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Equity
 12 Months Ended
Dec. 31, 2011
Equity [Text Block]

9.            Equity

The Company has authorized 200,000,000 and 50,000,000 shares of no par common stock at December 31, 2011 and 2010 respectively. In addition, the Company has authorized 1,000,000 shares of no par preferred stock, none of which had been issued at December 31, 2011 or 2010.

Private Placements

During 2011, 22,800 shares of common stock were sold at $0.22 per share for $5,000 in cash. The following private placements occurred in 2010

In March of 2010 the Company completed a private placement which was initiated in September of 2009, each unit selling for $0.17 and consisting of one share of restricted common stock and one common stock purchase warrant, whereby each warrant may purchase one share of the Company’s unregistered common stock at $0.30 until January 31, 2013. A total of 3,658,530 units were sold in the private placement and resulted in net proceeds of $563,670. Of those units, 138,000 were issued in 2009 for net proceeds of $34,500.

In August of 2010, the Company sold 300,000 units at $0.17 per unit, providing net proceeds of $51,000 to the Company. Each unit consists of one share of restricted common stock and one common stock purchase warrant, whereby each warrant may purchase one share of the Company’s unregistered common stock at $0.30 until January 31, 2013.

In December of 2010, the Company sold 2,000,000 units at $0.20 per unit, providing net proceeds of $399,990 to the Company. Each unit consists of one share of restricted common stock and one common stock purchase warrant, whereby each warrant may purchase one share of the Company’s unregistered common stock at $0.30 until January 31, 2013.

Exercise of Stock Purchase Warrants
No common stock purchase warrants were exercised in 2011. During 2010 common stock purchase warrants were exercised by warrant holders that had purchased units of common stock and common stock purchase warrants during the Company's previous private placement offerings. During 2010, the Company issued 206,500 shares of its restricted common stock at $0.17 per share, generating net proceeds of $33,936 pursuant to the exercise of these warrants.

Stock Purchase Warrants Outstanding
No common stock purchase warrant activity occurred in 2011. Transactions in common stock purchase warrants for the year ended December 31, 2010, are as follows:

    Number of     Exercise  
    Warrants     Prices  
Balance, December 31, 2009   363,250   $  0.40-0.60  
   Issued in connection with private placement   5,961,550     0.30  
   Exercised   (206,500 )   .17  
   Expired   (18,750 )   0.60  
Balance, December 31, 2010 and 2011   6,099,550     0.30-0.40  
             
These warrants expire as follows:            

Shares   Exercise Price   Expiration Date
138,000   $0.40   October 19, 2012
5,961,550   $0.30   January 31, 2013
6,099,550        

Common Stock issued For Cash
During 2011, the Company issued 22,800 shares of its restricted common stock for $5,000 in cash.

Common Stock Issued for Property, Plant and Equipment
During 2010, the Company issued 72,000 shares of its restricted common stock for mineral properties. The Company recorded $18,000 based upon the value of the shares issued.

Common Stock Issued for Services, and Exploration
During 2011 and 2010, the Company issued 85,200 and 81,000 shares, respectively, of its restricted common stock for exploration, and other services rendered the Company. The Company recorded $17,040 and $17,425, respectively, based upon the value of the services rendered and the shares issued.

Common Stock Issued in Exchange for Accounts Payable
During 2011 and 2010, the Company issued 30,000 and 2,600 shares of its restricted common stock in satisfaction of accounts payable. The Company recorded $6,000 and $525, respectively, based upon the fair value of the accounts payable and the shares issued.