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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Notes to Financial Statements |
Income Taxes | 10. Income Taxes The Company recorded a state and federal tax provision of $105,610 for 2011, a deferred income tax benefit of $493,000 for 2010, and did not recognize a tax provision or benefit for 2009. (The following table is only for two years since it relates to balance sheet accounts.) At December 31, 2011, 2010 and 2009, the Company had net deferred tax assets as follows:
|  | 2011 |  | 2010 |
| Differences in the book and tax basis of |  |  |  |
| properties, plants and equipment | $ 79,164 |  | $ 28,000 |
| Other | 2,926 |  | - |
| Limitation in deduction of foreign |  |  |  |
| exploration costs | 249,309 |  | 256,000 |
| Foreign net operating loss carryforward | 390,000 |  | 210,000 |
| Federal net operating loss carryforward | 65,159 |  | 698,000 |
| Total deferred tax assets | 786,558 |  | 1,192,000 |
| Valuation allowance (foreign) | (390,000) |  | (210,000) |
| Valuation allowance (federal) | - |  | (489,000) |
| Net deferred tax assets | $ 396,558 |  | $ 493,000 |
The deferred tax assets were calculated based on an estimated 38.5% combined federal and state income tax rate for 2011, and an estimated 34% income tax rate for 2010 and 2009. Existing and forecasted pretax earnings for financial reporting purposes are sufficient to generate the estimated required future taxable income required to realize the recognized (federal) net deferred tax asset as of December 31, 2011. At December 31, 2011, the Company had unexpired federal regular tax net operating loss carryforwards of approximately $170,000, which expire between 2026 and 2029. In addition, the Company has unexpired Montana state net operating loss carryforwards of $20,000 which expire between 2013 and 2016 and approximately $1.3 million in Mexico which expires between 2019 and 2021. The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income (loss) for the years ended December 31, 2011, 2010 and 2009 due to the following:
| 2011 | 2010 | 2009
Computed expected tax provision (benefit) | $ 252,460 | 34.0% | $ 106,000 | 34.0% | $(99,000) | (34%)
Effect of permanent differences | 4,662 | 0.6% | 30,000 | 9.6% | 23,000 | 7.9%
Foreign taxes | 24,000 | 3.2% | - | - | - | -
Other (1) | 133,488 | 118% | - | - | - | -
Increase in valuation allowance | - | - | - | - | 76,000 | 26.1%
Release in valuation allowance | (309,000) | (142%) | (629,000) | (202%) | - | -
| $ 105,610 | 13.9% | $ (493,000) | (158%) | $ - | -
(1) Rate differential as management has refined their estimate to 38.5% currently During the years ended December 31, 2011, 2010, and 2009, there were no material uncertain tax positions taken by the Company. The Company has determined that it is subject to examination of our income tax filings in the United States jurisdictions for the 2008 through 2011 tax years, and 2010 and 2011 in Mexico. In the event that the Company is assessed penalties and or interest, penalties will be charged to other operating expense and interest will be charged to interest expense.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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