v2.4.0.6
Statement of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities    
Net (loss) $ (2,734,079) $ (2,464,333)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Shares issued for compensation 306,000 170,000
Shares issued for services 51,000  
Amortization of discount 646,760 512,839
Impairment expense 173,879 759,160
Amortization of mineral properties 119,415 16,572
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (30,797) (10,602)
(Increase) decrease in other receivable   13,184
(Increase) decrease in taxes recoverable   2,111
(Increase) decrease in prepaid expenses (71,091) (8,373)
Increase (decrease) in accounts payable and accrued liabilities 427,326 66,789
Increase (decrease) in accrued interest 583,803 191,847
Net cash used by operating activities (527,784) (750,806)
Cash flows from investing activities    
Proceeds from sale of mineral properties   80,000
Acquisition of mineral properties (1,374,730) (1,031,440)
Net cash used by investing activities (1,374,730) (951,440)
Cash flows from financing activities    
Proceeds from sale of common stock 50,000 155,000
Proceeds from warrant exercise   49,676
Proceeds from note payable 150,980  
Proceeds from convertible debenture 1,700,918 1,462,774
Net cash provided by financing activities 1,901,898 1,667,450
Net increase (decrease) in cash (616) (34,796)
Cash - beginning 3,225 38,021
Cash - ending 2,609 3,225
Supplemental disclosures:    
Interest paid 136,500 108,000
Income taxes paid      
Non-cash transactions:    
Shares issued for compensation 306,000 170,000
Shares issued for services 51,000  
Note payable and accrued interest converted to stock $ 1,090,902 $ 350,000