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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Measurements [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents our liabilities measured at fair value on a recurring basis:

						Fair Value Measurements at March 31, 2013
						Quoted				Significant
						Prices				Other				Significant
						in Active				Observable				Unobservable
						Markets				Inputs				Inputs
		Total				(Level 1)				(Level 2)				(Level 3)
Liabilities:
Gold forward derivative		$	30,867			$	-			$	30,867			$	-
Derivative liability - contingent dividend			76,000				-				-				76,000
Total Liabilities		$	106,867			$	-			$	30,867			$	76,000

The following table presents our liabilities 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

Schedule of Changes in Level 3 Financial Instruments

The following table indicates the changes in the level 3 financial instruments for the three months ended March 31, 2013 and 2012:

		Contingent Dividend
		Payment On
		Convertible
		Preferred Stock
Balance at January 1, 2013		$	230,900
Change in fair value			(154,900	)
Balance at March 31, 2013		$	76,000
Balance at January 1, 2012		$	1,025,000
Change in fair value			(366,800	)
Balance at March 31, 2012		$	658,200

Schedule of Fair value of Assets, Valuation Techniques and Related Unobservable Inputs

For Level 3 financial instruments that were measured at fair value on a recurring basis during the quarter ended March 31, 2013, the following table presents the fair value of those liabilities as of the measurement date, valuation techniques and related unobservable inputs of those liabilities:

Quantitave

Fair Value

Valuation Techniques

Unobservable Input

Inputs Used

Derivative liability - contingent dividend

$

76,000

Monte-Carlo Simulation

Discount Rate

12

%

X

- 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.

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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

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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

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