v2.4.0.8

2) Going Concern | 12 Months Ended
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Dec. 31, 2012
Notes |
2) Going Concern | 2) GOING CONCERN The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses of $10,256,292 and $1,783,057 for the years ended December 31, 2012 and 2011, respectively. The Company has a working capital deficiency of $1,417,253 and $1,819,986 as of December 31, 2012 and 2011, respectively and a stockholders’ deficiency of $959,747 and $1,825,236 at December 31, 2012 and 2011, respectively. The Company continues to incur recurring losses from operations and has an accumulated deficit since inception of $12,385,626. In addition as disclosed in Note 5, the Company has minimum commitment requirements with respect to the purchase of a mine in the Country of Chile which is in default. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The Company’s plan of operations, even if successful, may not result in cash flow sufficient to finance and expand its business. Realization of assets is dependent upon continued operations of the Company, which in turn is dependent upon management’s plans to meet its financing requirements and the success of its future operations. The ability of the Company to continue as a going concern is dependent on the Company’s profitability, cash flows and securing additional financing. While the Company believes in the viability of its strategy to generate revenues and profitability and in its ability to raise additional funds, and believes that the actions presently being taken by the Company provide the opportunity for it to continue as a going concern. However the Company provides no assurance that such financing will be available on terms advantageous to the Company, or at all and should the Company not be successful in obtaining the necessary financing to fund its operations, the Company would need to curtail certain or all of its operational activities detailed above.

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