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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2012
INCOME TAXES |
Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities |
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Alternative minimum tax (AMT) credit carryforward |  | $ | 41 |  | $ | 41 |
Net operating loss carryforward |  |  | 80,975 |  |  | 46,211 |
Mineral Property |  |  | 297 |  |  | 2,528 |
Other temporary differences |  |  | 9,521 |  |  | 5,330 |
Capital loss carryforward |  |  | 241 |  |  | 241 |
Total gross deferred tax assets |  |  | 91,075 |  |  | 54,351 |
Less: valuation allowance |  |  | (90,477 | ) |  | (53,578 | )
Net deferred tax assets |  | $ | 598 |  | $ | 773 |
Deferred tax liabilities: |  |  |  |  |  |  |
Reclamation obligation |  |  | 416 |  |  | 282 |
Mineral Property |  |  | — |  |  | (41 | )
Basis in Tonkin Springs Venture LP |  |  | (1,014 | ) |  | (1,014 | )
Acquisition related deferred tax liability |  |  | (229,522 | ) |  | (78,786 | )
Total deferred tax liabilities |  | $ | (230,120 | ) | $ | (79,559 | )
Total net deferred tax liability |  | $ | (229,522 | ) | $ | (78,786 | )
Schedule of reconciliation of the tax provision at statutory US Federal and State income tax rates to the actual tax provision recorded in the financial statement |
| 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | ---
|  | (in thousands) |
US Federal and State tax recovery at statutory rate |  | $ | (31,925 | ) | $ | (21,098 | ) | $ | (11,895 | )
Reconciling items: |  |  |  |  |  |  |  |  |  |
Equity pickup in MSC |  |  | (7,292 | ) |  | — |  |  | — |
FIN 48 adjustment due to tax years becoming statute barred |  |  | — |  |  | (180 | ) |  | — |
Prior year true ups/acquisitions |  |  | 781 |  |  | (8,074 | ) |  | 56 |
Adjustment for foreign tax rates |  |  | 3,245 |  |  | 1,342 |  |  | 853 |
Tax rate changes |  |  | (1,869 | ) |  | (24 | ) |  | 2 |
Imputed interest |  |  | 135 |  |  | 119 |  |  | 104 |
Other permanent differences |  |  | (3,259 | ) |  | 8,869 |  |  | 1,621 |
Unrealized foreign exchange rate (loss)/gain |  |  | (21,263 | ) |  | (31 | ) |  | 139 |
NOL expired |  |  | (2,696 | ) |  | 2,862 |  |  | 746 |
Valuation allowance |  |  | 36,899 |  |  | 16,035 |  |  | 6,376 |
Tax Recovery |  | $ | (27,244 | ) | $ | (180 | ) | $ | (1,998 | )
Tax years subject to examination in major tax jurisdictions | United States: 2009 to 2012 Canada: 2005 to 2012 Mexico: 2008 to 2012 Argentina: 2008 to 2012

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (c),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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