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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Schedule of Benefit for Income Taxes

		2012				2011				2010
Current:
Federal		$	-			$	-			$	-
Deferred:
Federal			-				(76,081	)			-
Income taxes provision		$	-			$	(76,081	)		$	-

Schedule of Effective Income Tax Rate

Federal statutory rate			(34.0	)%			(34.0	)%			(34.0	)%
Change in valuation allowance			33.9				32.9				33.7
Other			0.1				0.4				0.3
			-	%			(0.7	)%			-	%

Schedule of Deferred Tax Assets

		December 31,				December 31,
		2012				2011
Asset retirement obligation		$	609,905			$	401,922
Fixed assets			(695,728	)			(121,016	)
Mine exploration and development costs			5,576,631				5,002,105
Derivatives - change in fair value			(487,274	)			(332,754	)
Stock-based compensation			2,261,053				682,761
Net operating loss			40,925,397				40,925,397
Transaction costs			1,362,388				1,312,856
Other			48,048				64,942
Valuation allowance			(49,600,420	)			(39,133,355	)
Total net deferred tax assets		$	-			$	-

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: 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

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ 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

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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