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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2013
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

NOTE 10 SHAREHOLDERS' EQUITY

        During the year ended December 31, 2013, the Company issued 48,000 shares of common stock upon exercise of stock options under the Equity Incentive Plan at a weighted average exercise price of $1.97 per share for proceeds of $94,720. The Company also issued 45,000 shares of common stock upon exercise of certain stock options the Company assumed as part of the Minera Andes Inc. acquisition, at a weighted average exercise price of C$1.80 per share for proceeds of $76,926. The Company also issued the final installment of 41,500 shares of common stock as payment for mining concessions in Mexico. In addition, the Company issued 1 million shares of common stock in January 2013, which was previously recorded as a liability of $3.8 million as at December 31, 2012, as part of the litigation settlement agreement with TNR Gold Corp. effective November 2012 with respect to the Los Azules Copper Project. The issuance of the shares resulted in the elimination of the liability in the first quarter of 2013.

        During the third quarter of 2013, the Company entered into an agreement with one of its mining contractors to settle parts of its expected future account payables with shares of common stock of the Company, up to a maximum of 2,500,000 shares. The number of shares to be issued will be determined monthly, based on the amount payable by the Company for services rendered above a defined tonnage threshold, using the closing price quoted on active markets at the end of every month. The initial term of the agreement was six months, but the Company has renewed the agreement until July 31, 2014 under substantially similar terms and conditions. For the year ended December 31, 2013, the Company was required to issue approximately 90,300 common shares under this agreement. The fair value of this liability of $0.2 million is included in accounts payable and accrued liabilities on the Consolidated Balance Sheet as at December 31, 2013. It is expected that the shares will be issued in 2014.

        During the year ended December 31, 2013, 51.1 million Exchangeable Shares were converted into common stock. At December 31, 2013, total outstanding Exchangeable Shares not exchanged and not owned by the Company or its subsidiaries totaled 32.2 million. These Exchangeable Shares were initially issued by the Company in connection with the acquisition of Minera Andes. The Exchangeable Shares, by virtue of the redemption and exchange rights attached to them and the provisions of certain voting and support agreements, provide the holders with the economic and voting rights that are, as nearly as practicable, equivalent to those of a holder of shares of common stock of the Company. Accordingly, remaining Exchangeable Shares are included as part of the consolidated share capital of the Company.