v2.4.0.6
Condensed Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current assets:    
Cash $ 20,375 $ 2,609
Accounts receivable 30,889 46,417
Prepaid expenses 15,000 79,464
Total current assets 66,264 128,490
Investments in mineral properties, net of accumulated amortization of $148,988 and $135,987, respectively 1,885,337 1,965,577
Capitalized financing costs, net of amortization of $2,478 and $0, respectively 45,522 0
Total assets 1,997,123 2,094,067
Current liabilities:    
Accounts payable and other liabilities 372,120 565,552
Short term note from officer 39,200 0
Interest on note payable 15,649 0
Note payable and accrued interest 0 202,484
Convertible debenture, net of discount of $0 and $212,070 0 2,164,205
Accrued interest on convertible debenture 17,882 456,638
Royalty interest payable 0 113,164
Derivative liability 972,209 0
Loan guarantee 0 94,860
Total current liabilities 1,417,060 3,596,903
Long term liabilities:    
Note payable, net of discount of $149,160 and $0 372,190 0
Convertible debenture 633,306 633,306
Total long term liabilities 1,005,496 633,306
Total liabilities 2,422,556 4,230,209
Stockholders' equity (deficit):    
Common stock, $0.001 par value, 200,000,000 shares authorized, 47,470,406 and 32,867,028 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively 47,471 32,867
Common stock to be issued; 5,529,786 and 0 shares as of September 30, 2012 and December 31, 2011 5,529 0
Additional paid-in capital 13,368,039 8,313,575
Other comprehensive gain (loss) on derivative (834,136) 0
Accumulated comprehensive gain (loss) 0 (8,114)
Accumulated deficit (13,012,336) (10,474,470)
Total stockholders' (deficit) (425,433) (2,136,142)
Total liabilities and stockholders' equity (deficit) $ 1,997,123 $ 2,094,067