTMENT IN GALORE CREEK | The Galore Creek project is owned by the Galore Creek Partnership (GCP), a partnership in which Teck and the Company each own a 50% interest. GCP has a board of four directors, with two members selected by Teck and two members selected by the Company. All significant decisions related to GCP require the approval of Teck and the Company. GCP prepares its financial statements under International Financial Reporting Standards, as issued by the IASB and presents its financial statements in Canadian dollars. In accounting for its investment in GCP, the Company converts and presents reported amounts in accordance with US GAAP and in U.S. dollars. Changes in the Company's investment in GCP are summarized as follows:
|  | Years ended November 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Balance – beginning of period |  | $ | 283,247 |  |  | $ | 305,735 |  |  | $ | 335,086 |
Share of losses |  |  |  |  |  |  |  |  |  |  |  |
Mineral property expenditures |  |  | (147 | ) |  |  | (442 | ) |  |  | (4,580 | )
Care and maintenance expense |  |  | (884 | ) |  |  | (1,499 | ) |  |  | (2,444 | )
Gain on sale of equipment |  |  | 639 |  |  |  | — |  |  |  | — |
Depreciation |  |  | — |  |  |  | — |  |  |  | (6,328 | )
|  |  | (392 | ) |  |  | (1,941 | ) |  |  | (13,352 | )
Funding |  |  | 508 |  |  |  | 2,063 |  |  |  | 6,638 |
Exploration tax credit |  |  | 107 |  |  |  | (693 | ) |  |  | (1,352 | )
Foreign currency translation |  |  | (40,564 | ) |  |  | (21,917 | ) |  |  | (21,285 | )
Balance – end of period |  | $ | 242,906 |  |  | $ | 283,247 |  |  | $ | 305,735 |
The following amounts represent the Company's 50% share of the assets and liabilities of GCP presented in U.S. dollars and in accordance with U.S. GAAP. As a result of recording the Company's investment at fair value in June 2011, the carrying value of the Company's 50% interest in GCP is higher than 50% of the book value of GCP. Therefore, the Company's investment does not equal 50% of the net assets recorded by GCP:
|  | At November 30, |
|  | 2015 |  |  | 2014 |
Current assets: Cash, prepaid expenses and other receivables |  | $ | 497 |  |  | $ | 386 |
Non-current assets: Mineral property |  |  | 218,532 |  |  |  | 254,991 |
Current liabilities: Accounts payable and accrued liabilities |  |  | (365 | ) |  |  | (360 | )
Non-current liabilities: Payables and decommissioning liabilities |  |  | (7,162 | ) |  |  | (8,268 | )
Net assets |  | $ | 211,502 |  |  | $ | 246,749 |

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- References No definition available. + Details
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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 + Details
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