Long Term Investment Midas Gold Corp

9 Months Ended

Sep. 30, 2011

Long Term Investment - Midas Gold Corp [Abstract]

8. Long-Term Investment - Midas Gold Corp.

Summarized financial information for Midas as of June 30, 2011 and for the three and six months then ended, which represents Midas' latest available financial data, prepared in accordance with International Financial Reporting Standards for interim financial statements is as follows (in thousands, except share and per share data):

	June 30,
	2011
Assets
Current assets
Cash and cash equivalents	$	18,821
Prepaid and other assets		201
Total current assets		19,022
Non-current assets
Buildings and equipment, net		475
Exploration and evaluation assets		93,197
Other non-current assets		1,516
Total non-current assets		95,188
Total assets	$	114,210

Liabilities & Shareholders' Equity
Current liabilities
Accounts payable	$	1,570
Current portion of notes payable		178
Accrued interest		2
Total current liabilities		1,750
Long-term portion of notes payable		566
Shareholders' equity
Share capital		112,478
Equity reserve		4,644
Deficit		(5,228	)
Total shareholders' equity		111,894
Total liabilities & shareholders' equity	$	114,210

	Three Months ended						Six Months ended
	June 30,						June 30,
	2011			2010			2011			2010

Operating income/(expense)	$	(3,350	)	$	(152	)	$	(4,331	)	$	(297	)
Other income/(expense)		(52	)		7			(47	)		9
Net loss	$	(3,401	)	$	(145	)	$	(4,378	)	$	(288	)

Net loss per share, basic and diluted	$	0.04		$	-		$	0.07		$	0.01

Weighted average number of shares outstanding, basic and diluted		86,903,000			37,543,000			65,376,000			32,729,000

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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