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FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

FEDERAL INCOME TAXES

Schedule of components of future tax assets and liabilities

		December 31,
		2013			2012
Deferred tax assets:
Non-Current:
Net operating loss carryforwards		$	63,539,000		$	58,720,000
Mineral properties			14,153,000			12,230,000
Equipment & Furniture			127,000			—
Restoration Reserves			1,303,000			(2,681,000	)
Derivatives			37,000			—
​	​	​	​	​	​	​	​
Deferred tax assets			79,159,000			68,269,000
Valuation allowance			(78,544,000	)		(67,975,000	)
​	​	​	​	​	​	​	​
Net		$	615,000		$	294,000
​	​	​	​	​	​	​	​
Deferred tax liabilities:
Current:
Prepaids and other		$	50,000		$	—
​	​	​	​	​	​	​	​
			50,000			—
​	​	​	​	​	​	​	​
Non-Current:
Equipment & Furniture			(665,000	)		(294,000	)
​	​	​	​	​	​	​	​
			(665,000	)		(294,000	)
​	​	​	​	​	​	​	​
Deferred tax liabilities			(615,000	)		(294,000	)
​	​	​	​	​	​	​	​
Net deferred tax asset (liability)		$	—		$	—
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of composition of valuation allowance by tax jurisdiction

		December 31,
		2013			2012
United States		$	78,544,000		$	67,975,000
Other Countries			—			—
​	​	​	​	​	​	​	​
Total valuation allowance		$	78,544,000		$	67,975,000
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of components of net loss from continuing operations before income taxes

		Year ended December 31,
		2013			2012
United States		$	(20,294,000	)	$	(19,361,000	)
Other Countries			—			—
​	​	​	​	​	​	​	​
		$	(20,294,000	)	$	(19,361,000	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of reconciliation of expected income tax on net income at statutory rates

		Year ended December 31,
		2013			2012
Net loss		$	(20,294,000	)	$	(19,361,000	)
Statutory tax rate			34	%		34	%
​	​	​	​	​	​	​	​
Tax recovery at statutory rate			(6,900,000	)		(6,583,000	)
Change in tax rates			636,000			—
Mineral property adjustments			(4,210,000	)
Stock based compensation			416,000			—
Operating loss carryfoward adjustment			636,000
Nondeductible write-offs			126,000			—
Change in valuation allowance			9,296,000			6,583,000
​	​	​	​	​	​	​	​
Income tax expense (recovery)		$	—		$	—
​	​	​	​	​	​	​	​

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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