v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 3 Months Ended 70 Months Ended
Mar. 31, 2012
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 897,431 $ (1,231,903)
Depreciation expense 22 9,238
Impairment of equipment   3,907
Change in fair value of derivative liability (1,027,100) (381,500)
Amortization of debt discount 13,500 57,100
Interest expense   539,000
Stock based compensation   120,000
Accounts payable 59,600 282,790
Taxes payable 2,000 10,716
Accrued interest payable 10,872 47,897
NET CASH USED BY OPERATING ACTIVITIES (43,675) (542,755)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment   (13,473)
Depository payment towards acquisition of mine   (250,000)
NET CASH USED BY INVESTING ACTIVITIES   (263,473)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash overdraft 4,937 4,937
Repayment of advances   (1,844)
Cash proceeds from loans   217,900
Cash proceeds from stockholders advances 5,198 14,344
Cash proceeds from issuance of convertible debentures 32,500 480,500
Issuance of common stock for cash   90,391
NET CASH PROVIDED BY FINANCING ACTIVITIES 42,635 806,228
Decrease in cash (1,040)  
Cash, beginning of period 1,040  
Supplemental Disclosure of Cash Flow Information:    
Cash Paid for Interest      
Cash Paid for Income Taxes      
Non-cash investing and financing activities:    
Debt discount related to convertible debentures 32,100 220,100
Conversion of accrued interest to principal   3,156
Issuance of shares for the settlement of debt   $ 77,857