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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2012
Fair Value Measurements [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents our liabilities at December 31, 2012, which are measured at fair value on a recurring basis:
|  |  |  |  | Fair Value Measurements at December 31, 2012 |
|  |  |  |  | Quoted |  |  | Significant |  |  |  |
|  |  |  |  | Prices |  |  | Other |  |  | Significant |
|  |  |  |  | in Active |  |  | Observable |  |  | Unobservable |
|  |  |  |  | Markets |  |  | Inputs |  |  | Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gold call derivative |  | $ | 16,330 |  |  | $ | - |  |  | $ | 16,330 |  |  | $ | - |
Gold forward derivative |  |  | 297,451 |  |  |  |  |  |  |  | 297,451 |  |  |  |  |
Derivative liability - contingent dividend |  |  | 230,900 |  |  |  | - |  |  |  | - |  |  |  | 230,900 |
Total Liabilities |  | $ | 544,681 |  |  | $ | - |  |  | $ | 313,781 |  |  | $ | 230,900 |
The following table presents our assets and liabilities at December 31, 2011, which are measured at fair value on a recurring basis:
|  |  |  |  | Fair Value Measurements at December 31, 2011 |
|  |  |  |  | Quoted |  |  | Significant |  |  |  |
|  |  |  |  | Prices |  |  | Other |  |  | Significant |
|  |  |  |  | in Active |  |  | Observable |  |  | Unobservable |
|  |  |  |  | Markets |  |  | Inputs |  |  | Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 2,211,287 |  |  | $ | - |  |  | $ | 2,211,287 |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liability - contingent dividend |  |  | 1,025,000 |  |  |  | - |  |  |  | - |  |  |  | 1,025,000 |
Total Liabilities |  | $ | 3,236,287 |  |  | $ | - |  |  | $ | 2,211,287 |  |  | $ | 1,025,000 |
Schedule of Changes in Level 3 Financial Instruments |
|  | Contingent Dividend |
|  | Payment on Convertible |
|  | Preferred Stock |
Balances at January 1, 2011 |  | $ | 4,873,192 |
Issuance of convertible preferred stock |  |  | 15,954 |
Change in fair value |  |  | (3,864,146 | )
Balances at December 31, 2011 |  |  | 1,025,000 |
Issuance of convertible preferred stock |  |  | 6,009 |
Change in fair value |  |  | (800,109 | )
Balances at December 31, 2012 |  | $ | 230,900 |
Schedule of Fair value of Assets, Valuation Techniques and Related Unobservable Inputs |
Year |  |  |  |  |  |  |  |  | Quantitave |
Ended |  | Fair Value |  |  | Valuation Techniques |  | Unobservable Input |  | Inputs Used |
2012 Derivative liability - contingent dividend |  | $ | 230,900 |  |  | Monte-Carlo Simulation |  | Discount Rate |  |  | 12 | %

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -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. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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