v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 3 Months Ended 82 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ (551,908) $ 897,431 $ (12,937,534)
Depreciation expense   22 9,260
Impairment of equipment     3,907
Issuance of stock for services     1,948,500
Amortization of debt discount 45,600 13,500 170,500
Change in fair value of derivative liability 85,575 (1,027,100) (1,120,208)
Non-cash Interest Expense 76,134   770,667
Loss on debt conversion     5,089,313
Loss on deposit to acquire property     4,025,000
(Increase) Decrease in prepaid expenses 352,500   (117,500)
Increase in Accounts Payable 84,699 59,600 905,785
Increase in Accrued interest payable 18,786 2,000 124,371
Increase in Payroll taxes payable   10,872 8,716
NET CASH USED IN OPERATING ACTIVITES (59,764) (43,675) (1,119,223)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property and equipment     (13,473)
Depository payment towards acquisition of iron ore mine     (350,000)
NET CASH USED IN INVESTING ACTIVITIES     (363,473)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash Proceeds (repayment) from advances   4,937 6,000
Cash Proceeds (repayment) from loans (20,000) 5,198 303,900
Cash Proceeds, net of repayments, from issuance of convertible debentures 100,000 32,500 1,103,000
Issuance of common stock for cash     90,391
NET CASH PROVIDED BY FINANCING ACTIVITIES 80,000 42,635 1,503,291
(DECREASE) INCREASE IN CASH 20,236 (1,040) 20,595
CASH - BEGINNING OF PERIOD 359 1,040  
CASH - END OF PERIOD 20,595   20,595
Supplemental Disclosure:      
Cash Paid for Interest         
Cash Paid for Income Taxes         
Non-cash investing and financing activities:      
Debt discount related to convertible debentures 35,453 32,100 722,053
Issuance of shares for the settlement of debt     $ 255,757