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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes Tables

Schedule of Income tax expense

		2017				2016				2015

Current income tax expense		$	2,910,904			$	3,159,559			$	2,806,035
Deferred income tax expense (recovery)			(140,315	)			1,005,208				(882,365	)

Total income tax expense		$	2,770,589			$	4,164,767			$	1,923,670

Schedule of reconciliation of income taxes

		2017				2016				2015

Net income before income taxes		$	5,424,050			$	5,668,298			$	2,301,757
Combined statutory tax rate			26.00	%			26.00	%			26.00	%

Income tax expense at the Canadian statutory rate			1,410,252				1,473,757				598,457

Reconciling items:
Effect of difference in foreign tax rates			285,045				306,927				123,437
Non-deductible/non-taxable items			601,485				700,143				14,510
Change in unrecognized deductible temporary differences			1,085,984				1,408,398				(95,120	)
Impact of foreign exchange			(491,641	)			777,498				801,804
Special mining duties			511,271				780,243				213,889
Expiry of tax losses			-				-				320,133
Impact of change of tax rates			(321,670	)			-				-
Revisions to estimates			(248,421	)			(1,094,616	)			(39,224	)
Share issue costs and other items			(61,716	)			(187,583	)			(14,216	)

Income tax expense recognized in the year		$	2,770,589			$	4,164,767			$	1,923,670

Deferred income tax assets and liabilities

		December 31,				December 31,				January 1,
		2017				2016				2016

Deferred income tax assets		$	4,887,594			$	2,830,687			$	1,323,091
Deferred income tax liabilities			(9,435,594	)			(7,519,002	)			(4,858,435	)

		$	(4,548,000	)		$	(4,688,315	)		$	(3,535,344	)

The approximate tax effects of each type of temporary difference that gives rise to potential deferred income tax assets and liabilities are as follows:

		December 31, 2017				December 31, 2016				January 1, 2016

Reclamation provision		$	594,158			$	502,586			$	566,004
Non-capital losses			3,196,459				-				-
Other deductible temporary differences			1,096,977				2,328,101				757,087
Inventory			(229,615	)			(100,669	)			(132,901	)
Exploration and evaluation assets			(6,463,733	)			(4,265,292	)			(2,519,341	)
Plant, equipment and mining properties			(2,742,246	)			(3,153,041	)			(2,206,193	)

Net deferred income tax liabilities		$	(4,548,000	)		$	(4,688,315	)		$	(3,535,344	)

Unrecognized deductible temporary differences

		December 31, 2017				December 31, 2016				January 1, 2016

Tax losses carried forward		$	13,972,696			$	17,350,158			$	18,964,478
Share issue costs			1,100,308				1,466,423				41,040
Plant, equipment and mining properties			6,198,014				3,872,794				721,282
Exploration and evaluation assets			1,330,085				1,257,512				10,530,316
Investments			197,978				189,056				191,474
Reclamation provision and other			10,053,737				5,602,790				369,329

Unrecognized deductible temporary differences		$	32,852,818			$	29,738,733			$	30,817,919