v2.4.0.6
Condensed Statement of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities    
Net (loss) $ (2,537,866) $ (2,103,727)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Shares issued for compensation 189,000 357,000
Amortization of discount 225,306 685,649
Impairment expense 256,737 0
Amortization of mineral properties 86,218 79,172
Amortization of prepaid financing costs 2,477 0
Recognized (gain) loss on fair value of derivative liability 138,073 0
Stock and warrants issued for financing 1,107,886 0
Gain on forgiveness of debt (322,731) 0
Loss on sale of mineral properties 33,530 0
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable 15,528 (14,741)
(Increase) decrease in prepaid expenses 29,100 5,470
Increase (decrease) in accounts payable and accrued liabilities 204,222 118,804
Increase (decrease) in accrued interest 175,980 461,625
Net cash used by operating activities (396,540) (410,748)
Cash flows from investing activities    
Proceeds from sale of mineral properties 110,500 0
Acquisition of mineral properties (406,744) (1,374,730)
Net cash used by investing activities (296,244) (1,374,730)
Cash flows from financing activities    
Short-term note from officer 39,200 0
Proceeds from note payable 473,350 321,000
Proceeds from convertible debenture 198,000 1,501,688
Net cash provided by financing activities 710,550 1,822,688
Net increase (decrease) in cash 17,766 37,210
Cash - beginning 2,609 3,225
Cash - ending 20,375 40,435
Supplemental disclosures:    
Interest paid 107,517 97,500
Income taxes paid 0 0
Non-cash transactions:    
Shares issued for compensation 189,000 357,000
Accounts payable converted to stock 239,469 0
Note payable and accrued interest converted to stock $ 3,375,846 $ 0